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 [MISC BHD:由于实施IMO 2020硫含量监管,升级和改造工作量增加,海运业务前景继续改善;PETRONAS Carigali私人有限公司最近为Kasawari天然气开发项目颁发的合同奖项表明该部门致力于确保其订单的可持续性]

2Q19 vs 2Q18:
集团收入21.617亿令吉比截至2018年6月30日止的季度(「相应季度」)收入21.418亿令吉高出0.9个百分点,而集团营业利润为4.843亿令吉,较去年同期利润3.47亿令吉高出1.373亿令吉。

LNG:
收入6.579亿令吉,较去年同期收入5.959亿令吉高出6,200万令吉或10.4%,主要来自分别于2018年12月和2019年1月收购两(2)艘液化天然气运输船后,本季度运营船舶数量增加,和2018年5月交付的一(1)艘Seri C船的全季度收入贡献。营业利润为3.189亿令吉,比同期季度的利润2.746亿令吉高出4430万令吉或16.1%,主要来自更高收入。

石油:
本季度实现的运费上涨缓解了收入的减少。营业利润为3,310万令吉,比相应季度亏损5,440万令吉高出8,750万令吉,因为Aframax船舶的运费上涨。

海洋:
营业利润为1.396亿令吉,较相应季度的利润1.466亿令吉低700万令吉,主要是由于相应季度业绩包括FSO Benchamas 2的建筑收益。

重型工程:
收入2.77亿令吉,较去年同期收入2.324亿令吉高出4,460万令吉或19.2%,主要来自液化天然气干船坞,持续项目进度较高及本季度批准变更订单。

其他,消除和调整:
其他部门营业利润为130万令吉,较同期的2620万令吉减少2490万令吉,主要是由于港口及码头服务贡献较低及本季度净汇兑收益减少所致。

YTD19 vs YTD18:
,集团收入44.394亿令吉,比截至2018年6月30日止六个月期间(「相应期间」)收入41.626亿令吉高出2.768亿令吉或6.6%。集团营业利润为10.762亿令吉,较同期的7.304亿令吉高出3.458亿令吉或47.3%。

LNG:
液化天然气收入为12.833亿令吉,较同期收入11.805亿令吉增加8.7%,主要来自分别在2018年12月及2019年1月收购两(2)艘液化天然气运输船后的运营船舶数量增加,及在2018年3月和2018年5月交付的两(2)艘Seri C船舶的全部的6个月收入贡献。液化天然气营业利润为6.431亿令吉,比同期利润5.498亿令吉增加17.0%,主要是由于收入增加以及浮动存储单位(“FSU”)的额外租赁费率。

石油:
石油收入为21.662亿令吉,比同期收入19.845亿令吉增加9.2%,主要来自运费上涨。石油部门的营业利润为1.68亿令吉,而同期亏损为9,360万令吉,主要是由于收入增加,本期运营船舶数量减少导致船舶折旧成本降低。

海洋:
收入减少导致离岸营业利润减少1,460万令吉。

重型工程:
重工程收入为4亿7980万令吉,较去年同期收入4亿1230万令吉增加16.4%,主要来自液化天然气干船坞,正在进行的项目进度较高及本期核准变更订单。重工程营业亏损3,770万令吉低于同期亏损7,150万令吉,主要由于相应期间的业绩包括转换工程确认的额外成本。

其他,消除和调整:
其他部门的营业利润为2,090万令吉,较同期的利润4,920万令吉减少2830万令吉,主要由于港口及码头服务的贡献减少以及净汇兑收益减少。

2Q19 vs 1Q19:
集团营业利润为4.843亿令吉,比上一季度的利润5.919亿令吉低1.076亿令吉或18.2%,主要来自收入减少,加上上一季度的利润包括浮动存储单位(“FSU”)的额外租金收益。

前景:
今年上半年,由于长途原油贸易增长支撑,2018年高位报废后市场重新平衡,油轮收益明显好于上年。 2019年下半年预计油轮市场将有所回升,因为船舶供应将因停止改造洗涤器而停止服务,油轮市场将受到美国石油出口增加和tonne-mile需求增加的推动。

