CMSB (2852) 砂日光 - [CAHYA MATA SARAWAK BHD,长期可持续收入和盈利增长] - James的股票投资James Share Investing


 [CAHYA MATA SARAWAK BHD,长期可持续收入和盈利增长]

这季度,收入增长15%,而比起去年,除税前利润(PBT)和税后及非控股权益后(PATNCI)利润分别同比增长27%和51%。建筑和道路养护,建筑材料和贸易以及水泥部门贡献了收入的增加。 PBT和PATNCI的改善主要是由于联营公司​​的利润份额增加,加上建筑材料及贸易和建筑及道路维修部门的收益略高。

水泥事业部:本季度销售量有所增加,收入增长7%。

建筑材料及贸易部:1Q18 PBT略高的919万令吉,比1Q17 PBT的847万令吉高,高出9%。这主要得益于采石场和贸易业务的较高收益,但被预混业务所抵消。

建筑及道路维修部:第一季度公布1813万令吉的PBT,比1Q17的1786万令吉盈利增长2%,这是由于建设泛婆罗洲公路项目和Miri-Marudi道路修复工程项目带来更高的收入。与1Q17相比,1Q18的国家道路长度保持增长。

房地产开发部:1季度PBT从845万令吉(重新计算)减少到200万令吉,下降76%。

战略投资部门:1Q18亏损RM573k,而1Q17亏损RM691k。

其他:1季度亏损355万令吉(1Q17:亏损401万令吉)。

分占联营公司业绩:砂州日光于一季度录得高得多的3605万令吉盈利,较二零一七年第一季亏损413万令吉增加972%。改善主要由于砂州日光25%联营公司OM Materials (Sarawak) Sdn. Bhd转亏为盈。因为2017年第三季度以来需求增长和价格改善。

前景:
他们仍然专注于利用砂拉越的机会发展自己的业务组合。他们坚实的基础和适应能力将使他们能够在2018年实现并取得令人满意的财务业绩,再加上管理层正在采取的其他措施,砂州日光将自身定位于长期可持续收入和盈利增长。

1Q18水泥事业部的销售额高于去年同期,显示出改善迹象。对于二季度,管理层对2018年4月和5月销售情况保持乐观。该部门的PBT将保持复苏。

预计2018年建筑材料和贸易部门面临混合市场情绪。预计贸易和采石业务保持强劲,而预混料行业的市场需求可能会保持缓慢和低迷。管理层乐观地认为,与JKR签订供应和交付采石集料的合同以及与JKR签订的管道和水处理化学品合同将得到延长。

对于泛婆罗洲公路项目,建筑材料和贸易部门正在采取谨慎和有选择性的方式,向工程包装承包商(WPCs)提供聚合物,钢筋,丝网和预混料等物资。CMS集团内已经建立了材料供应监督委员会,密切关注CMS对该项目的信用风险。考虑到未来两三年市场中DCR(Down Crusher Run),聚合物和预混料的潜在供应限制,本分部乐观能从本项目中获益。鉴于此,该分部正在积极寻求增加其生产能力的方法,并取代其两个采石场预定的关闭。该部门已经购买了三个额外的预混料配料厂,其中一个已于2017年安装,另外两个预计将于2018年6月前安装并投入使用,以满足项目的WPC供应。

此外,在Sibanyis采石场安装第二座年产能为130万吨的采石场生产线正在进行中,预计将于2019年3月全面投入运营。此额外产能不仅能够替代从2017年以来关闭Penkuari采石场(每年400,000吨)的生产损失,但也将增加该项目的供应量。

建筑和道路维护部门将确保其在新项目的投标中保持竞争力。即使由于建设泛婆罗洲公路而使联邦政府缩短了道路长度,该部门的目标仍然是维持正在进行的收入以及新的较长期建设项目和其余的道路维护特许权。

对于房地产开发部门,管理层有信心Rivervale公寓将满足买家的需求,并且由于其物超所值的价值主张,战略位置和设施,将成为顾客的首选。与该部门主要租户OM Materials(砂拉越)私人有限公司签订的合约已延期至2018年12月。

截至二零一八年三月三十一日止季度,OM Materials (Sarawak) Sdn Bhd (OMS)共有15个炉窑投入运营。由于进行全面战略评估并考虑其营销策略,各种铁合金的全球价格环境以及当前的市场情况,OMS正在维持其计划在2018年中期开始生产最后一个炉。

觉得不错就SHARE 出去吧。

James Ng

Current quarter, revenue increased by 15% while profit before tax (PBT) and profit after tax and non-controlling interests (PATNCI) increased by 27% and 51% respectively in comparison to preceding year. The increase in revenue was contributed by the Construction & Road Maintenance, Construction Materials & Trading and Cement Divisions. The improvement in the PBT and PATNCI was mainly attributable to the increase in the share of profits in associates coupled with the slightly higher earnings by the Construction Materials & Trading and Construction & Road maintenance Divisions.

