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 [ENGTEX GROUP BHD:大部分制成钢产品和未售物业的市场需求疲软;某些金属相关贸易产品和制成品的采购和运营成本增加,进一步加剧了税前利润下降的趋势]

2019年上半年的净收入和税前利润分别比上年同期减少9.5%和74.4%,这主要是由于其大部分制成钢产品和未售物业的市场需求疲软。某些金属相关贸易产品和制成品的采购和运营成本增加,进一步加剧了税前利润下降的趋势。

在截至2019年6月30日止六个月的财务状况审查中,集团的公司拥有人应占权益从2018年12月31日的6.85亿令吉减少至2019年6月30日的6.827亿令吉;由于有股息和边际收益,勇达集团的每股净资产从2018年12月31日的1.59令吉降至2019年6月30日的1.58令吉。

批发和分销部门:
批发及分销部门在2019年录得净收入3.127亿令吉,较2018年减少4.7%,占集团净收入的59.1%。该部门的利润和税前利润分别较低,分别为2300万令吉和1420万令吉,与2018年相比分别下降18.9%和22.1%。收入和税前利润的下降主要是由于市场需求疲软,某些金属相关贸易产品的采购成本增加。

制造部门:
制造业部门在2019年的净收入为2.057亿令吉,比2018年下降16.2%,占集团净收入的38.9%。收入减少主要是由于市场对软钢衬混凝土管道和其他钢铁产品的需求疲软。相应地,该部门录得较低的部门利润为770万令吉,税前亏损为250万令吉,分别较2018年减少66.3%和122.6%。获利的急剧下降因原材料采购成本增加和高运营成本而进一步加剧。

物业发展部:
该部门在2019年的净收入为600万令吉,而2018年为620万令吉,占集团净收入的1.1%。该部门继续录得除税前亏损,主要是由于房地产市场需求疲弱以及维持其位于甲洞和士拉央的未售出房地产的运营成本而导致收入较低。

酒店部门:
该部门在2019年的净收入较低,为450万令吉(2018年:460万令吉),与其三家运营酒店的平均入住率较低(60.0%,2018年:64.5%)一致。因此,该部门录得更高的税前亏损390万令吉(2018年:330万令吉),并因高昂的运营成本而加剧。

2Q19 vs 1Q19:
与截至2019年3月31日的上一季度相比,收入减少主要是由于对某些金属相关贸易产品和制成钢产品的市场需求下降。撇除出售北部巴生空置工业用地的收益约210万令吉,除税前利润减少到160万令吉,主要是由于某些金属相关贸易产品和制成品的收入下降和运营成本较高。

前景:
虽然住宅产业收缩幅度较小,但由于未售出的物业仍多,活动仍然疲弱。在商业物业供过于求的情况下,非住宅产业仍然疲弱。 IMF将其2019年全球增长预期下调了0.1%至3.2%。由于贸易争端的潜在升级,英国退欧谈判的持续不确定性以及金融市场的过度动荡,前景展望仍然倾向于下行。在持续的贸易紧张局势下,全球增长放缓将继续拖累增长。

勇达集团的表现受到诸如国内需求,国际和国内金属价格的波动以及建筑,公用事业,基础设施和房地产开发等领域的项目实施延迟等因素的影响。来年的前景仍然充满挑战。鉴于房地产市场疲软,房地产部门不打算在其现有土地库上启动新的房地产开发项目,而是出售其在甲洞和士拉央的剩余未售出的住宅和商业物业。
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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 RM1.90 (dividend RM0.025) in 1 year 2 months 11 days, total return is 169.2%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.91 in 1 month 27 days, total return is 100%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.49 (dividend RM0.04) in 1 year 3 months 21 days, total return is 92.5%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.945 in 9 months 3 days, total return is 64.3%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.29 in 10 months 7 days, total return is 61.3%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.40 (dividend RM0.01) in 4 months 20 days, total return is 44.3%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.21 (dividends RM0.083) in 1 Year 16 days, total return is 44.2%

h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.37 (dividend RM0.018) in 9 months 29 days, total return is 43.8%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.68 (dividend RM0.07) in 11 months 5 days, total return is 37.8%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.22) in 1 Year 9 days, total return is 28%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.32 in 4 months 20 days, total return is 26.9%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.23 (dividends RM0.111) in 1 Year 2 months 23 days, total return is 9.6%

m) GTRONIC (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.25 (dividends RM0.08) in 1 Year 3 months 15 days, total return is 7.4%

n) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.48 (dividends RM0.04) in 1 Year 23 days, total return is 6.3%

