SERBADK (5279) 世霸动力 - [SERBA DINAMIK HOLDINGS BHD:与Nam Taep 1.2.3 Hydropower Company Limited订立EPCC合约,合同价值约2.685亿令吉,收购GSH] - James的股票投资James Share Investing


 [SERBA DINAMIK HOLDINGS BHD:与Nam Taep 1.2.3 Hydropower Company Limited订立EPCC合约,合同价值约2.685亿令吉,收购Green&Smart Holdings PLC 15.0%股权将使这集团能够扩展其EPCC业务部门及能力]

2Q18 vs 2Q17:
截至2018年6月30日止的季度(“Q2FY18”),由于O&M的强劲活动,世霸动力录得收入8.041亿令吉,较去年同期(「2017财年第2季度」)高出23.8%。本季度的营业利润为1.398亿令吉,占总收入的17.4%。世霸动力的税前利润为1.092亿令吉,较2017财年第二季度的除税前利润为8,830万令吉增加23.6%。

O&M在Q2FY18贡献了89.9%的收入,比2017财年第2季度增加了1.841亿令吉或34.2%。增加的原因是他们在中东地区的MRO活动增加,而IRM活动也比2017财年第二季度有所增加。该部门经营溢利改善到1.263亿令吉或毛利率为17.5%。

EPCC部门经营溢利1,270万令吉,毛利率为16.0%。

其他产品和服务收入200万令吉或占总收入的0.2%。

2Q18 vs 1Q18:
截至2018年6月30日止季度,世霸动力收入较上一季度(Q1FY18)增加10.0%,主要由于来自阿联酋及马来西亚项目的O&M部门收入增加。整体营业利润为1.398亿令吉,较Q1FY18增加960万令吉或7.4%,与收入整体增长一致。

O&M收入比第一季度增加8,810万令吉或13.9%,因为大多数国家的活动显着增加,特别是阿联酋和马来西亚。营业利润也随收入增加而毛利率为17.5%。

EPCC部门营业利润也下降1520万令吉至1270万令吉或毛利率16.0%。

其他产品和服务收入稳定,但营业利润有所改善,主要是由于IT相关服务的利润率较高。

YTD18 vs YTD17:
集团年初至今的收入总额为15.349亿令吉,营业利润为2.70亿令吉,占总收入的17.6%。与去年同期相比,收入和营业利润分别增加21.6%和20.7%。 O&M和其他部门的营业利润与去年同期相比有所改善。集团税前累计利润增加至2.057亿令吉,较去年同期增加3,620万令吉。

各国的部门收入:
在地域方面,马来西亚在Q2FY18总计录得2.346亿令吉,比2017财年第2季度总收入增长29.2%。

中东占本季度总收入的61.9%或4.977亿令吉,较2017财年第二季度增加1.005亿令吉。增长的主要原因是阿联酋和卡塔尔的活动增加,因为更高的活动和服务更多的合同。

他们的中亚地区也主要在土库曼斯坦增长,分别占该季度收入的7.3%,即5,890万令吉。印尼贡献了本季度总收入的1.4%或1,160万令吉,欧洲从其在英国的两家子公司Quantum Offshore Limited和Serba Dinamik International Limited贡献了130万令吉的收入。

前景:
1Q2018由于私营部门支出持续增长和净出口强劲增长,马来西亚国内生产总值增长5.4%(2017年第4季度: 5.9%)。全球经济增长继续保持强劲,因为大多数主要和区域经济体均录得强劲的季度增长,这表明上一年度全球增长势头继续良好地保持。 2018年,预计增长将保持良好,国内需求将成为增长的主要推动力。这也得益于2018年全球市场的持续增长。国际货币基金组织在其最近的报告中预测全球经济增长率为3.9%,2018年和2019年均增长0.1%。在石油和天然气领域,油价截至2018年7月31日,布伦特原油价格一直上涨至74.66美元/桶。这一增长因地缘政治紧张局势升级和美国原油库存减少。由于市场预期价格将逐步下降并稳定在60美元/桶左右,预计这一增长不会持续。

