[DAYANG ENTERPRISE HOLDINGS BHD:船舶利用率增长到84%,30亿令吉订单,可工作至2023年,从马来西亚多家生产共享承包商获得大部分Pan MCM 15 - 20亿令吉合约] - James的股票投资James Share Investing

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 [DAYANG ENTERPRISE HOLDINGS BHD:船舶利用率增长到84%,30亿令吉订单,可工作至2023年,从马来西亚多家生产共享承包商获得大部分Pan MCM 15 - 20亿令吉合约]

3Q18 vs 3Q17:
相比之下,达洋企业截至2018年9月30日止的本季度收入增长32%,而达洋企业本季度的税前利润为6,770万令吉,而截至2017年9月30日相应季度的税前利润为1,480万令吉。

本季度收入和税前利润增加主要是由于根据维护合同收到和执行的工作订单增加。此外,本季度的税前利润还包括了PPE的减值损失580万令吉,实现/未实现的净汇兑收益1420万令吉,而截至2017年9月30日止的相应季度PPE减值损失和已实现/未实现净汇兑损失分别录得亏损140万令吉及790万令吉。

YTD18 vs YTD17:
收入较去年同期的5.217亿令吉增加25%至本期迄今为止的6.52亿令吉。本期收入较上年同期增加的主要原因是本期收到和执行的工作单价值较高。

集团于本期间录得除税前溢利8,880万令吉,而去年同期则录得税前亏损5,750万令吉。本期税前利润较高主要是由于维修合同下的工单量较大。

此外,本期间的税前利润还包括了净实现/未实现的外汇收益1140万令吉和PPE的减值损失1290万令吉,而去年同期实现/未实现的外汇净亏损和PPE减值损失分别为3,250万令吉及5,040万令吉。

3Q18 vs 2Q18:
本季度,集团的收入较上一季度增长27%。本季度,达洋企业的税前利润为6,770万令吉,而上一季度的税前利润为5,700万令吉。本季度收入与上一季度相比增加主要是由于船舶利用率提高以及维修服务的工作订单增加。

本季度税前利润增加6,770万令吉,主要是由于根据维修合约收到及执行的工作订单增加。本季度结束的税前利润包括实现/未实现的净汇兑收益为1,420万令吉,而上一季度实现/未实现的净汇兑收益为2570万令吉。

前景:
由于维护,施工和改装合同(MCM)和维护服务的工作订单在Pan Hook-up and Commissioning Contract (Pan HUC)下的工作订单增加,因此第三季度的业务活动按计划进度大幅增加。因此,船舶利用率也增长到84%,而第二季度为70%,第一季度为27%,2018年9个月的平均利用率为61%。他们特别高兴的是达洋企业及其子公司Perdana Petroleum之间的协同合作确实成为了他们所设想的领先的集成MCM集团。

除非出现任何不可预见的情况,否则他们乐观地认为,他们的盈利将会持续,其前提是他们相当可观的30亿令吉订单,可工作至2023年。尽管油价波动,但他们对公司的未来前景保持乐观。在经历了过去几年最具挑战性的时期之后,达洋企业已经变得更加强大。由于第三季度令人印象深刻的财务业绩间接证明了公司扭转的财务纪律,他们谨慎地相信他们的资产负债表将继续显着改善。

在今年从马来西亚多家生产共享承包商获得大部分Pan MCM 15 - 20亿令吉合约(合约均基于单位费率和标注合约)后,达洋企业也开始关注国际扩张以进一步发展公司。他们希望精简的运作和强大的执行记录将有助于他们赢得一些海外招标。

至于其子公司Perdana Petroleum Berhad(PPB),与马来西亚国家银行公司债务重组委员会(CDRC)下的金融机构提出的债务重组计划仍在讨论中,一旦融资义务最终确定,PPB和达洋企业应该会比以前更强大。

他们坚信,在过去两个财政年度经历不佳后,2018年将是该集团的真正转机。尽管如此,董事会仍将保持警惕并继续在公司业务的运营和管理中谨慎。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.89 (dividend RM0.007) in 5 months 27 days, total return is 25.5%

b) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 1 month 16 days, total return is 20.2%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.955 in 7 months 8 days, total return is 20.1%

d) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 1 month 10 day, total return is 18.8%

e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 3 months 25 days, total return is 17.9%

f) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.915 in 1 month 23 days, total return is 14.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.32 (dividend RM0.035) in 2 months 21 days, total return is 6.7%

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。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

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有兴趣的朋友,可以电邮或PM FB page联络我
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James Ng
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[DAYANG ENTERPRISE HOLDINGS BHD: vessel utilisation came in stronger at 84%, order book of RM3 billion to last them until 2023, securing a larger portion of the Pan MCM contracts estimated at RM1.5-2.0 billion]

3Q18 vs 3Q17:
Comparatively, the Group’s revenue for the current quarter ended 30 September 2018 increased by 32% while the group made a profit before tax of RM67.7 million for the current quarter as compared to profit before tax of RM14.8 million in the corresponding quarter ended 30 September 2017.