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

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

12月29日星期日:Hotel Sri Petaling, KL 3份点心

2020年2月22日星期六:Silka Johor Bahru Hotel, Johor Bahru 7份点心

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

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

12月28日星期六:Hotel Sri Petaling, KL

2020年2月23日星期日:Silka Johor Bahru Hotel, Johor Bahru

3) 【公司业绩分享会】:
2p.m. – 7p.m.,免费茶和咖啡

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

12月27日星期五:Hotel Sri Petaling, KL 3份点心

2020年2月21日星期五:Silka Johor Bahru Hotel, Johor Bahru 7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
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[ENGTEX GROUP BHD: soft market demand for the most part of its manufactured steel products and unsold property units; the declining profit before tax was further exacerbated by the increased procurement and operating costs for certain metal related trading products and manufactured steel products]

The net revenue and profit before taxation for the first half year of 2019 was 9.5% and 74.4% lower than the preceding year corresponding period mainly due to the soft market demand for the most part of its manufactured steel products and unsold property units. The declining profit before tax was further exacerbated by the increased procurement and operating costs for certain metal related trading products and manufactured steel products.

On the financial position review for the six months ended 30 June 2019, the Group’s equity attributable to owners of the Company decreased from RM685.0 million as at 31 December 2018 to RM682.7 million as at 30 June 2019 and the net assets per share of the Group decreased from RM1.59 as at 31 December 2018 to RM1.58 as at 30 June 2019 on the back of dividends accrued and marginal earnings.

Wholesale and distribution division:
The wholesale and distribution division recorded a net revenue of RM312.7 million in 2019 representing a 4.7% decrease as compared to 2018 and contributed 59.1% of the Group’s net revenue. The division recorded a lower segment profit and profit before tax of RM23.0 million and RM14.2 million respectively, representing a decrease of 18.9% and 22.1% respectively as compared to 2018. The decrease in revenue and profit before tax was mainly due to soft market demand and increased procurement cost for certain metal related trading products.

Manufacturing division:
The manufacturing division recorded a net revenue of RM205.7 million in 2019 representing a decrease of 16.2% as compared to 2018 and contributed 38.9% of the Group’s net revenue. The lower revenue was mainly due to the softening market demand for mild steel concrete-lined pipes and other steel products. Correspondingly, the division recorded a lower segment profit of RM7.7 million and loss before tax of RM2.5 million representing a decrease of 66.3% and 122.6% respectively as compared to 2018. The sharp decrease in profitability was further exacerbated by the increased procurement cost of raw materials and the high operating cost.

Property development division:
The division recorded a lower net revenue of RM6.0 million in 2019 as compared to RM6.2 million in 2018 and contributed 1.1% to the Group’s net revenue. The division continued to register loss before tax mainly due to low revenue arising from the weak property market demand and operating cost to maintain its unsold property stocks located in Kepong and Selayang.

Hospitality division:
The division recorded a lower net revenue of RM4.5 million in 2019 (2018: RM4.6 million) in line with lower average occupancy rate of 60.0% (2018: 64.5%) from its three operating hotels. Consequently, the division recorded a higher loss before tax of RM3.9 million (2018: RM3.3 million) and exacerbated by high operating cost.

2Q19 vs 1Q19:
The decrease in revenue as compared to preceding quarter ended 31 March 2019 was mainly due to declining market demand for certain metal related trading products and manufactured steel products. Excluding the gain on disposal of vacant industrial land at North Port Klang of approximately RM2.1 million, the lower profit before tax of RM1.6 million was mainly due to declining revenue and high operating cost for certain metal related trading products and manufactured steel products.

Prospects:
While the residential subsector registered a smaller contraction, activity remained weak amid the high unsold properties. Non-residential subsector remained weak amid the oversupply of commercial properties. The IMF revised downward its 2019 global growth forecast by 0.1% to 3.2%. Risks to the outlook remain tilted to the downside, emanating from a potential escalation of trade disputes, continued uncertainties in Brexit negotiations, and excessive financial market volatility. The slower global growth amid ongoing trade tensions would continue to weigh on growth.

The performance of the Group was affected by factors such as the domestic demand, the volatility in the international and domestic metal prices and the delay in the implementation of projects in the construction, utilities, infrastructure and property development sectors. The outlook in the forthcoming year will remain challenging. The property division does not intend to launch new property development projects on its existing land bank in light of the weak property market other than selling its remaining unsold residential and commercial properties in Kepong and Selayang.
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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.

James Ng

https://klse.i3investor.com/blogs/general/231839.jsp


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