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SPRITZER

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Spritzer Bhd

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Company Background

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$SPRITZER / 7103 (SPRITZER BHD)
Research Report by PBIV

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$SPRITZER / 7103 (SPRITZER BHD)
Research by Public
Outperform - TP RM2.90

"Above Expectations"

Spritzer’s 2QFY24 headline net profit surged 64% YoY to RM19.9m, driven by the increase in bottled water sales from the manufacturing segment. After adjusting for non-core items, Spritzer’s core net profit came in at RM20.3m. Cumulative 1HFY24 core net profit of RM35.5m was above our and consensus estimates, accounting for 62% and 64% of full-year forecast, respectively. The discrepancy in our numbers was mainly due to the stronger-than-expected bottled water sales. We raise our forecast for FY24-26F by an average of 26%, as we factor in higher sales volume. We are optimistic on Spritzer’s earnings prospects, underpinned by robust demand for bottled water on recovery in economic and tourism activities. In addition, we foresee an uptick in Spritzer’s profit margins due to better economies of scale supported by the strengthening MYR. Therefore, we upgrade our call on Spritzer to Outperform, with a higher TP of RM2.90, based on 12x FY25F EPS (close to average 1-year forward PER).

Analyst:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my

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$SPRITZER / 7103 (SPRITZER BHD)
Research by MIDF
Neutral - TP RM2.78

"Higher Sales for Bottled Water in 1HFY24"

• 1HFY24 core earnings above expectations; up by +86%yoy
• Revenue up +21%yoy from increased sales, higher ASP, lower raw material cost
• Positive outlook, with risks on material and logistics costs
• Maintain NEUTRAL with and revised TP of RM2.78 (from RM2.55)

Analyst:
MIDF Research
research@midf.com.my

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Changes in Director's Interest (Section 219 of CA 2016) - MR LAM SANG

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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Changes in Director's Interest (Section 219 of CA 2016) - MR LAM SANG

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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Changes in Director's Interest (Section 219 of CA 2016) - MR LAM SANG

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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Changes in Director's Interest (Section 219 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATIN CHUA SHOK TIM @ CHUA SIOK HOON

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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Changes in Director's Interest (Section 219 of CA 2016) - MR CHOK HOOA @ CHOK YIN FATT

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Changes in Director's Interest (Section 219 of CA 2016) - MR LAM SANG

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATIN CHUA SHOK TIM @ CHUA SIOK HOON

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Changes in Director's Interest (Section 219 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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Changes in Director's Interest (Section 219 of CA 2016) - DATO' LIM A HENG @ LIM KOK CHEONG

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DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

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Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATIN CHUA SHOK TIM @ CHUA SIOK HOON

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PETALING JAYA: Spritzer Bhd intends to invest RM70mil to RM80mil in its bottled water capacity, as it is enjoying improved demand for its bottled water.

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【 “水” 主题股 】Spritzer 🫗

📈 股价(2024/06/04):RM2.810
🎫 PE:15.51 倍
📊 DY:1.96%
💎 NTA:RM1.702

注:Sprtizer Berhad(SPRITZER、7103)的股价已经来到了历史新高,温馨提醒大家在开始看正文之前,追高有风险❗

在今天呢,版主已关注许久 👀 的 SPRITZER 在今天创下了股价新高(嗯,通常我关注的,我都还没下手买),那除了吉隆坡停水引来间接推动销售,公司在最近一个季度,也就是 FY2024 Q1 中创下的业绩新高,也有助于推动股价。

从季报上来看,SPRITZER 的营收入为 RM135.0 million 📈,税后盈利(“PAT”)为 RM15.5 million,同时公司在近期内也应该会面了一些基金,所以股价才那么强势。

相信大家都知道 SPRITZER 是国内非常知名的 🫗 矿泉水品牌,且该公司在马来西亚瓶装水(“Bottled Water”)的市占率应该有 40.0% ~ 50.0% 左右,而矿泉水的市占率,应该会更高。

**矿泉水跟瓶装水是两个不同的概念,等下我们会解释~

那么,这家矿泉水公司到底有什么竞争优势 🤔,为什么近期内越做越好,未来前景又如何呢?