全球可再生能源发电量预计将增长三分之一以上,达到每小时8,000太瓦,相当于中国,印度和德国的总消费量。 2022年可再生能源在发电中的比例将从2016年的24.0%上升至30.0%。尽管产能增长放缓,但水电仍将是他们预测的最大可再生能源发电来源,其次是风能,太阳能光伏和生物能源。在马来西亚,电力消耗从2010年的104,588.59吉瓦时,增加达到2016年的144,118.96吉瓦时。

马来西亚政府已采取措施,通过诸如电价,大型太阳能光伏,净能源的计量,和新水电站开发等计划增加可再生能源在整体燃料组合中的份额。在过去十年中,老挝人民民主共和国的电力需求急剧增长。国内消费量从2010年的2,228.15吉瓦时增加到2013年的3,380.96吉瓦时,同期复合年增长率为13.9%。老挝人民民主共和国农村电气化扩建计划的成功以及工业和商业负荷的扩大是其关键的增长动力。这集团预期国内电力需求增长将继续强劲。与此相符,于二零一八年七月十九日,这集团与Nam Taep 1.2.3 Hydropower Company Limited(一间于老挝人民民主共和国注册成立的公司)订立工程,采购,建造及调试(「EPCC」)合约,合同价值约为6620万美元(相当于约2.685亿令吉,基于USD1.00:RM4.0575)。

这集团亦收购Green&Smart Holdings PLC(「GSH」)15.0%股权将使这集团能够扩展其EPCC业务部门及能力。GSH集团的核心业务是通过基于专有技术处理棕榈油厂废水(“POME”)捕获的沼气发电。GSH集团在一家沼气发电公司获得的合同中占有很大的市场份额,该公司通过马来西亚POME处理过程中捕获的沼气发电。凭借2018年的积极前景以及通过收购,这集团预计将在国内和国际上实现增长,以提升财务状况和盈利能力。总体而言,管理层对公司的未来前景持乐观态度,并认为这集团未来将继续产生积极成果。
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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 RM0.945 in 2 months 5 day, total return is 32.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 3 months 16 day, total return is 15.7%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.41 in 3 months 9 day, total return is 11.1%

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。

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James Ng
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[SERBA DINAMIK HOLDINGS BHD: entered into an EPCC contract with Nam Taep 1.2.3 Hydropower Company Limited with a contract value of approximately RM268.5 million, acquired 15.0% of stake in Green & Smart Holdings PLC would enable the Group to expand its EPCC business segment and capabilities]

2Q18 vs 2Q17:
For the quarter ended 30 June 2018 (“Q2FY18”), the Group recorded revenue of RM804.1 million which was 23.8% higher than corresponding quarter of the preceding year (“Q2FY17”) due to strong activities from O&M. The operating profit for the quarter stood at RM139.8 million or 17.4% of total revenue. The Group also recorded profit before taxation of RM109.2 million, 23.6% higher as compared to profit before taxation of RM88.3 million in Q2FY17.

O&M contribute 89.9% of revenue in Q2FY18 with an increase of RM184.1 million or 34.2% against Q2FY17. The increase was due to higher activities from their MRO activity in Middle East region while IRM activity also showed some increase against Q2FY17. The segment recorded an improved operating profit of RM126.3 million or representing gross margin of 17.5%.

EPCC segment recorded operating profit of RM12.7 million yielding a gross margin of 16.0%.

Other product and services recorded revenue of RM2.0 million or 0.2% of the total revenue.

2Q18 vs 1Q18:
For quarter ended 30 June 2018, the Group recorded an increase of revenue of 10.0% from immediate preceding quarter (“Q1FY18”) mainly due to higher revenue from O&M segment with projects from UAE and Malaysia. Overall Operating profit stood at RM139.8 million, RM9.6 million or 7.4% higher against Q1FY18 in line with overall increase in revenue.

O&M revenue increase RM88.1 million or 13.9% higher than Q1FY18 as most countries showing an increase of activity notably UAE and Malaysia. Operating profit also increase in line with revenue while GP margin at 17.5%.

EPCC segment operating profit also drop RM15.2 million to RM12.7 million or 16.0% gross profit margin.

Other product and services recorded stable revenue but some improvement on the operating profit mainly due to better margin from their IT related services.

