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James的股票投资James Share Investing

Author: James Ng   |   Latest post: Wed, 16 Jan 2019, 01:38 PM

 

[转贴] [PETRONAS CHEMICALS GROUP BHD:继续其卓越运营计划及供应商关系管理,以维持高于行业基准的工厂利用率水平,化肥和甲醇业务将在转变以及来自更下游行业的健康需求后恢复供应,从而稳定下来] - James的股票投资James Share Investing

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[PETRONAS CHEMICALS GROUP BHD:继续其卓越运营计划及供应商关系管理,以维持高于行业基准的工厂利用率水平,化肥和甲醇业务将在转变以及来自更下游行业的健康需求后恢复供应,从而稳定下来]

3Q18 vs 3Q17:
随着原油价格上涨,国油石化整体平均产品价格走强。由于产品价格上涨,集团的收入增加了8.17亿令吉或20%至48亿令吉,部分被销量下降和马来西亚令吉兑美元走强所抵消。在收入增加后,息税折旧摊销前利润(EBITDA)增加了1.97亿令吉或14%,达到16亿令吉。由于较低的税收支出和较高的利息收入和EBITDA更高,税后利润也增加了3.11亿令吉或32%至13亿令吉。

烯烃和衍生物:
该部门的工厂利用率较高,为96%,而去年相应季度为82%,主要原因是其裂解装置及相关下游设施的法定周转率下降。随着工厂利用率的提高,产量和销量增加。

由于原油价格走强,该部门的平均产品价格有所改善。收入增加了5.3亿令吉或20%至32亿令吉,主要受产品价格和产量增加的推动,部分被马来西亚令吉兑美元走强所抵消。相应地,该部门实现了更高的EBITDA,提高了1.13亿令吉或13%,达到9亿6500万令吉。税后利润也增加了1.57亿令吉或27%,达到7.43亿令吉。

肥料和甲醇:
随着原油价格上涨,所有产品的平均产品价格均有所提高。尽管销量下降及马来西亚令吉兑美元走强,但该部门的收入提高了2.83亿令吉或20%到17亿令吉,主要由于产品价格上升所致。收入增加后,EBITDA增加了8,800万令吉或15%至6.88亿令吉。税后利润也增加了1.27亿令吉或34%至4.96亿令吉。

YTD18 vs YTD17:
生产和销售量的增长主要来自PETRONAS Chemicals Fertilizer Sabah Sdn. Bhd.(PCFSSB)于2017年5月开始商业运营的尿素生产。由于原油价格上涨,整体平均产品价格较同期有所改善。

国油石化的收入比同期高了18亿令吉或15%,为145亿令吉,主要受产品价格和产量增加的推动,部分被马来西亚令吉兑美元走强所抵消。相应地,由于收入增加,EBITDA增加了3.88亿令吉或8%至53亿令吉。税后利润也增加了3.94亿令吉或12%,达到38亿令吉,与EBITDA提高一致。

烯烃和衍生物:
本期间工厂利用率较高,为95%(法定周转率较低),同期为92%。随着工厂利用率的提高,产量和销量也有所增加。随着原油价格上涨,平均产品价格上涨。该部门收入增加了6.79亿令吉或8%,达到91亿令吉,主要受产品价格和产量增加的推动,部分被马来西亚令吉兑美元走强所抵消。

肥料和甲醇:
2017年5月开始商业运营的PCFSSB的尿素产量促进了产量和销量的增长。随着原油价格的上涨,所有产品的平均产品价格都得到了加强。收入增加了12亿令吉或27%至55亿令吉,主要是由于价格和交易量的增加,部分被马来西亚令吉兑美元走强所抵消。由于收入增加,息税折旧摊销前利润(EBITDA)增加了5.47亿令吉或30%,达到23亿令吉。相应地,税后利润增加了5.19亿令吉或43%至17亿令吉。

3Q18 vs 2Q18:
随着原油价格上涨,总体平均产品价格上涨。尽管产量下降,但集团的收入增加了9700万令吉或2%,达到48亿令吉,这主要是由于产品价格上涨以及马来西亚令吉兑美元走弱。

集团的总资产增加了26亿令吉或8%,达到359亿令吉。这主要是由于现金和现金等价物增加了48亿令吉或71%至114亿令吉;通过定期贷款提取现金,期内产生的利润以及子公司50%的股权和股东贷款,部分被PIC内石化项目的资本投资,向股东支付的股息以及购买某些附属公司的非控股权益所抵消。总权益增加10亿令吉或4%至299亿令吉,主要归因于期内产生的溢利,部分被向股东派付股息及收购若干附属公司的非控股权益而持有的股份所抵消。

经营活动产生的现金净额增加8.93亿令吉或21%至51亿令吉,主要是由于期内产生的利润增加及营运资金变动所致。投资活动所用现金净额减少15亿令吉或55%至12亿令吉,主要来自剥离子公司50%股权的收益以及石化公司石化项目的资本投资减少。

前景:
国油石化将继续其卓越运营计划及供应商关系管理,以维持高于行业基准的工厂利用率水平。国油石化预计未来一个季度烯烃及衍生物市场将走软。国油石化预计化肥和甲醇业务将在转变以及来自更下游行业的健康需求后恢复供应,从而稳定下来。
------------------------------------------------
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 RM1.01 in 26 days, total return is 26.3%

b) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 17 days, total return is 20.2%

c) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 2 months 23 days, total return is 17.9%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 6 months 8 day, total return is 15.7%

