[MEGA FIRST CORP BHD：Don Sahong电力项目总体建设进展顺利，有望在2018年底实现80％的实际完工，渠道挖掘工作已接近完成，四个涡轮发电机和辅助部件的制造按计划进行，将运送到现场进行组装]
2Q18 vs 2Q17:
来自持续经营业务的集团收入于2Q2018轻微上升0.8％至2.189亿令吉（一年前为2.172亿令吉）。增加的主要原因是资源部的业绩有所改善，收入增加了740万令吉。美佳第一的税前利润增加15.1％或670万令吉至5,140万令吉（2017年第2季度：4,460万令吉），主要由于ESOS费用减少（2Q2018为40万令吉，而2017年第2季度则为880万令吉），部分被较低的建设利润和资源部门的贡献所抵消。
电力部门（Don Sahong）：
在此期间，Don Sahong的实际完成率为8.3％，而2017年第二季度为7.9％。截至2018年6月30日，累计实际完成率达到63％。然而，较高百分比完成的积极影响被马来西亚令吉兑美元升值10.3％，导致建筑收入和利润下降所抵消。
资源部：
资源部收入增长25.0％至3,710万令吉，其中石灰产品销售额增加27.0％或720万令吉至3,380万令吉。由于国内和出口市场需求强劲，石灰产品销量同比增长32.0％。尽管收入增长强劲，但由于较低的平均售价，较高的燃料和运输成本以及较高的维修和维护费用，税前利润受到利润率压力的影响。
物业部门：
物业部门的收入增加24.4％至260万令吉，原因是本季度确认的50万令吉（2017年第二季度：无）。税前利润增长18.6％至150万令吉，主要是由于本季度确认的开发利润（2017年第二季度：无）。
YTD18 vs YTD17：
撇除已终止经营业务，截至2018年6月30日止六个月期间（2017年6月30日：4.014亿令吉），集团收入增加3,270万令吉或8.1％至4亿3410万令吉。该增长主要归因于资源部收入增加36.0％至7,430万令吉（2017年上半年：5,460万令吉）及Don Sahong的收入增加870万令吉至3.251亿令吉。
截至2018年6月30日止6个月期间，来自持续经营业务的集团税前利润由8,650万令吉扩大9.9％至9500万令吉。这主要是由于ESOS费用减少（减少1,360万令吉）及建筑增加利润（增长3.3％或280万令吉），部分被100万令吉外汇损失（2017年上半年有260万令吉收益）和物业部门的贡献减少，原因是投资物业缺乏公允价值收益（2017年上半年：280万令吉）所抵消。
电力部门（Don Sahong）：
在截至2018年6月30日的6个月期间，Don Sahong完成了16.5％的实际完工，而上一期间为14.4％。这使累计实际完工率达到63.0％，符合管理层的指引。然而，在此期间完成的较高百分比部分被强劲的马来西亚令吉所抵消。因此，建筑收入增长2.8％或870万令吉至3.251亿令吉。相应地，税前建筑利润增加3.3％或280万令吉至8670万令吉。
资源部：
资源部收入增长36.0％至7,430万令吉（2017年上半年：5470万令吉），石灰产品销售收入增长39.9％至6,800万令吉（2017年上半年：4,860万令吉）。其他产品（主要是碳酸钙粉末，石灰石和水泥砖）的收入贡献为630万令吉，略高于去年同期的610万令吉。
石灰产品销售量增长43.4％，出口和国内需求增加。资源部的税前利润增加12.8％至1,180万令吉，主要是由于销量增加，部分被较低的平均售价及较高的燃料，运输及维修及保养成本所抵销。
物业部门：
税前利润下降53.8％至250万令吉（2017年上半年：550万），主要是由于本期公允价值收益缺失（2017年上半年：280万）。
本季度 vs 前季度：
与上一季度相比，集团持续经营业务收入在本季度增加了380万令吉至2.189亿令吉。增加的主要原因是建筑收入增加（300万令吉），达到1.64亿令吉（1Q2018 1.61亿令吉）。资源部门的收入贡献环比保持稳定，而物业部门因本季度确认的开发收入而录得26.4％的收入增长。
持续经营业务的集团税前利润增长17.6％至5140万令吉（1Q2018：4,370万令吉），主要是由于外汇收益为90万令吉（相比于2018年1季度的200万令吉外汇亏损），卖掉物业，厂房及设备的140万令吉收益及较高的建筑利润，部分被资源部门的贡献减少所抵销。
电力部门（Don Sahong）：
Don Sahong本季度的实际完工率为8.3％，略高于上一季度的8.2％。因此，建筑收入和利润分别小幅增加300万令吉至1.640亿令吉和80万令吉至4,370万令吉。
资源部：
由于较高的石油焦价格和运输成本导致生产成本上升，税前利润从2018年第一季度下降了180万令吉或26.6％至500万令吉。
物业部门：
物业部收入增加60万令吉，主要是由于本季度确认发展收入为60万令吉（1Q2018：零）。税前利润从2018年第一季度的100万令吉提升至150万令吉，主要是由于确认了开发利润以及本季度较低的营业费用。
前景：
Don Sahong电力项目（“项目”）：
项目总体建设进展顺利，并有望在2018年底管理层的指导下实现80％的实际完工。发电厂的土建工程已达到72％，渠道挖掘工作已接近完成，但周边围堰地区除外。整体堤防工程完成约70％。四个涡轮发电机和辅助部件的制造按计划进行，并逐步运送到现场进行组装。第一台机电设备的组装预计将在2019年第二季度完成。到2018年，预计80％的实际完工将转化为2018年的33.5％实际完工，而2017年的实际完工率为30％。这将导致以美元计算的建筑收入和利润增加。
斗湖发电厂：
Serudong Power Sdn Bhd（“SPSB”）是美佳第一拥有51％股权的子公司，目前正在探索有关计划处置电厂资产的若干方案。
中国电厂：
根据工厂关闭成本分摊公式的和解协议，美佳第一已收到350万令吉现金作为Qixian Heat & Power Co. Ltd欠款的全部及最终结算。
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James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.915 in 1 month 14 day, total return is 28%
