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[转贴] [DIALOG GROUP BHD,发展Pengerang Deepwater Terminal] - James的股票投资James Share Investing

James Ng
Publish date: Wed, 04 Apr 2018, 05:38 PM

[DIALOG GROUP BHD,发展Pengerang Deepwater Terminal]

1HFY18归属于母公司股东的净利润是RM2.8亿,比起去年RM1.7亿,YoY+60%。这次有一次性卖掉JV的利润RM6600万。营收从RM15.1亿增到RM16.4亿,YoY+8%。

这一季更高的利润是因为大马部门和JV和伙伴的更多贡献。在2017年11月,子公司Pengerang LNG (Two) Sdn Bhd开始运作,和在Pengerang Deepwater Terminal新运作的再气化终端拿到第一个commercial Liquefied Natural Gas (LNG) cargo。手上现金增到RM14亿。

前景:
由于是在上游,中游,和下游领先的综合技术供应商,戴乐集团有信心在好的策略和部门组织下,能战胜油价波动和汇率变动。1.3m m3 Pengerang Deepwater Terminal Phase 1已经扩大430000 m3。Phase 2的开建也照计划走。戴乐集团正寻找新潜在的伙伴来发展Phase 3(包括工业地,石油,和石油化学的仓储码头)。Phase 3 和future phases会在约800英亩的土地发展。Pengerang Deepwater Terminal的持续发展会给戴乐集团提供服务机会。

戴乐集团已增加了在Langsat Terminal (One)和Langsat Terminal (Two)的股份。由于集团的策略是开发持续和重复收入,所以打算把Langsat Terminal (Three)扩大成300000 m3的储存设施。戴乐集团也放眼看有没有适合收购的生产资产。集团会继续扩大重复收入,特别是码头的生意。

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James Ng

1HFY18 net profit attributable to owners of the parent was RM277m, compared with last year RM173m, YoY+60%. There was a one-off fair value gain on disposal of a joint venture RM66m. Revenue increased from RM1.51b to RM1.64b, YoY+8%.

The higher profit achieved in this quarter was attributable to its Malaysian operations and the increased contributions from the JVs and associates. In November 2017, associate company, Pengerang LNG (Two) Sdn Bhd achieved its commercial operation and received the first commercial Liquefied Natural Gas (LNG) cargo at its newly-commissioned regasification terminal at the Pengerang Deepwater Terminal. 'Cash and cash equivalents' increased to RM1.4b.

Prospects:
As a leading integrated technical services provider to the upstream, midstream and downstream sectors, Dialog remains confident that its strategy and well structured business model can withstand the current oil price volatility and currency movements. The on-going operations of 1.3m m3 Pengerang Deepwater Terminal Phase 1 is now being expanded by an additional 430000 m3. The construction of Phase 2 is on schedule. They are also securing new potential partners for Phase 3, which will include the development of industrial land and more petroleum and petrochemical storage terminals. Phase 3 and future phases will be developed on a total of approximately 800 acres comprising reclaimable land and the buffer zone. Further development of the Pengerang Deepwater Terminal will provide more opportunities for services to be provided by the Group.

The Group had increased its stake in Langsat Terminal (One) and Langsat Terminal (Two). The Group is planning to expand Langsat Terminal (Three) into a 300000 m3 storage facilities in line with the Group's strategy to grow sustainable and recurring income. The Group is on the lookout for viable production assets, which may become available for possible acquisition. The Group will continue to grow its core businesses with recurring income especially in expanding its terminal business.

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James Ng