[VELESTO ENERGY BERHAD：根据最新的Petronas活动展望2019-2021所反映的当前合约前景，预计今年第二季度的资产利用率将再次回升，仅2019年，所需的自升式钻井平台数量预计在16至18个单位之间，并有可能在2020年和2021年进一步增加]

集团：
这集团于二零一八年第四季录得1,630万令吉的税前利润，而2017年同季则录得亏损9.773亿令吉，主要由于去年提供的减值亏损达9.821亿令吉，相比本季度提供1130万令吉。撇除减值及转回非经常性开支（金额为610万令吉），这集团于本季度的税前核心利润为2,240万令吉，而2017年同季则为1,980万令吉。

钻井服务部门：
钻井服务部门于二零一八年第四季录得1860万令吉的税前利润，而二零一七年同季则录得亏损9.782亿令吉。这是由于2017年资产减值9.821亿令吉所致，相比本季度资产减值提供260万令吉。

油田服务部门：
油田服务部门报告2018年第四季度的税前亏损为730万令吉，而2017年同期的亏损为160万令吉，增加了570万令吉。

集团：
尽管在2018年的十二个月期间实现了更高的钻机利用率，但收入减少主要是由于2018年美元兑换RM的平均汇率较2017年同期下降所致。尽管收入较低，这集团截至二零一八年十二月三十一日止十二个月期间的税前亏损减少到1,670万令吉，比起2017年同期录得的税前亏损11.305亿令吉，增幅为11.138亿令吉或98.5％。这主要是由于本年度录得的资产减值减少到1,130万令吉，而去年则为9亿8,210万令吉。如果没有资产减值和非经常性费用达到1140万令吉，这集团的税前核心亏损为540万令吉，而去年同期则为1.378亿令吉，增加了1亿3240万令吉或96.1 ％。

钻井服务部门：
平均资产利用率为73％，而2017年同期为70％。钻井服务部门于2018年12月31日止十二个月期间的税前亏损为800万令吉，而2017年同期亏损为RM11.065亿，增加10.985亿令吉或99.3％。这主要是由于年内录得的资产减值减少到260万令吉，而去年则为9亿8,210万令吉。尽管利用率和利率有所提高，但仍实现了显着的成本降低。这是通过较低的折旧和利息支出（上年度减值产生的）以及本年度偿还短期借款来实现的。

油田服务部门：
截至2018年12月31日止十二个月期间，油田服务部门报告的税前亏损提高到1,390万令吉，而2017年同期录得亏损为540万令吉，增加850万令吉或超过100％，主要是由于资产减值和支付的裁员福利分别约为740万令吉和320万令吉。

与前季比较：
2018年第四季度的集团收入为1.893亿令吉，高于2018年第三季度的1.530亿令吉，因为钻井平台利用率提高，增加了3900万令吉或25.9％。本季度平均季度资产利用率为91％，而上一季度为75％，导致收入增加。因此，这集团于二零一八年第四季度的税前利润为1,630万令吉，而二零一八年第三季的税前亏损为1,340万令吉，较上一季度增加2,970万令吉。

前景：
钻井服务部门：
在去年年底出现重大波动之后，基准布伦特原油价格自2019年初以来已经稳定在每桶60美元以上。但是，正面和负面的行业活动以及其他全球因素继续影响价格。积极因素包括石油输出国组织的减产，伊朗的制裁以及一些主要生产国的生产能力下降。

根据最新的Petronas活动展望2019-2021所反映的当前合约前景，预计今年第二季度的资产利用率将再次回升。仅2019年，所需的自升式钻井平台数量预计在16至18个单位之间，并有可能在2020年和2021年进一步增加。液压修井机的需求预计也将在2019增加到5或6个单位。这两类资产的需求增加预计将使这集团受益，因为该集团是国内业绩良好的主要参与者。目前，这集团正在积极竞标并就新合约进行谈判以取代即将到期的合约。

油田服务部门：
这集团通过出售及关闭非供股附属公司，大幅减少其在该部门的参与。

集团：
根据从第二季度开始对自升式钻井平台和液压修井机预测的更高利用率，董事会预计2019年这集团的财务表现将有所改善。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.24 in 8 months 5 days, total return is 56%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.16 in 2 months 17 days, total return is 45%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.975 (dividend RM0.007) in 6 months 21 days, total return is 37.3%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 2 months 11 days, total return is 29.5%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.70 in 1 month 14 days, total return is 21.7%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 (dividend RM0.0375) in 4 months 19 day, total return is 16.8%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 2 months 7 day, total return is 15.3%

h) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.54 (dividend RM0.01) in 8 months 5 days, total return is 10.7%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.37 (dividend RM0.035) in 3 months 15 days, total return is 10.6%

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
时间：11a.m. – 7p.m

日期：4月21日星期日
地点：G Inn Hotel, George Town (Penang)

日期：4月28日星期日
地点：Silka Johor Bahru Hotel, Johor Bahru (包括免费点心，茶和咖啡)

日期：5月26日星期日
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有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

为了方便大家查询我写过的公司和选股文章以及视频，制作了索引。大家只要依照日期，就能从这 
https://web.facebook.com/jamesshareinvest/posts/2209750675958341 找到公司和选股文章以及视频。

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

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[VELESTO ENERGY BERHAD: the utilisation is expected to pick up again in the second quarter of this year based on the current contract outlook as reflected in the latest Petronas Activity Outlook 2019-2021, for 2019 alone, the number of jack-up rigs required is forecasted to be between 16 and 18 units, with potential for a further increase in 2020 and 2021]

Group:
The Group recorded a profit before tax of RM16.3 million in the fourth quarter of 2018 against a loss of RM977.3 million recorded in the same quarter of 2017, mainly due to impairment losses provided in the previous year amounting to RM982.1 million compared to RM11.3 million provided in the current quarter. Excluding impairment and reversal of non-recurring expenses amounting to RM6.1 million, the Group registered a core profit before tax of RM22.4 million in the current quarter as compared to RM19.8 million in the same quarter of 2017.

