KGB (0151) 科艺集团 - [KELINGTON GROUP BHD:来自中国,马来西亚和新加坡的健康订单增长,新订单增加至2.36亿令吉,总订单增加至4.27亿令吉,其中仍有2.52亿令吉未进账] - James的股票投资James Share Investing

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 [KELINGTON GROUP BHD:来自中国,马来西亚和新加坡的健康订单增长,新订单增加至2.36亿令吉,总订单增加至4.27亿令吉,其中仍有2.52亿令吉未进账]

科艺集团截至2Q2018收入增加28%至8,920万令吉,而去年同期则为6,960万令吉(「2017年第2季度」)。增长主要来自中国和新加坡的收入贡献增加。在本季度,来自中国的收入从1010万令吉增加了近四倍,达到3970万令吉。中国超过马来西亚作为主要收入来源,占集团2018年第二季度总收入的45%。新加坡排名第二,占29%,其次是马来西亚(22%)和台湾(3%)。

“超高纯度”(“UHP”)部门的收入贡献占集团2Q2018收入的84%,比2017年第2季度的3,200万令吉增加一倍多,达到7500万令吉。随后,毛利润从2017年第二季度的890万令吉增长49%至1,330万令吉。由于通常提供更高利润的UHP项目贡献较高,毛利率从一年前的12.8%上升至2Q2018的14.9%。



2Q2018税前利润(“PBT”)也几乎翻了一番,达到530万令吉,而2017年第二季度则为270万令吉。 PBT利润率从去年的3.8%上升至5.9%。2Q2018的税后利润(“PAT”)增加至430万令吉,而2017年第二季度则为230万令吉。

截至1H2018六个月期间(「二零一八年上半年」),科艺集团收入增加39%至1.758亿令吉,而去年同期则为1.261亿令吉(「2017年上半年」),主要是由UHP和工艺工程部门的更高贡献推动。

UHP部门仍然是2018年上半年最大的收入贡献者,占79%,其次是工艺工程(14%),总承包(6%)和工业气体(1%)。由于在中国开展的大型项目,UHP部门的收入在1H2018增加了一倍以上,达到了1.384亿令吉,而2017年上半年为5560万令吉。与此同时,Process Engineering部门在2018年上半年的收入增长了18%,达到2410万令吉,而去年同期为2,040万令吉。

1H2018工业气体部门的收入高达160万令吉,而2017年上半年则为RM30万。这是科艺集团首个工业气体供应合约的开始,涉及在十年内为马来西亚的光伏电池制造商提供现场供应氮气。

在2018年上半年,来自中国和新加坡的收入增长最为强劲。从中国的收入增长近四倍,达到8,640万令吉,对比去年2190万令吉;而来自新加坡的收入增加一倍以上,达到3980万令吉,而2017年上半年为1,820万令吉。地区部门的收入贡献由中国(49%),马来西亚(24%)和新加坡(23%)带领。

1H2018毛利润从2017年上半年的1,460万令吉上升75%至2,550万令吉。由于UHP和工艺工程部门的项目完成,利润率较高,1H2018的毛利率从11.6%上升至14.5%。 2018年上半年PBT与去年同期的510万令吉相比翻了一倍多,达到1,170万令吉。 PBT利润率从2017年上半年的4.0%上升至6.6%。尽管税率较高,但PAT在2018年上半年从2017年上半年的440万令吉上涨近两倍至850万令吉。

二零一八年第二季的集团收入环比增加3%至8920万令吉,而截至2018年3月31日止的上一季度报告则为8650万令吉(「1Q2018」)。包含在2018年1季度的是Biocon的一次性结算索赔。剔除一次性收益,科艺集团的PAT在2018年第二季度的q-o-q增长139%。

年初至今,集团的股东权益(不包括非控股权益)从7,820万令吉增加29%至1亿60万令吉。该增加主要归因于2018年8月初完成私募的收益(2018年6月为1,220万令吉),连续季度利润以及员工股票期权行权(130万令吉)。

