威铖(VS,6963,主板工业股) 近期大跌估值诱人
分析:丰隆投行研究
目标价:1.45令吉
最新进展:
印刷电路板组装订单减少与零件供应受扰,持续困扰着威铖(VS,6963,主板工业股),导致该公司2022财年次季净利按年大降30%,赚4448万7000令吉。
截至1月杪次季,威铖营业额增长1.5%,至10亿1411万1000令吉。
威铖
行家建议:
劳工与原料成本高涨,压缩威铖赚幅,导致该集团首半财年核心净利按年大跌4成至4040万令吉,仅达我们全年盈利预测的24%,和市场预测的28%,表现远低于预期。
新一季度的营业额按年增长了1.5%;但由于成本高涨、新厂房的高折旧损失,以及对新主要客户的大批量生产还未达到最高效等挑战,使得盈利出现萎缩。
冠病疫情破坏了全球供应链,冲击了威铖的业绩表现;该集团也积极招聘本地人,并期待我国边境重开,重新引入外劳后,能解决人力资源短缺的问题。
另一方面,X客户订单强劲,以及有望拿下其他制造合约,让我们依然看好威铖的前景,并预计新厂房的使用率,在新一季可以稳健提升。
考虑到近期面对的挑战,我们降低威铖今年盈利预测17%,并相应调降目标价至1.45令吉。
不过,随着股价近期已经大幅下挫,我们认为其估值极具吸引力,维持“买入”评级。
威铖股价走势
http://www.enanyang.my/%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1/%E3%80%90%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1%E8%A7%86%E9%A2%91%E3%80%91%E5%A8%81%E9%93%96-%E8%BF%91%E6%9C%9F%E5%A4%A7%E8%B7%8C%E4%BC%B0%E5%80%BC%E8%AF%B1%E4%BA%BA
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