Cement Division: The Division’s sales volume has improved in the current quarter and a 7% increase in revenue was recorded.

Construction Materials & Trading Division: reported a slightly higher PBT of RM9.19 million for 1Q18, which was 9% higher than the PBT of RM8.47 million for 1Q17. This was mainly contributed by the higher earnings by quarries and trading operations but offset by the premix operations.

Construction & Road Maintenance Division: posted a PBT of RM18.13 million in 1Q18, representing an increase of 2% over 1Q17’s profit of RM17.86 million on the back of higher revenue from the construction of Pan Borneo Highway project and the Miri-Marudi road rehabilitation project. There was an increase of State road length maintained in 1Q18 as compared to 1Q17.

Property Development Division: PBT decreased to RM2.00 million in 1Q18 from a PBT of RM8.45 million in 1Q17 (restated), a drop of 76%.

Strategic Investments Division: reported a loss of RM573k in 1Q18 as compared to a loss of RM691k in 1Q17.

Others: reported a loss of RM3.55 million in 1Q18 (1Q17: loss of RM4.01 million).

Share of results in associates: The Group recorded a significantly higher share of profit of RM36.05 million for 1Q18, an improvement of 972% from 1Q17’s share of loss of RM4.13 million. The improvement was mainly due to the turnaround of the Group’s 25% associate, OM Materials (Sarawak) Sdn. Bhd as a result of demand growth and price improvements since 3rd quarter of 2017.

Prospects:
They remain focused on growing their portfolio of businesses by taking advantage of the opportunities in Sarawak. Their strong fundamentals and resilience will enable them to perform and to deliver a satisfactory financial performance for the year 2018 and, coupled with other measures Management are taking, the Group is positioning itself for long term sustainable revenue and profitability growth.

The Cement Division’s sales volume for 1Q18 was higher than the previous year’s corresponding quarter, showing signs of improvement. For 2Q18, the Management is optimistic the sales will remain healthy for April and May 2018. The Division’s PBT will remain on the recovery.

The Construction Materials and Trading Division is expected to face a mixed market sentiment in 2018. The business of trading and quarries is expected to remain robust while market demand in the premix sector could remain slow and sluggish. The management is optimistic that the contract with JKR for the supply and delivery of quarry aggregates and contracts for pipes and water treatment chemicals with JKR will be extended.

For the Pan Borneo Highway project, the Construction Materials and Trading Division is taking a cautious and selective approach in lobbying for the supply of materials such as aggregates, steel bar, wire mesh and premix to the Works Package Contractors (WPCs) of this Project. A materials supply monitoring committee has been established within the CMS Group to closely monitor CMS’ credit exposure to the Project. The Division is optimistic to be able to reap benefits from the Project in view of the potential supply constraints of DCR (Down Crusher Run), aggregates and premix in the market within the next two to three years. In anticipation of that, the Division is actively pursuing ways to increase its production capacity as well as to replace the scheduled closures of two of its quarries. The Division has purchased three additional premix batching plants, one had been installed in 2017 and the other two are expected to be installed and commissioned by June 2018 to cater for the supply to the Projects’ WPCs.

In addition, the installation of a second quarry production line with a capacity of 1.3 million tons per annum at Sibanyis quarry is in progress and is expected to be fully commissioned and operational by March 2019. This additional production capacity will not only replace the production loss from the closure of Penkuari quarry since 2017 (400,000 tons per annum) but will also increase volume supply opportunities for the Project.



The Construction & Road Maintenance Division will ensure it remains competitive in its bids for new projects. Even with the reduction of road length by the Federal Government due to the construction of the Pan Borneo Highway, the Division is targeting to sustain its earnings from on-going, as well as new longer-term construction projects and the remaining road maintenance concessions.

For the Property Development Division, Management is confident that the Rivervale condominium would meet buyers’ needs and would be a preferred choice due to its value-for-money proposition, strategic location and facilities. The contract with OM Materials (Sarawak) Sdn Bhd, the Division’s main tenant, has been renewed up to December 2018.

For the quarter ended 31 March 2018, a total of 15 furnaces of OM Materials (Sarawak) Sdn Bhd (OMS) were in operation. As a result of undertaking a full strategic review and considering its marketing strategy, the global price environment of various ferroalloys and the prevailing market conditions, OMS is maintaining its plan to fire the last furnace and commence production in the middle of 2018.

If you think this post is beneficial, please share it.

James Ng

https://www.facebook.com/jamesshareinvest/posts/2037857569814320