于二零一八年六月三十日,科艺集团的借贷总额由二零一七年十二月三十一日的3030万令吉减少33%至2030万令吉。相应地,科艺集团的财务状况已增至现金净额4,000万令吉(2018年6月30日),相比2017年12月31日的3,190万令吉。手头现金总额为6,030万令吉,超过债务总额2,030万令吉。每股净现金为20仙。

前景:
由于集团继续享有来自中国,马来西亚和新加坡的健康订单增长,因此Kelington的前景仍然看好。科艺集团年初至今的新订单增加至2.36亿令吉,其中大部分来自UHP部门。与结转项目相结合,Kelington的订单增加至4.27亿令吉,其中仍有2.52亿令吉未进账。未完成订单的进度收费将对科艺集团的财务表现产生积极影响。

在短期内,Kelington的主要增长动力将是其UHP部门。 UHP部门占集团未进账总订单的最大份额为46%。科艺集团的目标是维持UHP业务的增长势头,因为它继续扩大其在增长最快的半导体市场中国的市场份额。

与此同时,Kelington继续努力通过流程工程部门扩展其客户网络来推动集团的盈利增长。过程工程部门的项目占集团未进账总订单的36%。多元化的客户使集团能够超出高科技领域来竞标更多的项目。

长期而言,科艺集团的目标是以工业气体部门为基础,建立其经常性收入业务。现场天然气供应业务的收入贡献于二零一八年一季度开始,对科艺集团的经常性收入来源作出正面贡献。随着液态二氧化碳(“LC02”)业务的新制造业务预计将于3Q2019开始,科艺集团预期盈利能见度将于未来改善。

科艺集团在马来西亚以外的主要业务(台湾,中国及新加坡)均以该等国家的本地货币进行。因此,科艺集团享有自然货币对冲,这最大限度地减少了科艺集团对货币市场波动的风险。
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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 RM2.89 in 1 month 28 days, total return is 33.2%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.87 in 24 days, total return is 21.7%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 4 days, total return is 10.1%

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

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James Ng
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[KELINGTON GROUP BHD: healthy order book growth from China, Malaysia and Singapore, new orders increased to RM236 million, total orderbook increased to RM427 million, of which RM252 million remains outstanding]

The Group’s revenue for the quarter ended 30 June 201 (“2Q2018”) rose 28% to RM89.2 million, as compared to RM69.6 million from the same quarter last year (“2Q2017”). The increase is mainly contributed by higher revenue contribution from China and Singapore. During the quarter under review, revenue from China increased by almost four-fold to RM39.7 million from RM10.1 million. China overtook Malaysia as the primary revenue contributor, representing 45% of the Group’s total revenue in 2Q2018. Singapore came in second at 29%, followed by Malaysia (22%) and Taiwan (3%).

Revenue contribution from the Ultra High Purity (“UHP”) division, representing 84% of the Group’s 2Q2018 revenue, more than doubled to RM75.0 million from RM32.0 million in 2Q2017. Subsequently, gross profit grew 49% to RM13.3 million from RM8.9 million in 2Q2017. Gross profit margins improved to 14.9% in 2Q2018 from 12.8% a year ago, on the back of higher contribution from UHP projects which typically provides higher margins.

Profit before tax(“PBT”) also almost doubled to RM5.3 million in 2Q2018 as compared to RM2.7 million in 2Q2017. PBT margins increased to 5.9% from 3.8% in the previous year. Profit after tax (“PAT”) in 2Q2018 increased to RM4.3 million as compared to RM2.3 million in 2Q2017.

For the six months period ended 30 June 201 (“1H2018”), the Group recorded an increase of 39% in revenue to RM175.8 million as compared to RM126.1 million in the previous year’s corresponding period (“1H2017”), mainly driven by higher contribution from UHP and Process Engineering divisions.

The UHP division remains the largest revenue contributor in 1H2018 at 79% followed by Process Engineering (14%), General Contracting (6%) and Industrial Gases (1%). Revenue from the UHP division more than doubled to RM138.4 million in 1H2018 as compared to RM55.6 million in 1H2017, on the back of larger projects undertaken in China. Meanwhile, Process Engineering division recorded 18% increase in revenue to RM24.1 million in 1H2018 against RM20.4 million a year ago.

