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 [BOUSTEAD HOLDINGS BHD,受到作物产量和毛棕榈油价格的影响,劳动力短缺加上艰难的地面条件阻碍了砂拉越的运营,植物油产量将超过消费量]

在1QFY18,集团实现营收22亿令吉,较2017财年第1季度的24亿令吉下降5%。种植部门收入为1.546亿令吉,较2017财年第1季度的1.89亿令吉下降18%。这主要是由于棕榈产品价格下降。重工业部门在本季度的收入减少到1.572亿令吉(2017财年第1季度:2.796亿令吉),这主要是由于濒海战斗舰项目和船舶修理项目进展缓慢。物业部的收入减少了18%,主要是由于柔佛州Taman Mutiara Rini的房地产开发活动贡献减少。

种植部门在第一季度结束时的PBT较低,为780万令吉(2017财年第1季度:4240万令吉),较低的棕榈产品价格影响了底线。这季度,毛棕榈油的平均售价为每吨2491令吉,较2017财年第1季的每吨3166令吉减少675令吉或21%。同样,平均PK价格为每吨2188令吉,减少了RM1,016或32%,而2017财年第1季度为RM3,204。油和籽粒提取率平均分别为20.5%(1QFY17:20.7%)和4.5%(1QFY17:4.3%)。

贸易及工业部门的PBT较低,为2770万令吉(2017财年第1季度:2850万令吉)。虽然Boustead Petroleum Marketing(BPM)录得较高的PBT,主要是由于营业利润率和销售量的改善,但被由于收入减少导致UAC Berhad的PBT减少所抵消。物业部录得较高的赤字为810万令吉(2017财年第1季度:740万令吉)。尽管净财务成本较低且合资企业Boustead Ikano的亏损份额减少,但酒店业务的业绩较为疲弱。第一季度,莫实得的经营活动现金流较低,为9850万令吉(1QFY17:1.201亿令吉),主要是由于棕榈产品价格下降以及Pharmaniaga Berhad的收款减少。

本季度(1QFY18),莫实得录得较低的PBT为7030万令吉,而上一季度(2017财年第4季度)则为2.248亿令吉,受益于棕榈产品价格上涨和FFB生产,MHSA应收的补偿以及作为投资物业的公允价值收益。

种植部门的PBT减少到780万令吉(2017财年第4季度:3,200万令吉),主要原因是棕榈产品价格下降和FFB产量下降。 1QFY18的平均毛棕榈油价格为每吨2491令吉,较2017财年第4季度每吨2,666令吉下跌175令吉。同时,本季度的平均PK价格为每吨RM2,188,较上一季度每吨2,571令吉减少了383令吉。 1QFY18的FFB产量为226,323 / MT,比2017财年第4季度的每MT 276,845下降18%。18财年第1季度,重工业部门的亏损为1,230万令吉(2017财年第4季度:盈余5,000万令吉)。

贸易及工业部门的PBT较低,为2770万令吉(2017财年第4季度:4,490万令吉)。这主要是由于BPM(4QFY17:股票持有收益为800万令吉)的股票持有亏损为RM20万,和UAC Berhad的贡献较低。物业部在本季度录得亏损810万令吉(2017财年第4季度:盈余5,990万令吉)。

前景:
增长的下行风险仍然存在。其中包括发达经济体不利的货币和监管政策转变,主要贸易伙伴的贸易保护主义抬头​​以及商品价格波动的重新出现也可能压低全球和国内经济。

种植业部门的盈利能力受到作物产量和毛棕榈油价格的影响。马来西亚半岛和沙巴地区的FFB产量正在改善,而劳动力短缺加上艰难的地面条件阻碍了砂拉越的运营。预计2018年全球植物油产量将超过消费量,这可能会抑制对棕榈油的需求,从而推高库存水平。尽管CPO的价格前景并不令人鼓舞,但欧盟取消对印度尼西亚生物柴油的反倾销税是该行业的利好消息,加上中国对美国大豆关税提高的可能性可能会支持棕榈油作为潜在的石油替代品。

制药部门继续巩固其业务基础,同时尽管市场环境持续恶劣,但其扩张计划仍取得进展。物业部的酒店业务预计将在未来取得令人满意的业绩,但将继续面临占用和费率的挑战。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.75 in 1 month 7 days, total return is 26.7%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.91 in 1 month 14 days, total return is 14.5%

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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[BOUSTEAD HOLDINGS BHD, influenced by crop production and CPO prices, labour shortage coupled with the difficult ground conditions are hampering operations in Sarawak, vegetable oil production for 2018 is forecasted to exceed consumption]