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 (包括免费茶点)

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

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

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James Ng
----------------------------------------------
[PETRONAS CHEMICALS GROUP BHD: continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark, expects the Fertiliser and Methanol segment to stabilise as supplies resume after turnarounds and healthy demand from further downstream industries]

3Q18 vs 3Q17:
Overall average product prices for the Group strengthened in tandem with higher crude oil price. The Group's revenue increased by RM817 million or 20% to RM4.8 billion on the back of higher product prices, partially offset by lower sales volumes and the strengthening of Ringgit Malaysia against US Dollar. EBITDA was higher by RM197 million or 14% at RM1.6 billion following higher revenue. Profit after tax was also higher by RM311 million or 32% to RM1.3 billion in line with higher EBITDA, supported by lower tax expenses and higher interest income.

Olefins and Derivatives:
The segment recorded higher plant utilisation of 96% compared to 82% in the corresponding quarter, primarily contributed by lower statutory turnaround at its cracker and related downstream facilities. Production and sales volumes increased in line with the higher plant utilisation.

Average product prices for the segment improved attributable to the strengthening of crude oil price. Revenue increased by RM530 million or 20% to RM3.2 billion mainly driven by higher product prices and volumes, partially negated by the strengthening of Ringgit Malaysia against US Dollar. Correspondingly, the segment achieved higher EBITDA by RM113 million or 13% at RM965 million. Profit after tax also increased by RM157 million or 27% to RM743 million.

Fertilisers and Methanol:
Average product prices improved across all products as crude oil price increased. The segment recorded higher revenue by RM283 million or 20% at RM1.7 billion mainly attributable to higher product prices, despite lower sales volumes and the strengthening of Ringgit Malaysia against US Dollar. Following higher revenue, EBITDA increased by RM88 million or 15% to RM688 million. Profit after tax also increased by RM127 million or 34% to RM496 million.

YTD18 vs YTD17:
Production and sales volumes were higher largely contributed by urea production from PETRONAS Chemicals Fertiliser Sabah Sdn. Bhd. (PCFSSB) which commenced commercial operation in May 2017. Overall average product prices improved from the corresponding period on the back of higher crude oil price.

The Group's revenue was higher than the corresponding period by RM1.8 billion or 15% at RM14.5 billion primarily driven by higher product prices and volumes, partially negated by the strengthening of Ringgit Malaysia against US Dollar. Correspondingly, EBITDA increased by RM388 million or 8% to RM5.3 billion contributed by higher revenue. Profit after tax also increased by RM394 million or 12% to RM3.8 billion in line with higher EBITDA.

Olefins and Derivatives:
Plant utilisation was higher at 95% in the current period compared to 92% in the corresponding period driven by lower statutory turnaround activities in the segment. Production and sales volumes were also higher with improved plant utilisation. Average product prices strengthened in tandem with higher crude oil price. The segment achieved higher revenue by RM679 million or 8% at RM9.1 billion mainly driven by higher product prices and volumes, partially offset by the strengthening of Ringgit Malaysia against US Dollar.

Fertilisers and Methanol:
Both production and sales volumes increased, contributed by urea production from PCFSSB which commenced commercial operation in May 2017. Average product prices strengthened across all products in line with higher crude oil price. Revenue increased by RM1.2 billion or 27% to RM5.5 billion mainly due to higher prices and volumes, partially negated by the strengthening of Ringgit Malaysia against US Dollar. EBITDA was higher by RM547 million or 30% at RM2.3 billion driven by higher revenue. Correspondingly, profit after tax increased by RM519 million or 43% to RM1.7 billion.

3Q18 vs 2Q18:
Overall average product prices improved with higher crude oil price. The Group achieved higher revenue by RM97 million or 2% at RM4.8 billion despite lower volumes, mainly due to higher product prices coupled with the weakening of Ringgit Malaysia against US Dollar.

The Group's total assets were higher by RM2.6 billion or 8% at RM35.9 billion. This was primarily due to the increase in cash and cash equivalent by RM4.8 billion or 71% to RM11.4 billion; contributed by term loan drawdown, profit generated during the period as well as divestment of 50% equity interest and shareholder loans in a subsidiary, partially offset by capital investment in the petrochemicals projects within PIC, dividend payment to shareholders and payment for the acquisition of a non-controlling interest in certain subsidiaries. Total equity was higher by RM1.0 billion or 4% at RM29.9 billion largely attributable to profit generated during the period, partially negated by dividend payment to shareholders and acquisition of shares held by a non-controlling interest in certain subsidiaries.

Net cash generated from operating activities increased by RM893 million or 21% to RM5.1 billion primarily contributed by the higher profit generated and changes in working capital during the period. Net cash used in investing activities was lower by RM1.5 billion or 55% at RM1.2 billion largely contributed by proceeds from divestment of 50% equity interest in a subsidiary as well as lower capital investment in petrochemicals projects within PIC.

Prospects:
The Group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark. The Group anticipates that the Olefins and Derivatives segment to soften in the coming quarter. The Group expects the Fertiliser and Methanol segment to stabilise as supplies resume after turnarounds and healthy demand from further downstream industries.
------------------------------------------------
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 RM1.01 in 26 days, total return is 26.3%

b) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 17 days, total return is 20.2%

c) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 2 months 23 days, total return is 17.9%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 in 6 months 8 day, total return is 15.7%

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/189382.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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