The increase in revenue and profit before tax in the current quarter is mainly due to higher work orders received and performed under the topside maintenance contracts. In addition, the profit before tax in the current quarter has also taken into account impairment loss on PPE of RM5.8 million and net realised/unrealised foreign exchange gain of RM14.2 million whereas impairment loss on PPE and net realised/unrealised foreign exchange losses of RM1.4 million and RM7.9 million respectively were accounted for in the corresponding quarter ended 30 September 2017.

YTD18 vs YTD17:
Revenue increased by 25% from RM521.7 million in the previous corresponding period-to-date to RM652.0 million in the current period-to-date. The higher revenue in the current period as compared to the corresponding period is mainly due to higher value of work order received and performed in the current period.

Group registered a profit before tax for the current period of RM88.8 million as compared to a loss before tax of RM57.5 million in the corresponding period last year. The higher profit before tax in the current period is mainly due to higher volume of work orders performed under the topside maintenance contracts.

In addition, the profit before tax in the current period has also taken into account net realised/unrealised foreign exchange gain of RM11.4 million and impairment loss on PPE of RM12.9 million whereas net realised/unrealised foreign exchange losses and impairment loss on PPE of RM32.5 million and RM50.4 million respectively were accounted for in the corresponding period preceding year.

3Q18 vs 2Q18:
In the current quarter, the Group’s revenue was 27% higher as compared to the preceding quarter. In the current quarter the Group generated profit before tax of RM67.7 million as compared to profit before tax of RM57.0 million in the preceding quarter. The increase in revenue in the current quarter as compared to the immediate preceding quarter is mainly due to higher vessel utilisation rate and higher work orders from the topside maintenance services.

The increase in profit before tax of RM67.7 million in the current quarter is mainly attributed to the increase in work orders received and performed under the topside maintenance contracts. The current quarter ended profit before tax has taken into account of net realised/unrealised foreign exchange gain of RM14.2 million as compared to net realised/unrealised foreign exchange gain of RM25.7 million in the preceding quarter.

Prospects:
Business activities have picked up substantially in the third quarter as per their planning schedule given the ramp-up in work orders for the Maintenance, Construction and Modifications Contract (MCM) and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contract (Pan HUC). Consequently, vessel utilisation also came in stronger at 84%, compared to 70% in the second quarter and 27% in the first quarter, giving an average utilisation rate of 61% for the 9 months period in 2018. They are particularly delighted that the synergistic collaboration between Dayang and its subsidiary, Perdana Petroleum has indeed worked out as what they have envisaged to be a leading integrated MCM player.

Barring any unforeseen circumstance, they are optimistic that the turnaround in their earnings will be sustainable, premised on their fairly sizeable order book of RM3 billion to last them until 2023. Notwithstanding the volatility in oil price, they remain upbeat on their company’s future prospects as Dayang has emerged stronger after going through one of the most challenging period over the past few years. They are cautiously confident that their balance sheet will continue to improve significantly as the impressive financial performance in the third quarter has indirectly demonstrated the financial discipline undertaken to turn around the company.

After securing a larger portion of the Pan MCM contracts estimated at RM1.5-2.0 billion (the contracts are all based on unit rates and call-out contracts) from multiple production sharing contractors in Malaysia this year, Dayang has also started to look at international expansion to further grow the company. They are hopeful that their streamlined operation and strong execution track record will help them to win some of the overseas tenders.

As for their subsidiary Perdana Petroleum Berhad (PPB), the proposed debt restructuring scheme with the financial institutions under the Corporate Debt Restructuring Committee (CDRC) of Bank Negara Malaysia is still under discussion and once the financing obligations is finalised, PPB and Dayang Group should emerge stronger than before.

They firmly believe that 2018 will be a real turnaround for the group after experiencing poor results over the past two financial years. Nevertheless, the Board will remain vigilant and continue to exercise due care and prudence in the running and administration of the company’s business.
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.89 (dividend RM0.007) in 5 months 27 days, total return is 25.5%

b) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 1 month 16 days, total return is 20.2%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.955 in 7 months 8 days, total return is 20.1%

d) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 1 month 10 day, total return is 18.8%

e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 3 months 25 days, total return is 17.9%

f) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.915 in 1 month 23 days, total return is 14.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.32 (dividend RM0.035) in 2 months 21 days, total return is 6.7%

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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