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 [AWC BHD,特许协议初始费率p.a.前5年设定为约5200万令吉,自动增加至p.a. 5900万令吉(从第6年到第10年);CARP将在十年内支付1.4亿令吉;Qudotech和DD Techniche的利润保证]

设施部门:
QoQ:
Q3 / FY18的PBT从第二季度/ 2018财年的470万令吉增加至510万令吉。

本季度与上年同季相比:
Q3/FY18利润与上一年度第三季度/ 2017财年相比略微下降了70万令吉/ -12%,主要归因于该部门进行的成本重组以及新合同产生的成本节约。

YoY:
Q3/FY18的PBT为1,460万令吉,而第三季度/ 2017财年为780万令吉,增加了680万令吉/ 88%。

环境部门:
QoQ:
Q3/FY18的PBT为470万令吉,而第二季度/ 2018财年为100万令吉,增加了370万令吉/> 100%。

本季度与上年同季相比:
Q3/FY18当前季度的收入略微下降为60万令吉/ -4%,与去年第三季度/ 2017财年相比,主要归因于该部门的项目延迟。

YoY:
Q3/FY18的收入为4110万令吉,低于2017财年第三季度的4780万令吉,减少了670万令吉/ -14%。这一下降主要是由于FY18年初开展的一些项目延迟。Q3/FY18的部门利润为860万令吉,而第三季度/ 2017财年为1590万令吉,减少了730万令吉/ -46%。这一下降是由于在2017财年交付了一些毛利率较高的高价商品,而不是18财年的项目延迟。

工程部门:
QoQ:
该部门这季PBT为180万令吉,而第二季度/ 2018财年的PBT为170万令吉,增幅为10万令吉/ 5%。

本季度与上年同季相比:
Q3/FY18的PBT减少了40万令吉/ -17%,与去年同期第三季度/ 2017财年相比,主要是由于空调部门的利润率压缩和成本超支以及管道部门的某些项目延迟。

YoY:
在没有消除影响的情况下,Q3/FY18的收入为7,250万令吉,而第3季度/ 2017财年为7,930万令吉,减少了680万令吉/ -8.6%。这是由于自Q1 / FY18以来的项目延迟。在没有消除影响的情况下,该部门Q3/FY18利润达到360万令吉,而第三季度/ 2017财年的部门利润为750万令吉,减少了390万令吉/ -52%。如上所述,这是由于管道部门的某些合同项目延迟,以及空调部门经历的利润率压缩和自第一季度/ 2018财年的成本超支。

由于设施和环境部门的收入和利润贡献较高,集团的Q3/FY18的PBT与上一季度相比增加了420万令吉/ 59%。

前景:
设施部门:
2016年3月初签署了关于延长南部地区(柔佛州,马六甲,森美兰)和砂拉越维护特许权的特许协议(CA)。该合同为期10年,从1.1.16到31.12.25。初始费率p.a.前5年设定为约5200万令吉,自动增加至p.a. 5900万令吉(从第6年到第10年)。

此外,他们还与新的CA签订了合同,在未来十年内承接Critical Asset Refurbishment Programme(CARP)。根据该合同,他们将根据预定的时间/时间表在各个地点进行CARP。根据这项CARP,他们将在十年内(续租特许期)被支付1.4亿令吉,相当于每月约116万令吉。

环境部门:
环境部门现有合同,将在接下来的三个财政年度内完成。

工程部门:
空调部门:
Capital 21项目进展顺利,即将完工。

水管部门:
他们于2015年10月初(Q2/FY16)完成收购的水管(Qudotech私人有限公司,“Qudotech”)和雨水收集(DD Techniche私人有限公司)业务。根据收购条款,这两家公司的持有者提供2016财年和2017财年每年税后利润为390万令吉的利润保证。

此外,正如之前所宣布的那样,Qudotech还获得了KL118(Warisan Merdeka)项目(6200万令吉)的管道工程合同,用于MAS建筑翻新和建筑(1900万令吉),Tun Razak交易所的Signature Tower (TRX)(RM18.1m),媒体城(RM4.2m),和最近的8 Conlay开发项目将容纳Kempinski酒店及服务式公寓(3,260万令吉)。
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我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

最终决定永远是你的,谢谢。

James Ng
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Facilities Division:
QoQ:
The PBT for Q3/FY18 increased to RM5.1m from RM4.7m in Q2/FY18.

