[DAYANG ENTERPRISE HOLDINGS BHD，工作订单在Pan HUC下的工作量增加，船舶利用率出现了70％的强劲改善，最糟糕的情况已经结束，运营环境大大改善]

相比之下，达洋企业截至2018年6月30日止本季度的收入增加16％，而达洋企业本季度的税前利润为5,700万令吉，而截至2017年6月30日相应季度的税前亏损则为3,560万令吉。

本季度收入和税前利润增加主要是由于根据topside maintenance合同收到和执行的工作订单增加。此外，本季度的税前利润还考虑了PPE减值损失710万令吉和已实现/未实现净汇兑收益2570万令吉，而截至2017年6月30日止的相应季度录得PPE减值损失和已实现/未实现净额外汇亏损分别为5040万令吉及1650万令吉。董事认为，本季度的业绩并未受到已于2018年6月30日至本报告日期之间发生的任何重大交易或事项的影响。

收入较去年同期的3.089亿令吉增加20％至目前为止的3.701亿令吉。本期收入较上年同期增加的主要原因是本期收到和执行的工作单价值较高。

集团于本年度的税前利润为2110万令吉，而去年同期的税前亏损则为7,240万令吉。本期税前利润较高主要是由于topside maintenance合同下的工作订单量较大。

本季度，集团的收入较上一季度增长49％。达洋企业的税前利润为5,700万令吉，而上一季度的税前亏损为3,600万令吉。本季度收入与上一季度相比增加主要是由于船舶利用率提高以及topside maintenance服务的工作订单增加。本季度税前利润为5700万令吉的显着增长主要归因于实现/未实现的净汇兑收益为2570万令吉，而上一季度的实现/未实现净汇兑亏损为2850万令吉。

前景：
鉴于维护，建造和修改合同（MCM）和Topside Maintenance服务的工作订单在Pan Hook-up and Commissioning Contracts（Pan HUC）下的工作量增加，业务活动在第二季度大幅增加。因此，第二季度船舶利用率也出现了70％的强劲改善，而第一季度仅为27％。这也加强了他们的观点，即在2016年和2017年相对乏利的财务业绩之后，最糟糕的情况已经结束。

从手头的工作订单中获得启发，他们希望未来几个月的业务运营将保持繁忙，这对他们的财务业绩来说是个好兆头。除非出现任何不可预见的情况，否则他们乐观地认为，他们的盈利将会持续转变，前提是未来5年他们的大额订单补充超过10亿令吉，并使他们的订单总额超过30亿令吉。由于石油巨头的运营环境大大改善，直接有利于他们的业务，特别是在维护，建造和改造工程以及设施改进项目领域，原油布伦特原油价格相对于每桶70美元以上的相对弹性也将对其盈利复苏产生信心。

过去数月，达洋企业一直积极参与各项合约招标，特别是Pan MCM合约，估计价值30亿至40亿令吉。他们感到自豪的是，他们从多个生产共享承包商（PSC）获得了大部分Pan MCM的工作，这些工作表明了他们强大的业务记录。这进一步巩固了它们的长期增长前景，因为授予的合同将持续五年，直到2023年。

他们坚信，在经历了过去两个财政年度糟糕的业绩之后，2018年对于该集团来说将是一个真正的转变。目前，达洋企业仍在竞标约6亿令吉的合约，主要用于该地区及海外的维修合约。这些合同的颁发预计将在未来几个季度内完成。

至于其子公司Perdana Petroleum Berhad（PPB），PPB已获得马来西亚国家银行公司债务重组委员会（CDRC）的批准，申请协助该集团与其债权人（银行）进行调解。 PPB正在提交拟议的债务重组计划，该计划将能够重新谈判其融资义务，以维持其业务运营。董事会对PPB的问题将很快得到解决仍持谨慎乐观的态度。董事会将继续对公司业务的运营和管理保持警惕和谨慎。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.65 in 1 month 16 days, total return is 22.1%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.855 in 12 days, total return is 19.6%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 1 month 23 days, total return is 11.9%

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

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James Ng
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[DAYANG ENTERPRISE HOLDINGS BHD, ramp-up in work orders under Pan HUC, vessel utilisation witnessed strong improvement at 70%, worst is over, much improved operating environment]

Comparatively, the Group’s revenue for the current quarter ended 30 June 2018 increased by 16% while the group made a profit before tax of RM57.0 million for the current quarter as opposed to loss before tax of RM35.6 million in the corresponding quarter ended 30 June 2017.

