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 [SUNWAY BHD:除了房地产开发和医疗保健以外的大多数业务部门的贡献减少,本季度的收入较低]

2Q19 vs 2Q18:
双威于截至2019年6月30日止的本季度录得收入10.772亿令吉及税前利润为2.532亿令吉,而之前财政年度相应季度的收入则为12.602亿令吉及税前利润为2.43亿令吉,收入减少14.5%,税前利润增加4.2%。由于除了房地产开发和医疗保健以外的大多数业务部门的贡献减少,本季度的收入较低。

物业发展部门本季度收入为1.136亿令吉及税前利润为3,730万令吉,而上一财政年度的相应季度收入为8,870万令吉及税前利润为5,010万令吉,收入增加28.1%,税前利润减少25.6%。本季度的税前利润低于上一财政年度的相应季度,该利润来自双威新加坡房地产开发项目分配的累计利润所实现的外汇收益。

物业投资部门于本季度录得收入1.761亿令吉及税前利润1.223亿令吉,相比之前财政年度的相应季度收入为1.898亿令吉和税前利润为1.046亿令吉,收入减少7.2%,税前利润增加16.9%。本季度收入下降的部分原因是向双威房地产投资信托基金出售双威大学后的租金收入减少,已于2019年4月15日完成。收入也受到集团主题公园和物业游客人数减少和入住率下降的影响。较高的税前利润部分被集团酒店物业和主题公园的贡献减少,以及双威房地产投资信托房产重估的公允价值收益份额较低(本季度为4,360万令吉,而上个财政年度的相应季度同期为5,920万令吉)抵消了。

建筑部门于本季度录得收入2.935亿令吉及税前利润4740万令吉,而上一财政年度相应季度收入为4.497亿令吉及税前利润为5,090万令吉,收入减少34.7%,税前利润减少6.8%。本季度收入较低主要是由于本地建设项目进度收入减少以及集团内部抵销增加导致建设项目对本季度税前利润的贡献减少。

贸易及制造业务于本季度录得收入2.3亿令吉及税前利润660万令吉,而去年财政年度同期则收入为2.864亿令吉及税前利润1470万令吉,收入减少19.7%,税前利润减少55.4%。本季度财务表现较低,原因是本地和海外市场需求疲弱,营业利润率下降。

采石场部门本季度收入为5260万令吉,税前利润为210万令吉,而上一财政年度相应季度收入为5790万令吉,税前利润为410万令吉,收入减少9.1%,税前利润减少48.9%。本季度的财务业绩较低,主要是由于总体平均销售价格下降和预混料销售量下降。

医疗保健业务报告本季度收入为1.408亿令吉,税前利润为1,930万令吉,而上一财政年度的相应季度收入为1.082亿令吉及税前利润为1,100万令吉,收入增加30.2%,税前利润增加75.7%。

本季度其他部门的收入为7060万令吉,税前利润为1830万令吉,而上一财政年度相应季度的收入为7,950万令吉及税前利润为760万令吉,收入减少11.2%,税前利润增加141.5%。本季度的收入下降主要是由于建材部门的贡献减少。

YTD19 vs YTD18:
截至2019年6月30日止的当前6个月期间,双威录得收入22.008亿令吉及税前利润为4亿3050万令吉,而截至2018年6月30日止相应6个月收入为25.417亿令吉及税前利润为4亿220万令吉,收入减少13.4%,税前利润增加7.0%。由于除医疗保健以外的大多数业务部门的贡献减少,本期收入较低。物业发展部门的溢利贡献亦受到MFRS 15的采纳影响(于双威新加坡及中国物业发展项目之一)。

房地产开发部门截至2019年6月30日止的6个月期间收入为2.014亿令吉,而税前利润为7010万令吉,而截至2018年6月30日止相应的6个月期间的收入为2.21亿令吉及税前利润为7,760万令吉,收入减少8.8%及税前利润减少9.6%。本期收入较低的原因是本地发展项目的进度收入减少。本期的税前利润较上一期间较低,后者受益于新加坡项目分配的累计利润所实现的外汇收益。此外,于采纳MFRS 15后,双威新加坡及中国物业发展项目之一的累计溢利于本期间共计6,630万令吉,惟可于完成时确认。

