HSSEB (0185) HSS工程 - [HSS ENGINEERS BHD,加强BIM服务,进入设施管理,东盟和印度地区的地域扩张,探索向发电行业提供支持,未进账订单余额为6亿3千80万令吉] - James的股票投资James Share Investing


 [HSS ENGINEERS BHD,加强BIM服务,进入设施管理,东盟和印度地区的地域扩张,探索向发电行业提供支持,未进账订单余额为6亿3千80万令吉]

就本季度及截至目前为止的本期间,HSS工程录得收入分别为5500万令吉及8900万令吉。

工程设计:
截至2018年6月30日止的本季度及本期间的工程设计收入分别较去年同期大幅增加1,110万令吉及1,480万令吉。这主要归功于包括东海岸铁路(“ECRL”)详细设计和初步设计在内的主要正在进行的项目,拟议的Tun Razak Exchange(TRX)外部道路和西海岸高速公路为工程设计部门的收入做出了主要的贡献。此外,他们新收购的子公司SMHB Engineering Sdn Bhd在收购后开始为集团贡献收入,导致工程设计收入增加了670万令吉。

施工监理:
他们的主要监管项目包括Maju Expressway Extension to KLIA,Sungei Besi-Ulu Kelang高速公路,西海岸高速公路,和ECRL监管,这些项目的建设阶段进展顺利,继续为2018年6月30日止的当期和季度的部门收入提供大部分的贡献 。此外,他们新收购的子公司SMHB Engineering Sdn Bhd在收购后开始为集团贡献收入,导致建筑监管收入大幅增加1240万令吉。

项目管理:
Pelaksanaan Pembangunan Rumah Mampu Milik(Rumah Selangorku)项目按计划进展。

BIM服务:
本期和季度的收入减少主要是由于某些BIM项目的完成。

可偿还收入:
可偿还收入依监管人员提出顾问费及津贴,因此,无论可退还收入的减少或增加,其对HSS工程的财务表现并无重大影响。

本地市场继续贡献大部分收入,占HSS工程总收入的98.0%。

截至2018年6月30日止的当前季度的PAT大幅增长了393万令吉,或132.3%主要归因于新收购的子公司SMHB Engineering Sdn Bhd,除了现有子公司HSS Engineering Sdn Bhd提供的更高PAT外,他们在收购后的当前季度中贡献了330万令吉。

截至2018年6月30日止的当期PAT增加了165万令吉或27.0%主要归因于新收购的附属公司,即SMHB Engineering Sdn Bhd,除现有附属公司HSS Engineering Sdn Bhd贡献的较高PAT外,其于收购后的当前季度贡献了330万令吉。

截至2018年6月30日,其未进账的订单包括SMHB Engineering Sdn Bhd的订单,内容如下:

工程设计,RM155,326,000 - 24.6%

施工监理,RM355,794,000 - 56.4%

项目管理,RM113,700,000 - 18.1%

BIM服务,5,969,000令吉 - 0.9%

总计,RM630,789,000 - 100%

上述未进账的订单将在接下来的2到5年内逐步收费。

本季度的税前利润(“PBT”)与截至2018年3月31日的前一季度的PBT相比大幅增长超过100%或785万令吉。这主要是由于SMHB Engineering Sdn Bhd的PBT贡献为446万令吉。此外,上一季度较低的PBT受到2018年3月完成的收购SMHB Engineering Sdn Bhd的多次公司活动所产生的一次性费用总计258万令吉的影响。

前景:
水基础设施部门的前景:
由于收购于2018年3月28日完成,因此SMHB Engineering Group的业绩合并增加了本季度的收入和盈利。鉴于此,董事会认为通过SMHB Engineering集团,他们扩大后的集团将能够利用他们在水行业的专业知识和业绩记录,鉴于他们对国家的战略重要性,将加快该行业的表现。

2018年8月3日,雪兰莪州政府通过special purpose vehicle(“SPV”)Pengurusan Air Selangor私人有限公司为水处理运营商Syarikat Pengeluar Air Sungai Selangor Sdn Bhd 100%股权提供了25.5亿令吉的新报价。这一积极的发展结束了雪兰莪水务整合计划中10年的僵局。

