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Overview
Financial Highlight
HeadlinesBusiness Background Wah Seong Corp Bhd is engaged in the business of specialized pipe coating and corrosion protection services; Engineering, Procurement, and Construction (“EPC”); fabrication and rental of gas compressors and process equipment; Exploration and Production (“E&P”) of products and services; renewable energy and infrastructure materials and services. The company serves the plantations, oleo chemical, petrochemical and power generation industries. It also manufactures large diameter spiral steel pipes in Malaysia. Geographically the company is spread across Malaysia, Europe, India, China, Australia, Canada, Middle East, East Asia, Africa, and Latin America.
  Investor 9999 For the quarter Q2 2018, the Group recorded revenue of RM 760.0 mil, more than 70% increase from its revenue of RM 446.0 mil in the corresponding quarter last year. This had contributed to the Group recording a healthy net profit after Non-Controlling Interests of RM 21.0 mil (with EPS of 2.72 Sen) from RM 6.9 mil (with EPS of 0.9 Sen) in the corresponding quarter in 2017. For the 1st half Year 2018, the Group recorded revenue of RM 1,553 mil, about 204% increase from its revenue of RM 763 mil in the corresponding 1st Half last year 2017. The Group recording a healthy net profit after Non-Controlling Interests of RM 50.3 mil (with EPS of 6.5 Sen) from RM 16.4 mil (with EPS of 2.12 Sen) in the corresponding 1st Half year in 2017, a jump of 306%. Gross profit margin in Q2 has improved to 11.24% compared to 10.61% in Q1, however when compared to FY 2017 of 12.43%, it is lower due to weaker RM vs USD resulting in an exchange loss of RM6 mil for Q2 and RM5.5 mil for 1st Half 2018. I reviewed the core Oil and Gas profit before interest, before share of results of Associates and JV entities and exceptional income and expenses, its core profit for Oil and Gas has improved from Q4 2017 of RM34.4 mil to RM37.2 in Q2 2018. When compared Q2 2018 profit before tax against Q1 2018, Q2 PBT has dropped from RM35.9 mil to RM28.9 mil. However take note that there is profit on disposal of PPE of RM8 mil in Q1 and Q2 Profit on disposal of PPE is RM1 mil. If you adjust the gain on disposal of PPE out, core profit before tax has remained the same at for both quarters at RM 27.9 mil despite Q2 suffering Forex Loss of RM 6 mil. 03/09/2018 10:41 TIticamara Wah Seong’s share price likely to still be under pressure as the status of our local pipeline projects i.e., Trans Sabah Gas Pipeline and Multi Products Pipeline remain uncertain. 05/09/2018 11:37 bonbon I don't think Waseong was involved in the Sabah pipeline. Really curious why it drops unstoppably since it released its quarter result. The result is not bad. Anyhow, nowadays the whole market sentiment isn't good and this could impact the share price too 05/09/2018 15:54 TIticamara All hope is not lost. There is also potential for additional work from the NS2 project as it seeks new routes to avoid Denmark territorial waters on security grounds. https://sputniknews.com/europe/201808101067092687-nord-stream-new-route-denmark/ 13/09/2018 17:53 Keith Han Director quite confident .. buy back since 1.30 until now. Looks like DUFU few month ago. 19/09/2018 10:50 dompeilee Bought some Waseong @ 99.5c-1.01 13/09/2018 15:58 Commmminnnngggg my dearest =) 19/09/2018 16:11 dompeilee Bought some Waseong @ 99.5c-1.01 13/09/2018 15:58 Took some 2 wk profits on Waseong @ 1.09-1.11 this morning =) 27/09/2018 11:53 一卖 就涨 contra earn some duit kopi. 9 year ago when I'm a newbie I bought Waseong and earn some profit, this is my 2nd time to buy Waseong, tq. 02/10/2018 10:35 davidkkw79 Wow... coldeye master has mentioned this waseong as a strong recover STOCK 13/10/2018 15:41  |
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