UMW (4588) 合顺 - [UMW HOLDINGS BHD:鉴于设备部门的订单量,业务的表现预计会令人满意,在市场需求的持续增长的支持下,预计汽车零部件的制造对国内和出口市场都将保持积极态势] - James的股票投资James Share Investing


 [UMW HOLDINGS BHD:鉴于设备部门的订单量,业务的表现预计会令人满意,在市场需求的持续增长的支持下,预计汽车零部件的制造对国内和出口市场都将保持积极态势]

2Q18 vs 2Q17:
集团:
截至2018年6月30日止的本季度,合顺的持续经营业务收入为29.191亿令吉,高于上一季度报告的27.575亿令吉。收入的改善来自核心业务部门,和马来西亚的商品及服务税免税期间的销售增加。

合顺本季度持续经营业务的税前利润为3.013亿令吉,远高于上一季度的4830万令吉。汽车市场的贡献增加以及拨备的逆转推动了业绩的改善。

本季度的已终止业务的税前亏损为1.219亿令吉,远低于2017年同期的亏损2.378亿令吉。石油和天然气(非上市)业务的规模已缩减,管理层一直在执行撤资策略。

汽车领域:
汽车业务部门第二季度的收入为23.827亿令吉,比去年同期的22.603亿令吉高出5.4%。随着消费者需求的增加,马来西亚消费税变零的需求增加以及本季度推出新车型,销售额大幅增长。本季度税前利润从9900万令吉改善至1.424亿令吉,主要是由于联营公司​​业绩改善以及马来西亚令吉兑美元汇率走强导致利润率提升。

设备部门:
设备部门于2018年第二季录得收入3.659亿令吉,高于上一季度的3.514亿令吉。重型设备业务的表现因出口销售增加及建筑业需求增加而上升。由于收入增加,2018年第二季度税前利润为3780万令吉,较去年同期的3220万令吉高出17.4%。

制造与工程部门:
制造与工程部门的收入较上一季度的1.539亿令吉高,达到1.783亿令吉。收入的增加是由航空航天业务贡献的,该业务已开始产生收入。 2018年第二季度的税前亏损为RM50万,大大低于上一季度的960万令吉亏损,这主要是由于收入增加,利润率提高,和马来西亚令吉(对其他主要货币)强势所致。

石油和天然气(非上市)部门:
该部门于二零一八年第二季录得收入3130万令吉,而去年同季则录得2820万令吉。这是由于根据撤资策略分阶段进行,让业务逐步减少。

YTD18 vs YTD17:
集团:
合顺录得持续经营税前利润为4.486亿令吉,远高于去年同期录得的1.872亿令吉。增加的原因是马来西亚商品免税期的收入增加以及拨备的转回。

截至二零一八年六月三十日止六个月,合顺的已终止经营业务的税前亏损为1.456亿令吉,而2017年同期则为3.623亿令吉。在去年同期,有UMW-OG的分拆亏损为1.269亿令吉,税前亏损为1.563亿令吉。

汽车领域:
税前利润由上半年的1.86亿令吉改善至2.684亿令吉,主要是由于联营公司​​业绩改善及利润率提升,因为马来西亚令吉兑美元汇率保持强势。

设备部门:
设备部门于二零一八年上半年录得收入7.39亿令吉,较二零一七年同期录得的6.938亿令吉增加6.5%。重型设备业务的表现受到出口销售增加及建筑业的需求增加所推动。随着收入增加,设备部门的税前利润从2017年上半年录得的7,170万令吉增加至本期间的8,270万令吉。

制造与工程部门:
制造及工程部门于二零一八年上半年录得收入3.468亿令吉,较二零一七年同期录得的3.198亿令吉高出8.5%。这主要来自航空航天业务。该部门于二零一八年上半年的税前亏损为340万令吉,而去年同期为亏损六百五十万令吉。这是由于航空航天业务带来的收入增加。此外,汽车零部件及润滑油的核心业务录得盈利2590万令吉,较去年同期的1,780万令吉高出810万令吉。

