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分析:丰隆投行研究
目标价:1.41令吉
最新进展
马星集团(MAHSING,8583,主板产业股)投资1.5亿令吉进军生产和销售手套,以设立首12条生产线,并会通过发行回教债券和内部资金来融资。
该集团建议分两阶段安装生产线,每月2条,首阶段从明年4月至9月,次阶段从10月至2022年3月,意味着明年4月就开始生产。
自公布进军手套后,股价一路飙高,2天内涨超过75%。

行家建议
我们依然看好马星集团进军手套业的决定,因为可借此多元化收入基础,不用再依赖前景放缓的产业市场。
凭着制造业累积的40年经验,加上手套与塑料的业务流程非常相似,我们认为该公司可借助塑料业务的专业知识投入新业务,产生协同效应。
假设明后财年每1000只手套售价,分别是15和5美元,我们将两年的净利预测,大幅调高47.6%和63.4%。
这只是保守的预估,加上手套业务在明年7月才生产,因此还有可能会再上调财测。
不过,我们调低本财年的盈利预估10.3%,因为2019冠状病毒病疫情复发,导致市况不稳。我们维持“买入”评级,因为近期推出的项目录得可观的认购率、最低派息率高达40%,以及手套业务可提振明后财年的盈利。
同时,转用加总估值法(SOP)计算模式后,将原本85仙目标价,大幅调涨至1.41令吉。
另外,假设发行的永久债券归类为债务,我们估计公司筹足1.5亿令吉后,净负债率会从0.24倍升至0.28倍。
视频推荐:
https://www.enanyang.my/行家论股/【行家论股视频】马星集团-手套明年4月投产