物业投资部门于截至2019年6月30日止的当前6个月内录得收入3亿7,280万令吉及税前利润1.797亿令吉,而截至2018年6月30日止6个月期间收入则为3亿8280万令吉及相应的税前利润为1.618亿令吉,收入减少2.6%,税前利润增加11.1%。本期收入较低主要是由于双威酒店物业的入住率较低所致。较高的税前利润部分被双威本期间酒店物业和主题公园的贡献较低以及双威房地产投资信托房产重估所带来的公允价值收益份额较低所抵消。

截至2019年6月30日止的当期6个月期间,建筑业务录得收入6亿3960万令吉及税前利润为9110万令吉,相比之下截至2018年6月30日止的6个月期间收入为8.934亿令吉及税前利润为9,230万令吉,收入减少28.4%,税前利润减少1.3%。由于本地建设项目的进度收入减少及集团内部抵销增加,本期收入较低。税前利润略微降低,原因是本期累计利润确认的百分比较高,以抵消低得多的收入。

贸易及制造业务截至2019年6月30日止的6个月期间收入为4.814亿令吉,而税前利润则为1,310万令吉,而截至2018年6月30日止相应的6个月期间的收入为5.647亿令吉及税前利润为2,750万令吉,收入减少14.8%,税前利润减少52.3%。由于本地及海外市场需求疲弱及营运利润率下降,本期财务表现较低。

采石场部门截至2019年6月30日止的当前6个月收入为9,680万令吉及税前利润为390万令吉,相比之下截至2018年6月30日止的6个月期间,收入为1.079亿令吉及税前利润为710万令吉,收入减少10.3%,税前利润减少45.8%。本期财务表现较低主要是由于总量平均售价较低及预混料销售量较低所致。

医疗保健部门报告当前2019年6月30日结束的6个月的收入为2.676亿令吉,税前利润为3,470万令吉,相比之下,截至2018年6月30日止期间相应的6个月收入为2.101亿令吉,税前利润为2170万令吉,收入增加27.4%,税前利润增加59.7%。

截至2019年6月30日止的其他部门录得收入1.411亿令吉及税前利润为3,790万令吉,相比之下截至2018年6月30日止的6个月期间收入为1.618亿令吉及税前利润为1,420万令吉,收入减少12.8%,税前利润增加167.3%。本期收入较低主要是由于建材部门的贡献减少。

2Q19 vs 1Q19:
双威本季度录得收入10.772亿令吉及税前利润为2.532亿令吉,而上一季度收入为11.236亿令吉及税前利润为1.773亿令吉,相当于收入减少4.1%,税前利润增加42.9%。本季度收入较低主要是由于房地产投资,建筑和贸易及制造业部门的贡献减少。

物业发展部门本季度收入为1.136亿令吉及税前利润为3,730万令吉,而上一季度收入为8,790万令吉及税前利润为3,280万令吉,相当于收入增加29.3%,税前利润增加13.6%。

物业投资部门于本季度录得收入1.761亿令吉及税前利润1.223亿令吉,而上一季度收入为1.967亿令吉及税前利润为5,740万令吉,相当于收入减少10.5%,税前利润增长113.1%。本季度的收入下降主要是由于双威大学资产出售给双威房地产投资信托后租金收入减少,以及集团主题公园的贡献减少。

建筑部门于本季度录得收入2.935亿令吉及税前利润4740万令吉,而去年同期收入为3.462亿令吉及税前利润为4,370万令吉,收入减少15.2%,税前利润增加8.5%。本季度收入较低主要是由于本地建设项目进度收入减少以及集团内部抵销增加所致。

贸易及制造业务这季度收入为2.3亿令吉,而税前利润为660万令吉,与上一季度的收入2.513亿令吉和税前利润660万令吉相比,收入减少8.5%,税前利润微幅减少。本季度收入较低,原因是本地和海外市场需求疲弱导致销售额下降。

