[PINTARAS JAYA BHD，建筑业务的近期前景难以预测，房地产开发商不愿意颁发项目]
鹏发于二零一八年第三季录得收入及PBT分别为3,030万令吉及1,070万令吉，较2017年第3季分别下跌42％及2％。下降主要是由于建筑和制造部门对前一个财政年季度相比，贡献减少。
建设部门：
建筑部门在3Q2018录得较低的收入2,220万令吉，而上一财政年度同期则为4,420万令吉。 PBT从750万令吉下跌10％至680万令吉。与2017年第3季度相比，本财政季度业绩的下降主要是由于项目数量减少以及新项目启动缓慢导致建筑工程量减少。
制造部门：
制造部门于3Q2018录得收入及PBT分别为810万令吉及120万令吉，较去年同季度分别下跌3％及22％。与2017年第3季度相比，当前财务季度业绩下滑主要是由于销量下降和tinplate成本上升。
截至二零一八年三月三十一日止财政期间，鹏发收入为7,380万令吉，而去年同期则为1.721亿令吉，减幅为57％。这主要是由于建筑收入下降66％，仅录得约5060万令吉。
鹏发于本财政期间录得1,710万令吉的PBT。这比去年同期的4,160万令吉的PBT减少了2,450万令吉或59％。PBT的下降与收入下降和投资收益下降一致。
建设部门：
与上一财政年度的1.488亿令吉相比，建筑部门的收入较低，为5060万令吉。因此，PBT从上一财政年度的3,050万令吉减少72％至850万令吉。收入和利润的下降主要是由于建筑活动大大减少以及新合同的盈利率普遍较低。
制造部门：
制造部门的销售额在3Q2018略微下降1％至2,320万令吉，而去年同期则为2,330万令吉。然而，与3Q2017的390万令吉相比，PBT下降39％至240万令吉。尽管收入略有下降，但利润大幅下降主要是由于材料成本上升和经营支出增加。与去年同期相比，锡板的平均库存成本大幅增加了33％。
前景：
随着新政府的选举和政府财政政策的可能变化，其建筑业务的近期前景难以预测。在选举之前和之后，房地产开发商不愿意颁发项目给他们，因此这对他们的合同补充产生了负面影响。他们目前的大约1.1亿令吉的订单将在未来几个月内完成，但他们对于取得新工作以提高其建筑能力的低利用率至关重要。
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James Ng
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The Group recorded a revenue and PBT of RM30.3 million and RM10.7 million in 3Q2018, representing a decrease of 42% and 2% respectively compared to 3Q2017. The decline was attributable mainly to lower contribution from both the construction and manufacturing divisions over the preceding comparative financial quarter.
Construction Division:
The construction division recorded a lower revenue of RM22.2 million in 3Q2018 compared to RM44.2 million in the same quarter last financial year. PBT fell by 10% to RM6.8 million from RM7.5 million. The decline in the current financial quarter results compared to 3Q2017 was mainly due to decreased volume of construction works as a result of fewer projects secured and slow start of its new projects.
Manufacturing Division:
The manufacturing division recorded a revenue and PBT of RM8.1 million and RM1.2 million in 3Q2018, representing a decrease of 3% and 22% respectively compared to the same quarter last financial year. The decline in current financial quarter results compared to 3Q2017 was mainly due to lower sales volume and higher tinplate costs.
For the financial period ended 31 March 2018, the Group achieved a revenue of RM73.8 million against previous corresponding period of RM172.1 million representing a decrease of 57%. This was mainly due to the 66% drop in construction revenue which recorded an amount of only about RM50.6 million.
The Group recorded PBT of RM17.1 million for the current financial period under review. This represents a decrease of RM24.5 million or 59% from the PBT of RM41.6 million registered in the corresponding period of the preceding year. The decline was in line with the drop in revenue coupled with lower investment income.
Construction Division:
The construction division recorded a lower revenue of RM50.6 million compared to RM148.8 million last financial year. Consequently, PBT reduced by 72% to RM8.5 million from RM30.5 million last financial year. The decline in revenue and profit were mainly due to greatly reduced construction activities and generally lower rates for newly secured contracts.
Manufacturing Division:
Sales from manufacturing division has reduced marginally by 1% to RM23.2 million in 3Q2018 as compared to RM23.3 million in the same financial quarter last year. However, PBT was 39% lower at RM2.4 million compared to RM3.9 million in 3Q2017. The significant decrease in profit despite a slight drop in revenue was mainly due to higher material costs and increased operating expenditure. The average inventory cost for tin plate increased sharply by 33% compared to the same period last year.
Prospects:
With the election of the New Government and the likely changes to government fiscal policies, the immediate future of their construction business is difficult to predict. Prior to and post Elections they experienced a reluctance of property developers to award projects and consequently this has negatively impacted their replenishment of contracts. Their current outstanding orderbook of about RM110 million will see them through in the next few months but it is critical for them to have job wins to improve on their low utilisation of their construction capacity.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:
the forecasted growth of a company must > 14% per year
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James Ng
http://klse.i3investor.com/jsp/blog/bloghl.jsp