此次收购将使雪兰莪州的所有水资产得以重组,并促进对水行业的投资,以便在该州建立一个高效优化的供水管理系统。他们需要在源头,处理和分配方面对水资产进行投资,以通过提高水资源储备利润来解决持续的水资源危机,以适应工业和消费者用户不断增长的需求,和改善连通性并减少非收入的水损失。

东海岸铁路线(“ECRL”)的状况待政府审查:
鉴于国家债务水平较高,他们支持政府降低债务水平的努力,其中包括审查ECRL等大型项目。 2018年7月9日,他们就ECRL的其中一个基础设施工作的详细设计和监督咨询服务的暂停服务发布公告。

于本财政期间暂停之日,这公司的营运及财务状况并无重大影响,因为所有已完成的工程均须根据合约的条款及条件予以补偿。在完成政府的检讨后,在收到客户的指示后,他们会有更清晰的方向,以评估财务影响(如有的话)。如果合同不被取消,预计两份合同都将对公司的收入和收益产生积极影响。

HSS工程已制定如下一系列未来计划:

(a)不断加强其建筑信息模型(“BIM”)服务,该服务将于2020年起在马来西亚价值1亿令吉的公共项目中强制执行;

(b)建议进入第四核心服务,即设施管理,以建立稳定的长期收入业务模式;

(c)东盟和印度地区的地域扩张;和

(d)探索向发电行业提供支持服务,预计将获得政府的大力支持。

鉴于现有的未进账订单余额为6亿3千80万令吉,HSS工程预期2018财政年度将有合理表现,这将为未来2至3年的盈利提供可见度。
------------------------------------------------
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 RM2.68 in 1 month 13 days, total return is 23.5%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.83 in 9 days, total return is 16.1%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.895 in 1 month 20 days, total return is 12.6%

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

如果您想加入我的WhatsApp小组,请PM或给我发送您的手机号码。

最终决定永远是你的,谢谢。

James Ng
---------------------
[HSS ENGINEERS BHD, enhancement on BIM services, venture into facility management, expansion into ASEAN and India regions, provision of support services to the power generation sector, unbilled order book balance of RM630.8 million]

For the current quarter and current period to date under review, the Group recorded revenue of RM55.0 million and RM89.0 million respectively.

Engineering design:
Engineering design revenue increased substantially by RM11.1 million and RM14.8 million for the current quarter and current period ended 30 June 2018 respectively as compared to the corresponding quarter and period in previous year. This is attributable to the major on-going projects which includes East Coast Rail Line (“ECRL”) detailed design and preliminary design, Proposed Tun Razak Exchange (TRX) External Roads and West Coast Expressway have contributed to the major proportion of engineering design revenue. In addition, their newly acquired subsidiary, SMHB Engineering Sdn Bhd who started to contribute revenue to their Group post acquisition has led to an increase in engineering design revenue by RM6.7 million.

Construction supervision:
Their major on-going supervision projects including Maju Expressway Extension To KLIA, Sungei Besi-Ulu Kelang Elevated Expressway and West Coast Expressway, ECRL supervision which are progressing well in line with the construction stage of these projects continued to contribute majority of the supervision revenue during current period and quarter ended 30 June 2018. In addition, their newly acquired subsidiary, SMHB Engineering Sdn Bhd who started to contribute revenue to their Group post acquisition has led to a substantial increase in construction supervision revenue by RM12.4 million.

Project management:
Project Pelaksanaan Pembangunan Rumah Mampu Milik (Rumah Selangorku) is progressing as per schedule.

BIM services:
The reduction in revenue for both current period and quarter was mainly due to the completion of certain BIM projects.

Reimbursable income:
Reimbursable income is recognised on a back to back basis with sub-consultant and allowances claimed by supervision staff and therefore it has no significant impact on the financial performance of the Group regardless of the decline or rise in reimbursable income.

Local market continued to contribute significant portion of revenue amounting to 98.0% of the Group’s total revenue.

PAT for current quarter ended 30 June 2018 grew substantially by RM3.93 million or 132.3% is mainly attributable to newly acquired subsidiary, i.e. SMHB Engineering Sdn Bhd who contributed RM3.3 million in current quarter post acquisition apart from higher PAT contributed by existing subsidiary, HSS Engineering Sdn Bhd.