采石场部门报告本季度收入为5260万令吉,税前利润为210万令吉,而上一季度的收入为4420万令吉,税前利润为170万令吉,收入增长19.1%,税前利润增长21.5%。

医疗保健业务报告本季度收入为1.408亿令吉,税前利润为1,930万令吉,而上一季度收入为1.268亿令吉,税前利润为1,540万令吉,收入增加11.1%,税前利润增加24.9%。

其他部门的收入为7060万令吉,当前季度的税前利润为1,830万令吉,而上季度收入为7,050万令吉,税前利润为1,960万令吉,收入增加0.1%,税前利润减少6.8%。税前利润较低,主要是由于净利息支出增加,而建材部门和其他业务的贡献增加减少了这一点。

前景:
由于持续的贸易紧张局势和持续不确定性带来的风险上升,全球经济增长放缓,马来西亚经济稳定增长的预期可能会受到影响。除非出现任何不可预见的情况,双威将继续在今年下半年表现良好。
-----------------------------
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 RM1.60 (dividend RM0.015) in 1 year 16 days, total return is 125.9%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.46 (dividend RM0.04) in 1 year 1 month 25 day, total return is 88.7%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.22 in 8 months 12 days, total return is 52.5%

d) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.68 (dividend RM0.07) in 9 months 10 days, total return is 37.8%

e) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.39 in 2 months 24 days, total return is 33.7%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.1875) in 10 months 14 days, total return is 31.6%

g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.745 in 7 months 8 days, total return is 29.6%

h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.24 (dividend RM0.008) in 8 months 5 days, total return is 29.3%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.93 (dividends RM0.063) in 10 months 21 days, total return is 25.3%

j) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.37 (dividends RM0.084) in 1 Year 29 days, total return is 12.5%

k) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM1.86 (dividend RM0.01) in 2 months 26 days, total return is 12%

l) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.55 (dividends RM0.04) in 10 months 26 days, total return is 11.2%

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。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.,免费茶和咖啡

9月8日星期日:Hotel Sri Petaling, KL 3份点心

10月19日星期六:Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月22日星期日:AG Hotel Penang, George Town 2份点心

2)【股票-实际操作班】课程:
10a.m. – 9p.m.,免费午餐和晚餐

9月7日星期六:Hotel Sri Petaling, KL

10月20日星期日:Silka Johor Bahru Hotel, Johor Bahru

12月21日星期六:AG Hotel Penang, George Town

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

10月18日星期五:Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月20日星期五:AG Hotel Penang, George Town 2份点心

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

请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest

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
------------------
[SUNWAY BHD: Revenue was lower in the current quarter due to lower contributions from most business segments except property development and healthcare]

2Q19 vs 2Q18:
The Group recorded revenue of RM1,077.2 million and profit before tax of RM253.2 million for the current quarter ended 30 June 2019 compared to revenue of RM1,260.2 million and profit before tax of RM243.0 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 14.5% and increase in profit before tax of 4.2%. Revenue was lower in the current quarter due to lower contributions from most business segments except property development and healthcare.

The property development segment reported revenue of RM113.6 million and profit before tax of RM37.3 million in the current quarter compared to revenue of RM88.7 million and profit before tax of RM50.1 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 28.1% and decrease in profit before tax of 25.6%. Profit before tax for the current quarter was lower compared to the corresponding quarter of the previous financial year, which benefitted from the foreign exchange gains realised from the accumulated profits distributed from the Group’s Singapore property development projects.

The property investment segment reported revenue of RM176.1 million and profit before tax of RM122.3 million in the current quarter compared to revenue of RM189.8 million and profit before tax of RM104.6 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 7.2% and increase in profit before tax of 16.9%. Revenue in the current quarter was lower partly due to lower rental income after the disposal of Sunway University assets to Sunway REIT, which was completed on 15 April 2019. The revenue was also impacted by lower visitorship and lower occupancy rates at the Group’s theme parks and hospitality properties. Higher profit before tax was partly offset by lower contributions from Group’s hospitality properties and theme parks as well as lower share of fair value gains from revaluation of Sunway REIT properties, which was RM43.6 million in the current quarter compared to RM59.2 million in the corresponding quarter of the previous financial year.

