[MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD：市场复苏持续缓慢，下半年的整体前景预计不会有太大改善，重工程部门的业绩预计将在2018年继续承受压力]
2Q18 vs 2Q17:
对比上一季度的1,030万令吉亏损，海事重工这季的经营亏损是4,950万令吉，主要由于收入较去年同期的2.573亿令吉减少到2.23亿令吉。
重型工程：
收入为1.378亿令吉，较去年同期的1.58亿令吉低13％，主要是由于现有项目较少。海事重工在本季度看到了井口平台的离去。随着本季度收入和额外成本拨备的减少，重工程公司录得经营亏损2,370万令吉，而去年同期亏损为2,240万令吉。
海洋：
8,530万令吉的收入低于相应季度录得的9,930万令吉，主要是由于本季度干船坞维修工程较少，因为部分船东已将干船坞推迟至计划后期且由于两（2）个FSO的离去导至收入减少。
海事于去年同期录得利润1,440万令吉，而这季经营亏损2560万令吉，主要由于转换工作产生的额外成本，而收入确认仍有待客户核实及批准。降低的对接收入也导致本季度亏损。
合资企业的业绩份额：
海事重工于合营公司的亏损比例较低，为20万令吉，相应季度为亏损290万令吉，主要由于相应季度增加成本拨备。
YTD18 vs YTD17：
集团收入为4.113亿令吉，较同期报告的4.931亿令吉收入低17％，主要是由于重工程及海事业务的收入减少。海事重工录得较高的经营亏损7,430万令吉（因为收入减少），同期亏损为2590万令吉。
重型工程：
收入为2.49亿令吉，比同期收入3.114亿令吉低20％，主要是由于手头正在进行的项目较少。
海洋：
收入1.623亿令吉比同期收入1.817亿令吉低11％，主要是由于较少的干船坞维修工程，因为部分船东已将干船坞推迟至计划后期并因两（2）个FSO的离去而导致收入减少。
该部门亏损3280万令吉，而同期录得2,370万令吉利润，主要由于转换工程产生额外成本，而收益确认仍有待客户核实及批准。较低的干船坞收入也导致该期间的亏损。
合资企业的业绩份额：
合营企业亏损分别为80万令吉，较同期亏损470万令吉减少，主要是由于同期增加成本拨备所致。
2Q18 vs 1Q18：
海事重工税前亏损为4,970万令吉，而上一季度则为2,540万令吉，主要是由于本季度产生的额外成本待客户讨论及批准。
前景：
由于市场复苏持续缓慢，任何有意义的机遇只能在2019年实现，下半年的整体前景预计不会有太大改善。虽然海外活动增加的乐观情绪越来越高，但这些都还没有为重型工程部门提供真正的机会。因此，重工程部门的业绩预计将在2018年继续承受压力。虽然新兴市场将导致液化天然气需求增长，但新液化天然气项目的最终投资决策和现有液化天然气项目扩建带来的机遇预计不会立即取得成果。
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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 RM0.91 in 1 month 16 day, total return is 27.3%
2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%
3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%
4) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.09 (dividend RM0.0325) in 2 months 6 days, total return is 4%
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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James Ng
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[MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD: the overall outlook for the second half of the year is not expected to show much improvement as market recovery continues to be slow, Heavy Engineering segment performance is expected to remain under pressure in 2018]
2Q18 vs 2Q17:
The Group recorded a higher operating loss of RM49.5 million from RM10.3 million loss in the corresponding quarter, mainly due to a lower revenue of RM223.0 million against RM257.3 million in the corresponding quarter.
Heavy Engineering:
Revenue of RM137.8 million was 13% lower than RM158.0 million reported in the corresponding quarter, mainly due to fewer ongoing projects in hand. The Group saw the sailaway of a wellhead platform in the current quarter. Heavy Engineering recorded an operating loss of RM23.7 million against RM22.4 million loss following the decrease in revenue and additional cost provisions made in the current quarter.
Marine:
Revenue of RM85.3 million was lower than RM99.3 million recorded in the corresponding quarter, mainly due to lesser dry docking repair works secured in the current quarter as some ship owners have deferred their dry docking to a later period than planned and lesser revenue due to the sailaway of two (2) FSOs.
Marine recorded an operating loss of RM25.6 million against RM14.4 million profit in the corresponding quarter, mainly due to additional costs incurred on conversion work whilst revenue recognition is still pending verification and approval with clients. Lowerdry docking revenue also contributed to the loss for the quarter.
Share of results of joint ventures:
The Group recorded a lower share of loss in joint ventures of RM0.2 million against RM2.9 million loss in the corresponding quarter, mainly due to additional cost provisions made in the corresponding quarter.
YTD18 vs YTD17:
Group revenue of RM411.3 million was 17% lower than the RM493.1 million revenue reported in the corresponding period, mainly due to lower revenue in both Heavy Engineering and Marine segments. The Group recorded higher operating loss of RM74.3 million from RM25.9 million loss in the corresponding period in tandem with the decrease in revenue.
Heavy Engineering:
Revenue of RM249.0 million was 20% lower than the corresponding period's revenue of RM311.4 million, mainly due to fewer ongoing projects in hand.
Marine:
Revenue of RM162.3 million was 11% lower than the corresponding period's revenue of RM181.7 million, mainly due to lesser dry docking repair works secured as some ship owners have deferred their dry docking to a later period than planned and lesser revenue due to the sailaway of two (2) FSOs.
The segment recorded an operating loss of RM32.8 million from RM23.7 million profit in the corresponding period, mainly due to additional costs incurred on conversion works whilst revenue recognition are still pending verification and approval by clients. Lower dry docking revenue also contributed to the loss for the period.
Share of results of joint ventures:
Share of loss in joint ventures of RM0.8 million was lower compared to the corresponding period's loss of RM4.7 million, mainly due to additional cost provisions made in the corresponding period.
2Q18 vs 1Q18:
The Group reported a higher loss before tax of RM49.7 million against RM25.4 million in the preceding quarter, mainly due to additional costs incurred in the current quarter that are pending claims to be discussed and approved by clients.
Prospects:
The overall outlook for the second half of the year is not expected to show much improvement as market recovery continues to be slow and any meaningful opportunities can only be materialised in 2019. While there is a growing optimism for an increase in offshore activities, these have yet to trickle down to real opportunities for the Heavy Engineering segment. As such, the Heavy Engineering segment performance is expected to remain under pressure in 2018. Though emerging markets will lead to LNG demand growth, the opportunities stemming from final investment decision in new LNG projects and expansions to existing LNG projects are not expected to bear fruit immediately.
------------------------------------------------
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 RM0.91 in 1 month 16 day, total return is 27.3%
2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%
3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%
4) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.09 (dividend RM0.0325) in 2 months 6 days, total return is 4%
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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