Revenue from the Industrial Gases division in 1H2018 stood higher at RM1.6 million, as compared to RM0.3 million in 1H2017. This is due to the commencement of the Group’s first industrial gas supply contract involving the on-site supply of nitrogeng as to a photovoltaic cell manufacturer in Malaysia over a period of ten years.

In 1H2018, revenue from China and Singapore registered the strongest growth. Revenue from China almost four-folds to RM86.4 million versus RM21.9 million, while revenue from Singapore more than doubled to RM39.8 million as compared to RM18.2 million in 1H2017. Revenue contribution by geographical segments were led by China (49%), Malaysia (24%) and Singapore (23%).

Gross profit rose 75% to RM25.5 million in 1H2018 from RM14.6 million in 1H2017. Gross profit margins increased from 11.6% to 14.5% in 1H2018, boosted by projects completion under the UHP and Process Engineering divisions, which carry higher profit margins. PBT in 1H2018 more than doubled to RM11.7 million against RM5.1 million in the same period last year. PBT margin increased to 6.6% from 4.0% in 1H2017. Notwithstanding the higher tax rate, PAT jumped almost two-fold to RM8.5 million in 1H2018 from RM4.4 million in 1H2017.

The Group’s revenue increased 3% quarter-on-quarter (“q-o-q”) to RM89.2 million in 2Q2018 as compared to RM86.5 million reported in the preceding quarter ended 31 March 2018 (“1Q2018”). Included in 1Q2018 is the recognition of a one-off settlement claim from Biocon. Excluding the one-off gain, the Group’s PAT would have registered an increase of 139% q-o-q in 2Q2018.

Year-to-date, the Group’s shareholder equity (excluding non-controlling interests) rose 29% to RM100.6 million from RM78.2 million. The increase was mainly attributable to the proceeds injection from the private placement completed in early August 2018 (RM12.2 million as of June 2018), continuous quarterly profit, as well as from the employees shares option exercise (RM1.3 million).

As at 30 June 2018, The Group’s total borrowings reduced by 33% to RM20.3 million from RM30.3 million as at 31 December 2017. Correspondingly, the Group’s financial position has strengthened to a net cash position of RM40.0 million as at 30 June 2018, as compared to RM31.9 million in 31 December 2017. Total cash in hand stood at RM60.3 million exceeding total debt of RM20.3 million. Net cash per share stood at 20 sen.

Prospects:
Outlook for Kelington remains favourable as the Group continues to enjoy healthy order book growth from China, Malaysia and Singapore. The Group’s new orders secured year-to-date has increased to RM236 million with majority from the UHP division. Combined with the carried forward projects, Kelington’s orderbook increased to RM427 million, of which RM252 million remains outstanding. The progress billing of the outstanding orderbook will contribute positively to the Group’s financial performance.

In the near term, the key growth driver for Kelington will be its UHP division. The UHP division contributes the largest portion to the Group's total outstanding order at 46%. The Group aims to sustain its growth momentum in the UHP business as it continues to expand its market share in the fastest growing semiconductor market, China.

Meanwhile, Kelington’s continued efforts to expand its client network via the Process Engineering division bodes well for the Group’s earnings growth. Projects from the Process Engineering division represents 36% of the Group's total outstanding orderbook. The diversified clientele allows the Group to bid for more projects beyond the high-tech sector.

Over the longer term, the Group aims to build up its recurring income business, anchored on the Industrial Gases division. Revenue contribution from the on-site gas supply business commenced in 1Q2018 and has contributed positively to the Group’s recurring income stream. Along with the new manufacturing of liquid carbon dioxide (“LC02”) business expected to commence in 3Q2019, the Group expects earnings visibility to improve going forward.

The Group’s key operations outside Malaysia, which are Taiwan, China and Singapore are carried out in the respective local currencies of those countries. Hence, the Group enjoys a natural currency hedge, and this minimizes the Group’s exposure to the fluctuations in the currency markets.
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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 RM2.89 in 1 month 28 days, total return is 33.2%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.87 in 24 days, total return is 21.7%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 4 days, total return is 10.1%

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/

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James Ng

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