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 [MISC BHD:营业额较高,是由于本季度的营运船舶数目增加,以及lower dry-dockings和两(2)艘液化天然气船舶的收购]

3Q19 vs 3Q18:
集团的营运盈利为3亿7640万令吉,比去年同期的3亿5450万令吉高出2190万令吉。

液化天然气:
营业额为6.504亿令吉,比去年同期的6.035亿令吉高出4,690万令吉或7.8%,主要是由于本季度的营运船舶数目增加,以及lower dry-dockings和两(2)艘液化天然气船舶的收购,分别在2018年12月和2019年1月。营业利润为2亿7800万令吉,比上一季度的2亿4940万令吉高2860万令吉或11.5%,主要因有更高的收入。

石油:
营业利润为2100万令吉,比上一季度的2740万令吉亏损高出4840万令吉,这主要是由于本季度的运费上涨。

离岸:
营业利润为1亿1700万令吉,比去年同期的1亿3990万令吉低2290万令吉,这主要是由于本季度的收入减少和确认遣散费用。

重型工程:
重型工程部门的营业亏损为480万令吉,比上一季度的2280万令吉亏损有所下降,这主要是由于相应季度的海事部门的转换工作产生了成本。

其他,消除和调整:
其他部门营业亏损为3,480万令吉,较上一季度的1,540万令吉利润,减少5,020万令吉,这主要是由于本季度的综合海运,港口和码头服务的贡献减少,投资的公允价值损失以及净海外汇兑收益减少。

YTD19 vs YTD18:
截至2018年9月30日的9个月期间,集团收入为65.872亿令吉,较上一季度的63.918亿令吉增加1.954亿令吉或3.1%。集团营业利润为14.526亿令吉,较去年同期的10.849亿令吉增加3亿6770万令吉或33.9%。

液化天然气:
LNG收入为19.337亿令吉,比去年同期的17.84亿令吉高8.4%,主要是由于本期运营船舶数量增加,这是由于dry-dockings减少以及收购了两(2)艘LNG船(2018年12月和2019年1月)。液化天然气营业利润为9.211亿令吉,较去年同期的7亿9920万令吉,增长15.3%,这是由于收入增加以及浮动存储单元(“ FSU”)的附加包租费率。

石油:
石油收入为31.462亿令吉,比去年同期的30.346亿令吉高3.7%,主要是由于运费上涨。石油部门录得1亿8千900万令吉的营业利润,而去年同期亏损为1亿2千100万令吉,主要是由于本期收入增加以及船舶运营成本降低。

离岸:
较低的收入加上在当前期间确认的遣散成本,导致离岸营业利润减少了3750万令吉。

重型工程:
重型工程部门的收入为7.341亿令吉,较去年同期的7.021亿令吉,增长4.6%,主要是由于LNG船干坞服务的收入增加,当前项目的进度增加以及新订单的获得。重型工程部门的营业亏损为4,250万令吉,低于同期的9,430万令吉亏损,主要是由于本期LNG船的改装和干船坞服务的贡献增加。

其他,消除和调整:
其他部门录得1390万令吉的经营亏损,而同期的盈利为6460万令吉,主要是由于综合海运,港口和码头服务的贡献减少,投资的公允价值损失以及较低的外汇净收益。

3Q19 vs 2Q19:
集团营业利润为3亿7640万令吉,较上季的4亿8430万令吉,减少1亿790万令吉或22.3%,主要是由于本季度收入减少,确认遣散成本,综合海事,港口和码头服务的贡献减少及投资的价值损失。

前景:
近几个月来,由于强劲的季节性基本面以及地缘政治因素的推动,油轮费率飙升。对沙特石油设施和油轮的袭击,以及一系列美国制裁加上scrubber的安装,使所有尺寸和地区的船舶吨位趋于紧缩,使运费率创下历史新高。第四季度运价可能保持强劲。尽管市场波动,但石油运输板块将受益于强劲的市场,预计今年年底将表现坚挺。

同样,在液化天然气运输领域,现货价格的飙升提高了人们对强劲的冬季市场奠定基础的期望。吨位供应仍然很低,美国液化能力的提高预计将在未来几个月进一步推动现货价格。尽管如此,国际船务的液化天然气业务部门的营业收入仍将由已签订的长期合同组合来承担。

油气勘探和生产方面的健康活动继续为离岸业务提供支持。石油公司深水支出的强劲增长推动了上游投资的新增长,预计在未来几年内将增加浮动生产系统合同的授予数量,MISC的离岸业务部门将继续评估寻求这些机会的优点。该部门的核心营业收入仍然由长期租约上的资产组合来支撑。重型工程部门对行业的复苏持谨慎乐观的态度,并将继续专注于补充其在各个地理区域的订单,以及多元化发展新业务。
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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 RM2.40 (dividend RM0.025) in 1 year 4 months 29 days, total return is 239.2%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.26 in 11 months 21 days, total return is 119.1%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.66 (dividend RM0.04) in 1 year 6 months 9 days, total return is 113.8%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.765 in 4 months 16 days, total return is 68.1%

e) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.50 in 6 months 11 days, total return is 66.7%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.75 (adjusted)(dividend RM0.01) in 7 months 8 days, total return is 65.3%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.35 (dividends RM0.113) in 1 Year 3 months 3 days, total return is 54.9%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.19 (dividend RM0.015) in 1 Year 25 days, total return is 50.6%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.66 (dividend RM0.105) in 1 Year 1 month 23 days, total return is 39%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.28 (dividend RM0.018) in 1 Year 18 days, total return is 34.5%

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。

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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

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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: Higher revenue from higher number of operating vessels in the current quarter following lower dry-dockings and acquisition of two (2) LNG carriers]

3Q19 vs 3Q18:
Group operating profit of RM376.4 million was RM21.9 million higher than the corresponding quarter's profit of RM354.5 million.

