[DELEUM BHD：所有部门的营业额均录得强劲增长]
4Q19 vs 4Q18:
由于所有部门的营业额均录得强劲增长，让本季度的营业额增长了15.8％或3170万令吉，至2.321亿令吉，较上一季度的2.004亿令吉有所增长，特别是动力和机械部门以及Sponge-Jet blasting业务在综合腐蚀解决方案部门的持续销售增长。
集团的公司股东应占利润也增加了14.6％或110万令吉，至860万令吉，而上一季度则为750万令吉，这主要归功于动力和机械部门的强劲业绩取得更高的销售，并获得了更高的营业利润率，有利的外汇汇率变动，将马来西亚令吉兑美元的外汇差额重新转换为110万令吉的净收益，而同期录得41,000令吉的净亏损以及合资公司的业绩份额更高，为10万令吉。然而，尽管由于较高的运营成本而导致利润率下降的影响，尽管获得了更高的收入，但油田服务和综合腐蚀解决方案部门的较低运营结果抵消了这一增长。合资公司业绩的较高份额是由于这年的直接运营支出减少和赚取的利息收入增加。
由于对阀门和流量调节器服务的强劲需求，本地现场服务代表的增加，以及涡轮机零件和其他辅助服务的销售水平增加，动力和机械事业部的收入增长了12.2％或1,530万令吉，至1.405亿令吉，而上一季度为1.252亿令吉。
由于录得更高的收入以及由于更好的销售组合而获得的更健康的营业利润率，该部门的业绩提高了1,010万令吉。由于对马来西亚令吉兑美元汇率差额的重新换算产生了有利影响，净外汇收益为100万令吉，业绩进一步得到改善，而去年同一季度录得的收益为22,000令吉。
油气服务部门的收入较去年同期的3,090万令吉，增加了15.1％或470万令吉，至3,560万令吉，这得益于Gas Lift Valve (“GLV”)服务产生的额外收入，以及增加已完成工作的well intervention和增强服务，东马地区更高的slickline服务以及Specialty Chemical and Well Stimulation (“SCWS”)部门带来的更高的化学销售，但西马地区的slickline活动减少。尽管赚取了更高的收入，但该部门的业绩下降至亏损70万令吉，而上一季度的利润为40万令吉。
集成腐蚀解决方案部门的收入强劲增长26.4％或1170万令吉，达到5590万令吉，相比之下，相应季度的收入为4420万令吉，这归因于Sponge-Jet Blasting业务因Pan Malaysia Painting and Blasting Contracts (“PMPBC”)更新后的收入增长。尽管赚取了更高的收入，该部门的业绩下降了300万令吉，这归因于MCM contract所遭受的亏损，这是由于项目工作的执行减少以及Sponge-Jet Blasting业务的利润下降所致。
YTD19 vs YTD18：
由于所有部门录得的收入增加，迪隆的年收入比去年同期增加了39.2％或2.446亿令吉，达到8.683亿令吉，而去年为6.237亿令吉。在较高的收入支持下，迪隆的公司股东应占盈利比去年同期增加了22.0％或600万令吉，达2720万令吉，更高收入来自动力和机械部门的强劲业绩，综合腐蚀解决方案部门的业绩好转，本年度来自联营公司的收益份额为250万令吉，以及去年受到税务机关对某些支出的解释差异而征收的附加税和罚款的影响。然而，本年度的业绩被油田服务部门遭受的亏损所抵消，并且由于外汇差额的不利重新换算而加剧，导致外汇净亏损从去年的50万令吉扩大至120万令吉。
合营企业业绩的较高份额是由于本年度产生的直接运营支出减少和赚取的利息收入增加。联营公司的业绩份额提高了250万令吉，这得益于2MC的强劲表现，由于主要客户的强劲订单，dry bulk和liquid mud业务实现了更高的吞吐量。
动力和机械部门的业绩较去年同期增长38.2％或1380万令吉，至4980万令吉，这是由于阀门和流量调节器服务，涡轮机零件，交换引擎，第三方销售以及改造项目的硬件供应量增加，推动了销售收入增加。然而，业绩受到较低的经营利润率的影响，这是由于改造项目和机械管理系统产生了更高的运营成本，以及重新换算外汇差额带来的更大损失，导致净外汇损失为130万令吉，而去年为40万令吉。
尽管收入增加，但油田服务部门的利润却减少到90万令吉，而去年同期的利润为1,440万令吉，这是由于其本地slickline服务的利润率严重压缩，设备租赁成本增加，海外slickline业务的亏损，但被GLV服务产生的额外利润以及well intervention和增强服务带来的强劲贡献所缓解。
综合腐蚀解决方案部门的业绩有所好转，报告了180万令吉的利润，而去年同期则录得650万令吉的亏损，即增加了840万令吉或128.4％的利润。这是由于其MCM和PMPBC合同的活动水平提高和工作订单交付所致，其收入从去年同期的1.382亿令吉增长至2.373亿令吉。此外，业绩的改善还归因于利润率的提高以及本年度销售组合的改善，以及没有如上一年中因关闭PMPBC合同而产生的高成本。
