手套股来年仍忐忑
(吉隆坡30日讯)分析员认为,手套股经历惨淡年份后,由于盈利表现仍处于下跌趋势,而且维持涉足疫情后复苏领域的策略,投资者可能继续对手套股采取保守看法,虽然价值保持吸引力,但多数股项在低于传统平均水平线交易。
艾芬黄氏投资银行指出,预料短期内并没有可以重估该领域的催化剂,目前平均5.8%的股息回酬率料将延续至2022年,对该领域股价提供一些缓冲作用。
利空笼罩
除了劳工短缺的顾虑,更多关于没有善待劳工的指责,可能对大马手套业的发展产生不利冲击。在过去两年,美国海关边境保护局先后将大马4家手套制造厂商列入预扣留名单,有关厂商被指在生产过程中逼迫劳工,美国是大马手套制造商最大的市场,大约占25%市占率。
与此同时,马银行研究指出,价格战显然无可避免,2022年手套平均价预料将面临严峻挑战,主要是需求正规化,而供应却持续增加,特别是中国手套厂商加入市场,平均价已在2021上半年达到顶峰,而且从2021年5、6月开始下跌,比预期更迅速。(2021年初高峰水平每千件介于130至140美元,对比2021年11月跌至每千件30至32美元。)
该行报告指出,预计在2022年之前,价格将回到疫情前每千件23至24美元,在伤口上撒盐的其他事项包括使用率偏低,标准作业程序严谨造成营运开销增加及面对劳工短缺问题。
价格战抑制盈利
由于价格战的缘故,预料未来几个季度该领域业者盈利表现将比较弱,不过资产负债报表强稳、营运开销偏低,有助于胶手套制造商渡过下跌周期及提供财务上承垫、缓冲影响作用。
欣慰的是,马银行投行概括的胶手套制造商,例如顶级手套、贺特佳和高产柅品,在价格高峰期累积可观现金,如今处于净现金地位。资产负债报表强稳,有助于接下来几年不需贷款进行扩充计划。
无论如何,该领域主要的顾虑是在2020年尾,不少新进业者涌入胶手套市场,不过这些业者为了在非常短的时间内建好工厂,在安装工程、采购机械、购买原料,甚至聘请有经验员工支付较高价,因此营运成本相应拉高,导致他们在订价方面的竞争力被削弱。
https://www.sinchew.com.my/20211230/%E6%89%8B%E5%A5%97%E8%82%A1%E6%9D%A5%E5%B9%B4%E4%BB%8D%E5%BF%90%E5%BF%91/
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