PTRANS (0186) 霹雳运通 - 全哥股票新手教室88:迷你年报篇11 PTRANS (0186) 霹雳运通 Annual Report 2017


迷你年报用途是了解公司的基本资料,
不是分析,不是买卖建议,
对于英文不好的投资者或新手来说,
更应该多看,多背,多记,多学,
很多时候基础就是这样磨炼回来的。

注:全哥研究不代表持有股票或有意购买。




Announcement date :25 Apr 2018 (Annual Report 2017)
公司简介
*PTRANS 是一家综合车站大厦发展及营运商。
*霹雳运通乃怡保阿曼再也综合公共交通终站(Terminal AmanJaya)的营运商。

*在霹雳州和其他州提供广泛和全面的巴士运营。
*集团还参与了怡保几家加油站的汽油销售业务。
*从事提供广告,商店和售货亭的租赁。
*霹雳运通的綜合公共交通总站、巴士服務和油站业务,都获得良好的成長。


公司的架构
PTRANS的成绩单





PTRANS 的收入来源



管理讨论与分析
MANAGEMENT DISCUSSION AND ANALYSIS
集团的主要活动 Principle activities of the Group
The Group’s revenue is mainly derived from:
a) Integrated public transportation terminal operations;
i) Rental of advertising and promotional (“A&P”) spaces;
ii) Rental of shops and kiosks;
iii) Project facilitation fee; and
iv) Others such as bus and taxi entrance fee and fee imposed for the usage of the basement car park and
lavatory.
b) Providing public stage bus and express bus services and bus charter services; and
c) Petrol stations operations and the management of Automative Diesel Oil (“ADO”) incentive programme.

Integrated Public Transportation Terminal Operations Segment
*集团录得该分部的收入为40.53million(FYE 2017), 占总收入的37.96% ,对比FYE 2016  RM37.01 million ,增加9.51%。

Bus Operations Segment
*集团巴士运营部门的收入从2016财年的24.60 million提升至30.38million ,主要来自Stage Bus Service Transformation(“SBST”)计划产生的收入,
所有19条经批准的航线均已运营(自2016年9月)。
Petrol Stations Operations and the Management of ADO Incentive Program Segment
油站业务从RM28.57 million FYE 2016 增长至 RM35.85 million,主要是由于燃油价格上涨。



综合财务状况
*For the FYE 2017, the non-current assets increased to RM331.04 million (FYE 2016: RM255.68 million) was
mainly due to the increased in PPE resulted from the additional upgrading work at Terminal AmanJaya, construction cost of Terminal Kampar, purchases of seventeen (17) new express buses and purchase of a corporate office.

*Combined with the second interim single-tier dividends of RM0.0025 per share paid on 15 September 2017 and the third interim single tier dividends of RM0.0025 per share paid on 13 December 2017. The total dividends declared and paid for FYE 2017 were approximately RM8.29 million.

预期或已知的风险
运营,竞争和业务风险
*竞争成本和价格的竞争加剧,劳动力和原材料短缺,劳动力成本增加。

前景 OUTLOOK
*展望未来,该集团的业绩预计将继续增长,特别是在完成
2018年底第四季度金宝综合公共交通枢纽。
*计划从ACE Market转至Main Market交易,标志着集团的另一个里程碑。




顺带跟进其他分析(资料来源:TA SECURITIES)

Review
*Ptrans’ 2Q18 revenue and PBT surged 10.7% and 13.0% YoY to RM31.2mn and RM10.2mn respectively.

*The decent performance can be attributed to higher project facilitation fee and revised rental for A&P space within Terminal Amanjaya.

*Note that rental for advertising space was revised higher by 7%, effective Sep-17, while the rental for promotional space was revised higher by 15%, effective Apr-18.

*QoQ, revenue and PBT growth was much stronger at 19.6% and 78.2% respectively and this was mainly due to escalation in rental for A&P space.

Outlook
*
The construction of Terminal Kampar is on track and the operation of bus terminal is expected to commence in end-18.

*For leasing of commercial areas, which spans 400,000 sf within the terminal,management is confident to achieve 80% occupancy rate when all areas are open for business in 1Q19.

*In addition, the company will also lease out all the advertising and promotional areas within the terminal by 1Q19.

*As such, management is confident that Terminal Kampar will be profitable 
in its first year of operations. In our forecast, we project Terminal Kampar to contribute a net profit of RM15.0mn in FY19.







 其他“旧闻”

霹雳运通797万买地建车站

2017年3月29日 
(吉隆坡28日讯)霹雳运通(PTRANS,0186,创业板)宣布以797万1719令吉,在霹雳端洛(Tronoh)买下两片地皮,总面积达6万7327平方米。

霹雳运通向交易所报备,旗下The Combined巴士服务私人有限公司,周二与卖家Pasti Kenari私人有限公司签约。

The Combined巴士服务主要业务是营运巴士终站、汽油站和公共交通服务。

该公司表示,料从内部筹资现金完成收购,符合公司在霹雳发展综合公共交通终站的策略。

端洛发展公交终站

完成收购后,该公司计划未来五年内,在端洛发展综合公共交通终站。

凭着营运安定繁荣(AmanJaya)终站,以及在金宝兴建新综合公共交通终站的经验和专业知识,相信上述收购可让该公司成为我国领导型的综合公共交通终站营运者。【e南洋】




拟转板交易‧霹雳运通唱好
http://www.sinchew.com.my/node/1633740/

(吉隆坡14日讯)甫上市6个月的综合巴士站服务业者霹雳运通(PTRANS,0186,创业板贸服组)计划转至主板交易,加上垄断怡保巴士服务及放眼拓展业务至其他区域,成为盈利增长催化剂,前景获分析员看好。

财经周刊《Focus Malaysia》引述霹雳运通董事经理拿督斯里张广威报道称,该公司计划转至主板上市,并有意扩建Amanjaya综合公共交通终站,将之打造成为集结零售及生活化的枢纽。

艾芬黄氏研究认为,霹雳运通转至主板上市,将能吸引更多来自不同阶层的投资者。

霹雳运通符合主板上市的条例,在过去3年,该公司累积营业额达2亿4190万令吉和净利5450万令吉。

“而扩建Amanjaya综合公共交通终站,相信可以增加出租和宣传空间,继而加强该公司的租金及广告收入,并贡献长期价值。”

艾芬黄氏认为,霹雳运通2017年盈利贡献来自于怡保的短途巴士服务转型(SBST),下一波的盈利增长催化剂则是来自拉曼大学(UTAR)及拉曼大学学院(KTAR)附近的金宝巴士终站。

此外,艾芬黄氏指出,马币疲弱和大量游客前往怡保旅游,也为霹雳运通带来利好,这些增长潜能使得该公司更具吸引力。

艾芬黄氏维持霹雳运通“买进”评级和31仙目标价。

文章来源:

星洲日报/财经·文:刘玉萍·2017.04.14


KLSE 记录 15 OCT 2018 
PRICE: RM0.27
EPS :2.43
NTA :17.8426
DPS :0.87
P/E :11.11
ROE :0.14
DY :3.22
52W : 0.225- 0.335
CAPITAL :373m
SHARES :1,382MIL

YoY - Year over Year profit growth
QoQ - 2 Quarter over Quarter profit growth
ConQ - 3 Continuous Quarter profit growth 
TopQ - Latest Quarter profit is 2 years high
YoY - Year over Year revenue growth
TopQ - Latest quarter revenue is 2 years high


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