季报分析 | LIIHEN 7089 LII HEN INDUSTRIES BHD 3Q22业绩探讨
Liihen在2022财年第三季再次交出良好业绩,营业额和净利取得1亿4954万令吉和2119万令吉,分别按年增长42.0%和飙涨3倍,主要是去年同期政府实施严格的行动管制措施,企业营运被迫暂时停顿10个星期造成低基数效应。若和前季比较,第三季的营收整整减少了20.0%,主要是受到供应链纷扰以及美国商家因库存过剩导致部分订单运货延迟。虽然如此,税前盈利却按季增长16.1%,从2417万令吉提高至2807万令吉,最大原因是美元走强推动外汇收益大增,仅第三季就录得571万令吉,相等于税前盈利之20.3%。这也是为什么虽然Liihen营收减少因市场需求疲软造成销售量下滑,但是美元效应反而提振税前盈利率至18.8%,创下最高纪录。
过往得益于圣诞佳节效应,Liihen向来表现最好的业绩都是落在最后一季。虽然近期美元兑令吉似乎见顶开始滑落至目前的4.45水平左右,不过对比去年这样的汇率还是高,加上之前也提及到部分推迟的订单会在末季陆续出货,因此估计Liihen在下个季度能够延续强劲表现。
Liihen的现金储备非常充沛,截至9月30日为止高达1亿8878万令吉为最高纪录,相等于总资产之31.7%。值得一提的是企业的库存减少至9280万令吉,一是原料价格在下跌,企业无需急于买料吨货,二是企业的销售订单在减少反映市场需求下降。很多制造业包括Liihen都在面临人力短缺以及最低工资标准调高,增加了制造商的成本压力,然而Liihen的现有劳动力仍能足以应付当前的销售量,因此在成本结构方面仍处在可管控范围内。另外,美元走强也为企业面对的不利状况提供足够缓冲。
Liihen今年首九月的净利(5796万令吉)已经全面超越了2021全年(3777万令吉),今年利润有望追平甚至超过2019年(7888万令吉)的历史最高纪录,企业在全球经济前景面临恶化的状况下依然保持成长步伐非常不易。管理层在第三季也宣布派发每股1.35仙的中期股息,全年周息率可以高达5至6%,主要是企业的自由现金流非常良好,而且债务不高,绝对有能力派发更多股息来回馈股东。然而目前Liihen的本益比却才6倍,低于过往水准,这档优质股似乎总是被市场忽略或低估。
https://investalone.blogspot.com/2022/11/Liihen-3Q22-Result.html
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