南洋行家论股
大马糖厂 出口竞争大赚幅低
目标价：3.60令吉
最新进展：
我们近期与大马糖厂（MSM，5202，主板消费产品股）高层会面，了解该公司现况和展望。
在2017财年录得净亏3260万令吉后，从该财年第三季的盈利增长势头料延续至本财年，归功于原糖价格下跌和令吉走强，减缓成本压力。
行家建议：
我们仍谨慎看待大马糖厂的出口市场，因为市场激烈竞争，以及其赚幅比本地业务低。
另外，市场揣测，新政府将重审或开放国内的糖市场，不过该公司相信，现有产能可满足国内需求，料不影响公司。
此外，该公司将发展国外市场，以减少依赖本地市场。
我们下砍本财年每股净利预估24%，也下调2019至2020财年的净利1%至5%，以反映国内外市场竞争现况。
虽调整财测，但按2019财年本益比预测20倍，我们维持“守住”投资评级和3.60令吉目标价。
未来利好因素包括本地竞争降低、新提炼厂初始成本减少；而不利因素为原糖价格激涨。
http://www.enanyang.my/news/20180717/大马糖厂-出口竞争大赚幅低/
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