LNG:
Revenue of RM650.4 million was RM46.9 million or 7.8% higher than the corresponding quarter’s revenue of RM603.5 million, mainly from higher number of operating vessels in the current quarter following lower dry-dockings and acquisition of two (2) LNG carriers, each in December 2018 and January 2019. Operating profit of RM278.0 million was RM28.6 million or 11.5% higher than the corresponding quarter’s profit of RM249.4 million, mainly from higher revenue.

Petroleum:
Operating profit of RM21.0 million was RM48.4 million higher than corresponding quarter’s loss of RM27.4million, mainly from higher margin on freight rates in the current quarter.

Offshore:
Operating profit of RM117.0 million was RM22.9 million lower than corresponding quarter’s profit of RM139.9 million, mainly from lower revenue and recognition of demobilisation cost in the current quarter.

Heavy Engineering:
Heavy Engineering segment recorded lower operating loss of RM4.8 million compared to corresponding quarter’s loss of RM22.8 million, mainly due to cost incurred for conversion work in its marine sub-segment in the corresponding quarter.

Others, Eliminations and Adjustments:
Other segment operating loss of RM34.8 million was RM50.2 million lower compared to corresponding quarter’s profit of RM15.4 million, mainly due to lower contribution from integrated marine, port and terminal services, fair value loss in an investment and lower net foreign exchange gain in the current quarter.

YTD19 vs YTD18:
Group revenue of RM6,587.2 million was RM195.4 million or 3.1% higher than RM6,391.8 million revenue for the 9-month period ended 30 September 2018 (“corresponding period”). Group operating profit of RM1,452.6 million was RM367.7 million or 33.9% higher than the corresponding period's profit of RM1,084.9 million.

LNG:
LNG revenue of RM1,933.7 million was 8.4% higher than the corresponding period’s revenue of RM1,784.0 million, mainly from higher number of operating vessels in the current period following lower dry-dockings and acquisition of two (2) LNG carriers, each in December 2018 and January 2019. LNG operating profit of RM921.1 million was 15.3% higher than the corresponding period’s profit of RM799.2 million, due to higher revenue coupled with additional charter rate for Floating Storage Units (“FSU’).

Petroleum:
Petroleum revenue of RM3,146.2 million was 3.7% higher than the corresponding period’s revenue of RM3,034.6 million, mainly from higher freight rates. Petroleum segment recorded an operating profit of RM189.0 million compared to the corresponding period’s loss of RM121.0 million, mainly due to the higher revenue coupled with lower vessel operating costs in the current period.

Offshore:
Lower revenue coupled with recognition of demobilisation cost in the current period have caused the decrease in Offshore operating profit by RM37.5 million.

Heavy Engineering:
Heavy Engineering revenue of RM734.1 million was 4.6% higher than the corresponding period’s revenue of RM702.1 million, mainly due to higher revenue from dry docking services on LNG carriers, higher progress of ongoing projects and new order intake in the current period. Heavy Engineering operating loss of RM42.5 million was lower than the corresponding period’s loss of RM94.3 million mainly due to higher contribution from conversion work and dry docking services on LNG carriers in the current period.

Others, Eliminations and Adjustments:
Other segment recorded operating loss of RM13.9 million compared to corresponding period’s profit of RM64.6 million mainly due to lower contribution from integrated marine, port and terminal services, fair value loss in an investment and lower net foreign exchange gain.

3Q19 vs 2Q19:
Group operating profit of RM376.4 million was RM107.9 million or 22.3% lower than the preceding quarter's profit of RM484.3 million, mainly from lower revenue, recognition of demobilisation cost, lower contribution from integrated marine, port and terminal services and fair value loss in an investment in the current quarter.

Prospects:
Petroleum tanker rates have spiked in recent months on strong seasonal fundamentals and reinforced by geopolitical factors. The attacks on Saudi oil installations and on tankers, and a series of US sanctions combined with tonnage being taken off the market for scrubber installations have tightened tonnage in all vessel sizes and regions, pushing freight rates to record highs. Freight rates are likely to remain robust in the fourth quarter. The Petroleum shipping segment will reap the benefits of the robust albeit volatile market and is expected to end the year on a firmer note.

Similarly, in the LNG shipping segment, a surge in spot rates has raised expectation that the ground is being laid for a robust winter market. Tonnage availability remains low and increased US liquefaction capacity is expected to drive spot rates further in the coming months. Nevertheless, the operating income of MISC’s LNG business unit continues to be underwritten by the portfolio of long term contracts that are in place.

The offshore segment continues to be supported by healthy activities in oil and gas exploration and production. The renewed surge in upstream investments driven by strong growth in deep-water spending by oil companies is expected to increase the number of floating production system contract awards in the next few years and MISC’s Offshore business unit will continue to assess the merit of pursuing these opportunities. The unit’s core operating income remain underpinned by a portfolio of assets on long term charters. The Heavy Engineering segment is cautiously optimistic on the recovery of the industry and shall continue to focus on replenishing its order book in various geographical areas as well as diversifying into new 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.

James Ng

https://klse.i3investor.com/blogs/general/2020-01-13-story-h1482127102.jsp
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