[CAHYA MATA SARAWAK BHD：2018年前9个月无法满足顾客订购的965,000吨DCR stones和120,000MT预混料，从2019年到2020年两年内，还需要提供103万吨的DCR stones给PBH Package 6项目]

YTD18 vs YTD17:
收入增加21％，而税前利润（PBT）和税后利润及非控股权益（PATNCI）分别比上年增长26％和42％。除房地产开发和战略投资部门以外的所有部门均报告收入增加。然而，只有建筑和道路维护，房地产开发和其他部门报告PE2018的PBT较高。 PBT和PATNCI的显着改善主要是由于联营公司​​业绩的较高份额，部分被合营企业的贡献减少所抵消。

（a）水泥部门 - 尽管其收入增长9％，但报告PE2018的PBT为7037万令吉，比PE2017的PBT的8,216万令吉低14％。

（b）建筑材料及贸易部 - 报告PE2018的PBT较低，为4,739万令吉，较PE2017的PBT 5214万令吉低9％，尽管收入增加15％。

（c）建筑及道路维修部门 - 报告PE2018的PBT为6,651万令吉，较PE2017的利润5,512万令吉增加21％。这是因为Pan Borneo高速公路，Miri-Marudi道路修复和博物馆项目的完工百分比较高。

（d）房地产开发部 - 报告PE2018的PBT略高为2904万令吉，而PE2017的PBT为2872万令吉（重述），尽管收入较低。这主要是由于建筑物实际完工后建筑工程的建造成本下调。

（e）战略投资部门 - 报告PE2018损失了128万令吉，相比之下，PE2017的PBT为651万令吉。

（f）其他 - PE2018的表现较佳主要是由于向OM Materials（S）Pte Ltd.出售426万令吉不可赎回可转换优先股的收益。此外，录得未实现的外汇收益为96万令吉在PE2018中，而在PE2017中未实现的外汇损失为424万令吉。

（g）未分配的公司开支 - 与PE2017相比，CMSB在PE2018的亏损较高，主要是由于净利息支出和间接费用增加所致。

（h）分占联营公司业绩 - 砂查也马特于PE2018的联营公司利润中较高的份额由其所有营运联营公司贡献。总体而言，PE2018的利润份额从PE2017的1263万令吉上升了685％至9,920万令吉。主要贡献者是OM Materials（砂拉越）私人有限公司的强劲转变。

（i）合营企业业绩份额 - 录得显着较低的利润份额229万令吉（PE2017：2,585万令吉）。

3Q18 vs 3Q17：
砂查也马特今年第三季度的PBT比去年同期增长16％。该增加主要归因于物业发展及其他部门的利润增加以及联营公司业绩的较高份额。

3Q18 vs 2Q18：
尽管收入增长18％，但集团3Q18的PBT为567万令吉或比2Q18低5％。建筑材料和贸易部门在3Q18的收入和PBT明显高于2Q18。经过长时间的延迟和上半年开展JKR MARRIS计划的进展缓慢，第3季度的收入有所回升。毛利率也提高了2％。

物业发展部于二零一八年第三季录得较佳表现，主要由于其建筑项目成本下调导致建筑活动利润增加所致。此外，公寓项目完成比例提高也增强了这一点。

虽然收入增加，但水泥部门3Q18的PBT略低于2Q18。

前景：
由于其丰富的多元化及战略性砂拉越业务的金融投资组合，砂查也马特有望克服经营环境的挑战。他们通过利用沙捞越的机遇，特别是在能源密集型企业领域，继续专注于发展其业务组合。凭借其日益强大的业务基础，加上管理层采取的其他措施，包括为砂查也马特的长期可持续收入及盈利增长所采取的措施，他们有信心在2018年提供令人满意的财务表现。

