[MISC BHD：船队增长继续对石油运费施加压力，液化天然气运输部门现货市场的吨位供过于求，海外活动增加的乐观情绪越来越高，但未能渗透到重型工程领域的真正机会]

2Q18 vs 2Q17:
集团收入21.418亿令吉较截至2017年6月30日止季度（「相应季度」）收入（23.025亿令吉）减少7.0％，而集团营业利润为3亿4700万令吉，较去年同期利润（7.174亿令吉）减少3亿7,040万令吉。

LNG：
收入5亿9590万令吉，较去年同期收入7.3亿令吉低1.341亿令吉或18.4％，主要由于经营船舶数量减少和2017年10月LNG运输船续约合约率降低。营业利润为2.746亿令吉，较同期的利润5.577亿令吉减少2.831亿令吉，因为相应季度的利润包括确认提前终止定期租船合同的补偿以及本季度收入减少。

石油：
收入10.082亿令吉，较去年同期收入10.262亿令吉低1,800万令吉或1.8％，主要由于马来西亚令吉（「马币」）兑美元走强。石油业务的经营亏损为5440万令吉，而相应季度的亏损为2010万令吉，主要是由于本季度的燃油和船舶折旧成本较高。

海洋：
收入2.891亿令吉比相应季度的收入3亿1530万令吉减少2,620万令吉，因为相应季度的收入包括移动海上生产单位（MOPU）的可报销收入。营业利润为1.466亿令吉，较去年同期盈利1.599亿令吉低1330万令吉或8.3％，主要是由于上述收入减少，部分被浮动，储存和卸载（“FSO”）Benchamas 2的建筑收益增加抵销。

重型工程：
收入2.324亿令吉，比同期的2.573亿令吉收入低2490万令吉或9.7％，主要是由于重工程部门的项目收入减少，而新的项目仍在早期阶段。转换工程收入减少以及海事部门的干坞维修数量减少也导致收入整体下降。经营亏损4,600万令吉高于相应季度亏损1,030万令吉，主要由于本季度产生额外成本。

其他，消除和调整：
其他部门的营业利润为2,620万令吉，较相应季度的盈利3,020万令吉低400万令吉，因为相应季度包括提早终止三艘集装箱船租赁合约后的拨备的回转。这些船只之前被租用于班轮业务。

YTD18 vs YTD17：
集团收入41.626亿令吉较截至2017年6月30日止六个月期间（「相应期间」）的收入52.874亿令吉减少21.3％。集团营业利润为7.304亿令吉，较去年同期的利润13.987亿令吉减少6.683亿令吉。

LNG：
液化天然气收入为11.805亿令吉，比同期收入14.765亿令吉低20.0％，主要是由于经营船舶数量减少和2017年10月LNG运输船续约合约率降低。液化天然气营运利润5.498亿令吉较同期的利润8.877亿令吉减少38.1％，主要是由于上述收入减少及相应期间的利润包括确认提前终止定期租船合约的补偿。

石油：
石油收入为19.845亿令吉，较去年同期的收入23.114亿令吉减少14.1％，主要是由于运费下降所致。石油部门录得经营亏损9,360万令吉，而同期的利润为6,250万令吉，主要由于本期间运费较低，燃油及船舶折旧成本较高所致。

海洋：
由于Gumusut-Kakap Semi-Floating Production System (L) Limited’s (“GKL”)的一次性收益确认（2017年2月的裁决）和FSO Benchamas 2在项目建设的不同阶段在本期间的建设收入减少，收入为5.84亿令吉，较同期收入10.5亿令吉低44.3％。收入减少导致离岸营业利润减少1.655亿令吉。

重型工程：
重工程收入为4亿1230万令吉，较去年同期收入4.932亿令吉低16.4％，主要是由于重工程部门的项目收入减少，而新的项目仍在早期阶段。重工程营业亏损7,150万令吉高于同期亏损2590万令吉，主要由于转换工程产生额外成本所致。

其他，消除和调整：
其他部门的营业利润为4,920万令吉，较同期的1,240万令吉高出3680万令吉。

2Q18 vs 1Q18：
马国际船务营业利润为3.47亿令吉，较上一季度的利润3.834亿令吉减少9.5％，主要是由于石油部门的燃油成本较高。

前景：
由于船队增长继续对石油运费施加压力，油轮拆迁率仍然很高，但油轮收入仍然受到冲击。在液化天然气运输部门，尽管现货市场的吨位供过于求，但今年剩余时间内各项指标均有进一步改善的积极因素。虽然海外活动增加的乐观情绪越来越高，但这些仍未能渗透到重型工程领域的真正机会。因此，重工程部门的业绩预计将在2018年继续承压。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.91 in 1 month 16 day, total return is 27.3%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%

4) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.09 (dividend RM0.0325) in 2 months 6 days, total return is 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

【看懂年报和季报】课程
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James Ng
---------------------
[MISC BHD: fleet growth continues to exert pressure on the petroleum freight rates, LNG shipping segment tonnage oversupply situation in the spot market, growing optimism for an increase in offshore activities have yet to trickle down to real opportunities for the Heavy Engineering segment]

2Q18 vs 2Q17:
Group revenue of RM2,141.8 million was 7.0% lower than the quarter ended 30 June 2017 (“corresponding quarter”) revenue of RM2,302.5 million, while Group operating profit of RM347.0 million was RM370.4 million lower than the corresponding quarter's profit of RM717.4 million.