2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.57 in 2 months 18 days, total return is 18.4%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.935 in 2 month 25 days, total return is 17.6%
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。
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[MEGA FIRST CORP BHD: Don Sahong Power Project overall construction is progressing well and is on track to achieve 80% completion by the end of 2018, channel excavation is near completion, fabrication of the four turbine generators and the ancillary parts are on schedule and progressively being shipped to site for assembly, assembly of the first unit electromechanical equipment is expected to be completed by 2Q19]
2Q18 vs 2Q17:
Group revenue from continuing operations improved marginally by 0.8% in 2Q2018 to RM218.9 million from RM217.2 million a year ago. The increase was mainly attributable to improved performance in Resources Division which saw an increase in revenue by RM7.4 million. Pre-tax profit for the Group increased 15.1% or RM6.7 million to RM51.4 million (2Q2017: RM44.6 million) mainly due to lower ESOS expense (RM0.4 million in 2Q2018 vs RM8.8 million in 2Q2017), partially offset by lower construction profit and contribution from Resources Division.
Power Division (Don Sahong):
Physical completion of Don Sahong during the period was 8.3% as compared to 7.9% in 2Q2017. This brought the cumulative physical completion to 63% as of 30 June 2018. The positive impact from a higher percentage completion was however more than offset by a 10.3% appreciation of the Malaysia Ringgit against the US Dollar, resulting in lower construction revenue and profit.
Resources Division:
The Resources Division recorded a 25.0% increase in revenue to RM37.1 million, bolstered by a 27.0% or RM7.2 million increase in sales of lime products to RM33.8 million. Sales volume of lime products grew 32.0% year-on-year on stronger demand from both domestic and export markets. Despite a strong top line growth, pre-tax profit was hurt by margin pressure from lower average selling price, higher fuel and transportation costs and higher repair and maintenance expenses.
Property Division:
Revenue from the Property Division increased 24.4% to RM2.6 million as a result of RM0.5 million development income recognised during the current quarter (2Q2017: nil). Pre-tax profit improved 18.6% to RM1.5 million largely due to development profit recognised during the quarter (2Q2017: nil).
YTD18 vs YTD17:
Excluding discontinued operations, Group revenue increased by RM32.7 million or 8.1% to RM434.1 million for the 6-month period ended 30 June 2018 (30.6.2017: RM401.4 million). The increase was mainly attributable to a 36.0% increase in Resources Division’s revenue to RM74.3 million (1H2017: RM54.6 million) and an RM8.7 million revenue increase from Don Sahong to RM325.1 million.