In 1QFY18, the Group recorded a revenue of RM2.2 billion, down by 5% from RM2.4 billion in 1QFY17. The Plantation Division turned in a revenue of RM154.6 million, a drop of 18% from RM189.0 million in 1QFY17. This was mainly due to lower palm product prices. The Heavy Industries Division also posted a lower revenue of RM157.2 million for the quarter under review (1QFY17: RM279.6 million) mainly due to slower progress for the Littoral Combat Ship project and ship repair projects. The Property Division’s revenue decreased by 18%, mainly as a result of lower contribution from property development activities in Taman Mutiara Rini, Johor.

The Plantation Division closed the 1st quarter with a lower PBT of RM7.8 million (1QFY17: RM42.4 million), a slower palm product prices impacted the bottomline. During the quarter under review, the average selling price of CPO was RM2,491 per MT, down by RM675 or 21% from RM3,166 per MT in 1QFY17. Similarly, the average PK price of RM2,188 per MT was lower by RM1,016 or 32% from RM3,204 per MT in 1QFY17. Oil and kernel extraction rates averaged at 20.5% (1QFY17: 20.7%) and 4.5% (1QFY17: 4.3%) respectively.

The Trading & Industrial Division registered a lower PBT of RM27.7 million (1QFY17: RM28.5 million). Whilst Boustead Petroleum Marketing (BPM) recorded a higher PBT primarily due to improved operating margins and sales volume, this was offset by a reduced PBT from UAC Berhad as a result of lower revenue. The Property Division recorded a higher deficit of RM8.1 million (1QFY17: RM7.4 million). Despite lower net finance costs and reduced share of loss from a joint venture, Boustead Ikano, this was moderated by weaker results from the hotel segment. For the 1st quarter, the Group recorded a lower cashflow from operating activities of RM98.5 million (1QFY17: RM120.1 million) mainly due to lower palm products prices and reduced collection from Pharmaniaga Berhad.

For the current quarter (1QFY18), the Group recorded a lower PBT of RM70.3 million compared with RM224.8 million in the preceding quarter (4QFY17), which benefited from better palm product prices and FFB production, compensation receivable by MHSA as well as fair value gain on investment properties.

The Plantation Division registered a reduced PBT of RM7.8 million (4QFY17: RM32.0 million) mainly due to lower palm product prices and FFB production. Average CPO price for 1QFY18 was RM2,491 per MT, a drop of RM175 from RM2,666 per MT in 4QFY17. Meanwhile, average PK price for the quarter under review was RM2,188 per MT, a reduction of RM383 from RM2,571 per MT in the preceding quarter. FFB production for 1QFY18 was 226,323 per MT, down by 18% from 276,845 per MT in 4QFY17. For 1QFY18, the Heavy Industries Division incurred a deficit of RM12.3 million (4QFY17: surplus of RM50.0 million).

The Trading & Industrial Division registered a lower PBT of RM27.7 million (4QFY17: RM44.9 million). This was mainly due to a stock holding loss of RM0.2 million incurred by BPM (4QFY17: stock holding gain of RM8.0 million) and a lower contribution from UAC Berhad. The Property Division recorded a deficit of RM8.1 million in the current quarter (4QFY17: surplus of RM59.9 million).

Prospects:
Downside risks to growth persist. These include unfavourable monetary and regulatory policy shifts in advanced economies, rising trade protectionism by major trading partners and re-emergence of volatile commodity prices could also weigh down global and domestic economies.

The Plantation Division’s profitability is influenced by crop production and CPO prices. FFB yields are improving in Peninsular Malaysia and Sabah regions while labour shortage coupled with the difficult ground conditions are hampering operations in Sarawak. The global vegetable oil production for 2018 is forecasted to exceed consumption and this is likely to suppress demand for palm oil and in turn, pushes up inventory levels. Although the price outlook for CPO is not encouraging, EU's removal of anti-dumping duty for bio diesel from Indonesia is positive news for the sector coupled with the likelihood of higher tariffs on US soyabean by China may lend support to palm oil as a potential edible oil substitute.

The Pharmaceutical Division continues to solidify its business fundamentals, while making progress in its expansion plans despite persistently tough market conditions. The Property Division's hotel activities are expected to achieve satisfactory performance going forward but will continue to face challenges of occupancies and rates.
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.75 in 1 month 7 days, total return is 26.7%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.91 in 1 month 14 days, total return is 14.5%



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://web.facebook.com/jamesshareinvest/
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