Drilling Services Segment:
The Drilling Services segment recorded a profit before tax of RM18.6 million in the fourth quarter of 2018 compared to a loss of RM978.2 million reported in the same quarter of 2017. This was due to asset impairment of RM982.1 million provided in 2017 compared to RM2.6 million provided in the current quarter.

Oilfield Services Segment:
The Oilfield Services segment reported a loss before tax of RM7.3 million in the fourth quarter of 2018 as compared to RM1.6 million loss recorded in the same quarter of 2017, an increase of RM5.7 million.

Group:
Despite a higher rig utilisation achieved for the twelve-month period of 2018, lower revenue was mainly due to impact of lower average foreign exchange rate used for the conversion of USD to RM in 2018 as compared to the same period of 2017. Despite lower revenue, the Group posted a significantly lower loss before tax of RM16.7 million for the twelve-month period ended 31st December 2018 against the RM1,130.5 million loss before tax recorded in the same period of 2017, an improvement of RM1,113.8 million or 98.5%. This was mainly due to lower asset impairment of RM11.3 million recorded during the year as compared to RM982.1 million in the previous year. Without the asset impairment and non-recurring expenses amounting to RM11.4 million, the current year Group’s core loss before tax was RM5.4 million compared to RM137.8 million recorded in the previous year, an improvement of RM132.4 million or 96.1%.

Drilling Services Segment:
The average asset utilisation rate was 73% as compared to 70% in the same period of 2017. Drilling Services segment incurred a lower loss before tax of RM8.0 million for the twelve-month period ended 31st December 2018 compared to the loss of RM1,106.5 million reported in the same period of 2017, an improvement of RM1,098.5 million or 99.3%. This was mainly due to lower asset impairment of RM2.6 million recorded during the year as compared to RM982.1 million in the previous year. Significant cost reduction was achieved despite increases in utilisation rate and interest rate. This was achieved through lower depreciation and interest expense resulted from the impairment made in the previous year and repayment of short term borrowings during the current year.

Oilfield Services Segment:
The Oilfield Services segment reported a higher loss before tax of RM13.9 million for the twelve-month period ended 31st December 2018 versus a loss of RM5.4 million recorded in the same period of 2017, an increase of RM8.5 million or more than 100% due mainly to the asset impairment and retrenchment benefit paid amounting to approximately RM7.4 million and RM3.2 million respectively.

Comparison with Preceding Quarter:
Group revenue of RM189.3 million for the fourth quarter of 2018 was higher than the RM150.3 million achieved in the third quarter of 2018 by RM39.0 million or 25.9% as a result of higher rig utilisation. The average quarterly asset utilisation rate of 91% in the current quarter as compared to 75% in the previous quarter resulted in higher revenue. As a result, the Group posted a profit before tax of RM16.3 million in the fourth quarter of 2018 compared to a loss before tax of RM13.4 million reported in the third quarter of 2018, an improvement of RM29.7 million.

Prospects:
Drilling Services Segment:
After a major fluctuation late last year, the benchmark Brent oil price has stabilised at above USD60 per barrel since early 2019. However, both positive and negative industry activities and other global factors continue to impact the price. The positives include the production cuts by OPEC, the Iran sanction and the declining producing capability of some of the major producers.

The utilisation is expected to pick up again in the second quarter of this year based on the current contract outlook as reflected in the latest Petronas Activity Outlook 2019-2021. For 2019 alone, the number of jack-up rigs required is forecasted to be between 16 and 18 units, with potential for a further increase in 2020 and 2021. The requirement for hydraulic workover units is also expected to increase to 5 or 6 units in 2019. The increased demand in both type of assets is expected to benefit the Group, being the main player with strong domestic track record. At present, the Group is aggressively bidding and negotiating for new contracts to replace expiring ones.

Oilfield Services Segment:
The Group has reduced its involvement in this segment significantly by disposing and closing the non-contributing subsidiaries.

Group:
Based on a higher utilisation being forecasted for both jack-up drilling rigs and hydraulic workover units beginning in the second quarter of the year, the Board expects an improved financial performance of the Group in 2019.
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James Ng Stock Pick Performance:
Since Recommended Return:

a) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.24 in 8 months 5 days, total return is 56%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.16 in 2 months 17 days, total return is 45%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.975 (dividend RM0.007) in 6 months 21 days, total return is 37.3%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 2 months 11 days, total return is 29.5%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.70 in 1 month 14 days, total return is 21.7%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 (dividend RM0.0375) in 4 months 19 day, total return is 16.8%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 2 months 7 day, total return is 15.3%

h) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.54 (dividend RM0.01) in 8 months 5 days, total return is 10.7%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.37 (dividend RM0.035) in 3 months 15 days, total return is 10.6%

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/2209750675958341 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

Facebook Group: https://www.facebook.com/groups/jamesinvesting

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng