TNLOGIS 8397 TIONG NAM LOGISTICS HOLDINGS BERHAD是否被低估了?
TNLOGIS(8397,主板交通物流股)在最新业绩意外报捷,FY2023末季净赚2710万令吉,按年飙涨11倍,营业额按年增长4.6%至1亿8494万令吉,此外税前净利率高达15.6%,对比去年同期仅取得4.1%而已。如此不寻常的表现有必要查看其季度报告。果不其然,原来管理层在今年3月委托了第三方进行物业重估工作,因此公司的不动房地产市值取得一次性的3429万令吉收益,才是公司净利飙涨的最大因素。如果排除掉这一笔市值变动收益,公司在经营方面实际上是亏损的。值得关注的是,TNLOGIS的借贷成本过于庞大,全年高达4547万令吉,相等于营业额之6.3%左右,严重侵蚀公司赚幅。而截止今年3月底,TNLOGIS的债务更是高达12亿9403万令吉,主要是用来融资收购地皮以扩大仓库规模,然而最近几年公司的核心业务 - 物流仓库服务面临剧烈挑战造成盈利减少,同时流动资金入不敷出,削弱了公司的还债能力。目前TNLOGIS的资本负债率就高达1.43倍,多少让投资者对公司的财务状况感到担忧。
随着融资成本加重和债务过高,投行分析员就认为目前是TNLOGIS通过产托模式分拆仓库资产上市的大好时机了,既能加强其现金储备的同时也能节省利息支出,进而改善获利能力。根据早前The Edge报道,TNLOGIS产托估值大约7亿令吉,有助于释放公司物流业务的真正价值。一旦上市成功,TNLOGIS不但可以减轻负债,同时接下来也无须再行借贷来开发面积达300英亩的士年纳科技园物流中心 (Sedenak Tech Park) 。TNLOGIS是在去年与柔佛机构签署联营协议,以51:49股权分配来共同发展和管理该区。当时公司董事经理王泳越就预计会在未来12个月内将发展蓝图准备好并提呈给州政府,预计在2025年获得相关单位批准后的3年内开始建造物流工业园。
目前TNLOGIS的每股净资产为RM1.74,远远高于目前的股价,然而一旦仓库资产分拆上市真的成事,却有必要重新评估其价值了,类似情况一如去年AME(5293,主板建筑股)进行分拆AMEREIT(5307,主板产业投资信托股)期间,一度推动前者股价飙升直至后者正式于去年9月20日上市。到目前为止,虽然TNLOGIS没有对此作出任何回应,不过从其财务状况来分析,公司分拆仓库资产上市确实是当下最好的筹资方式了。
https://investalone.blogspot.com/2023/06/TNLOGIS-TIONGNAM-REIT.html
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