Group pre-tax profit from continuing operations expanded 9.9% from RM86.5 million to RM95.0 million for the 6-month period ended 30 June 2018. This was mainly due to lower ESOS expense (down RM13.6 million) and higher construction profit (up 3.3% or RM2.8 million), partially offset by RM1.0 million forex loss (from a RM2.6 million gain in 1H2017) and lower contribution from Property Division due to the absence of fair value gain recognition on investment properties (1H2017: RM2.8 million).
Power Division (Don Sahong):
During the 6-month period ended 30 June 2018, Don Sahong achieved a 16.5% physical completion, compared to 14.4% in the previous period. This brought the cumulative physical completion to 63.0%, which was in line with management’s guidance. The higher percentage completion during the period was however partially offset by a stronger Malaysia Ringgit. Consequently, construction revenue rose 2.8% or RM8.7 million to RM325.1 million. Correspondingly, pre-tax construction profit increased 3.3% or RM2.8 million to RM86.7 million.
Resources Division:
Resources Division posted a 36.0% increase in revenue to RM74.3 million (1H2017: RM54.7 million), bolstered by a 39.9% growth in sales revenue of lime products to RM68.0 million (1H2017: RM48.6 million). Revenue contribution from other products, primarily calcium carbonate powder, limestone and cement bricks, came in at RM6.3 million and is slightly ahead when compared to RM6.1 million achieved in the previous corresponding period last year.
Sales volume of lime products grew 43.4% on both higher export and domestic demand. Resources Division’s pre-tax profit increased 12.8% to RM11.8 million primarily attributable to higher sales volume, partially offset by lower average selling price and higher fuel, transportation and repair and maintenance costs.
Property Division:
Pretax profit was 53.8% lower at RM2.5 million (1H2017: 5.5 million) mainly due to the absence of fair value gain in the current period (1H2017: 2.8 million).
Current Quarter vs Preceding Quarter:
Compared to the preceding quarter, Group revenue from continuing operations improved by RM3.8 million to RM218.9 million in the current quarter. The increase was mainly due to higher construction revenue which came in RM3.0 million higher at RM164.0 million (1Q2018 - RM161.0 million). Revenue contribution from the Resources Division was stable quarter-on-quarter whereas the Property Division registered a 26.4% increase in revenue due to development income recognised during the quarter.
Group pre-tax profit from continuing operations rose 17.6% to RM51.4 million (1Q2018: RM43.7 million) primarily due to RM0.9 million forex gain (as compared to a RM2 million forex loss in 1Q2018), RM1.4 million gain on disposal of property, plant and equipment and higher construction profit, partially offset by lower contribution from the Resources Division.
Power Division (Don Sahong):
Don Sahong recorded an 8.3% physical completion for current quarter, marginally higher than 8.2% registered in the preceding quarter. Consequently, construction revenue and profit have both increased slightly by RM3.0 million to RM164.0 million and by RM0.8 million to RM43.7 million, respectively.
Resources Division:
Pre-tax profit declined RM1.8 million or 26.6% to RM5.0 million from 1Q 2018 due mainly to higher production cost arising from higher petcoke prices and transportation costs.
Property Division:
The RM0.6 million increase in Property Division’s revenue was attributable to recognition of development income of RM0.6 million in the current quarter (1Q2018: nil). Pre-tax profit improved from RM1.0 million in 1Q2018 to RM1.5 million mainly due to development profit recognised coupled with lower operating expenses in the current quarter.
Prospects:
Don Sahong Power Project (“Project”):
Overall construction of the Project is progressing well and is on track to achieve 80% physical completion as guided by management by the end of 2018. Civil works of the power house has reached 72% and channel excavation is near completion except for the areas surrounding the cofferdams. Overall embankment works are about 70% complete. Fabrication of the four turbine generators and the ancillary parts are on schedule and are progressively being shipped to site for assembly. Assembly of the first unit electromechanical equipment is expected to be completed by 2Q 2019. The estimated 80% physical completion by year end would translate into a 33.5% physical completion for the year 2018 as compared to 30% recorded in 2017. This would result in higher construction revenue and profit in US Dollar terms.
Tawau Power Plant:
Serudong Power Sdn Bhd (“SPSB”), a 51% owned subsidiary of the Group, is currently exploring several options on the planned disposal of the power plant assets.
China Power Plant:
Following a settlement agreement on the plant closure cost sharing formula, the Group has received RM3.5 million cash as full and final settlement of the amount owing from Qixian Heat & Power Co. Ltd.
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James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.915 in 1 month 14 day, total return is 28%
2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.57 in 2 months 18 days, total return is 18.4%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.935 in 2 month 25 days, total return is 17.6%
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.
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