截至2019年12月31日，集团总资产为7.475亿令吉，上一财政年度末为6.604亿令吉，增加了8710万令吉或13.2％。这主要是由于非流动资产的账面价值增加了4,030万令吉，这是由于油田服务部门为履行先前获得的新slickline合同而产生的资本支出增加，库存，贸易应收款项和现金增加所致，银行存款总额达7,350万令吉。
迪隆的现金和银行结存为1.60亿令吉，而2018年12月31日为1.349亿令吉。正变化是由于来自经营产生的净现金的现金流入为8570万令吉，筹集的净借贷（不包括使用权资产的租赁负债）为2,410万令吉，以及从联营公司收取的540万令吉股息。
4Q19 vs 3Q19：
迪隆的本公司权益持有人应占盈利较上一季度减少450万令吉，这是由于所有部门的收入疲弱，以及油田服务和综合腐蚀解决方案部门业务的贡献减少，因为较低的工作活动水平和利润率下降的压力，但被动力和机械部门的较高业绩所抵消，尽管该部门的收入有所下降。
尽管收入减少，但动力和机械部门的业绩从前一季度的1880万令吉增加至1990万令吉。这得益于更好的销售组合所获得的更高的利润率，阀门和流量调节器服务的较高贡献以及本地现场服务代表的更多供应。
油田服务部门亏损为70万令吉，而上一季度则为盈利20万令吉，这归因于天然气提升阀，well intervention和增强服务以及化学产品销售和解决方案服务的销售贡献减弱，但受到本地的slickline服务带来了更好的业绩所抵消。
综合腐蚀解决方案部门的税前亏损为310万令吉，相比之下，前一季度的利润为360万令吉，这归因于本季度MCM项目的活动量和工作订单履行的降低以及疲软的Sponge-Jet Blasting业务的利润率。
前景：
为迎接新的财政年度，Deleum继续专注于其关键战略计划，以确保在行业面临的所有挑战和不确定性中确保业务的可持续性和增长。动力和机械部门在2019财年结束时取得了强劲的收入和业绩，并继续成为集团盈利能力的最大贡献者。该部门正在继续努力，以进一步提高其绩效，并扩大其在新的2020财年的业务。
油田服务部门已设法在2019财年履行了规定的合同义务。因此，展望未来，该部门有望在继续保持其业绩质量和提高新财年的盈利能力的同时，做出积极贡献。
集成腐蚀解决方案部门在截至2019年的财年实现扭亏为盈。在2020年，该部门将继续采取举措和措施，进一步加强其财务业绩，并寻求其他新的商机。
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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 RM1.45 (dividend RM0.04) in 1 year 7 months 8 days, total return is 108.4%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.44 (dividend RM0.04) in 1 year 8 months 19 days, total return is 86.2%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.51 (adjusted)(dividend RM0.055) in 9 months 18 days, total return is 53.6%
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[DELEUM BHD: stronger revenue recorded across all reportable segments]
4Q19 vs 4Q18:
The Group’s turnover for the current quarter had increased by 15.8% or RM31.7 million to RM232.1 million against the corresponding quarter of RM200.4 million on the back of stronger revenue recorded across all reportable segments principally driven by the higher sales from the Power and Machinery segment coupled with the sustained sales growth from the Sponge-Jet blasting business in the Integrated Corrosion Solution segment.