石油和天然气(非上市)部门:
该部门的税前亏损为1.456亿令吉,而2017年同期的税前亏损为7,910万令吉,原因是根据撤资策略将投资减记至公允价值。

2Q18 vs 1Q18:
合顺持续经营业务收入为29.191亿令吉,较上一季度录得的24.153亿令吉增加5.038亿令吉,主要由汽车业务贡献,而消费税免税期间销售额在马来西亚增加。

本季度合顺的持续经营税前利润为3.013亿令吉,较上一季度的1.473亿令吉高出1.54亿令吉。利润增加的主要原因是马来西亚商品及服务税免税期间的销售增加及拨备拨回。

前景:
汽车领域:
最近消费税率改为0%推动了需求,因此车辆销量激增。合顺预期该部门于二零一八年下半年表现令人满意。

设备部门:
鉴于他们目前的订单量,业务的表现预计会令人满意。工业设备业务预计将在仓库和物流领域的租赁业务中表现良好。合顺预期该部门于二零一八年下半年表现较佳。

制造与工程部门:
在市场需求的持续增长的支持下,预计汽车零部件的制造对国内和出口市场都将保持积极态势。对于润滑油业务,已加大力度,以增加马来西亚,中国和印度尼西亚的市场需求。劳斯莱斯的航空航天业务按照合同要求来生产和交付。合顺预期该部门将于2018年下半年作出令人满意的贡献。

集团:
合顺目前正处于复苏趋势,专注于加强他们的三项核心业务,即汽车,设备,制造及工程,这将使公司更好地发展业务及提升股东价值。董事会预期合顺2018财政年度的表现会令人满意。
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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 RM0.905 in 1 month 22 day, total return is 26.6%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.95 in 3 months 3 day, total return is 19.5%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.52 in 2 months 26 days, total return is 16.1%

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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[UMW HOLDINGS BHD: given Equipment Segment order secured, the performance of the business is expected to be satisfactory, manufacturing of auto-components is anticipated to remain positive for both the domestic and export markets, supported by the on-going growth in the market demand]

2Q18 vs 2Q17:
Group:
The Group registered a revenue from Continuing Operations of RM2,919.1 million for the current quarter ended 30 June 2018 which was higher than the RM2,757.5 million reported in the previous corresponding quarter. The improvement in revenue was contributed by the core business segment with increase in sales arising from the Goods and Services Tax (“GST”)–free period in Malaysia.

The Group posted a profit before taxation from Continuing Operations of RM301.3 million for the current quarter which was substantially higher than the RM48.3 million in the previous corresponding quarter. The improved performance was driven by higher contribution from the Automotive segment and the reversal of provisions.

Loss before taxation from Discontinued Operations RM121.9 million was reported for the current quarter which was substantially lower than the loss of RM237.8 million registered in the same period of 2017. Operations in the oil & gas (unlisted) segment have been scaled down while the management has been executing the divestment strategy.

Automotive Segment:
The Automotive segment reported a revenue of RM2,382.7 million in the second quarter of the year which was 5.4% higher than the RM2,260.3 million registered in the previous corresponding quarter. Sales improved substantially following the increased consumer demand arising from the GST – free period in Malaysia and the launch of a new model during the quarter. Profit before tax improved from RM99.0 million to RM142.4 million in the current quarter, mainly contributed by better performance from an associate company and improved profit margin due to the strengthening of Ringgit Malaysia against US Dollar.

Equipment Segment:
The Equipment segment registered a revenue of RM365.9 million in the second quarter of 2018 which was higher than the RM351.4 million reported in the previous corresponding quarter. The performance for heavy equipment business was lifted by higher export sales and increased demand in the construction industry. Profit before taxation was RM37.8 million for the second quarter of 2018 which was 17.4% higher than the previous corresponding quarter of RM32.2 million as a result of increase in revenue.

Manufacturing & Engineering Segment:
The Manufacturing & Engineering segment reported a higher revenue of RM178.3 million as compared to RM153.9 million in the previous corresponding quarter. The improved revenue was contributed by the Aerospace business, which has started to generate revenue. Loss before taxation of RM0.5 million for the second quarter of 2018 was substantially lower than the loss of RM9.6 million in the previous corresponding quarter mainly contributed by the increase in revenue and better profit margin earned from the stronger Ringgit Malaysia against the other major currencies too.

