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James的股票投资James Share Investing

Author: James Ng   |   Latest post: Tue, 19 Feb 2019, 12:38 PM

 

[转贴] [BOUSTEAD HOLDINGS BHD:种植园部门的作物产量受砂拉越地区劳动力短缺和经营问题的影响很大,在供应量增加和库存增加的情况下,毛棕榈油价格在第三季度下滑] - James的股票投资James Share Investing

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[BOUSTEAD HOLDINGS BHD:种植园部门的作物产量受砂拉越地区劳动力短缺和经营问题的影响很大,在供应量增加和库存增加的情况下,毛棕榈油价格在第三季度下滑]

截至2018年9月30日的第三季度(3QFY18),莫实得的税前利润(PBT)为6,380万令吉,而去年同期(2017财年第3季度)则为6.41亿令吉。莫实得3QFY18的税后利润(PAT)总额为4,010万令吉,亦低于2017财年第3季度的5.78亿令吉。在分配给非控股权益和永久的伊斯兰债券持有人后,莫实得的净利润为730万令吉(2017财年第3季度:3.106亿令吉)。

截至2018年9月30日(9MFY18)的九个月期间,莫实得的PBT为1.545亿令吉,较去年同期(9MFY17)8.479亿令吉低,因为去年莫实得卖掉种植地而增加盈利。撇除出售事项,莫实得的9MFY18的PBT为1.545亿令吉,较9MFY17的2.93亿令吉减少47%,主要是由于种植园,物业及重工业部门的贡献减弱。累积PAT为7690万令吉(9MFY17:7.181亿令吉)。在分配给非控股权益和永久sukuk持有人后,莫实得的净亏损为1,420万令吉,而9MFY17的净利润为3.591亿令吉。

种植园部门的收入为4.274亿令吉,较9MFY17的5.419亿令吉下降21%,主要原因是棕榈产品价格和FFB产量下降。在九个月期间,重工业部门的收入也较低,为5.789亿令吉(9MFY17:11.703亿令吉),这主要是由于缺乏船舶维修活动。物业部的收入减少7%,主要是由于Taman Mutiara Rini,柔佛的物业发展活动及酒店业务贡献减少。

种植业部门截至9MFY18亏损4160万令吉(9MFY17:PBT为6.564亿令吉),因棕榈产品价格和FFB产量下降以及Pertama房地产的启动费用影响利润。对于9MFY18,CPO的平均售价为每吨2,391令吉,较9MFY17的每吨2871令吉下降了RM480​​或17%。同样,平均PK价格为每吨1,924令吉,较9MFY17每吨2,478令吉降低了554令吉或22%。 9MFY18的FFB产量为660,088吨,较9MFY17的696,668吨下降了5%。

物业部在截至9MFY18结束时的赤字高达1330万令吉(9MFY17:580万令吉)。尽管房地产开发活动取得了进展,合资企业Boustead Ikano的亏损份额减少,但由于入住率较低,酒店业务的贡献减弱,导致表现不好。

由于Boustead Naval Shipyards和MHS Aviation的业绩较弱,重工业部门在9MFY18遭遇了亏损3,010万令吉(9MFY17:盈余2320万令吉)。在9个月期间,Boustead海军造船厂(BNS)出现赤字,主要原因是造船和修船活动表现较差。 MHS航空公司(MHSA)在其目前的运营规模缩小后,也在9MFY18出现了更高的赤字。

与2017年12月31日的借款相比,借款增加,为购置资产提供资金。

3Q18 vs 2Q18:
于3QFY18,莫实得录得税后利润4,010万令吉(2QFY18:税后亏损130万令吉),实现净利润730万令吉,相比之下,2QFY18净亏损为2,760万令吉。交易及工业部门在本季度结束时的PBT较低,为4,330万令吉(2QFY18:4,640万令吉),主要是由于BPM的贡献减少。

前景:
预计2018年剩余时间经济将面临挑战,因为全球和国内的增长已经放缓。由于贸易紧张局势加剧和保护主义情绪升温,全球经济受到国际贸易放缓的影响。全球需求的减少将使马来西亚的贸易和出口前景黯淡。尽管公共投资有所放慢,但马来西亚经济的长期前景是积极的,这得益于强劲的经济基本面,健全的金融体系,宽松的货币政策以及政府各项措施的实施。

种植园部门的作物产量受砂拉越地区劳动力短缺和经营问题的影响很大,但得到了最近收购的Pertama庄园的贡献。在供应量增加和库存增加的情况下,毛棕榈油价格在第三季度下滑。中国和美国之间的贸易战导致大豆油价格下跌,这也导致棕榈油价格下跌。然而,由于印度的购买力受到弱货币对美元汇率的打击,需求仍然缺乏。对2018/19年巴西大豆不佳的生长生产预测也对CPO价格产生了抑制作用。由于棕榈油库存高企和出口增长缓慢,预计今年剩余月份的价格前景依然充满挑战。

预计物业部门的酒店业务将在未来取得令人满意的业绩,但将继续面临生意量和费率的挑战。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.00 in 24 days, total return is 25%

b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 (dividend RM0.0375) in 2 months 21 days, total return is 15.2%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.10 in 15 days, total return is 14%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 6 months 6 day, total return is 13.2%

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 https://web.facebook.com/jamesshareinvest/ 与我联系

【看懂年报和季报】课程
时间:11a.m. – 7p.m

日期:1月27日星期日
地点:Tropical Inn, Johor Bahru (包括茶点)

日期:2月24日星期日
地点:Hotel Sri Petaling, KL (包括茶点)

日期:3月3日星期日
地点:G Inn Hotel, George Town (Penang)

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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James Ng
--------------------------------------
[BOUSTEAD HOLDINGS BHD: crop production is much affected by labour shortages and operating issues in the Sarawak region, CPO prices slid downwards during the 3rd quarter in the midst of increased supplies and stock piles]

For the 3rd quarter ended 30 September 2018 (3QFY18), the Group registered a lower profit before tax (PBT) of RM63.8 million compared with RM641.0 million in last year’s corresponding quarter (3QFY17). The Group’s after-tax profit (PAT) for 3QFY18 totalling RM40.1 million was also lower than 3QFY17 of RM578.0 million. After allocation to non-controlling interests and perpetual sukuk holders, the Group’s net profit stood at RM7.3 million (3QFY17: RM310.6 million).

