[KELINGTON GROUP BHD：来自中国，马来西亚和新加坡的强劲订单补货，因为年初至今的新订单增加至3.72亿令吉，其中大部分来自UHP部门，订单增加至5.63亿令吉，其中3.23亿令吉仍然未入账]

3Q18 vs 3Q17:
超高纯度（“UHP”）部门的收入贡献占集团3Q2018收入的60％，从2017年第3季度的3,040万令吉增加24.7％至3,790万令吉。尽管收入较低，但集团的毛利润从2017年第3季度的1,250万令吉增长至1,320万令吉。这是由于更好的项目组合，因为UHP项目通常带来更高的利润率，导致毛利率从一年前的14.3％提高到20.7％。3Q2018税前利润（“PBT”）增加31％至590万令吉，而2017年第3季度则为450万令吉。 PBT利润率从去年的5.1％上升至9.2％。3Q2018的税后利润（“PAT”）增长42％至460万令吉，而2017年第3季度则为320万令吉。

YTD18 vs YTD17：
截至2018年9月30日止九个月期间（「9M2018」），科艺集团录得收入增加12％至2.394亿令吉，而去年同期则为2.134亿令吉（「9M2017」），主要为受到UHP部门贡献较高的推动，该部门在中国开展的大型项目支持下，在9M2018增加了一倍多，达到1.763亿令吉，相比之下，在9M2017则为8,590万令吉。

与此同时，工业气体部门的收入增长了近五倍，达到220万令吉，而9M2017的收入则为40万令吉。该增长主要归因于科艺集团首个工业气体供应合约的开始，该合约涉及向马来西亚光伏电池制造商现场供应氮气，为期十年。

在9M2018，来自中国和新加坡的收入增长最为强劲，分别增长了158％和37％。9M2018的毛利润由2710万令吉增加43％至3,870万令吉。由于UHP部门的项目完工率较高，通常利润率较高，因此9M2018的毛利率从12.7％上升至16.1％。9M2018的PBT增长84％至1,750万令吉，而去年同期为950万令吉。 PBT利润率从9M2017的4.5％上升至7.3％。 PAT于9M2018从760万令吉上升73％至1,310万令吉。

3Q18 vs 2Q18：
由于本季度有利的项目组合，科艺集团的PAT于3Q2018从430万令吉略微增加至460万令吉。

年初至今，集团的股东权益（不包括非控股权益）从7,820万令吉增加37％至1.075亿令吉。该增加主要归因于2018年8月初完成的私募配售所得款项，可换股凭单的行使，持续季度溢利以及雇员股份期权行使。

截至二零一八年九月三十日，科艺集团的借贷总额较二零一七年十二月三十一日的3030万令吉减少49％至1,540万令吉。相应地，科艺集团的财务状况已于2018年9月30日增至净现金5360万令吉，相比于2017年12月31日的3,190万令吉。手头现金总额为6,910万令吉，超过总债务1,540万令吉。每股净现金为21仙。

前景：
由于中国健康的订单增长和良好的经营环境，这集团对盈利前景及增长前景保持乐观。 Kelington继续享受来自中国，马来西亚和新加坡的强劲订单补货，因为年初至今的新订单增加至3.72亿令吉，其中大部分来自UHP部门。

与之前的项目相结合，Kelington的订单增加至5.63亿令吉，其中3.23亿令吉仍然未入账。未完成订单的进度计费将对这集团的财务表现产生积极影响。此外，工业气体部门的现场天然气供应业务已开始贡献收入，并为这集团的经常性收入来源作出积极贡献。随着液态二氧化碳（「LCO2」）业务的新制造业务，这集团预期工业气体部门的盈利贡献将改善未来发展。

这集团在马来西亚以外的主要业务（台湾，中国及新加坡）均以该等国家的本地货币进行。因此，这集团享有自然货币对冲，这最大限度地减少了这集团对货币市场波动的风险。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.87 (dividend RM0.007) in 5 months 28 days, total return is 22.7%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.97 in 1 month 24 days, total return is 21.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.96 in 7 months 9 days, total return is 20.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 1 month 17 days, total return is 20.2%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 1 month 11 day, total return is 18.8%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 3 months 26 days, total return is 17.9%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.33 (dividend RM0.035) in 2 months 22 days, total return is 7.5%

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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地点：G Inn Hotel, George Town (Penang)

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有兴趣的朋友，可以电邮或PM FB page联络我
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James Ng
--------------------------------
[KELINGTON GROUP BHD: strong orderbook replenishment from China, Malaysia and Singapore, as new orders secured year-to-date rose to RM372 million with majority from the UHP division, orderbook increased to RM563 million, of which RM323 million remains outstanding]

