[DIALOG GROUP BHD，继续以经常性收入增长其核心业务，特别是扩展其物流业务，包括储罐终端]

戴乐集团于2018年3月31日截止第三季度财务表现强劲。虽然本季度录得的收入为8亿6740万令吉，较去年同期下降了5.1%，而税后净利润则较去年同期增加25.1％至1.224亿令吉。本财政年度的收入和税后净利润分别为25亿令吉和4.068亿令吉，较去年同期分别上升3.3％和49.4％。本年度迄今为止的税后净利润包括2017年9月出售共同控制实体时录得的6560万令吉的公允价值收益。

就本季度而言，马来西亚和国际业务均录得较去年同期较高的利润。马来西亚更好的业绩来自中游和下游活动，特别是其针对各种项目的工程，建筑和工厂维护服务。此外，戴乐集团本季度的财务表现包括自2017年9月成为子公司以来Langsat码头的整合。上游活动也得益于在近期油价上涨后获得更好的财务业绩。在国际方面，本季度与去年同期相比利润较高的主要原因是Jubail Supply Base，沙特阿拉伯的活动增加以及中东，泰国和印度的专业产品和服务销售额增加。

戴乐集团于本季度的合营企业及联营公司业绩的比例亦较高，主要来自其联营公司Pengerang LNG（Two）Sdn Bhd，该公司已实现商业运营并获得首批商业液化天然气（LNG）货物（在于2017年11月在Pengerang深水码头新建的再气化终端）。

戴乐集团当前财政季度的税前利润为1.481亿令吉，较上一季度的1.448亿令吉高出2.3％。这与本季度的收入增长一致。

前景：
作为石油，天然气和石化行业上游，中游和下游领域的领先综合技术服务提供商，DIALOG仍然相信其业务模式结构合理，能够承受当前的油价波动和货币变动。戴乐集团的财务记录证明，DIALOG的业务风险管理良好且可持续。

130万立方米现在正在进行运营的Pengerang深水码头第一期正在扩建430,000立方米。第二阶段的建设工作已部分完成，计划于2019年初完成。戴乐集团最近与Johor Darul Ta'zim州政府和State Secretary, Johor (Incorporated)(“SSI”)签署了谅解备忘录来投资和开发共同的储罐设施（包括共用基础设施）和深水海洋设施（“Jetty 3”），以支持和促进石油和石油化学品储存和处理储罐终端业务。第3阶段将在位于Pengerang深水码头的第2阶段旁边的约300英亩土地上开发，初步投资成本为25亿令吉。土地复垦活动已经开始，他们正在与第3阶段的潜在客户进行讨论。

上述Pengerang深水码头第3期的发展及将在剩余约500英亩土地及缓冲区内开发的未来阶段，将为戴乐集团的工程，建造，制造及工厂维修提供更多服务机会。戴乐集团已增加其于Langsat Terminal（One）及Langsat Termina（Two）的股份，两者均于柔佛Tanjung Langsat提供集中式油罐及码头设施。戴乐集团正计划将Langsat Terminal（Three）扩展至30万立方米的仓储设施，以符合戴乐集团通过进一步提升股东价值而实现可持续及经常性收入的策略。

在上游行业，戴乐集团正在积极开发现有合约的新储备。与此同时，集团也在寻找可行的生产资产，这些资产可能会被收购。

展望未来，戴乐集团将继续以经常性收入增长其核心业务，特别是扩展其物流业务，包括储罐终端。除非出现任何不可预见的情况，否则戴乐集团对截至2018年6月30日止财政年度的表现将保持强劲表示乐观。
--------------------------------
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

最终决定永远是你的，谢谢。

James Ng
--------------------
The Group closed its 3rd quarter ended 31st March 2018 with another strong financial performance. While the revenue of RM867.4 million recorded in the current reporting quarter was lower by 5.1%, the net profit after tax was higher by 25.1% to RM122.4 million against the corresponding quarter last year. Year to date revenue and net profit after tax for the current financial year were RM2.5 billion and RM406.8 million, higher by 3.3% and 49.4%, respectively against same periods last year. The current year to date net profit after tax included a RM65.6 million fair value gain recorded on a disposal of a jointly controlled entity in September 2017.

For the current reporting quarter, both Malaysia and International operations reported higher profits against corresponding period last year. The better performance in Malaysia was contributed by the midstream and downstream activities in particular its engineering, construction and plant maintenance services for various projects. In addition, the Group’s financial performance for the current quarter included the consolidation of Langsat Terminals since they became subsidiaries in September 2017. The upstream activities had also contributed to the better financial results following the recent increase in the oil price. On the International front, the higher profits in the current reporting quarter against same period last year was mainly contributed by the increased activities at Jubail Supply Base, Saudi Arabia and higher sales of specialist products and services in Middle East, Thailand and India.

The Group’s share of joint ventures and associates results for the current reporting quarter was also higher mainly contributed by its associate company, Pengerang LNG (Two) Sdn Bhd which achieved its commercial operation and received the first commercial Liquefied Natural Gas (LNG) cargo at its newly-commissioned regasification terminal at the Pengerang Deepwater Terminals in November 2017.

The Group’s profit before tax for the current financial quarter of RM148.1 million was 2.3% higher when compared to RM144.8 million recorded in the preceding quarter. This was in line with the increase in revenue recorded for the current reporting quarter.

Prospects:
As a leading integrated technical services provider to the upstream, midstream and downstream sectors in the oil, gas and petrochemical industry, DIALOG remains confident that its business model is well structured and can withstand the current oil price volatility and currency movements. The Group's financial track record has proven that DIALOG’s business is well risk-managed and sustainable.

The on-going operations of 1.3 million m3 Pengerang Deepwater Terminals Phase 1 is now being expanded by an additional 430,000 m3. The construction of Phase 2 is partially completed and full completion is scheduled in early 2019. The Group had recently signed a Memorandum of Understanding(“MOU”) with State Government of Johor Darul Ta’zim and the State Secretary, Johor (Incorporated)(“SSI”) to invest and develop common tankage facilities (including shared infrastructure) and deep water marine facilities(“Jetty 3”) to support and promote the petroleum and petro chemical storage and handling tank terminal business. Phase 3 will be developed on approximately 300 acres of the land located next to Phase 2 within Pengerang Deepwater Terminals with an indicative initial investment cost of RM2.5 billion. The land reclamation activities have started and they are in discussion with potential customers for Phase 3.

The development of the Pengerang Deepwater Terminals Phase 3 as above and future phases which will be developed on the remaining approximately 500 acres comprising reclaimable land and the bufferzone will provide more opportunities for services to be provided by the Group’s engineering, construction, fabrication and plant maintenance divisions. The Group had increased its stake in Langsat Terminal (One) and Langsat Termina (Two), both engaged in the provision of centralised tankage and terminal facilities in Tanjung Langsat, Johor. The Group is planning to expand Langsat Terminal(Three) into a 300,000 m3 storage facilities in line with the Group’s strategy to grow sustainable and recurring income there by further enhancing shareholders’ value in the long term.

In the upstream sector, the Group is actively developing new reserves from the existing contracts. At the same time, the Group is also on the lookout for viable production assets, which may become available for possible acquisition.

Moving forward, the Group will continue to grow its core businesses with recurring income especially in expanding its logistics businesses, which includes storage tank terminals. Barring any unforeseen circumstances, the Group is optimistic that its performance will remain strong for the financial year ending 30 June 2018.
--------------------------------
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/

Final decision is always yours, thank you.

James Ng