Oil & Gas (Unlisted) Segment:
The segment registered a revenue of RM31.3 million in the second quarter of 2018 as compared to the RM28.2 million recorded in the previous corresponding quarter. This was due to the winding down of operations which are being carried out in stages, in line with the divestment strategy.

YTD18 vs YTD17:
Group:
The Group recorded a profit before taxation from Continuing Operations of RM448.6 million which was substantially higher than the RM187.2 million registered in the same period last year. The increase was contributed from the increase in revenue arising from the GST–free period in Malaysia and the reversal of provisions.

The Group posted a loss before taxation from Discontinued Operations of RM145.6 million for the six months ended 30 June 2018, as compared to RM362.3 million in the corresponding period of 2017. Included in the previous corresponding period was the loss on Demerger of UMW-OG of RM126.9 million and the loss before taxation reported of RM156.3 million.

Automotive Segment:
Profit before tax improved from RM186.0 million to RM268.4 million in the first half of the year, mainly contributed by better performance from an associate company and improved profit margin as Ringgit Malaysia remained strong against US dollar.

Equipment Segment:
The Equipment segment generated a revenue of RM739.0 million for the first half of 2018 which was 6.5% higher than the RM693.8 million recorded in the same period of 2017. Performance of the heavy equipment business was boosted by higher export sales and increased demand in the construction industry. In tandem with the increase in revenue, profit before taxation for the Equipment segment increased from RM71.7 million recorded in the first half of 2017 to RM82.7 million in the current period.

Manufacturing & Engineering Segment:
The Manufacturing & Engineering segment recorded a revenue of RM346.8 million for the first half of 2018 which was 8.5% higher than the RM319.8 million recorded in the same period of 2017. This was primarily contributed by the Aerospace business. The segment posted a lower loss before taxation of RM3.4 million for the first half of 2018 compared to the loss of RM6.5 million in the previous corresponding period. This was due to the increase in revenue which was contributed by the Aerospace business. In addition, the core businesses in Auto Components and Lubricants registered a profit of RM25.9 million which was higher by RM8.1 million than the RM17.8 million in the previous corresponding period.

Oil & Gas (Unlisted) Segment:
The segment reported a higher loss before taxation of RM145.6 million, compared to the loss before taxation of RM79.1 million in the same period of 2017 due to the write down of investments to fair value in line with the divestment strategy.

2Q18 vs 1Q18:
The Group registered a revenue from Continuing Operations of RM2,919.1 million, higher by RM503.8 million from the RM2,415.3 million recorded in the preceding quarter, mainly contributed by the Automotive segment with the increase in sales arising from the GST–free period in Malaysia.

The Group posted a profit before taxation from Continuing Operations of RM301.3 million which was higher by RM154.0 million in the current quarter as compared with RM147.3 million in the preceding quarter. The higher profit was primarily due to the increase in sales arising from the GST–free period in Malaysia and the reversal of provisions.

Prospects:
Automotive Segment:
The recent announcement on the change of GST rate to 0% has driven up demand and hence, a surge in the sales volume for vehicles. The Group expects the segment to perform satisfactorily in the second half of 2018.

Equipment Segment:
Given their current order secured, the performance of the business is expected to be satisfactory. Industrial equipment business is expecting to perform well with the rental business in the warehouse and logistics sectors. The Group expects the segment to perform better in the second half of 2018.

Manufacturing & Engineering Segment:
The manufacturing of auto-components is anticipated to remain positive for both the domestic and export markets, supported by the on-going growth in the market demand. For lubricant business, more efforts have been intensified to enhance market demand in Malaysia, China and Indonesia. Aerospace business with Rolls-Royce is producing and delivering as per contractual requirement. The Group expects the segment to contribute satisfactorily in the second half of 2018.

Group:
The Group is now on the recovery trend focusing on strengthening their three core businesses, namely Automotive, Equipment, and Manufacturing and Engineering which will put the company in a better position to grow its businesses and enhance shareholder value. The Board expects the Group’s performance for the financial year 2018 to be satisfactory.
------------------------------------------------
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 RM0.905 in 1 month 22 day, total return is 26.6%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.95 in 3 months 3 day, total return is 19.5%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.52 in 2 months 26 days, total return is 16.1%

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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