The Group’s profit attributable to equity holders of the Company had also improved by 14.6% or RM1.1 million to RM8.6 million against the corresponding quarter of RM7.5 million driven mainly by the stronger results from the Power and Machinery segment on the back of higher sales achieved with better operating margins earned, favourable foreign exchange movement with a net gain of RM1.1 million recorded on the re-translation of foreign exchange differences on MYR against USD versus a net loss of RM41,000 recorded in the corresponding quarter and a higher share of results from a joint venture company of RM0.1 million. However, this increase was offset by the lower operating results from Oilfield Services and Integrated Corrosion Solution segments despite higher revenue achieved affected by the downward pressure on margins due to high operational costs incurred. The higher share of results of JV was due to lower direct operating expenditure incurred and higher interest income earned in the current year.
The Power and Machinery segment revenue climbed by 12.2% or RM15.3 million to RM140.5 million compared to the corresponding quarter of RM125.2 million driven by the robust demand for valves and flow regulators services, higher supply of local field service representatives coupled with the increase in the level of sales for turbine parts and other ancillary services.
The segment results had improved by RM10.1 million riding on the back of higher revenue recorded along with healthier operating margins earned on account of better sales mix. The results were further improved by the favourable impact on the re-translation of foreign exchange differences on MYR against USD with a net foreign exchange gain of RM1.0 million against a minimal gain of RM22,000 recorded in the corresponding quarter.
The Oilfield Services segment revenue improved by 15.1% or RM4.7 million to RM35.6 million compared to the corresponding quarter of RM30.9 million supported by the additional revenue generated from Gas Lift Valve (“GLV”) services, increase in jobs performed from well intervention and enhancement services, higher slickline services in East Malaysia region and higher chemical sales generated under the unit of Specialty Chemical and Well Stimulation (“SCWS”) but offset by the lower slickline activities in the West Malaysia. The segment results fell to a loss of RM0.7 million compared against the corresponding quarter profit of RM0.4 million despite higher revenue earned.
The Integrated Corrosion Solution segment recorded a strong growth in revenue by 26.4% or RM11.7 million to RM55.9 million compared against the corresponding quarter revenue of RM44.2 million driven by the revenue growth from its Sponge-Jet Blasting business following the renewal of the Pan Malaysia Painting and Blasting Contracts (“PMPBC”). Notwithstanding the higher revenue earned, the segment results declined by RM3.0 million affected by the losses suffered from its MCM contract due to lower executions of project works coupled with the softer margins from its Sponge-Jet Blasting business.
YTD19 vs YTD18:
The Group’s revenue for the year was higher by 39.2% or RM244.6 million to RM868.3 million against the corresponding year to RM623.7 million as a result of the increase in revenue recorded across all reportable segments. The Group’s profit attributable to equity holders of the Company had improved by 22.0% or RM6.0 million against the corresponding year to RM27.2 million on the back of higher revenue with stronger results reported from Power and Machinery segment, a turnaround in the Integrated Corrosion Solution segment results, higher share of results from an associate company of RM2.5 million in the current year coupled with that the results in the corresponding year was affected by additional taxes and penalties imposed by the tax authority over differences in interpretation of certain expenses incurred. The current year results were however offset by the losses suffered by the Oilfield Services segment and aggravated by the unfavorable re-translation of foreign exchange differences which resulted in a wider net foreign exchange losses of RM1.2 million against RM0.5 million recorded in the corresponding year.
The higher share of JV results was due to lower direct operating expenditure incurred and higher interest income earned in the current year. Share of results of associates was higher by RM2.5 million underpinned by the strong performance in 2MC with higher throughput achieved from both its dry bulk and liquid mud businesses on the account of robust orders from its main customers.
