- In our view, Hong Leong Asia remains undervalued given the positive outlook for its businesses.
- Hong Leong Asia posted strong 2024 results with PATMI growing 35.3% y-o-y, driven by its two main segments. Despite a challenging domestic market, China Yuchai recorded strong unit sales volume. The Building Material Unit benefitted from the ongoing construction industry upcycle and faces a strong orderbook going into 2025.
Stable results in line.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- Top-line growth was driven by increased revenue contributions from Yuchai (+4.1% y-o-y) and the Building Materials Unit (BMU) (+4.9% y-o-y). Higher unit sales from Yuchai and ongoing cost-saving initiatives boosted overall margins, with 2024 overall gross (+0.4ppt y-o-y) and PATMI (+0.5ppt y-o-y) margins rising y-o-y.
Muted end to 2024.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Llelleythan Tan UOB Kay Hian Research | John Cheong UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-28
Previous report by UOB:
2024-12-13 Hong Leong Asia - Undervalued Gem Backed By A Strong Positive Outlook.
Price targets by other brokers at Hong Leong Asia Target Prices.
Listing of research reports at Hong Leong Asia Analyst Reports.
Relevant links:
Hong Leong Asia Share Price History,
Hong Leong Asia Announcements,
Hong Leong Asia Dividend Payout Dates & Corporate Actions,
Hong Leong Asia News
