La DRB-Hicom, società guidata da Syed Mokhtar, ha registrato un significativo aumento del valore del 17%, attribuito al recupero degli utili.
DRB-Hicom reports consecutive profits for the second quarter, but faces challenges ahead
In a recent financial update, DRB-Hicom, Malaysia's second-largest automotive company, reported a net profit of RM58.1 million for Q2 FY2025, marking a significant turnaround from a net loss of RM17.1 million a year ago. The company's shares rose up to 17% or 13.5 sen to 93.5 sen, reaching their highest level since mid-February.
The rebound was primarily due to stronger performance in the banking division and improvements across the automotive, postal, property, and services sectors. Banking revenue grew 6.1% to RM556.6 million, due to higher financing and investment income, and lower impairment losses due to better customer recoveries. The automotive business, the top revenue contributor, saw a 11% increase in revenue to RM2.8 billion in Q2.
However, the company's outlook remains cautious. Kenanga Investment Bank expects lower profits for DRB-Hicom's banking unit (Bank Muamalat), despite recent recovery. Similarly, Public Investment Bank and research institutes such as Maybank Investment Bank and RHB Investment Bank have maintained a cautious stance or downgraded their stock recommendations for DRB-Hicom due to headwinds in the automotive segment involving the national carmaker Proton and the assembly of Mercedes, Suzuki, and Isuzu vehicles.
The non-national passenger vehicle segment of DRB-Hicom faces significant headwinds due to reduced consumer confidence and higher vehicle costs. The growing presence of Chinese car brands in Malaysia is expected to heighten competition, pressuring profitability and stifling earnings growth for DRB-Hicom. Chinese brands are capturing market share with a mix of electric vehicles and vehicles with internal combustion engines, selling at huge discounts.
Syed Mokhtar, who holds a 55.9% stake in DRB-Hicom via his private vehicle Etika Strategi Sdn Bhd, may be hopeful about the company's prospects, but the road ahead is not without challenges. Kenanga Investment Bank, for instance, has kept its "underperform" call on DRB-Hicom due to concerns about Pos Malaysia Bhd's uncertain outlook and its potential to be a drag on the group.
Despite these challenges, DRB-Hicom's Q2 performance shows signs of resilience. The company reported a total revenue of RM8.3 billion for the first half of FY2025, up 2.5% from the previous year. The property segment's revenue grew more than threefold to RM94.3 million, supported by concession-based projects and property development.
As the market continues to evolve, DRB-Hicom will need to navigate these challenges and seize opportunities to maintain its position in the Malaysian automotive industry. The company's shares closed at 92 sen, representing a 15% increase, and analysts will be watching closely to see if this trend continues.
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