首季转亏 表现逊色 顶级手套(TOPGLOV,7113,主板医疗保健组)目标价下调
(吉隆坡15日讯)顶级手套(TOPGLOV,7113,主板医疗保健组)截至今年11月30日首季由盈转亏,净亏1亿6800万令吉,表现低于市场预期,分析员基于短期前景挑战,纷纷下调该股至“卖出”评级,并下修目标价格最低至35仙。
顶级手套首季亏损主因是高达1100万令吉未出售库存的减值、厂房使用率低及手套平均销售价格和销量低。同时,天然气价格上涨和最低薪金上调,也侵蚀该公司盈利赚幅。
马银行研究分析员指出,因厂房使用率低,仅30%、客户要清库存,加上尤其中国的竞争激烈,短期内,顶级手套前景仍挑战。
3年财测大砍
有鉴于此,该行分析员分别大砍该公司2023至2025财政年的盈利预测280%、26%和45%。2023财政年料亏损3亿2280万令吉;目标价从每股52仙,下修至每股35仙。
该行分析员说,顶级手套汇报会上值得注意的事项包括供应过剩竞争激烈,导致该公司无法提高销售价。现在比起盈利,更着重现金流,因此为了争取销售和提高厂房使用率,把手套平均销售价下降到每1000只手套,20美元(约88令吉20仙)以下。
或派送库存股股息
该公司管理层也预计,近数月内,手套平均销售价格降速料减缓。接下来,会专注强化成本架构,并暂时关闭旧或效率低的厂房。
顶级手套也不排除把库存股作为股票股息派发给股东。
保存现金 暂停派息
分析员指出,截至今年11月,该公司的净现金为每股4仙。为了保存现金,已暂停派息。
达证券行也重申顶级手套“卖出”评级,并根据2024年22倍的本益比,把目标价从每股53仙,下修到45仙。
该行分析员说,顶级手套业绩低于市场预测,是因为销售量比预期低;基于环境挑战,预计该公司未来2季度会继续亏损。将该公司2023财政年盈利预测,从原本6240万令吉净利,下砍到3亿8750万令吉亏损。
2024和2025财政年盈利预测,也分别下修33.6%和5.2%,至1亿4110万令吉和2亿2150万令吉净利。
尽管顶级手套管理层相信,手套平均销售价格有趋稳的征兆,且大马手套业者的丁腈手套平均销售价已去到16至18美元(约70.56至79.38令吉)的历史低位。
达证券分析员还是下调该公司2023至2025财政年的手套平均销售价格。每1000个手套售价分别下调3.5%、4.3%和1.7%,至19.7(约 86.88令吉)、19.9(约87.76令吉)和20.8美元(约91.73令吉)。
3个财政年的手套销售量预测,也分别下调40%、13.7%和4.5%,至300亿、480亿和546亿只。
https://www.sinchew.com.my/20221215/%E9%A6%96%E5%AD%A3%E8%BD%AC%E4%BA%8F-%E8%A1%A8%E7%8E%B0%E9%80%8A%E8%89%B2-%E9%A1%B6%E7%BA%A7%E6%89%8B%E5%A5%97%E7%9B%AE%E6%A0%87%E4%BB%B7%E4%B8%8B%E8%B0%83/
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