南洋行家论股
【行家论股】睦兴旺 机场业务贡献上扬
分析：联昌国际投行
目标价：90仙
最新进展：
睦兴旺（MUHIBAH，5703 ，主板建筑股）拥有柬埔寨机场（SCA）21%有效股权，该机场同时拥有暹粒、金边和西哈努克机场特许经营权，有效至2040年。
该公司自去年第三季以来，获8.51亿令吉新合约，总建筑订单达10亿令吉，近期该公司也获国油颁布3个项目，价值6.78亿令吉。
行家建议：
我们预计，该公司是全球旅游复苏的受益者，尤其受益于中国游客。尽管目前航班量不足，以及缓慢的签证审批抑制了旅游需求，但我们认为这种情况应会得到改善。
当前柬埔寨游客人数为238万人，仍低于疫前的1163万人，不过，自去年第三季以来，游客数已连续增长5个季度。
尽管机场在2020/21财年出现亏损，但我们预计，若基于570万人次游客数，机场特许经营在2024财年将贡献约52%的净利。
不过，根据该公司的说法，柬埔寨政府可能会在年底收回暹粒机场的特许经营权。
目前，该公司订单量已回升至疫前水平，此外，核心部门之一的专利产品废热回收装置（WHRU）也贡献赚幅。
该产品的客户群令人眼前一亮，包括Petronas Carigali、瑞典通用电气、吉宝集团、德国西门子公司，2019财年至2022财年赚幅约在20-25%。
综合以上，我们重申该公司“增持”的评级预测、目标价90仙不变。
https://www.enanyang.my/行家论股/【行家论股】睦兴旺-机场业务贡献上扬
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