[BUMI ARMADA BHD，石油公司对新项目保持谨慎态度，OSV部门的活动仍然薄弱]

年初至今与去年的年初至今相比：
来自FPO部门的收入虽然增加了，但部分被OMS部门收入的减少所抵消（由于根据2017年签署的补充协议及LukOil项目完成的工作确认的一次性收入，和OSV（2）2018年更低的船舶利用率（相比2017年至今）） 。

截至2018年，OMS部门的业绩减少至1.04亿令吉，而2017年是二亿3640万令吉，主要是由于在LukOil项目完成的工作中确认的一次性收入和因2017年签订补充协议而产生，以及2018年的OSV船舶利用率下降。

本季度与上一季度相比：
由于根据第2号修订协议确认应付给Armada Kraken FPSO承租人的赔偿金以及Armada LNG Mediterrana浮动存储单元的较低贡献，FPO收入较低。与2018年第一季度相比，2018年第二季度OSV船舶利用率较低。OSV船舶的利用继续受到充满挑战的石油和天然气市场环境的不利影响（集团船舶利用率为38％），Q2 2018集团船舶利用率为39％（包括JV）。由于2018年第二季度Armada Kraken FPSO的贡献减少导致FPO部门的业绩于二零一八年第二季减少至1.662亿令吉盈利，而二零一八年第一季的盈利则为2.852亿令吉。

于二零一八年六月三十日，布米阿马达总资产为182.252亿令吉，较二零一七年十二月三十一日减少3％，主要由于物业，厂房及设备，其他应收款项，应收合营企业款项及现金及银行存款余额减少。由于2018年确认的减值损失，物业，厂房及设备减少。由于LukOil项目2018年客户的账单增加，贸易应收账款余额增加。

布米阿马达经营活动产生的现金流量受到贸易及其他应收款项增加的影响，原因是2018年第二季度向客户支付的账单增加以及2018年向客户收到的欠款减少。

前景：
尽管自今年年初以来石油价格上涨，但石油公司继续对新项目的新资金保持谨慎态度。在他们的OMS业务中，OSV部门的活动仍然薄弱，他们只希望在石油公司开始增加其勘探钻井活动时，他们的OSV船队的利用率会提高。
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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 RM2.82 in 1 month 22 days, total return is 30%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.86 in 18 days, total return is 20.3%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 1 month 29 days, total return is 10.1%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.98 in 4 days, total return (including dividend RM0.015) is 4.5%

5) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.11 in 1 month 8 days, total return is 3.4%

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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[BUMI ARMADA BHD, oil companies remain cautious on new projects, activity of OSV segment remains weak]

Current year to date (“YTD”) results as compared with the previous YTD:
The increase in revenue from the FPO segment was partially offset by the decrease in revenue from the OMS segment, due to a one-off revenue recognised based on work completed on the LukOil project arising from the signing of the supplementary agreement in YTD 2017 and lower OSV(2) vessel utilisation in YTD 2018 as compared to YTD 2017.

Segment results from the OMS segment decreased to RM104.0 million for YTD 2018 as compared to RM236.4 million for YTD 2017 mainly due to a one-off revenue recognised based on work completed on the LukOil project arising from the signing of supplementary agreement in YTD 2017 and lower OSV vessel utilisation in YTD 2018.

Current quarter as compared with the immediate preceding quarter:
FPO revenue was lower due to recognition of compensation payable to the charterers of Armada Kraken FPSO in accordance with Amendment Agreement No. 2 and lower contribution from the Armada LNG Mediterrana Floating Storage Unit. The OSV vessel utilisation was lower in Q2 2018 as compared to Q1 2018. OSV vessel utilisation continues to be adversely affected by the challenging oil and gas market environment with a utilisation of 38% for the Group’s vessels and 39% for the Group’s vessels including those held by joint ventures in Q2 2018. Segment results from the FPO segment reduced to a profit of RM166.2 million for Q2 2018 as compared to a profit of RM285.2 million for Q1 2018 due to lower contribution from Armada Kraken FPSO in Q2 2018 compared to Q1 2018.

As at 30 June 2018, the Group had total assets of RM18,225.2 million, a decrease of 3% compared to 31 December 2017, mainly due to decrease in property, plant and equipment, other receivables, amounts due from joint ventures and cash and bank balances. Property, plant and equipment decreased due to the impairment losses recognised in YTD 2018. Trade receivables balance increased due to higher billings made to the customers in YTD 2018 for the LukOil project.

The Group's cash flows generated from operating activities are affected by the increased trade and other receivables due to higher billings made to the customers in Q2 2018 and lower collections in YTD 2018.

Prospects:
Despite higher oil prices since the beginning of the year, oil companies continue to remain cautious on committing new capital to new projects. In their OMS business, the activity of the OSV segment remains weak and they only expect utilisation of their OSV fleet to improve when the oil companies start to increase their exploration drilling activities.
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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 RM2.82 in 1 month 22 days, total return is 30%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.86 in 18 days, total return is 20.3%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 1 month 29 days, total return is 10.1%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.98 in 4 days, total return (including dividend RM0.015) is 4.5%

5) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.11 in 1 month 8 days, total return is 3.4%

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/170872.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

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Final decision is always yours, thank you.

James Ng