The construction segment recorded revenue of RM293.5 million and profit before tax of RM47.4 million in the current quarter compared to revenue of RM449.7 million and profit before tax of RM50.9 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 34.7% and profit before tax of 6.8%. Revenue in the current quarter was lower mainly due to lower progress billings from local construction projects and higher intra-group eliminations which led to a lower contribution from the construction projects to the current quarter profit before tax.

The trading and manufacturing segment recorded revenue of RM230.0 million and profit before tax of RM6.6 million in the current quarter compared to revenue of RM286.4 million and profit before tax of RM14.7 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 19.7% and profit before tax of 55.4%. The financial performance was lower in the current quarter due to lower sales from subdued market demands, both locally and overseas, and lower operating margins.

The quarry segment reported revenue of RM52.6 million and profit before tax of RM2.1 million in the current quarter compared to revenue of RM57.9 million and profit before tax of RM4.1 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 9.1% and profit before tax of 48.9%. The financial performance in the current quarter was lower primarily due to lower average selling price of aggregates and lower premix sales volume.

The healthcare segment reported revenue of RM140.8 million and profit before tax of RM19.3 million in the current quarter compared to revenue of RM108.2 million and profit before tax of RM11.0 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 30.2% and profit before tax of 75.7%.

The other segments recorded revenue of RM70.6 million and profit before tax of RM18.3 million in the current quarter compared to revenue of RM79.5 million and profit before tax of RM7.6 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 11.2% and increase in profit before tax of 141.5%. Revenue in the current quarter was lower mainly due to lower contribution from the building materials segment.

YTD19 vs YTD18:
The Group recorded revenue of RM2,200.8 million and profit before tax of RM430.5 million for the current 6 months period ended 30 June 2019 compared to revenue of RM2,541.7 million and profit before tax of RM402.2 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 13.4% and increase in profit before tax of 7.0%. Revenue was lower in the current period due to lower contributions from most business segments except healthcare. Profit contribution from the property development segment was also impacted by the adoption of MFRS 15 on one of the Group’s Singapore and China property development projects.

The property development segment reported revenue of RM201.4 million and profit before tax of RM70.1 million for the current 6 months period ended 30 June 2019 compared to revenue of RM221.0 million and profit before tax of RM77.6 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 8.8% and profit before tax of 9.6%. The lower revenue for the current period was due to lower progress billings from local development projects. The profit before tax for the current period was lower compared to the previous period, which benefitted from the foreign exchange gains realised from the accumulated profits distributed from the Singapore projects. Further, following the adoption of MFRS 15, the progressive profits from one of the Group’s Singapore and China property development projects totaling RM66.3 million in the current period can only be recognised upon completion.

The property investment segment reported revenue of RM372.8 million and profit before tax of RM179.7 million for the current 6 months period ended 30 June 2019 compared to revenue of RM382.8 million and profit before tax of RM161.8 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 2.6% and increase in profit before tax of 11.1%. Revenue in the current period was lower mainly due to lower occupancy rates at the Group’s hospitality properties. Higher profit before tax was partly offset by lower contributions from the Group’s hospitality properties and theme parks in the current period as well as lower share of fair value gains from revaluation of Sunway REIT properties.

The construction segment recorded revenue of RM639.6 million and profit before tax of RM91.1 million for the current 6 months period ended 30 June 2019 compared to revenue of RM893.4 million and profit before tax of RM92.3 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 28.4% and profit before tax of 1.3%. Revenue was lower in the current period due to lower progress billings from local construction projects and higher intra-group eliminations. Profit before tax was marginally lower due to higher percentage of progressive profit recognition in the current period to offset the much lower revenue.

The trading and manufacturing segment recorded revenue of RM481.4 million and profit before tax of RM13.1 million for the current 6 months period ended 30 June 2019 compared to revenue of RM564.7 million and profit before tax of RM27.5 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 14.8% and profit before tax of 52.3%. The financial performance was lower in the current period due to lower sales from subdued market demands, both locally and overseas, and lower operating margins.