今天在我们的文章中,我们来带大家深入的了解 SPRITZER 这家公司 ~

简单介绍;SPRITZER 于 1989 年正式开始生产瓶装水,并且在 2000 年内正式在马来西亚上市 🔔,而该公司的主要生意为生产以及销售矿泉水,以及饮用水。

迄今为止,公司也是马来西亚最大的一站式瓶装水生产商,也就是说从获取水源到制造瓶子,到贴上包装出售,都由公司的厂房完成。

为什么 SPRITZER 的旗舰产品(就是青色盖子的天然矿泉水)会那么收欢迎,售价也比一般的饮用水更高?

其实,这里最关键的就是 SPRITZER 的矿泉水内具有丰富的 ✨ 硅矿物(“Silica Mineral”),而经常饮用硅矿物的矿泉水有助于改善身体健康,因此其售价才会比一般的加工纯净化(“Purification”)的饮用水来得高。

接下来,我们就要谈到 SPRITZER 的竞争优势了。

都说了 “矿泉水”,当然 “矿泉” 还有 “水” 是最为重要的资源,据个人所了解,SPRITZER 在太平拥有 390 英亩(“Acres”)的 🌱 雨林地(目前已经拓展到 406 英亩),而雨林长期下雨的性质,以及公司的厂房建立在临近区域,成为了公司获得 ”原料“ 最好的资源。

所以平时我们喝到 🟢 青色瓶盖的 SPRTIZER 呢,主要都是从太平出产的~

当然,公司在永平(柔佛州)以 Shah Alam 分别还有 42 英亩以及 7 英亩的土地,负责生产矿泉水以及 🔵 饮用水,不过却是以其他的牌子,如 Summer、DESA、以及 Cactus 为主。

除了水之外,SPRITZER 另一个主要原料其实是树脂(“PET Resin”);在 FY2024 Q1 中,SPRITZER 的 PET Resin 平均成本大约为 RM4.39/KG,对比去年同期的低不少,因此才取得非常好的成绩,但其实,还有一点是个人觉得 SPRITZER 很不错的。

从过去至今,我们看到许多的瓶装水设计都没有什么变化,唯独 SPRITZER 的包装会比较长看到变化,那么为什么要改变?难道是单纯吸引消费者吗?🤔

那只是其中一点,更重要的是,SPRITZER 的真正目的是 ⬇️ 减少塑料的含量,也就降低了他们的生产成本,但是对于消费者来说差别却不大。

不过,由于瓶盖需要比较硬的塑料,因此唯独瓶盖这些年没有太大的塑料成本变化,反而是有增加使用再循环塑料(会比较贵一点)在内;而 SPRTIZER 本身也不断地在推动消费者进行再循环他们的塑料瓶。

总的来说,SPRITZER 最主要的竞争优势就在于具有别的公司没有的天然雨林资源,以及他们对于成本的控制,如对于瓶身减少塑料成分,以及他们愿意投入大量资金到自动化上。

比如说,之前版主参观他们厂房时,就看到他们的自动化仓库系统(“ASRS”)就非常的高效率,降低了对于劳动力的依赖,而且这个 ASRS 也不便宜,需要非常高的 CAPEX 💎。

那接下来,SPRITZER 还能成长吗?

我们看回去 FY2024 Q1 的业绩,公司提到业绩的成长主要是因为销量增加,同时盈利率也有所提高(塑料成本下降);而公司在该季中也投入了 RM28.9 million 的资本开销(“CAPEX”)到两条新的产线上,为公司的产能增加到 1,200 million litres,全年下来,公司应该预计要达到 RM70.0 million 到 RM80.0 million 的 CAPEX。

在未来,SPRITZER 最主要就是进军到更多 🏨 酒店、餐厅、咖啡馆等(“HoReCa”)的市场中,同时也会加强在新加坡的瓶装水市占率,以达到成长的目的。

整体来说呢,个人是很看好 SPRITZER 的中期发展的。

最后的问题来了,💁‍♂️ 未来 SPRITZER 的股价还能上涨吗?

