【 ABLEGLOB(7167)Able Global Berhad 】原料价格上涨压力堪忧?
前身为 Johore Tin Berhad(“JOHOTIN)的 ABLEGLOB(7167)在购置了一片高达 297.51 Acres 的地皮并进军房地产开发业务后,曾经获得分析员因为其估值重估,而提高了对该公司的预期价格。
然而从 2022 年开始至今,ABLEGLOB 的股价已经从 RM 1.700 左右的价位回落至目前在编写该文章中的 RM 1.370;那么 ABLEGLOB 的是否被低估,公司又有什么值得关注的重点?
我们来一起探讨公司在该季中的业绩表现。
#营业额(YoY 起18.08%、QoQ 跌 8.54%)
在 ABLEGLOB 该季中的 RM 139.1 Million 营业额中,其中就约有 RM 26.1 Million 来自于公司的铝罐制造(“Tin Cans Manufacturing”)业务、RM 113.0 Million 则是来自于其奶制品制造(包括甜炼乳、淡奶和奶粉等)业务;那在按年比较之下,公司有提到其铝罐制造业务从 RM 35.2 Million 下滑至 RM 26.1 Million,主要是因为需求放缓。
反观公司的奶制品业务则是从去年同期的 RM 82.6 Million 增长至 RM 113.0 Million;除了需求上涨之外(报复性消费?),公司也有提到其奶制品的产品售价均因为原料上涨的关系而同步提高,进而带动了公司的营收入。
若以按季比较而言,公司的铝罐业务同样也是因为需求放缓,从上个季度的 RM 28.3 Million 下滑至 RM 26.1 Million 左右;而公司的奶制品业务则是因为需求从 Q2 的高峰期下滑,公司的营业额也从 RM 123.9 Million 下降至 RM 113.0 Million 左右。
#税前盈利(YoY 起 2.18%、QoQ 跌 21.58%)
在按年比较之下,我们可以看到公司的税前盈利(“PBT“)从 RM 12.3 Million 稍微增长至 RM 12.6 Million;虽然公司的铝罐业务的 PBT 因营业额下滑而从 RM 7.4 Million 下滑至 RM 4.1 Million,但公司的奶制品业务的 PBT 却从 RM 5.6 Million 上升至 RM 8.9 Million,这其中除了是因为销量和 ASP 上涨之外,集装箱运输成本的下滑也提高了公司的盈利率,进而造成公司的 PBT 在按年比较之下仍有稍微的成长。
而在按季比较之下,公司的铝罐业务也因为需求放缓而同步从 RM 28.3 Million 下滑至 RM 26.1 Million;至于公司的奶制品业务的话,公司在该季度中的联营公司(“Joint-Venture“)有 RM 2.0 Million 亏损,对比去年的 RM 1.1 Million 的盈利形成了 RM 3.3 Million 的反差,在调整后降低了公司整体的业绩表现。
#前景展望
以公司的前景来说,管理层有提到其原料价格已经回稳,除了铁矿石(“Iron Ore”)有些波动之外,其余的都是比较稳定,且运输成本也已经下跌,假设需求持续稳定下来的话,那么公司的盈利率将会上涨,业绩也有望改善。
以目前 ABLEGLOB 的 12.06 倍 P/E 估值,不知道读者们认为该公司有被低估吗?
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#ABLEGLOB
#EXEED
#BURSA
#股票
https://klse.i3investor.com/web/blog/detail/exeed/2022-11-28-story-h-304724172
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