For the nine-month period ended 30 September 2018 (9MFY18), the Group registered a lower PBT of RM154.5 million compared with RM847.9 million in last year’s corresponding period (9MFY17) as the Group’s bottom line was bolstered by the disposal of the said plantation land in 9MFY17. Excluding the disposal, the Group’s PBT for 9MFY18 of RM154.5 million was lower by 47% from RM293.0 million in 9MFY17 mainly due to weaker contributions from the Plantation, Property and Heavy Industries Divisions. Cumulative PAT stood at RM76.9 million (9MFY17: RM718.1 million). After considering the allocation to non-controlling interests and perpetual sukuk holders, the Group incurred a net loss of RM14.2 million compared with a net profit of RM359.1 million in 9MFY17.

The Plantation Division registered a revenue of RM427.4 million, a drop of 21% from RM541.9 million for 9MFY17, mainly due to declines in palm product prices and FFB production. For the nine-month period, the Heavy Industries Division also posted a lower revenue of RM578.9 million (9MFY17: RM1,170.3 million) primarily due to lack of ship repair activities. The Property Division’s revenue decreased by 7%, mainly as a result of lower contribution from property development activities in Taman Mutiara Rini, Johor and hotel operations.

The Plantation Division ended 9MFY18 with a deficit of RM41.6 million (9MFY17: PBT of RM656.4 million), as the bottom line was impacted by declines in palm product prices and FFB production, as well as the start-up expenses for Pertama estate. For 9MFY18, the average selling price of CPO was RM2,391 per MT, down by RM480 or 17% from RM2,871 per MT in 9MFY17. Similarly, the average PK price of RM1,924 per MT was lower by RM554 or 22% from RM2,478 per MT in 9MFY17. FFB production for 9MFY18 stood at 660,088 MT, down by 5% from 696,668 MT recorded in 9MFY17.

The Property Division ended 9MFY18 with a higher deficit of RM13.3 million (9MFY17: RM5.8 million). Despite the progress made by property development activities and reduced share of loss in Boustead Ikano, a joint venture, the result was negated by weaker contribution by hotel segment from lower occupancy rate attained.

For 9MFY18, the Heavy Industries Division incurred a deficit of RM30.1 million (9MFY17: surplus of RM23.2 million) on weaker results from Boustead Naval Shipyards and MHS Aviation. For the nine-month period, Boustead Naval Shipyard (BNS) incurred a deficit mainly due to weaker performance in both ship building and ship repair activities. MHS Aviation (MHSA) also registered a higher deficit in 9MFY18 as its current operation has been scaled down.

The borrowings increased as compared to 31 December 2017's position from additional borrowings to finance the acquisition of estates.

3Q18 vs 2Q18:
In 3QFY18, the Group recorded a profit after tax of RM40.1 million (2QFY18: loss after tax of RM1.3 million) resulting in a net profit of RM7.3 million, compared favourably against net loss of RM27.6 million incurred in 2QFY18. The Trading & Industrial Division ended the current quarter with a lower PBT of RM43.3 million (2QFY18: RM46.4 million) mainly due to reduced contribution from BPM.

Prospects:
The economy is expected to be challenging for the rest of 2018, as the growth in global and domestic fronts has settled into a slower pace. The global economy has been disrupted by the moderating international trade due to the heightened trade tensions and protectionist sentiments. A reduction in global demand will dim the trade and export prospects of Malaysia. Despite the easing of public investment, the long-term prospects for Malaysia economy are positive, which are supported by strong economic fundamentals, a sound financial system, an accommodative monetary policy as well as the implementation of various Government initiatives.

The Plantation Division's crop production is much affected by labour shortages and operating issues in the Sarawak region but supported by the contribution from the recently acquired Pertama estates. CPO prices slid downwards during the 3rd quarter in the midst of increased supplies and stock piles. The trade war between China and United States had caused soy oil prices to fall and this also led to lower palm oil prices. However, demand remained lack lustre as the purchasing power of India was hit by its weak currency against US currency. The forecast of bumper soya bean production in Brazil for 2018/19 growing season is also putting a damper on CPO prices. The price outlook for the remaining months of the year is expected to remain challenging due to high palm oil inventories and slow export growth.

The Property Division's hotel activities are expected to achieve satisfactory performance going forward but will continue to face challenges of occupancies and rates.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.00 in 24 days, total return is 25%

b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 (dividend RM0.0375) in 2 months 21 days, total return is 15.2%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.10 in 15 days, total return is 14%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 6 months 6 day, total return is 13.2%

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 https://web.facebook.com/jamesshareinvest/

In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://klse.i3investor.com/blogs/general/188530.jsp by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

If you want to join my WhatsApp group (there will be no James Ng's stock pick inside), please PM or email me your handphone number.

Please Like and Share this post. Final decision is always yours, thank you.

James Ng

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