Current quarter vs preceding year corresponding quarter:
Slight decrease in the segment profit for current quarter Q3/FY18 vs preceding year corresponding quarter Q3/FY17 by RM0.7m/-12% mainly attributable to the cost restructuring undertaken by the division as well as saving on mobilization costs incurred for the new contracts.

YoY:
The PBT in Q3/FY18 of RM14.6m vs Q3/FY17 of RM7.8m, an increase of RM6.8m/88%.

Environment Division:
QoQ:
PBT in Q3/FY18 amounted to RM4.7m, compared to RM1.0m in Q2/FY18, an increase of RM3.7m/>100%.

Current quarter vs preceding year corresponding quarter:
Slight decrease in the revenue of RM0.6m/-4% for the current quarter under review Q3/FY18 as compared to preceding year corresponding quarter Q3/FY17 mainly attributable by the project delays experienced by the division.

YoY:
Revenue for Q3/FY18 of RM41.1m was lower than Q3/FY17 of RM47.8m, a decrease by RM6.7m/-14%. This decrease was mainly attributable to delays experienced in some projects being undertaken in the beginning of FY18. Segment profit for Q3/FY18 of RM8.6m vs RM15.9m in Q3/FY17, a decrease of RM7.3m/-46%. This drop was due to the delivery of certain big-ticket items with higher gross margins in FY17 (resulting in stronger margins earned) as opposed to the project delays experienced in the FY18.

Engineering Division:
QoQ:
This division reported PBT of RM1.8m vs PBT of RM1.7m in Q2/FY18, an increase of RM0.1m/5%.

Current quarter vs preceding year corresponding quarter:
Decrease in PBT of RM0.4m/-17% in current quarter Q3/FY18 against preceding year corresponding quarter Q3/FY17 mainly due to the margin compression and cost overruns experienced in the Air Cond segment as well as certain project delays in Plumbing segment.

YoY:
Without taking the elimination effect, the revenue in Q3/FY18 of RM72.5m vs RM79.3m in Q3/FY17, a decrease of RM6.8m/-8.6%. This is due to the project delays experienced since Q1/FY18. Without taking the elimination effect, the division reported a segment profit for Q3/FY18 amounted to RM3.6m vs segment profit of RM7.5m in Q3/FY17, a decrease of RM3.9m/-52%. As stated above, this was due to project delays in certain contracts in the Plumbing segment, as well as margin compressions experienced in the Air Cond segment and cost overruns since Q1/FY18.

Overall QoQ, arising from the higher revenue and profit contribution by the Facilities and Environment division, the Group’s PBT in Q3/FY18 is increased by RM4.2m/59% when compared to the immediate preceding quarter.

Prospects:
Facilities Division:
The Concession Agreement (CA) for the renewal of the maintenance concession for the Southern Region (Johor, Malacca, Negeri Sembilan) and Sarawak was signed in early March 2016. This contract is for 10 years, from 1.1.16 to 31.12.25. Initial rate p.a. is set at approximately RM52 mil for the first 5 years, with automatic increase to RM59 mil p.a. from year 6 to 10.

In addition, together with the new CA, they also signed a contract to undertake the Critical Asset Refurbishment Programme, or CARP, over the next ten years. Under this contract, they are to undertake the CARP over various locations, and based on predetermined timing/schedules. Under this CARP they are to be paid RM140 mil over ten years (the renewed concession period), equaling approximately RM1.16 mil monthly.

Environment Division:
The Environment Division has contracts on hand that will tide it over for the next three financial years.

Engineering Division:
Air conditioning segment:
The Capital 21 project is progressing well and is nearing completion.

Plumbing segment:
The acquisition of their plumbing (Qudotech Sdn Bhd, “Qudotech”) and rainwater harvesting (DD Techniche Sdn Bhd) businesses were completed in early October 2015 (Q2/FY16). Under the terms of the acquisition, the owners of these two companies provide a profit guarantee of RM3.9 mil profit after tax per year for FY2016 and FY2017.

In addition, and as previously announced, Qudotech has also secured the contract for the plumbing works in the KL118 (Warisan Merdeka) project (RM62 mil), for the MAS building refurbishment and construction (RM19 mil), Signature Tower in the Tun Razak Exchange (TRX) (RM18.1m), Media City (RM4.2m), and most recently for the 8 Conlay development which will house Kempinski Hotel and Serviced Apartments (RM32.6m).
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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

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/

Final decision is always yours, thank you.

James Ng

https://www.facebook.com/jamesshareinvest/posts/2084775331789210
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