3Q18 vs 3Q17:
Revenue contribution from the Ultra High Purity (“UHP”) division, representing 60% of the Group’s 3Q2018 revenue, increased by 24.7% to RM37.9 million from RM30.4 million in 3Q2017. Despite the lower revenue, the Group’s gross profit grew to RM13.2 million from RM12.5 million in 3Q2017. This is due to the more favourable project mix as UHP projects typically carry higher profit margins, which resulted in higher gross profit margin of 20.7% against 14.3% a year ago. Profit before tax (“PBT”) increased by 31% to RM5.9 million in 3Q2018 as compared to RM4.5 million in 3Q2017. PBT margins increased to 9.2% from 5.1% in the previous year. Profit after tax (“PAT”) in 3Q2018 rose 42% to RM4.6 million as compared to RM3.2 million in 3Q2017.

YTD18 vs YTD17:
For the nine months period ended 30 September 2018 (“9M2018”), the Group recorded an increase of 12% in revenue to RM239.4 million as compared to RM213.4 million in the previous year’s corresponding period (“9M2017”), mainly driven by higher contribution from UHP division, which more than doubled to RM176.3 million in 9M2018 as compared to RM85.9 million in 9M2017, on the back of larger projects undertaken in China.

Meanwhile, revenue from the Industrial Gases division grew almost five-fold to RM2.2 million as compared to RM0.4 million in 9M2017. The jump was mainly attributable to the commencement of the Group’s first industrial gas supply contract involving the on-site supply of nitrogen gas to a photovoltaic cell manufacturer in Malaysia for a period of ten years.

In 9M2018, revenue from China and Singapore registered the strongest growth, which was up 158% and 37% respectively. Gross profit rose 43% to RM38.7 million in 9M2018 from RM27.1 million in 9M2017. Gross profit margins increased from 12.7% to 16.1% in 9M2018, boosted by higher projects completion under the UHP division, which typically carry higher profit margins. PBT in 9M2018 grew by 84% to RM17.5 million against RM9.5 million in the same period last year. PBT margin increased to 7.3% from 4.5% in 9M2017. PAT jumped 73% to RM13.1 million in 9M2018 from RM7.6 million in 9M2017.

3Q18 vs 2Q18:
Due to the favourable project mix recorded during the quarter, The Group’s PAT registered a marginal increase to RM4.6 million in 3Q2018 from RM4.3 million in 2Q2018.

Year-to-date, the Group’s shareholder equity (excluding non-controlling interests) rose 37% to RM107.5 million from RM78.2 million. The increase was mainly attributable to the proceeds injection from the private placement completed in early August 2018, exercise of convertible warrants, continuous quarterly profit, as well as from the employees shares option exercise.

As at 30 September 2018, The Group’s total borrowings pared down by 49% to RM15.4 million from RM30.3 million as at 31 December 2017. Correspondingly, the Group’s financial position has strengthened to a net cash position of RM53.6 million as at 30 September 2018, as compared to RM31.9 million as at 31 December 2017. Total cash in hand stood at RM69.1 million exceeding total debt of RM15.4 million. Net cash per share stood at 21 sen.

Prospects:
The Group remains optimistic on its earnings outlook and growth prospects, underpinned by healthy orderbook growth and favourable operating environment in China. Kelington continues to enjoy strong orderbook replenishment from China, Malaysia and Singapore, as new orders secured year-to-date rose to RM372 million with majority from the UHP division.

Combined with the carried forward projects, Kelington’s orderbook increased to RM563 million, of which RM323 million remains outstanding. The progress billing of the outstanding orderbook will contribute positively to the Group’s financial performance. Additionally, the on-site gas supply business under the Industrial Gases division has since commenced its revenue contribution and contributed positively to the Group’s recurring income stream. Along with the new manufacturing of liquid carbon dioxide (“LCO2”) business, the Group expects earnings contribution from the Industrial Gases division to improve moving forward.

The Group’s key operations outside Malaysia, which are Taiwan, China and Singapore are carried out in the respective local currencies of those countries. Hence, the Group enjoys a natural currency hedge, and this minimizes the Group’s exposure to the fluctuations in the currency markets.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.87 (dividend RM0.007) in 5 months 28 days, total return is 22.7%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.97 in 1 month 24 days, total return is 21.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.96 in 7 months 9 days, total return is 20.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.16 in 1 month 17 days, total return is 20.2%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 1 month 11 day, total return is 18.8%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.0375) in 3 months 26 days, total return is 17.9%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.33 (dividend RM0.035) in 2 months 22 days, total return is 7.5%

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://web.facebook.com/jamesshareinvest/posts/2188967218036687 by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

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James Ng