最近几个月液化天然气运输现货市场费率已经稳定,并且由于亚洲和欧洲夏季需求高峰,预计将逐步回升,预计2019年下半年船舶供不应求。在石油和天然气勘探和生产的健康活动的支持下,海上部门继续保持积极态势。由于全球海上勘探和生产领域的机会越来越多,特别是大西洋盆地和东南亚的开发项目,马国际船务的海上业务部门将继续评估今年寻求这些机会的优势。该单位的核心营业收入仍然受长期租船合同资产组合的支撑,这将支持离岸业务部门的稳定财务业绩。

海上石油和天然气生产活动仍在继续改善尽管较温和。同时,由于实施IMO 2020硫含量监管,升级和改造工作量增加,海运业务前景继续改善。此外,PETRONAS Carigali私人有限公司最近为Kasawari天然气开发项目颁发的合同奖项表明该部门致力于确保其订单的可持续性。由于本财政年度行业前景仍然充满挑战,重工程部门仍然保持谨慎态度,并将专注于补充各地区的订单以及多元化其他业务。
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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 RM1.58 (dividend RM0.015) in 1 year 4 days, total return is 123.1%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.41 (dividend RM0.04) in 1 year 1 month 13 day, total return is 82.4%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.29 in 7 months 29 days, total return is 61.3%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.43 (dividend RM0.1875) in 9 months 30 days, total return is 38.5%

e) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.07) in 8 months 27 days, total return is 35.4%

f) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.39 in 2 months 12 days, total return is 33.7%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.23 (dividend RM0.008) in 7 months 22 days, total return is 28.3%

h) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.735 in 6 months 25 days, total return is 27.8%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.86 (dividends RM0.063) in 10 months 9 days, total return is 20.9%

j) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.59 (dividends RM0.04) in 10 months 14 days, total return is 14%

k) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.26 (dividends RM0.084) in 1 Year 17 days, total return is 9.7%

l) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.89 in 7 months 14 days, total return is 4.7%

m) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.49 (dividend RM0.0225) in 10 months 24 days, total return is 3.5%

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页面与我联系。

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9月7日星期六:Hotel Sri Petaling, KL

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3) 【公司业绩分享会】:
2p.m. – 7p.m.,免费茶和咖啡

9月6日星期五:Hotel Sri Petaling, KL 3份点心

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有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[MISC BHD: the outlook for marine business continues to improve, supported by higher volume for upgrading and retrofitting work due to the implementation of IMO 2020 sulphur cap regulation; the recent contract award from PETRONAS Carigali Sdn Bhd for the Kasawari Gas Development project demonstrates the segment's commitment to ensure the sustainability of its order book]

2Q19 vs 2Q18:
Group revenue of RM2,161.7 million was 0.9% higher than the quarter ended 30 June 2018 (“corresponding quarter”) revenue of RM2,141.8 million, while Group operating profit of RM484.3 million was RM137.3 million higher than the corresponding quarter's profit of RM347.0 million.

LNG:
Revenue of RM657.9 million was RM62.0 million or 10.4% higher than the corresponding quarter’s revenue of RM595.9 million, mainly from higher number of operating vessels in the current quarter following acquisition of two (2) LNG carriers, in December 2018 and January 2019 respectively, and full quarter revenue contribution from one (1) Seri C vessel delivered in May 2018. Operating profit of RM318.9 million was RM44.3 million or 16.1% higher than the corresponding quarter’s profit of RM274.6 million, mainly from higher revenue.

Petroleum:
The reduction in revenue was cushioned by higher freight rates achieved in the current quarter. Operating profit of RM33.1 million was RM87.5 million higher than corresponding quarter’s loss of RM54.4 million, from higher freight rates achieved especially for the Aframax vessels.

Offshore:
Operating profit of RM139.6 million was RM7.0 million lower than corresponding quarter’s profit of RM146.6 million, mainly due to the inclusion of construction gain from FSO Benchamas 2 in the corresponding quarter’s results.

Heavy Engineering:
Revenue of RM277.0 million was RM44.6 million or 19.2% higher than the corresponding quarter’s revenue of RM232.4 million, mainly from LNG dry-dockings, higher progress of ongoing projects and approved change order in the current quarter.

Others, Eliminations and Adjustments:
Other segment operating profit of RM1.3 million was RM24.9 million lower compared to corresponding quarter’s profit of RM26.2 million mainly due to lower contribution from port and terminal services and lower net foreign exchange gain in the current quarter.

YTD19 vs YTD18:
Group revenue of RM4,439.4 million was RM276.8 million or 6.6% higher than RM4,162.6 million revenue for the 6-month period ended 30 June 2018 (“corresponding period”). Group operating profit of RM1,076.2 million was RM345.8 million or 47.3% higher than the corresponding period's profit of RM730.4 million.

LNG:
LNG revenue of RM1,283.3 million was 8.7% higher than the corresponding period’s revenue of RM1,180.5 million, mainly from higher number of operating vessels following the acquisition of two (2) LNG carriers, each in December 2018 and January 2019 coupled with full 6 months revenue contribution from two (2) Seri C vessels delivered in March 2018 and May 2018 respectively. LNG operating profit of RM643.1 million was 17.0% higher than the corresponding period’s profit of RM549.8 million, mainly due to higher revenue coupled with additional charter rate for Floating Storage Units (“FSU”).

Petroleum:
Petroleum revenue of RM2,166.2 million was 9.2% higher than the corresponding period’s revenue of RM1,984.5 million, mainly from higher freight rates. Petroleum segment recorded an operating profit of RM168.0 million compared to the corresponding period’s loss of RM93.6 million, mainly due to the higher revenue, lower bunker and vessel depreciation costs from lower number of vessels in operation in the current period.

Offshore:
Lower revenue has caused the decrease in Offshore operating profit by RM14.6 million.

Heavy Engineering:
Heavy Engineering revenue of RM479.8 million was 16.4% higher than the corresponding period’s revenue of RM412.3 million mainly from LNG dry-dockings, higher progress of ongoing projects and approved change order in the current period. Heavy Engineering operating loss of RM37.7 million was lower than the corresponding period’s loss of RM71.5 million mainly due to corresponding period’s results included additional cost recognised for conversion works.

Others, Eliminations and Adjustments:
Other segment’s operating profit for the period of RM20.9 million is RM28.3 million lower compared to corresponding period’s profit of RM49.2 million mainly due to lower contribution from port and terminal services and lower net foreign exchange gain.

2Q19 vs 1Q19:
Group operating profit of RM484.3 million was RM107.6 million or 18.2% lower than the preceding quarter's profit of RM591.9 million, mainly from lower revenue coupled with preceding quarter’s profit included gain from additional charter rate for Floating Storage Units (“FSU”).

Prospects:
In the first half of the year, petroleum tanker earnings were considerably better than in previous year, due to market rebalancing after a high level of scrapping in 2018, supported by long-haul crude trade growth. The latter half of 2019 is expected to pick up for the tanker market as ship supply will be crimped by vessels taken out of service for scrubber retrofitting, and tanker markets would be boosted by increasing US oil exports and increase in tonne-mile demand.

The LNG shipping spot market rates have firmed up in recent months and are expected to pick up gradually on the back of peak summer demand in Asia and Europe and vessels are expected to be in short supply in the later part of 2019. The outlook for the offshore segment continues to be positive, supported by healthy activities in oil and gas exploration and production. As there are increasing opportunities in the global offshore exploration and production space, especially for developments within the Atlantic Basin and South East Asia, MISC’s Offshore business unit will continue to assess the merit of pursuing these opportunities in the current year. The unit’s core operating income remains underpinned by a portfolio of assets on long term charter contracts which will support the stable financial performance of the Offshore business segment.

Offshore oil and gas production activities continue to improve albeit moderately. Meanwhile, the outlook for marine business continues to improve, supported by higher volume for upgrading and retrofitting work due to the implementation of IMO 2020 sulphur cap regulation. Additionally, the recent contract award from PETRONAS Carigali Sdn Bhd for the Kasawari Gas Development project demonstrates the segment's commitment to ensure the sustainability of its order book. As the industry outlook continues to be challenging in the current financial year, the Heavy Engineering segment remains cautious and will focus on replenishing order book in various geographical areas as well as diversifying into other businesses.
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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.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

https://www.facebook.com/jamesshareinvest/posts/2345739032359504https://www.facebook.com/jamesshareinvest/posts/2345739032359504

James Ng
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