PAT for current period ended 30 June 2018 increased by RM1.65 million or 27.0% is mainly attributable to newly acquired subsidiary, i.e. SMHB Engineering Sdn Bhd who contributed RM3.3 million in current quarter post acquisition apart from higher PAT contributed by existing subsidiary, HSS Engineering Sdn Bhd.

Their unbilled order book which includes order book from SMHB Engineering Sdn Bhd as at 30 June 2018 is as follows:

Engineering design, RM155,326,000 - 24.6%

Construction supervision, RM355,794,000 - 56.4%

Project management, RM113,700,000 - 18.1%

BIM services, RM5,969,000 - 0.9%

Total, RM630,789,000 - 100%

The above unbilled order book will be billed progressively on average over the next two (2) to five (5) years.

The profit before tax (“PBT”) for current quarter grew substantially by more than 100% or RM7.85 million as compared to PBT for immediate preceding quarter ended 31 March 2018. This was mainly due to contribution from SMHB Engineering Sdn Bhd which reported a PBT of RM4.46 million. In addition, the lower PBT in previous quarter was impacted by one-off expenses totalling RM2.58 million incurred for their multiple corporate exercises for the acquisition of SMHB Engineering Sdn Bhd which were completed in March 2018.

Prospects:
Prospects in the Water Infrastructure Sector:
For the current quarter, revenue and earnings have been boosted by the consolidation of results of SMHB Engineering Group as the completion of the acquisition was completed on 28 March 2018. In view of this, the Board of Directors is of the view that through SMHB Engineering Group, their enlarged Group will be able to leverage on their expertise and track record in the water sector whereby there will be accelerated spending in this sector given their strategic importance to the country.

On 3 August 2018, Selangor State Government through a special purpose vehicle (“SPV”) Pengurusan Air Selangor Sdn Bhd has made a fresh offer of RM2.55 billion for 100% stake in water treatment operator, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (“SPLASH”). This positive development brings closure to the 10-year deadlock situation in Selangor's water consolidation initiative.

The acquisition will allow for all water assets in Selangor to be restructured and to facilitate investments in the water industry to have an efficient and optimized water supply management system in the state . Investments in water assets in terms of source, treatment and distribution are required to resolve the continuing water crisis by boosting water reserve margins, to accommodate for the increasing demand by both industrial and consumer users, improving connectivity and also to reduce non revenue water loss.

Status of East Coast Rail Link (‘’ECRL’’) Pending Government’s Review:
Given the high national debt level, they are supportive of the government’s efforts in reducing the debt level which includes the review of mega projects like ECRL. On 9 July 2018, they have made announcements on the suspension of services for both detail design and supervising consultancy services for infrastructure work for one of the packages in ECRL.

There was no significant impact on the operations and financials of the Company up to the date of suspension in the current financial period as all completed works shall be compensated for in accordance with the terms and conditions of the contracts. Upon completion of the Government’s review, there will be clearer visibility upon receipt of direction from the client for them to assess the financial impact, if any. In the event the suspension of the contracts is lifted, it is expected for both contracts to contribute positively to the revenue and earnings of the Company.

The Group has put in place a series of future plans as follows:-

(a) Continuous enhancement on its Building Information Modeling (“BIM”) services which will be made mandatory in 2020 onwards for public projects worth RM100 million in Malaysia;

(b) Proposed venture into a fourth (4th) core service i.e. facility management to develop a steady long term income business model;

(c) Geographical expansion into ASEAN and India regions; and

(d) Venturing into the provision of support services to the power generation sector which is expected to receive strong government support.

The Group expects reasonable performance in the financial year 2018 given the existing unbilled order book balance of RM630.8 million which will provide visibility in earnings for the next 2-3 years.
------------------------------------------------
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 RM2.68 in 1 month 13 days, total return is 23.5%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.83 in 9 days, total return is 16.1%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.895 in 1 month 20 days, total return is 12.6%

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/

If you want to join my WhatsApp group, please PM or email me your handphone number.

Final decision is always yours, thank you.

James Ng

https://www.facebook.com/jamesshareinvest/posts/2101460443454032