分析员:繁荣税影响小 益纳利可挤入综指股
(吉隆坡16日讯)益纳利美昌(INARI,0166,主板科技股)业绩再创高峰,单季净利就突破1亿令吉,但考虑到拥有可豁免税务的新兴工业地位(Pioneer Status)及大量海外业务,受到繁荣税的冲击料是微小的。
再加上该集团高度受惠于当前的半导体短缺的全球环境,以及酝酿着多项并购计划,分析师看好这家半导体封测(OSAT)公司,有潜力冲进富时隆综指成分股榜单。
繁荣税对我国大型企业来年收益影响巨大,作为马股市值最高的科技股,益纳利美昌于上个财年的税前盈利达3.52亿令吉(未审计),已远远超出征收繁荣税的至少1亿令吉净利标准。
不过,达证券分析员在出席该集团汇报会之后指出,部分子公司仍享有新兴工业地位,因此仍可享受更低的税率。
“考虑到益纳利美昌仅约65%税前盈利来自本地业务,而其中的50%又可获得税务减免,我们认为繁荣税的影响微不足道。”
手握现金放眼并购增长
此外,分析员也提及益纳利美昌正在寻求纵横双向的并购活动,横向并购可让该集团继续在晶圆代工厂中获得更多机会;垂直并购则可助集团可掌握上游晶圆封装,到下游集成系统模块业务,而提供更完整的服务。
另外,大华继显研究也在分析报告中指出,益纳利美昌甫完成了高达10.3亿令吉的私配筹资活动,让该集团目前手握18.7亿令吉的雄厚现金。
“我们相信这些现金可用于并购活动或其他资本需求,以补充和加强其服务;这符合该集团放眼2022至2023年,将营收和产能翻倍的雄心。”
分析员也特别提到,益纳利美昌与中国中芯聚源(CFTC),正探讨在中国设立联营公司,从事半导体封测外包服务的计划。
一旦双方确定合作,新的中国业务料可于2023财年,为该集团创造额外18%净利。
“计划一旦成功,将可进一步推高益纳利美昌市值,并有可能挤进富时隆综指成分股当中。”
分析员因此继续看好这家科技股的前景,纷纷给予“买入”评级;其中达证券给予4.55令吉目标价,而大华继显研究则设定了4.40令吉目标价。
http://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E5%88%86%E6%9E%90%E5%91%98%E7%B9%81%E8%8D%A3%E7%A8%8E%E5%BD%B1%E5%93%8D%E5%B0%8F-%E7%9B%8A%E7%BA%B3%E5%88%A9%E5%8F%AF%E6%8C%A4%E5%85%A5%E7%BB%BC%E6%8C%87%E8%82%A1
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