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Author: Tan KW   |   Latest post: Fri, 22 Feb 2019, 10:54 AM

 

IJM种植 3年财测下修

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目标价:1.04令吉最新进展

埃尔尼诺(El-Nino)气候带来的滞后影响,再加上东加里曼丹面对运输问题,IJM种植(IJMPLNT,2216,主板种植股)管理层将2019财年的鲜果串产量预估从原本的100万吨,下调至100万吨以下。

预计产量只有在2020财年方能超过100万吨,因印尼种植地有更多油棕树达至成熟期,以及大马和印尼的产量复苏。

同时,管理层维持现财年1800至1900令吉的生产成本预估。至于2020财年,印尼的生产成本减少至每吨1900令吉,而国内的生产成本则因最低薪金制上调,每年增长约400万。

行家建议

我们保守预计现财年的鲜果串产量为96万吨,并在2020财年达到100万公吨。

管理层预测今年原棕油的平均价格达每吨2400令吉,也与我们的预测一致。

我们将营运和金融成本走高纳入考量后,把2019至2021财年的财测下调2.6至27.5%。

维持“卖出”评级,目标价亦下调至1.04令吉,这是根据24倍本益比预估计算得出。

我们正面看待IJM种植长期的增长展望,但金融和营运成本走高,再加上鲜果串产量可能走低,股价近期的上行空间料有限。

http://www.enanyang.my/news/20190209/ijm种植br-3年财测下修/

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Labels: IJMPLNT

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Chart Stock Name Last Change Volume 
IJMPLNT 1.80 0.00 (0.00%) 69,000 

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