The increase in revenue and profit before tax in the current quarter is mainly due to higher work orders received and performed under the topside maintenance contracts. In addition, the profit before tax in the current quarter has also taken into account impairment loss on PPE of RM7.1 million and net realised/unrealised foreign exchange gain of RM25.7 million whereas impairment loss on PPE and net realised/unrealised foreign exchange losses of RM50.4 million and RM16.5 million respectively were accounted for in the corresponding quarter ended 30 June 2017. In the opinion of the Directors, the results for the current quarter have not been affected by any transactions or events of a material nature which have arisen between 30 June 2018 and the date of this report.

Revenue increased by 20% from RM308.9 million in the previous corresponding period-to-date to RM370.1 million in the current period-to-date. The higher revenue in the current period as compared to the corresponding period is mainly due to higher value of work order received and performed in the current period.

Group registered a profit before tax for the current period of RM21.1 million as compared to a loss before tax of RM72.4 million in the corresponding period last year. The higher profit before tax in the current period is mainly due to higher volume of work orders performed under the topside maintenance contracts.

In the current quarter, the Group’s revenue was 49% higher as compared to the preceding quarter. In the current quarter the Group generated profit before tax of RM57.0 million as compared to loss before tax of RM36.0 million in the preceding quarter. The increase in revenue in the current quarter as compared to the immediate preceding quarter is mainly due to higher vessel utilisation rate and higher work orders from the topside maintenance services. The significant increase in profit before tax of RM57.0 million in the current quarter is mainly attributed to net realised/unrealised foreign exchange gain of RM25.7 million as opposed to net realised/unrealised foreign exchange loss of RM28.5 million in the preceding quarter.

Prospects:
Business activities have picked up substantially in the second quarter given the ramp-up in work orders for the Maintenance, Construction and Modifications Contract (MCM) and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contracts (Pan HUC). Consequently, vessel utilisation also witnessed a strong improvement at 70% during the second quarter, compared to a mere 27% in the first quarter. This has also reinforced their view that the worst is over after a relatively uninspiring financial performance in 2016 and 2017.

Taking cue from the work orders in hand, they are hopeful that business operations will remain busy over the coming months which bode well for their financial results. Barring any unforeseen circumstances, they are optimistic that the turnaround in their earnings will be sustainable, premised on their large order book replenishment of more than RM1 billion for the next 5 years and bringing their total order book to more than RM3.0 billion which are call out contracts to last until 2023. The relatively resilient oil price at above USD70 per barrel for crude Brent will also lend credence to their earnings recovery given the much improved operating environment for oil majors which will directly benefit their business, particularly in the areas of maintenance, construction and modifications works and also facilities improvements projects.

Over the past many months, the Group has been actively participating in various contract tenders, particularly the Pan MCM contracts which have been estimated to be worth RM3.0-4.0 billion. They are proud that they have secured a lion share of the Pan MCM jobs from multiple production sharing contractors (PSCs) which speak volume of their strong operational track records. This has further cemented their long-term growth prospects as the awarded contracts are for a five-year period until 2023.

They firmly believe that 2018 will be a real turnaround for the group in as far as operational performances are concerned, after experiencing poor results over the past two financial years. Currently, the Group is still bidding for contracts of about RM600 million, mostly for maintenance contracts within the region and also overseas. The awards of these contracts is anticipated to be within the next quarters.

As for their subsidiary Perdana Petroleum Berhad (PPB), PPB has received approval from the Corporate Debt Restructuring Committee (CDRC) of Bank Negara Malaysia for their application for assistance to mediate between the group and its creditors (bankers). PPB are in the midst of submitting a proposed debt restructuring scheme which will enable a renegotiation of its financing obligations in order to sustain its business operations. The Board remains cautiously optimistic that the issues with PPB will be resolved soon. The Board will continue to be vigilant and prudent in the running and administration of the company’s business.
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.65 in 1 month 16 days, total return is 22.1%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.855 in 12 days, total return is 19.6%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 1 month 23 days, total return is 11.9%

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/

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James Ng