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A)24/1/2019(吉隆坡23日讯)科恩马(KNM,7164,主板能源股)获颁合约,负责提供大型碳钢压力容器,总值682万8000美元(约2817万令吉)。
科恩马今日向交易所报备,子公司KNM Process系统私人有限公司,是于本月11日获得TTSJV WLL颁发上述合约。


根据文告,TTSJV WLL是Technip集团公司和三星工程有限公司组成的联营公司。
科恩马指出,TTSJV WLL会在获颁合约后的15天内发出供应采购订单,而产品的供应和交付期限为期13个月。


另外,合约预计可积极贡献截至今年12月杪,以及明年12月底的财政的净利表现。

28/11/2017 行家建议:
    
                我们认为,亚洲和大洋洲的营业额和扣除利息、税务、折旧与摊销前盈利(EBITDA)贡献,依然备受压力,归咎于新增订单速度放缓。
    
                不过欧洲业务却出色,营业额增至8亿9450万令吉,EBITDA持稳于1亿6330万令吉。来自美国的损失正在减少,营运开销缓慢下跌。
    
                我们认为,受到英国彼得伯勒的绿色能源建设项目的推动,科恩马的前景略有改善。
    
                虽然如此,因为订单和活动较少,加上净利贡献不稳定,所有主要市场的营运环境依然竞争剧烈。
    
                维持“中和”的投资评级,目标价从21仙微增至22仙;国外发电资产可能成为上修评级的催化剂。

B)INVESTMENT HIGHLIGHTS
KNM Group’s (KNM) 3QFY18 reported losses of –RM18.7m
Normalised losses -RM15.8m
Earnings supported by new bio-ethanol plant in Thailand
Diversification into renewable energy bearing fruit
EBITDA positive on key geographic segments
Maintain TRADING BUY with a revised TP of RM0.19 per share
Earnings supported by bio-ethanol plant. KNM’s reported net loss of –RM18.7m in 3QFY18 due to: (i) unrealised losses on foreign exchange and; (ii) tough overseas operation during the quarter. Excluding unrealised losses on foreign exchange and derivative losses, KNM’s normalised losses amounted to -RM15.8m for the quarter. This brings its 9MFY18 losses to -RM47.673m. Revenue grew by +3.0%yoy supported by the bio-ethanol plant in Thailand that began operation in September 2017.

Asia and Oceania. Segment revenue surged by +214.0%yoy largely attributable to the sales of bio-ethanol plant in Thailand. However, segment EBITDA dipped due to additional depreciation arising from the bio-ethanol plant in Thailand, lower gross profit margin and; lower foreign exchange gain contribution due to weaker Ringgit.

Europe and Americas. Segment revenue and EBITDA showed signs of recovery with increased orders secure as well as; higher revenue contribution with a higher profit margin. That said, the condition in America remains difficult despite the narrowing losses due to lower operating expenses.

Impact on earnings. We are revising our FY18-19F earnings to – RM1.4m and RM23.2m respectively as we are expecting operating environment to remain challenging for KNM.

Maintain TRADING BUY. Despite the losses, we are positive on the upbeat global crude price, lower operating expenses and the increasing contribution from its bio-ethanol plant in Thailand. Hence, we are maintaining our TRADING BUY stance on KNM with a revised target price of RM0.19 per share. Our TP is premised on PER19 of 17x pegged to EPS19 of 1.1sen. Our target PER is derived from a 0.25-standard deviation discount to KNM’s 5-year historical average PER. Additionally, the outlook of the company is improving slightly with the construction of the Peterborough Green Energy Project in the UK.

Source: MIDF Research - 29 Nov 2018

C)masterkevin212 网上分享:
Cassava用于生产ethanol的成本如下:
1) raw material 55%
2) operation cost 35%
4) fixed cost 10%

Ethanol 泰国目前卖价为RM 2.95 per litre

生产成本RM 2.00-2.20 per litre. Fresh Cassava (木薯批发)价为RM 0.19 per kg

泰国每天提炼5.9million litres

KNM with new expansion plant 每天生产为500,000litres, 站8.5%泰国市场。年营业额看在RM5亿以上。

自2013年五月,泰国政府已经全面停止出口以供应本地日益的需求。不排除会重新开放。欧盟是否会向泰国招手代替Palm oil能源。

泰国是全世界第一cassava 木薯生产国60%, Cambodia 第二和越南总共80%global supply.

Knm impress ethanol 位于bangkok和pattaya东部靠向combodia. 货源丰富。

Knm impress ethanol 占地190 acres 属于knm拥有。
28/01/2019 10:07












https://kongsenger.blogspot.com/2019/02/ntarm094-7164knm-rm011.html


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