水泥部门乐观地预测2018年的销售将好于2017年。管理层正密切监控和优化熟料厂的表现，并积极探索新的熟料供应来源。

对于建筑材料和贸易部门，2018年前9个月无法满足顾客订购的965,000吨DCR stones和120,000MT预混料。从2019年到2020年两年内，还需要提供103万吨的DCR stones给PBH Package 6项目。预混料部门迄今为止已向PBH项目的其他Package提供了总计100万吨的预混料供应。该部门正在采取一切措施重新定位，以充分利用建筑材料（包括采石场骨料和采石场砂）需求的急剧增长。

建设和道路维护部门的重点是通过州政府最近公布的主要新基础设施项目来增加订单，如：沿海路，第二连接干线公路，国家水网项目和其他基础设施项目，宣布其农村转型倡议。它的第二个重点是国家道路维护合同的长期更新，因为它拥有一个完整的工作人员团队，在最先进的设备上所做的投资以及它在过去的15年里所获得的经验。

房地产开发部预计其Bandar Samariang城市的销售稳定，但随着更多开发商多元化建设公寓，其Rivervale公寓项目的竞争加剧。管理层有信心其Rivervale公寓将继续保持良好状态，因为其物有所值的主张，战略位置和设施以及其部门作为优质城市住房开发商的声誉日益提升。截至2018年9月底，约有60％的Rivervale共管公寓已售出。

他们预计，当MPAS工厂的建设在2019年获得动力时，购买率会有所增加。OM Materials（砂拉越）私人有限公司已根据长期合同将他们的主管从旅馆搬到Samalaju的酒店。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.07 in 1 month 3 days, total return is 33.8%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.95 in 6 months 14 days, total return is 19.5%

c) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 (dividend RM0.0375) in 2 months 29 days, total return is 16.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.08 in 23 days, total return is 11.9%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.935 in 18 days, total return is 10%

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
-------------------------------------
[CAHYA MATA SARAWAK BHD: a total of 965,000MT of DCR stones and 120,000MT of premix on order was unable to be met in first 9 months of 2018, a further 1.03 million MT of DCR stones will be required to be supplied to the PBH Package 6 project in two years from 2019 to 2020]

YTD18 vs YTD17:
Revenue increased by 21% while profit before tax (PBT) and profit after tax and non-controlling interest (PATNCI) increased by 26% and 42% respectively in comparison to the preceding year. All Divisions except the Property Development and Strategic Investments Divisions reported higher revenue. However, only Construction & Road Maintenance, Property Development and Others Divisions reported higher PBT in PE2018. The significant improvement in PBT and PATNCI was mainly due to higher share of results of associates which is partially negated by lower contribution from joint ventures.

(a) Cement Division - reported a 14% lower PBT of RM70.37 million in PE2018 over PE2017’s PBT of RM82.16 million, despite a 9% increase in its revenue.

(b) Construction Materials & Trading Division - reported a lower PBT of RM47.39 million for PE2018, which was 9% lower than the PBT of RM52.14 million for PE2017, despite a 15% increase in its revenue.

(c) Construction & Road Maintenance Division - reported a strong PBT of RM66.51 million in PE2018, representing an increase of 21% over PE2017’s profit of RM55.12 million. This was on the back of higher percentage of completion of Pan Borneo Highway, Miri-Marudi road rehabilitation and Museum projects respectively.

(d) Property Development Division - reported a marginally higher PBT of RM29.04 million in PE2018 in comparison to PBT of RM28.72 million in PE2017 (restated) despite lower revenue. This was attributable mainly to the downward revisions in costs for the construction of building projects upon practical completion of the buildings.

(e) Strategic Investments Division - reported a loss of RM1.28 million in PE2018 as compared to a PBT of RM6.51 million in PE2017.

(f) Others – The better performance in PE2018 was mainly due to gain on sale of RM4.26 million of Irredeemable Convertible Preference Shares to OM Materials (S) Pte Ltd. In addition, an unrealized forex gain of RM0.96 million was recorded in PE2018 as opposed to an unrealized forex loss of RM4.24 million in PE2017.