我们不能去预测股价,不过该公司的 Top 30 大股东主要是被私有化的 Yee Lee Corporation Berhad(“Yee Lee”)以及多家机构投资者,持股比例大约是 85.48%,也就是说市场的流通股已经非常的低了,而且,版主感觉近期内还有人在吸纳股票 🤔,从资金流上来看,是非常有趣的。

不过,版主更为关注的是 SPRITZER 业绩还可不可以继续上升,才是最为关键的一点。

照片来源:从 Spritzer 官方网站拿的

免责声明:

版主并非是持牌的股票分析员,所以我们并不会提供你任何的买卖建议,如果有需要的话,可以找持牌的股票分析员或持牌的股票经纪人询问。

版主目前的身份是 iFast Capital Sdn. Bhd. 以及 TA Securities Holdings Berhad 的 Marketing Representative,并且也是独立的财经内容撰写人,并无提供财务咨询的服务。

在编写这篇文章时,或在短期内(3 个月内),版主本身有兴趣投资或已持有上述的公司,除非有新的因素出现,因此,读者们务必要检查该内容的独立性。

最后,以上所分享的内容均为个人通过各种渠道获取的资讯、消息、内容;文章内提及的所有内容只能用于参考、学习、教育以及资讯的用途,而绝非任何专业的金融、投资、或买卖意见。若想要获得买卖的建议,请咨询专业的股票分析师或投资银行,再自行判断其风险以及潜在收益。在此要再次声明,12Invest 绝不对任何所分享的内容或观点的准确性、完整性、正确性、有效期性负责任。所有在阅读文章后的任何决定皆由读者本身负责。切记,任何投资都具有风险,请做好保护自己的措施。

#12INVEST
#SPRITZER
#MINERALWATER
#DESA

$SPRITZER / 7103 (SPRITZER BHD)

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$SPRITZER / 7103 (SPRITZER BHD)
Research by Public
Neutral – TP RM2.50

“Robust Demand"

Spritzer’s 1QFY24 headline net profit jumped 116.9% YoY to RM15.5m, mainly attributable to an increase in sales volume and higher average selling price (ASP) as well as lower tax rate. After adjusting for non-core items, Spritzer’s core net profit came in at RM15.2m. Although Spritzer’s 1QFY24 earnings were in-line with expectations at 29% of our full-year estimates, we are raising our forecast for FY24-26F by an average of 14%, mainly to account for stronger bottled water demand. Going forward, we believe that Spritzer will continue to benefit from higher demand for bottled water given the recovery in economic and tourism activities as well as rising consumer health consciousness. We maintain our Neutral call on Spritzer with a higher TP of RM2.50, based on 13x FY25F EPS, as we rollover our valuation base year to FY25F.

Analyst:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my

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$SPRITZER / 7103 (SPRITZER BHD)
Research by MIDF
Neutral – TP RM2.55

“Growing Demand for Bottled Water"

• 1QFY24 earnings in line
• Higher revenue and core earnings in 1QFY24
• Earnings forecast maintained
• Maintain NEUTRAL with and revised TP of RM2.55 (previously RM2.08)

Analyst:
Genevieve Ng Pei Fen
Genevieve.ng@midf.com.my

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Quarterly rpt on consolidated results for the financial period ended 31/03/2024

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General Meetings: Outcome of Meeting

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GEORGE TOWN: A healthy economic growth, sweltering weather and robust tourist arrivals will drive Spritzer Bhd’s sales in 2024, says chief executive officer and executive director Kenny Lim.

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