[BUMI ARMADA BHD：OSV部门的活动仍然薄弱]

YTD18 vs YTD17:
来自FPO部门的收入增长部分被OMS部门收入减少所抵消。与YTD 2017相比，YTD 2018的OSV船舶利用率较低。布米阿马达YTD 2018的亏损为10.569亿令吉，而这公司拥有人的亏损为10.399亿令吉。亏损主要由于Armada Kraken FPSO及若干OSV船舶减值，减值亏损净额减值以及因某些FPSO船舶完工后停止借贷成本资本化导致财务费用增加所致。 YTD 2018的OMS部门业绩减少至1.486亿令吉，而YTD 2017则为3.174亿令吉。YTD 2018存款及OSV船舶利用率下降有确认减值亏损。

3Q18 vs 2Q18：
截至2018年9月30日止季度（「2018年第3季度」），布米阿马达录得收入5.88亿令吉，较截至2018年6月30日止季度（「2018年第二季度」）减少6,600万令吉。这一下降主要归因于以下方面：

（a）由于Armada TGT FPSO在签署延期协议后收入减少以及由于2018年第二季度确认的Armada Olombendo FPSO的一次性变更订单收入增加，造成FPO收入减少。

（b）OMS收入减少主要是由于Armada Installer在2018年第二季度完成土库曼斯坦工作后的贡献减少。

在签署延期协议后，FPO部门的表现被Armada TGT FPSO的贡献减少部分抵消。 2018年第三季度的OMS部门表现降至4460万令吉，而2018年第二季度则为7380万令吉，主要原因是Armada Installer的贡献较低。

截至2018年9月30日，布米阿马达总资产为175.645亿令吉，较2017年12月31日减少7％，主要是由于物业，厂房及设备（「PPE」），其他应收款项，应计租赁租金，应收合营企业款项以及现金和银行结余减少。由于YTD 2018确认的减值损失，PPE减少。合营企业应收的款项因YTD 2018的合营企业还款而减少，而现金及银行结余因偿还银行借款而减少。

前景：
在他们的OMS业务中，OSV部门的活动仍然薄弱。
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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 RM0.84 in 3 months 14 day, total return is 17.5%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.93 in 4 months 25 days, total return is 17%

3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.10 in 1 month 12 days, total return is 11.1%

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。

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[BUMI ARMADA BHD: the activity in the OSV segment remains weak]

YTD18 vs YTD17:
The increase in revenue from the FPO segment was partially offset by the decrease in revenue from the OMS segment. There was lower OSV vessel utilisation in YTD 2018 as compared to YTD 2017. The Group posted a loss of RM1,056.9 million for YTD 2018 and a loss attributable to the Owners of the Company of RM1,039.9 million. The losses are mainly due to impairment of Armada Kraken FPSO and certain OSV vessels, net allowance for impairment losses, and higher finance costs due to the cessation of capitalisation of borrowing costs following the completion of certain FPSO vessels. The OMS segment result decreased to RM148.6 million for YTD 2018 as compared to RM317.4 million for YTD 2017. There were impairment losses recognised on deposits and lower OSV vessel utilisation in YTD 2018.

3Q18 vs 2Q18:
The Group posted revenue of RM588.0 million for the quarter ended 30 September 2018 (“Q3 2018”), a decrease of RM66.0 million compared to the quarter ended 30 June 2018 (“Q2 2018”). This decrease was attributed mainly to the following:

(a) FPO revenue decreased due to lower revenue from Armada TGT FPSO after signing the extension agreement and higher revenue from a one-off variation-order for Armada Olombendo FPSO which was recognised in Q2 2018.

(b) OMS revenue decreased mainly due to a lower contribution from Armada Installer following completion of work at Turkmenistan in Q2 2018.

The FPO segment result was partially offset by lower contribution from Armada TGT FPSO after signing the extension agreement. The OMS segment result decreased to RM44.6 million for Q3 2018 as compared to RM73.8 million for Q2 2018 mainly due to the lower contribution from Armada Installer.

As at 30 September 2018, the Group had total assets of RM17,564.5 million, a decrease of 7% compared to 31 December 2017, mainly due to a decrease in property, plant and equipment (“PPE”), other receivables, accrued lease rentals, amounts due from joint ventures and cash and bank balances. PPE decreased due to the impairment losses recognised in YTD 2018. Amounts due from joint ventures decreased due to repayment from a joint venture in YTD 2018 and cash and bank balances decreased due to repayment of bank borrowings.

Prospects:
In their OMS business, the activity in the OSV segment remains weak.
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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 RM0.84 in 3 months 14 day, total return is 17.5%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.93 in 4 months 25 days, total return is 17%

3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.10 in 1 month 12 days, total return is 11.1%

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