[MEGA FIRST CORP BHD：随着六月的雨季来临，Don Sahong发电厂的能源利用率预计将在2020年下半年提高到90％以上，而1H2020年为78.7％]
2Q20 vs 2Q19:
本季度的集团收入增长14.0％至1.813亿令吉（2019年第二季度：1.591亿令吉），主要归因于能源销售收入1.304亿令吉（2019年第二季度：无）以及包装与标签事业部的贡献增加（增长31.0％达到2160万令吉）。税前盈利跃升224％至9740万令吉（2019年第二季度：3000万令吉），得益于能源销售的9370万令吉税前利润（2019年第二季度：亏损60万令吉）和170万令吉贡献来自包装与标签事业部（2019年第二季度：亏损30万令吉）。
税后利润增长289％至9,530万令吉（2019年第二季度：2,400万令吉），税前利润增加224％，有效所得税率降低。老挝的能源销售收入在商业运营的前五年免征所得税，而在2019年第二季度，唐沙洪（Don Sahong）的建设期为建筑利润提供了20％的递延税。
能源部：
能源部门在本季度的收入为1.304亿令吉，来自向Électricité du Laos或“ EDL”的能源销售（2019年第二季度：无）。在本季度中，Don Sahong记录的平均能源利用率为86.7％，高于上一季度的70.7％，这是由于老挝摆脱了干旱季节。该部门在回顾季度从能源销售给EDL的EBITDA为1.188亿令吉，税前利润为9370万令吉，分别意味着EBITDA和税前利润率分别为91.1％和71.8％。
资源部：
税前盈利从440万令吉下降55.6％至200万令吉。
包装与标签部：
在新客户的灵活和纸质包装订单的支持下，本季度销售额从1650万令吉增长31.0％至2,160万令吉。因此，该部门录得税前盈利160万令吉，相比之下，去年同期为亏损30万令吉，原因是营业额增加，工厂效率提高和浪费减少。
YTD20 vs YTD19：
营业额的减少被新能源销售收入2亿3千370万令吉（2019年首6个月：无）所抵销。包装与标签部门的收入增长30.2％至4090万令吉（2019年首6个月：3140万令吉）。然而，在截至2020年6月30日的6个月期间，集团来自持续经营业务的税前利润从7500万令吉增长118.5％至1亿6380万令吉，这得益于能源销售利润达到1亿5840万令吉以及税前利润贡献增加来自包装与标签事业部（加RM300万）。
电力部（Don Sahong项目）：
在成功测试并同步了EDL通往柬埔寨的新500 KV旁路输电线路之后，Don Sahong在2020年1月7日实现了全面的商业运营。报告的今年6个月期间的电力收入为2亿3千370万令吉，代表该时期按需付费的能源账单系数为78.7％，略高于管理层预期。随着6月天气变湿，预计下半年平均能源利用率将超过90％。能源部门向EDL出售能源，其EBITDA为2.097亿令吉，税前盈利为1.584亿令吉，分别占EBITDA和税前利润率的89.7％和67.8％。
资源部：
税前盈利下跌20.3％至630万令吉（6M2019：790万令吉）。
包装与标签部：
来自包装与标签事业部的收入增长30.2％至4090万令吉（2019年首六个月：3140万令吉），因有柔性包装产品和纸袋的新客户订单。该部门在截至2020年6月30日的6个月期间录得210万令吉的税前盈利，而去年同期则为80万令吉的税前亏损，原因是营业额增加，浪费减少，提高了产能利用率。
截至2020年6月30日，总借贷（不包括租赁负债）为6.897亿令吉，较2019年12月31日录得的7.461亿令吉减少了5640万令吉。自2019年12月31日以来的借贷总额减少主要归因于偿还马来西亚令吉借贷的8,470万令吉。
集团在截至2020年6月30日的6个月期间，从营运活动中产生了1.23亿令吉现金，较2019年同期的800万令吉有显着改善。同期，公司筹集了8410万令吉的资本（Warrants 2016/2020转换产生的新普通股）以及行使ESOS期权。
新资本连同营运产生的现金被用来偿还银行借贷（8,470万令吉）和服务利息（1,250万令吉），部分偿还欠Don Sahong EPC承包商的欠款（9,080万令吉）和资本开支（2000万令吉）。集团的现金和现金等价物增加了200万令吉，至8990万令吉。
2Q20 vs 1Q20:
集团营业额从上个季度的1.607亿令吉提高了12.8％，至本季度的1.813亿令吉，主要是由于向EDL出售的能源增加了26.3％或2720万令吉。包装收入增长12.3％至2,160万令吉，而资源部的营业额下降22.8％至2,660万令吉。
集团的税前盈利增加3100万令吉或46.5％至9740万令吉，主要是来自电力部门的利润贡献增加2900万令吉或44.8％。资源部的税前盈利下跌54.1％至200万令吉，而包装与标签部的税前盈利则更好。
能源部：
廊沙洪水电厂的平均能源利用率从2020年第一季度的70.7％增至86.7％，这使收入从2020年第一季度的1.033亿令吉增26.3％至本季度的1.304亿令吉。由于稳定的运维成本和较低的利息支出，税前利润大幅增长了44.8％，达到9370万令吉（2020年第一季度：6470万令吉）。因此，本季度的税前利润率从62.6％连续提高至71.8％。
资源部：
该部门的税前利润减少了一半以上，为200万令吉（2020年第一季度：430万令吉）。
包装与标签部：
收入比上一季度增长12.3％，达到2160万令吉，这主要是由于新客户订购了柔性包装产品和纸袋。包装与标签事业部的税前盈利继续保持上升趋势，从上一季度的50万令吉增长246.3％至本季度的170万令吉，这要归功于销售收入的增长，产能利用率的提高以及原材料浪费的减少。
前景：
水电-Don Sahong：
随着六月的雨季来临，Don Sahong发电厂的能源利用率预计将在2020年下半年提高到90％以上，而1H2020年为78.7％。这将转化为电力部门今年剩余时间的更高利润。第五台涡轮机的建造预计需要2-3年才能完成。
太阳能–大型太阳能（LSS）：
美佳第一拟参与即将举行的马来西亚发展第四轮大型太阳能项目（“ LSS4”）的招标。 LSS4提供总计1,000 MW的太阳能电量，分为两个500 MW的组件。一个package用于10 MW至30 MW之间的电量，另一个package用于30 MW至50 MW之间的较大电量。招标工作的结果预计将于2021年1月宣布。如果成功，该项目为期21年，预计将在2023年投入使用。
太阳能-工商业（“ C＆I”）项目：
美佳第一拟扩大对C＆I太阳能光伏项目的投资。自2019年9月与Pekat Teknologi Sdn Bhd合作以来，该集团已获得四（4）个太阳能C＆I项目，总装机电量为16MW。从2021年开始，这些投资预计将为集团的收入带来积极贡献。
资源部：
随着马来西亚和区域经济的逐步开放，对石灰产品的需求已从4月至5月的低谷逐渐恢复。资源部的石灰产品总销量在2020年6月恢复到病毒大流行前的水平，部分原因是新获得客户的订单。管理层预计，资源部的业绩将在今年下半年有所改善。
包装与标签部：
包装和标签部门的业绩并未受到Covid-19大流行的不利影响。管理层预计，由于海外对他们的软包装产品和纸袋的需求持续旺盛，今年上半年的增长势头将保持。
与许多其他类型的包装材料相比，美佳第一的包装产品被认为在环境上更友好，更可持续。随着消费者越来越意识到可持续性的重要性，这些产品提供了巨大的增长机会。
为了应对国内外不断增长的需求，该部门已着手进行一项重大扩张计划，将纸袋的生产能力提高200％，将软包装的生产能力提高100％。包括两个新工厂的建设成本在内的扩张计划将在未来两年内耗资约8000万令吉。
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James Ng Stock Pick Performance:
Since Recommended Return:
a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.73, dividend RM0.04, in 2 years 9 days, total return is 427.3%
b. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM56.00 adjusted, dividend RM0.52, in 2 Years 1 month 20 days, total return is 365.6%
c. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM6.78 adjusted, dividend RM0.055, in 1 Year 2 months 19 days, total return is 309.3%
d. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM1.09, dividend RM0.0025, in 2 months 28 days , total return is 207.7%
e. KAREX BHD, recommended on 20 Oct 19, initial price was RM0.445, rose to RM1.09, dividend RM0.015, in 10 months 1 day, total return is 148.3%
f. KKB ENGINEERING BHD, recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.61, dividend RM0.04, in 2 Years 1 month 20 days, total return is 107.5%
g. PERAK TRANSIT BHD, recommended on 19 Jul 20, initial price was RM0.18, rose to RM0.285, in 1 month 2 days, total return is 58.3%
h. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.69, dividend RM0.003, in 11 months 27 days , total return is 52.3%
i. MGB BHD, recommended on 1 March 20, initial price was RM0.565, rose to RM0.85, in 5 months 20 days , total return is 50.4%
j. DESTINI BHD, recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.30, in 10 months 28 days , total return is 50%
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超过14％
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James Ng
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[MEGA FIRST CORP BHD: With the onset of the wet season in June, energy availability factor of Don Sahong power plant is expected to rise in the second half of 2020 to more than 90%, compared to 78.7% in 1H2020]
2Q20 vs 2Q19:
Group revenue in current quarter rose 14.0% to RM181.3 million (2Q2019: RM159.1 million) mainly due to RM130.4 million energy sales revenue (2Q2019: Nil) and higher contribution from Packaging & Labels Division (up 31.0% to RM21.6 million). Pre-tax profit jumped 224% to RM97.4 million (2Q2019: RM30.0 million), underpinned by a RM93.7 million pre-tax profit from energy sales (2Q2019: RM0.6 million loss) and RM1.7 million contribution from the Packaging & Labels Division (2Q2019: RM0.3 million loss).
