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Author: Tan KW   |   Latest post: Wed, 28 Oct 2020, 7:20 AM

 

【行家论股/视频】威铖 全年业绩超预期

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https://youtu.be/ciYvcbGzToQ

分析:联昌国际投行研究

目标价:2.52令吉

最新进展

威铖(VS,6963 ,主板工业股)2020财年末季净利报5412万令吉,按年微跌3.8%,但维持派息1.6仙。

同时,由于来自一名主要客户的订单减少,营业额按年也跌15%,至8亿8261万3000令吉。

全年而言,净利报1亿1586万4000令吉,按年挫30%;营业额录得32亿4319万2000令吉,按年跌18.5%。

 

行家建议

威铖2020财年整的核心净利达1亿2680万令吉,按年虽下跌35.2%,但已经超越预期,达到我们预测的124%,以及市场的133%。

第三季在经历行动管控后,末季销售的复苏能比预想中强劲,是该公司全年业绩超出预期的主要功臣。

不过,全年派息仅有1.8仙,低于我们早前预测的2.6仙。

威铖的净利复苏势头,应可持续至2021财年,因为美国客户在加快生产,以及其他客户的订单增长稳定。

我们也认为,2021财年的税前盈利赚幅,按年可以提高2.2%,因为经营杠杆的改善,以及新客户的高回酬订单贡献。

因此,2021至2022财年的每股净利预测,我们上修1.1%至5.1%,以反映销售稍为改善,以及营运赚幅回升的利好。

重申“增持”评级,目标价上调至2.52令吉,相等于20倍本益比。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】威铖-全年业绩超预期

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Chart Stock Name Last Change Volume 
VS 2.34 -0.01 (0.43%) 5,580,600 

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