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Author: Tan KW   |   Latest post: Wed, 8 Jul 2020, 7:37 AM

 

【行家论股/视频】FGV控股 业务疲弱展望蒙尘

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目标价:98仙

最新进展:

FGV控股(FGV,5222,主板种植股)截至3月底2020财年首季,净亏按年急剧恶化至1亿4234万9000令吉,归咎于鲜果串产量下滑。

首季营业额报27亿8308万8000令吉,年跌15.05%。

行家建议:

FGV控股核心净亏按年走高至1亿6400万令吉,比预期来得差,我们和市场预测全年核心净亏仅6000万与1亿3700万令吉。

同时,这也是该公司连续第九季录得核心净亏。

由于该公司已在首季按计划施肥,因此乐观认为未来季度产量会增长,但原棕油价格在次季下跌的利空因素可能会抵消此利好。

此外,我们估计白糖业务在次季仍会蒙亏,因为行动管控令影响了工业用白糖的销量。

由于鲜果串产量低于预期,加上白糖业务的疲弱盈利表现,我们调整FGV控股财测,预估本财年会亏损8500万令吉。

另外,我们得知印尼Trurich油棕园和亚洲种植有限公司的脱售计划保持不变。

虽然扩大综合农业来拓展收入来源的计划照跑,但我们担忧该公司是否有能力为新业务注资,毕竟核心业务处于亏损状态,且负债率截至3月底高达0.8倍。

综合考虑后,我们下调评级至“减持”,目标价下修至98仙。

分析:联昌国际投行研究

分析:联昌国际投行研究

分析:联昌国际投行研究

 

https://www.enanyang.my/news/20200529/【行家论股视频】fgv控股-br业务疲弱展望蒙尘/

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Labels: FGV

Related Stocks

Chart Stock Name Last Change Volume 
FGV 1.05 +0.01 (0.96%) 8,995,200 

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