【 ECOMATE 0239 ECOMATE HOLDINGS BERHAD 】Q3 业绩开箱
股价走势异常强势的 Ecomate Holdings Berhad(ECOMATE、0239)在前天终于公布了他们 Q3 的业绩表现 ;其中公司在该季中的营业额为 RM 13.2 Million,净利则是 RM 1.2 Million 左右,乍看之下是有所退步的。
那么,到底支撑着 ECOMATE 股价的因素是什么呢?
- 作为家具股,ECOMATE 的营业额表现自然也和出口表现(因汇率关系)挂钩。那如果我们摊开公司的 Q3 业绩来看的话,ECOMATE 的 RM 13.2 Million 营业额中就有 RM 4.7 Million 来自于本地市场、RM 3.8 Million 来自于亚洲(除马来西亚)的区域、RM 3.4 Million 来自于大洋洲(“Australasia”)、以及最后的 RM 0.9 Million 和 RM 0.3 Million 则分别来自于欧洲和北美市场。
- 在对比去年同期之下,ECOMATE 的营业额下滑了 15.97% 左右。这主要是因为公司从马来西亚、欧洲和北美区域的销售下滑所致,同时公司在季报中也有提到 “Deferment of Shipments”,即部分客户要求延缓其交付期,这自然也影响了公司的营收入。
- 那在营业额下滑之下,公司的税前盈利(“PBT”)也从 RM 2.9 Million 下滑至 RM 1.6 Million 左右,下滑比例为 45.29%;至于为什么 PBT 和营业额的下滑比例不相符呢,则主要是因为其 PBT 基数较小* 的关系。
*举例来说,如果 ECOMATE 一个季度的 PBT 是 RM 2.0 Million,那么只要下滑了 RM 0.5 Million 的 PBT 都算得上是 25.0% 左右的下滑。
- 而在按季比较之下,ECOMATE 的营业额反而稍微上涨了 0.61%,这主要是因为亚洲(除马来西亚)和 Australasia 给公司带来的销售有所增加所致。
- 但在 USD/MYR 有所回调之下,公司的 PBT 也从 Q2 的 RM 1.9 Million 下滑至 RM 1.6 Million 左右,伴随着 USD/MYR 在公司 Q4 所包含的 12、1、2 月份持续回调来看,读者们必需要留意公司在 Q4 中的业绩表现。
- 那么以现金流来说的话,ECOMATE 在 2022 财政年 9M 中仍有 RM 2.8 Million 的净经营现金流收入,不过以公司刚 IPO 不久的状况来看,预计现金对于公司来说并不会是大问题。
- 在短期内,笔者预计 ECOMATE 还会在需求放缓和 USD/MYR 回调之下持续面临压力,不过公司预计在 2024 Q2 完成的 Factory C 则是会将他们的产能从 475,200 Units 的家具生产提高到 712,800 Units,笔者认为那时候才是 ECOMATE 的高成长期。
有趣的是,ECOMATE 在该季中的 EPS 为 0.34,如果年化(“Annualized”)来计算的话则是 1.36。以当前 RM 0.700 的股价为计算的话,那么公司的 FPE 则是超过 50 倍(大约为 51.47 倍左右),读者们又如何看待该估值的 ECOMATE 呢?
- 与 Exeed Group 开设股票户口:https://bit.ly/3d4fjav
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#ECOMATE
#EXEED
#BURSA
https://klse.i3investor.com/web/blog/detail/exeedgroup/2023-02-07-story-h-299180158
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