【 HIAPTEK 5072 HIAP TECK VENTURE BERHAD】“钢铁” 般的 Margin 压力 …?
在经历了 2021、2022 财政年的超级周期后,Hiap Teck Venture Berhad(“HIAPTEK、5072”)在该季中(Q1)也因为上游和中游钢铁产品价差加剧而陷入了亏损中;但亦有分析员指出,该季将会是 HIAPTEK 情况最为严峻的一个季度,也就是说 Worse is Over。
那当前股价只有 RM 0.285 的 HIAPTEK,是否还具有吸引力呢?
#营业额比较(YoY 跌 2.16%、QoQ 起 2.93%)
简单介绍,HIAPTEK 的业务可分为钢铁产品(如钢管、脚手架等)的制造业务和买卖业务;那以该季对比去年同期呢,公司的制造业务营业额也从 RM 186.2 Million 下滑至 RM 147.1 Million,但反观公司的钢铁买卖业务却从 RM 220.0 Million 上涨至 RM 249.7 Million 左右。
按照公司在季报中的解释,虽然公司的整体销量有所上涨,不过介于其产品售价(“ASP”)有所下滑,因此抵消了销量上涨的因素。
而在按季比较之下(Q4),HIAPTEK 的营业额也有稍微的上涨,而这主要是因为其销量上涨所致,仍然被 ASP 的下滑拉低了其成长率。
#税后盈利/亏损(YoY 跌 169.12%、QoQ 跌 300.76%)
在前几个季度当中,相信读者们都还记得当时的钢铁价格仍然处于高位,并且波动性也非常高;那么这次高价的库存呢,HIAPTEK 也在该季中清除了不少,当然后果就是在该季中陷入亏损。
作为参考,公司在该季中的营运亏损(“Operating Loss”)也高达 RM 45.1 Million 中,其中就包括了 ASP 下滑,上述提及的高库存成本,以及一次性的 RM 27.4 Million 库存减记(“Write-Down”),加剧了公司的亏损。
另外,公司的联营公司 Eastern Steel 在该季中的盈利贡献也只有 RM 1.3 Million,对比去年同期的 RM 23.3 Million 相差甚远;在综合这些因素之下,也难免 HIAPTEK 在该季中会陷入亏损。
那么在按季比较之下,HIAPTEK 基本上也因为上述相同的因素陷入了亏损,不过在下个季度中,应该不会出现库存减记的情况了。
#前景展望
其实在当前的大环境之下,HIAPTEK 的联营公司 Eastern Steel 还能保持盈利已经是很不错了,那么公司在该季中的亏损会加剧至 RM 49.1 Million 呢,不排除是有 Kitchen Sinking 的举动的。
展望未来,钢铁的需求还是非常取决于大环境,尤其是中国恢复的速度 – 因此在该季中,版主个人认为业绩会改善(亏损收窄),至于是否可以保持盈利的话,还仍是一个很大的问号。
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https://klse.i3investor.com/web/blog/detail/exeedgroup/2022-12-19-story-h-302969411
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【 HIAPTEK 5072 HIAP TECK VENTURE BERHAD】“钢铁” 般的 Margin 压力 …?