Profit after tax surged 289% to RM95.3 million (2Q2019: RM24.0 million) on 224% increase in pre-tax profit and lower effective income tax rate. Income from energy sale in Laos is exempted from income tax in its first five years of commercial operations, whereas in 2Q2019, a 20% deferred tax was provided for construction profit during the construction period of the Don Sahong.
Power Division:
The Power Division derived its RM130.4 million revenue in the current quarter from energy sales to Électricité du Laos or “EDL” (2Q2019: nil). During the current quarter, Don Sahong recorded an average energy availability factor of 86.7%, an improvement from 70.7% in the preceding quarter as Laos emerged from its dry season. The division recorded an EBITDA of RM118.8 million and a pre-tax profit of RM93.7 million from energy sales to EDL in the quarter under review, representing an EBITDA and pre-tax profit margin of 91.1% and 71.8%, respectively.
Resources Division:
Pre-tax profit fell 55.6% from RM4.4 million to RM2.0 million.
Packaging & Labels Division:
Sales grew 31.0% from RM16.5 million to RM21.6 million in the current quarter, underpinned by flexible and paper packaging orders from new customers. Consequently, the Division posted a pre-tax profit of RM1.6 million, compared to a loss of RM0.3 million in the same period last year, on higher turnover, improved plant efficiency and lower wastage.
YTD20 vs YTD19:
The decrease in turnover was substantially offset by maiden energy sales revenue of RM233.7 million (6M2019: nil). Revenue from the Packaging & Labels Division rose 30.2% to RM40.9 million (6M2019: RM31.4 million). Group pre-tax profit from continuing operations however expanded 118.5% from RM75.0 million to RM163.8 million in the 6-month period ended 30 June 2020, underpinned by profit from energy sales amounting to RM158.4 million and higher pretax profit contribution from the Packaging & Labels Division (up RMRM3.0 million).
Power Division (Don Sahong Project):
Don Sahong achieved full commercial operation on 7 January 2020 following successful testing of and synchronization with EDL’s new 500 KV by-pass transmission line to Cambodia. Reported power revenue of RM233.7 million for the 6-month period this year represented energy billing to EDL during the period on a take-or-pay basis, Despite the seasonal dry season in January-May, the period recorded an average energy availability factor of 78.7%, slightly ahead of management expectations. With the onset of wetter weather in June, the average energy availability factor is forecast to exceed 90% in the second half of the year. The Power Division posted an EBITDA of RM209.7 million and a pre-tax profit of RM158.4 million from energy sale to EDL, representing an EBITDA and pre-tax margin of 89.7% and 67.8% respectively.
Resources Division:
Pre-tax profit fell 20.3% to RM6.3 million (6M2019: RM7.9 million).
Packaging & Labels Division:
Revenue from the Packaging & Labels Division rose 30.2% to RM40.9 million (6M2019: RM31.4 million) on new customer orders for flexible packaging products and paper bags. The division posted a pre-tax profit of RM2.1 million for the 6-month period ended 30 June 2020, compared to a pre-tax loss of RM0.8 million in the same period last year, on higher turnover, lower wastage and improved capacity utilisation.
At 30 June 2020, total borrowings (exclude lease liabilities) amounted to RM689.7 million, a drop of RM56.4 million from RM746.1 million recorded at 31 December 2019. The decrease in total borrowings since 31 December 2019 was primarily attributable to RM84.7 million loan repayment of Malaysia Ringgit borrowings.
The Group generated RM123.0 million cash from its operating activities during the 6-month period ended 30 June 2020, a marked improvement from RM8 million reported in the corresponding period of 2019. In the same period, the Company raised RM84.1 million capital from the issue of new ordinary shares arising from Warrants 2016/2020 conversion and the exercise of ESOS options.