YTD18 vs YTD17:
The group year to date (“YTD”) revenue recorded a total of RM1,534.9 million with operating profit at RM270.0 million or 17.6% of total revenue. This is an improvement against same period last year of 21.6% and 20.7% for revenue and operating profit respectively. O&M and others segments are showing an improved operating profit against the corresponding period of the preceding year. The group cumulative profit before tax improved to RM205.7 million, RM36.2 million higher than the corresponding period of the preceding year.

Segmental Revenue by countries:
On geographical segmentation, Malaysia recorded a total of RM234.6 million for Q2FY18 or 29.2% of total revenue recording improvement against Q2FY17.

Middle East contributed 61.9% of the overall revenue for the quarter or RM497.7 million, an increase of RM100.5 million against Q2FY17. The increase mainly from higher activity in UAE from servicing more contracts as well as Qatar due to higher call up activity.

Their Central Asia region also showing a growth mainly in Turkmenistan which contributed 7.3%, of revenue for the quarter respectively, or RM58.9 million. Indonesia contributed 1.4% of total revenue for the quarter or RM11.6 million and Europe contributed RM1.3 million of revenue from their two subsidiaries in United Kingdom namely Quantum Offshore Limited and Serba Dinamik International Limited.

Prospects:
1Q2018 Malaysia GDP growth expanded by 5.4% (4Q2017 : 5.9%) driven by continued growth in private sector spending and strong growth in net exports. Global economic expansion continued at a robust pace as most major and regional economies recorded strong quarterly growth, suggesting the positive global growth momentum from the previous year was sustained. In 2018, growth is projected to remain favourable, with domestic demand as the key driver of growth. This is also supported by continuing growth in the global market expected in 2018. IMF in their recent report are forecasting global growth to be at 3.9%, an increase of 0.1% for both 2018 and 2019. On the Oil and Gas front, oil prices have been gaining momentum with the Brent Crude price are traded at USD74.66/bbl as at 31 July 2018. The increase was pushed up by escalating geopolitical tensions and bullish drawdowns in US crude inventories. The increase is not expected to continue as markets expect the price to gradually decline and stabilise around USD60/bbl.

Global renewables electricity generation is expected to grow by more than onethird to over 8,000 terawatts per hour, equal to the total consumption of China, India and Germany combined. The share of renewables in power generation will reach 30.0% in 2022, up from 24.0% in 2016. Despite slower capacity growth, hydropower will remain the largest source of renewable electricity generation in their forecast, followed by wind, solar PV and bioenergy. In Malaysia, electricity consumption increased 104,588.59 GWh in 2010 to 144,118.96 GWh in 2016.

The Government of Malaysia has taken steps to increase shares of renewables in the overall fuel mix through programmes such as Feed-in-Tariff, Large Scale Solar PV, Net Energy Metering and development of new hydroelectric station. Over the last decade, the demand for electricity in Lao PDR has grown dramatically. The domestic consumption increased from 2,228.15 GWh in 2010 to 3,380.96 GWh in 2013, at 13.9 percent Compound Annual Growth Rate (“CAGR”) for the period. The key growth drivers have been the success of Lao PDR’s rural electrification expansion programme and expansion of industrial and commercial loads. The Group expect that the domestic electricity demand growth will continue to be robust. In line with this, on 19 July 2018, the Group entered into an engineering, procurement, construction and commissioning (“EPCC”) contract with Nam Taep 1.2.3 Hydropower Company Limited, a company incorporated in Lao People's Democratic Republic (“Lao PDR”) (“Nam Taep”), with a contract value of approximately USD66.2 million (equivalent to approximately RM268.5 million based on USD1.00:RM4.0575).

The Group also acquired 15.0% of stake in Green & Smart Holdings PLC (“GSH”) would enable the Group to expand its EPCC business segment and capabilities. GSH Group core business is power generation from biogas captured through the treatment of palm oil mill effluent (“POME”) based on proprietary technology. GSH Group has a significant market share of contracts awarded to a biogas-to-power company generating power from biogas captured through the treatment of POME in Malaysia to date. With the positive outlook for 2018 and through the acquisitions, the Group are expected to grow domestically and internationally also to enhance the financial position as well as profitability. Overall, the management is optimistic about the future prospects of the company and also of the view that the Group will continue to generate positive result in future.
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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 RM0.945 in 2 months 5 day, total return is 32.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 3 months 16 day, total return is 15.7%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.41 in 3 months 9 day, total return is 11.1%

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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