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PETALING JAYA: The second half of financial year 2022 (2H22) appears to be challenging for Amway (M) Holdings Bhd and a weaker ringgit could mean higher procurement costs.

This could potentially further erode margins, according to Kenanga Research.

Global supply chain disruptions and heightened cost of freight could see costs rising for the group, the research house said.

Coupled with the current high inflationary pressure eating into demand, it said there could be some compression in the group’s margins moving forward.

It said the current ringgit to US dollar exchange rate was also a concern.

“The group’s performance is highly sensitive to changes in the currency exchange rate, given that it predominantly procures in US dollar but sells in ringgit, it could lead to higher procurement costs,” it said.

However, its net profit for the second quarter (2Q) ended June 30, 2022 jumped nearly 91% year-on-year (y-o-y) to RM14.98mil.

It said Amway’s 1H22 net profit came in at 59% of its own, and 64% of consensus’ full-year earnings.

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The group declared a five sen interim dividend, bringing the total dividend up to 10.0 sen.

This was in line with Kenanga’s full-year forecast of 27 sen as the group normally pays out a larger dividend in 4Q.

Revenue grew 5.1% as the group saw better sales growth in its health and wellness products, though partially offset by a drop in home appliance sales.

It said sign-up and renewal fees grew marginally (5%) as their Amway Business Owner (ABO) sales agent base remained relatively flat.

Its overall earnings grew 26.1% as its net profit margin improved due to the better sales volume as well as a consolidation of costs for their ABO incentive programmes.

“A weaker second half amid economic headwinds, particularly inflation that will dampen earnings,” said the research house.

The research house maintained its “market perform’’ call on the stock but reduced its target price by 2% to RM5.20 (from RM5.30) a share.

The risks cited for its call include stronger ringgit to US dollar exchange rate resulting in lower operating expenses and weaker sales volume on the back of sustained high inflation.