The Power and Machinery segment result increased by 38.2% or RM13.8 million against the corresponding year to RM49.8 million as a result of higher revenue recorded on valves and flow regulator services, turbine parts, exchange engine, third party sales and sales in retrofit projects driven by the higher hardware supplies. The results were however impacted by the lower operating margins due to higher operational costs incurred on retrofit projects and Machinery Management Systems coupled with wider losses in the re-translation of foreign exchange differences which resulted in a net foreign exchange loss of RM1.3 million compared to RM0.4 million in the corresponding year.
Notwithstanding the higher revenue reported, the Oilfield Services segment recorded a lower profit of RM0.9 million against the corresponding year profit of RM14.4 million underpinned by severe compressions in margins on its local slickline services with higher equipment rental costs incurred, losses from its overseas slickline operations but mitigated by the additional profits generated from GLV services and stronger contribution recorded from well intervention and enhancement services.
The Integrated Corrosion Solution segment had turnaround its results to report a profit of RM1.8 million against a loss of RM6.5 million recorded in the previous corresponding year, representing an increase by RM8.4 million or 128.4% in profits. This was a result of stronger activity levels and work order deliveries from both its MCM and PMPBC contracts with its revenue increasing to RM237.3 million against RM138.2 million recorded in the previous corresponding year. In addition, the improved results were also due to margin improvements with better sales mix in the current year as well as absence of high expediting costs incurred for the closure of PMPBC contract during the last corresponding year.
The Group’s total assets as at 31 December 2019 stood at RM747.5 million against RM660.4 million at the end of the previous financial year, representing an increase of RM87.1 million or 13.2%. This was mainly due to the higher carrying value of non-current assets by RM40.3 million as a result of higher capital expenditure incurred for the Oilfield Services segment for the fulfilment of its new slickline contract secured previously, higher inventories, trade receivables and cash and bank balances totalling to RM73.5 million.
The Group’s cash and bank balances stood at RM160.0 million against RM134.9 million as at 31 December 2018. The positive variation was due to cash inflows from net cash generated from operations of RM85.7 million, net borrowings raised (exclude lease liabilities on right-of-use assets) of RM24.1 million and dividend received from an associate of RM5.4 million.
4Q19 vs 3Q19:
The Group’s profit attributable to equity holders of the Company decreased by RM4.5 million against the immediate preceding quarter due to weaker revenue across all reportable segments with lower contributions from both Oilfield Services and Integrated Corrosion Solution segments due to lower work activities level and downward pressure on margins but was offset by the higher results from Power and Machinery segment despite the decline in revenue reported for the segment.
Power and Machinery segment results increased to RM19.9 million as compared to RM18.8 million in the immediate preceding quarter despite lower revenue recorded. This was supported by higher margins earned on better sales mix with proportionately higher contributions from valve and flow regulators services and higher supply of local field service representatives.
Oilfield Services segment reported a segment loss of RM0.7 million against RM0.2 million profit recorded in the immediate preceding quarter affected by the weaker sales contributions from gas lift valve, well intervention and enhancement services and chemical sales and solution services but cushioned by the stronger results from its local slickline services.
Integrated Corrosion Solution segment posted a pre-tax loss of RM3.1 million compared to a profit of RM3.6 million recorded in the immediate preceding quarter affected by lower activity levels and job orders fulfilment for its MCM project in the current quarter coupled with weaker margins from its Sponge-Jet Blasting business.
Prospects:
Gearing up for the new financial year, Deleum remain focus on its key strategic plans to ensure business sustainability and growth amidst all the challenges and uncertainties in the industry. The Power and Machinery segment has closed the financial year 2019 with achievement in stronger revenue and results reported and remained as the highest contributor to the Group’s profitability. The segment is continuing its effort to further enhance its performance as well as expanding its businesses for the new financial year 2020.
The Oilfield Services segment has managed to fulfil the required contractual obligation in the financial year 2019. Thus moving forward, the segment is expected to contribute positively, whilst continuing to maintain its performance quality and improve on its profitability for the new financial year.
The Integrated Corrosion Solution segment has turnaround to report a profit in the financial year ended 2019. In 2020, the segment will continue with its initiatives and measures to further strengthen its financial performance as well as looking into other new business opportunities.
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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.
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https://klse.i3investor.com/blogs/general/2020-03-21-story-h1485579046.jsp