LNG:
Revenue of RM595.9 million was RM134.1 million or 18.4% lower than the corresponding quarter’s revenue of RM730.0 million, mainly due to reduced number of operating vessels and a lower charter rate for the contract renewal of an LNG carrier in October 2017. Operating profit of RM274.6 million was RM283.1 million lower than the corresponding quarter’s profit of RM557.7 million, as corresponding quarter’s profit included recognition of compensation for early termination of a time charter contract coupled with lower revenue in the current quarter.

Petroleum:
Revenue of RM1,008.2 million was RM18.0 million or 1.8% lower than the corresponding quarter’s revenue of RM1,026.2 million, mainly due to the strengthening of Ringgit Malaysia (“RM”) against United States Dollar (“USD”). Petroleum business recorded operating loss of RM54.4 million compared to corresponding quarter’s loss of RM20.1 million, mainly due to higher bunker and vessel depreciation costs in the current quarter.

Offshore:
Revenue of RM289.1 million was RM26.2 million lower than the corresponding quarter’s revenue of RM315.3 million as corresponding quarter’s revenue included reimbursable revenue from demobilisation of Mobile Offshore Production Units (MOPUs). Operating profit of RM146.6 million was RM13.3 million or 8.3% lower than corresponding quarter’s profit of RM159.9 million, mainly due to lower revenue as explained above, partially offset with higher construction gain from Floating, Storage and Offloading (“FSO”) Benchamas 2.

Heavy Engineering:
Revenue of RM232.4 million was RM24.9 million or 9.7% lower than the corresponding quarter’s revenue of RM257.3 million, mainly due to lower revenue from post sail away projects in the Heavy Engineering sub-segment while new secured projects are still in their early stages. Lower revenue from conversion works as well as lesser number of dry-docking repairs in the Marine sub-segment also contributed to the overall decrease in revenue. Operating loss of RM46.0 million was higher than the corresponding quarter’s loss of RM10.3 million, mainly due to additional costs incurred in the current quarter.

Others, Eliminations and Adjustments:
Other segment’s operating profit of RM26.2 million was RM4.0 million lower than corresponding quarter’s profit of RM30.2 million as corresponding quarter included reversal of provision following early termination of charter-in contracts for three container vessels. The vessels were previously chartered in for the liner business.

YTD18 vs YTD17:
Group revenue of RM4,162.6 million was 21.3% lower than RM5,287.4 million revenue for the 6-month period ended 30 June 2017 (“corresponding period”). Group operating profit of RM730.4 million was RM668.3 million lower than the corresponding period's profit of RM1,398.7 million.

LNG:
LNG revenue of RM1,180.5 million was 20.0% lower than the corresponding period’s revenue of RM1,476.5 million, mainly due to reduced number of operating vessels and a lower charter rate for the contract renewal of an LNG carrier in October 2017. LNG operating profit of RM549.8 million was 38.1% lower than the corresponding period’s profit of RM887.7 million, mainly due to lower revenue as explained above and corresponding period’s profit included recognition of compensation for early termination of a time charter contract.

Petroleum:
Petroleum revenue of RM1,984.5 million was 14.1% lower than the corresponding period’s revenue of RM2,311.4 million, mainly due to lower freight rates. Petroleum segment recorded an operating loss of RM93.6 million compared to corresponding period’s profit of RM62.5 million, mainly due to the lower freight rates, higher bunker and vessel depreciation costs in the current period.

Offshore:
Revenue of RM584.0 million was 44.3% lower than the corresponding period’s revenue of RM1,050.0 million, due to the recognition of one time gain for Gumusut-Kakap Semi-Floating Production System (L) Limited’s (“GKL”) arising from the adjudication in February 2017 and lower construction revenue for FSO Benchamas 2 in the current period from different phase of project construction. The lower revenue has caused the decrease in Offshore operating profit by RM165.5 million.

Heavy Engineering:
Heavy Engineering revenue of RM412.3 million was 16.4% lower than the corresponding period’s revenue of RM493.2 million mainly from post sail away projects in the Heavy Engineering sub-segment while new secured projects are still in their early stages. Heavy Engineering operating loss of RM71.5 million was higher than the corresponding period’s loss of RM25.9 million mainly due to additional costs incurred on conversion works.

Others, Eliminations and Adjustments:
Other segment’s operating profit for the period of RM49.2 million is RM36.8 million higher than corresponding period’s profit of RM12.4 million.

2Q18 vs 1Q18:
Group operating profit of RM347.0 million was 9.5% lower than the preceding quarter's profit of RM383.4 million, mainly due to the higher bunker costs in Petroleum segment.

Prospects:
Tanker demolition rates have remained high but tanker earnings are still being hit as fleet growth continues to exert pressure on the petroleum freight rates. In the LNG shipping segment, despite the tonnage oversupply situation in the spot market, indicators are positive for further improvements through the rest of the year. While there is growing optimism for an increase in offshore activities, these have yet to trickle down to real opportunities for the Heavy Engineering segment. As such, the Heavy Engineering segment performance is expected to remain under pressure in 2018.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.91 in 1 month 16 day, total return is 27.3%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 2 month 27 days, total return is 18.9%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.50 in 2 months 20 days, total return is 15.2%

4) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.09 (dividend RM0.0325) in 2 months 6 days, total return is 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/

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Final decision is always yours, thank you.

James Ng