The new capital together with cash generated from operations were used to repay bank borrowings (RM84.7 million) and service interests (RM12.5 million), partially settle remaining amount owing to Don Sahong EPC contractor (RM90.8 million) and fund CAPEX (RM20.0 million). Group’s cash and cash equivalents improved RM2 million to RM89.9 million.
2Q20 vs 1Q20:
Group turnover improved 12.8% from RM160.7 million in the previous quarter to RM181.3 million in the current quarter, spurred mainly by a 26.3% or RM27.2 million increase in energy sales to EDL. Packaging revenue rose 12.3% to RM21.6 million, while the Resources Division registered a 22.8% decline in turnover to RM26.6 million.
Group pre-tax profit rose RM31.0 million or 46.5% sequentially to RM97.4 million mainly on a RM29.0 million or 44.8% increase in profit contribution from the Power Division. The Resources Division recorded a 54.1% decline in pre-tax profit to RM2.0 million, whereas the Packaging & Labels Division posted better pre-tax earnings.
Power Division:
The 26.3% quarter-on-quarter increase in revenue from RM103.3 million in 1Q2020 to RM130.4 million in the current quarter was underpinned by an increase the average energy availability factor of Don Sahong hydropower plant from 70.7% in 1Q2020 to 86.7%. Pre-tax profit rose at a sharper rate of 44.8% to RM93.7 million (1Q2020: RM64.7 million) on stable O&M cost and lower interest expense. Consequently, pre-tax margin improved sequentially from 62.6% to 71.8% in the current quarter.
Resources Division:
Pre-tax profit of the division more than halved to RM2.0 million (1Q2020: RM4.3 million).
Packaging & Labels Division:
Revenue increased 12.3% sequentially to of RM21.6 million due mainly to new customer orders for flexible packaging products and paper bags. Packaging & Labels Division’s pre-tax profit continues on the uptrend, rising 246.3% from RM0.5 million in the last quarter to RM1.7 million in the current quarter, thanks to increase in sales revenue, higher capacity utliisation and lower raw material wastage.
Prospects:
Hydro - Don Sahong:
With the onset of the wet season in June, energy availability factor of Don Sahong power plant is expected to rise in the second half of 2020 to more than 90%, compared to 78.7% in 1H2020. This would translate into higher earnings for the Power Division in the remaining part of this year. Construction of the 5th turbine is expected to take 2-3 years to complete.
Solar – Large Scale Solar (LSS):
The Group intends to participate in the upcoming bidding for the development of the 4th cycle of Large Scale Solar projects (“LSS4”) in Malaysia. LSS4 offers a total of 1,000 MW solar capacity divided into two packages of 500 MW each. One package is for capacity between 10 MW and 30 MW, and the other package is for larger capacity of between 30 MW and 50 MW. Results of the bidding exercise is expected to be announced in January 2021. If successful, the project which carries a term of 21 years, is expected to be commissioned in 2023.
Solar - Commercial & Industrial (“C&I”) Projects:
The Group intends to expand its investments in C&I solar photovoltaic projects. Since teaming up with Pekat Teknologi Sdn Bhd in September 2019, the Group has secured four (4) Solar C&I projects with total installed capacity of 16MW. These investments are expected to contribute positively to Group earnings starting from 2021.
Resources Division:
Following the gradual re-opening of the Malaysia and regional economies, demand for lime products has gradually recovered from its trough in April-May. Overall sales volume of lime products by the Resources Division has recovered to pre-pandemic levels in June 2020, in part due to orders from a newly secured customer. Management expects earnings performance of the Resources Division to improve in the second half of this year.
Packaging & Labels Division:
The performance of the Packaging & Labels Division has not been adversely affected by the Covid-19 pandemic. Management expects the growth momentum achieved in the first half of the year to be sustained throughout the remaining part of the year, underpinned by continuing strong overseas demand for their flexible packaging products and paper bags.
The Group’s packaging products are considered environmentally more friendly and sustainable when compared to many other types of packaging materials. These products offer tremendous growth opportunities as consumers become increasingly more conscious of the importance of sustainability.
To cope with growing domestic and overseas demand, the division has embarked on a major expansion program to increase the production capacity of paper bags by 200% and production capacity of flexible packaging by 100%. The expansion, including the construction costs of two new factories, is expected to cost about RM80 million over the next 2 years.
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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 over 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/2020-08-23-story-h1512482924.jsp
