南洋行家论股
陈顺风财报准则拖累盈利
目标价：1.39令吉
最新进展：
去年，陈顺风（TSH，9059，主板种植股）鲜果串产量增加18.5%至70万6000公吨。
2018至2020财年，更多印尼种植园成熟，鲜果串产量料走高，但增幅放缓。
行家建议：
今年起，陈顺风采用大马财务报告准则141和116（MFRS 141和116），加上生产成本走高，预计未来1至2年的盈利黯淡。
MFRS 141和116准则，推高折旧开销50%或2500万令吉；净负债率将从0.88倍，微增至0.9或1倍。
此外，管理层认为生产成本上行，归咎于融资成本、最低薪资和印尼肥料成本增加。
去年杪实际税率大涨至38.7%，但管理层相信，今年起会回到25%至26%范围。
虽然该公司空置地多，但净负债率高，应该不会播种，相信2020财年起才会更积极种植。
我们下修今明财年核心净利预测7%和0.3%，目标价也从1.42令吉，减至1.39令吉。
维持“守住”评级，因为近期遭抛售后，估值更诱人。
http://www.enanyang.my/news/20180419/陈顺风财报准则拖累盈利/
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