(g) Unallocated corporate expenses – CMSB recorded a higher loss in PE2018 compared to PE2017 mainly due to higher net interest expenses and overhead expenses.

(h) Share of results of associates – The Group’s higher share of profit of associates in PE2018 was contributed by all of its operating associates. Collectively, the share of profits jumped by 685% to RM99.20 million in PE2018 from RM12.63 million in PE2017. The main contributor is the strong turnaround at OM Materials (Sarawak) Sdn Bhd.

(i) Share of results of joint-ventures - recorded a significantly lower share of profit of RM2.29 million (PE2017: RM25.85million).

3Q18 vs 3Q17:
The Group’s PBT for this year’s third quarter was 16% higher than last year’s same quarter. The increase was mainly attributable to the higher profit from the Property Development and Others Division as well as higher share of results of associates.

3Q18 vs 2Q18:
The Group’s PBT for 3Q18 was RM5.67 million or 5% lower than 2Q18, despite 18% higher revenue. The Construction Materials & Trading Division’s revenue and PBT in 3Q18 were significantly higher than 2Q18. Revenue in 3Q18 picked up after a long delay and slowness in carrying out JKR MARRIS program in first half of the year. Gross profit margin also improved by 2%.

The Property Development Division recorded better performance in 3Q18 mainly due to higher profit from construction activities as a result of downward revision in costs in one of its construction projects. In addition, this was also enhanced by higher percentage of completion of condominium project.

Cement Division’s PBT for 3Q18 was slightly lower than 2Q18 despite higher revenue.

Prospects:
The operating environment is expected to remain challenging which the Group is well positioned to overcome due to its robust financial portfolio of diversified and strategic Sarawak-based businesses. They remain focused on growing their portfolio of businesses by taking advantage of the opportunities in Sarawak especially in the area of energy intensive businesses. With their increasingly strong business fundamentals, coupled with other measures taken by Management including steps taken to position the Group for long term sustainable revenue and profitability growth, they are confident to deliver a satisfactory financial performance for the year 2018.

The Cement division is optimistic that sales for 2018 will be better than 2017. Management is closely monitoring and optimising the performance of the clinker plant and vigorously exploring for new sources of supply of clinker.

For the Construction Materials and Trading Division, a total of 965,000MT of DCR stones and 120,000MT of premix on order was unable to be met in first 9 months of 2018. A further 1.03 million MT of DCR stones will be required to be supplied to the PBH Package 6 project in two years from 2019 to 2020. The premix unit has to-date secured a total of 1.0 million MT of premix supply to other packages of the PBH project. The unit is taking all steps to reposition itself to capitalise on this drastic spike in the demand for construction materials including quarry aggregates and quarry sand.

The Construction & Road Maintenance Division is focusing on positioning itself to increase its order book through major new infrastructure projects recently announced by the State Government: Coastal Road, 2nd Link Trunk Road, State Water Grid Project and other infrastructure projects announced for its rural transformation initiative. Its second focus is on the long term renewal of the State Road Maintenance Contract where it is well positioned as it has a full team of staff on-board, the investment it has made in state of the art equipment and the experience that it has gained over the last 15 years.

The Property Development Division expects steady sales from its Bandar Samariang township but sees increased competition to its Rivervale condominium project as more developers diversify into the construction of condominiums and apartments. The Management is confident that its Rivervale condominium will continue to do well due to its value-for-money proposition, strategic location and facilities and Division’s increasing reputation as a quality urban housing developer. As at end of September 2018, about 60% of the Rivervale condominium had been sold.

They expect an increase in up-take when the construction of the MPAS Plant gains momentum in 2019. OM Materials (Sarawak) Sdn Bhd has moved their supervisors from the lodges to the hotel in Samalaju under a long term contract.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.07 in 1 month 3 days, total return is 33.8%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.95 in 6 months 14 days, total return is 19.5%

c) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 (dividend RM0.0375) in 2 months 29 days, total return is 16.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.08 in 23 days, total return is 11.9%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.935 in 18 days, total return is 10%

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