The quarry segment reported revenue of RM96.8 million and profit before tax of RM3.9 million for the current 6 months period ended 30 June 2019 compared to revenue of RM107.9 million and profit before tax of RM7.1 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 10.3% and profit before tax of 45.8%. The financial performance in the current period was lower primarily due to lower average selling price of aggregates and lower premix sales volume.

The healthcare segment reported revenue of RM267.6 million and profit before tax of RM34.7 million for the current 6 months period ended 30 June 2019 compared to revenue of RM210.1 million and profit before tax of RM21.7 million in the corresponding 6 months period ended 30 June 2018, representing an increase in revenue of 27.4% and profit before tax of 59.7%.

The other segments recorded revenue of RM141.1 million and profit before tax of RM37.9 million for the current 6 months period ended 30 June 2019 compared to revenue of RM161.8 million and profit before tax of RM14.2 million in the corresponding 6 months period ended 30 June 2018, representing a decrease in revenue of 12.8% and increase in profit before tax of 167.3%. Revenue in the current period was lower mainly due to lower contribution from the building materials segment.

2Q19 vs 1Q19:
The Group recorded revenue of RM1,077.2 million and profit before tax of RM253.2 million for the current quarter compared to revenue of RM1,123.6 million and profit before tax of RM177.3 million in the preceding quarter, representing a decrease in revenue of 4.1% and increase in profit before tax of 42.9%. Revenue was lower in the current quarter mainly due to lower contributions from property investment, construction and trading and manufacturing segments.

The property development segment reported revenue of RM113.6 million and profit before tax of RM37.3 million for the current quarter compared to revenue of RM87.9 million and profit before tax of RM32.8 million in the preceding quarter, representing an increase in revenue of 29.3% and profit before tax of 13.6%.

The property investment segment reported revenue of RM176.1 million and profit before tax of RM122.3 million for the current quarter compared to revenue of RM196.7 million and profit before tax of RM57.4 million in the preceding quarter, representing a decrease in revenue of 10.5% and increase in profit before tax of 113.1%. Revenue in the current quarter was lower mainly due to lower rental income after the disposal of Sunway University assets to Sunway REIT, and lower contributions from the Group’s theme parks.

The construction segment recorded revenue of RM293.5 million and profit before tax of RM47.4 million for the current quarter compared to revenue of RM346.2 million and profit before tax of RM43.7 million in the preceding quarter, representing a decrease in revenue of 15.2% and increase in profit before tax of 8.5%. Revenue in the current quarter was lower mainly due to lower progress billings from local construction projects and higher intra-group eliminations.

The trading and manufacturing segment recorded revenue of RM230.0 million and profit before tax of RM6.6 million for the current quarter compared to revenue of RM251.3 million and profit before tax of RM6.6 million in the preceding quarter, representing a decrease in revenue of 8.5% and marginal decrease in profit before tax. Revenue was lower in the current quarter due to lower sales from subdued market demands, both locally and overseas.

The quarry segment reported revenue of RM52.6 million and profit before tax of RM2.1 million for the current quarter compared to revenue of RM44.2 million and profit before tax of RM1.7 million in the preceding quarter, representing an increase in revenue of 19.1% and profit before tax of 21.5%.

The healthcare segment reported revenue of RM140.8 million and profit before tax of RM19.3 million for the current quarter compared to revenue of RM126.8 million and profit before tax of RM15.4 million in the preceding quarter, representing an increase in revenue of 11.1% and profit before tax of 24.9%.

The other segments recorded revenue of RM70.6 million and profit before tax of RM18.3 million for the current quarter compared to revenue of RM70.5 million and profit before tax of RM19.6 million in the preceding quarter, representing an increase in revenue of 0.1% and decrease in profit before tax of 6.8%. Profit before tax was lower, mainly due to higher net interest expenses, mitigated by higher contribution from the building materials segment and other businesses.

Prospects:
The expectation of steady growth for Malaysia economy could be derailed by the slowing global growth due to the ongoing trade tensions and rising risks from continuing uncertainties. Barring any unforeseen circumstances, the Group will continue to perform well for the second half of this year.
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