[PETRONAS CHEMICALS GROUP BHD：产品价格和销售量下降]

1Q19 vs 1Q18:
PCG集团的工厂利用率较去年同期下降到95％，主要原因是其甲醇和芳烃工厂的维护和法定周转活动水平较高。销售量较低，与产量下降一致。

随着原油价格下跌，国油石化整体平均价格较上季度有所下降。由于产品价格和销售量下降，收入下降了8.21亿令吉或17％，达到41亿令吉，部分被马来西亚令吉兑美元的疲软所抵消。

EBITDA减少了5.78亿令吉或31％至13亿令吉，与收入减少和维护活动相关的运营支出增加有关。EBITDA减少后，税后利润也减少了2.94亿令吉或27％至8.13亿令吉，部分被税收支出减少所抵消。

烯烃和衍生物：
由于芳烃工厂的法定周转活动，产量和销量均略有下降。由于原油价格下跌，该部门的平均产品价格下跌。由于产品价格和销售量下降，收入下降了4.06亿令吉或13％，达到27亿令吉，部分被马来西亚令吉兑美元的疲软所抵消。

该部门的EBITDA减少了3.73亿令吉或34％至7.33亿令吉，主要是由于收入减少及维修活动的营运开支增加所致。税后利润也降低了2.58亿令吉或36％，达到4.61亿令吉，同时EBITDA降低，部分被税收支出减少所抵消。

肥料和甲醇：
该部门的运营表现较低，工厂利用率为92％，而去年相应季度为100％，这主要是由于其甲醇工厂的维护活动水平较高。销售量较低，与产量下降一致。该部门的平均产品价格较低，主要是甲醇，原油价格下跌和供应充足。

该部门的收入减少了4.64亿令吉或25％至14亿令吉，主要归因于产品价格和销量的下降，部分被马来西亚令吉兑美元的疲弱所抵消。由于收入减少和维护活动相关的运营支出增加，EBITDA减少了1.92亿令吉或25％至5.87亿令吉。税后利润也减少了1.82亿令吉或32％至3.82亿令吉。

1Q19 vs 4Q18：
由于更高的维护和法定周转活动，销售量主要因甲醇和芳烃而下降。由于原油价格下跌，国油石化整体平均产品价格下跌。受产品价格和销量下降以及马来西亚令吉兑美元走强影响，收入减少了9.32亿令吉或18％至41亿令吉。

由于收入下降，本季度的EBITDA下降了4.24亿令吉或25％，为13亿令吉。税后利润亦减少4.86亿令吉或37％至8.13亿令吉，因为合营企业亏损和EBITDA减少，主要是由于其中一家联营公司的法定周转活动所致。

前景：
烯烃和衍生物：
国油石化预计Olefins及衍生产品部门将于下一季度保持可比性。

肥料和甲醇：
由于工厂周转以及最终产品部门的现有需求，国油石化预计化肥和甲醇业务将继续保持可比性。
-----------------------------
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 RM1.58 (dividend RM0.015) in 11 months 5 days, total return is 123.1%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.45 in 7 months 2 days, total return is 81.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.38 (dividend RM0.04) in 1 year 16 days, total return is 78.6%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.62 (dividend RM0.1875) in 9 months 3 days, total return is 48.5%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.33 (dividend RM0.008) in 6 months 24 days, total return is 38.7%

f) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.44 in 1 month 17 days, total return is 38.5%

g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 5 months 27 days, total return is 34.8%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.035) in 7 months 29 days, total return is 32.7%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.83 (dividends RM0.063) in 9 months 10 days, total return is 19.1%

j) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.99 in 6 months 17 days, total return is 16.5%

k) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.60 (dividends RM0.04) in 9 months 17 days, total return is 14.7%

l) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.18 in 5 months 27 days, total return is 13.5%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.18 (dividends RM0.084) in 11 months 18 days, total return is 7.7%

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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7月27日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心

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7月26日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心

8月9日星期五：AG Hotel Penang, George Town 4份点心

9月6日星期五：Hotel Sri Petaling, KL 3份点心

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/2325332794400128 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

请大家来Follow James的Instagram，获取最新的资讯： https://www.instagram.com/p/B0FJIs2HL5K

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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[PETRONAS CHEMICALS GROUP BHD: lower product prices and sales volumes]

1Q19 vs 1Q18:
PCG Group recorded lower plant utilisation of 95% as compared to 100% in the corresponding quarter, mainly due to higher level of maintenance and statutory turnaround activities at its methanol and aromatics plants respectively. Sales volumes was lower in line with lower production.

Overall average prices for the Group decreased from the corresponding quarter in tandem with declining crude oil price. Revenue was lower by RM821 million or 17% at RM4.1 billion largely due to lower product prices and sales volumes, partially offset by the weakening of Ringgit Malaysia against US Dollar.

EBITDA decreased by RM578 million or 31% to RM1.3 billion in line with lower revenue and higher operating expenditure relating to maintenance activities. Profit after tax also reduced by RM294 million or 27% to RM813 million following lower EBITDA, partially offset by lower tax expense.

Olefins and Derivatives:
Both production and sales volumes slightly decreased due to statutory turnaround activities undertaken at its aromatics plant. Average product prices for the segment declined as crude oil prices decreased. Revenue was lower by RM406 million or 13% at RM2.7 billion as a result of lower product prices and sales volumes, partially offset by the weakening of Ringgit Malaysia against US Dollar.

EBITDA for the segment decreased by RM373 million or 34% to RM733 million mainly due to lower revenue and higher operating expenditure relating to maintenance activities. Profit after tax was also lower by RM258 million or 36% at RM461 million in tandem with lower EBITDA, partially offset by lower tax expense.

Fertilisers and Methanol:
The segment’s operational performance was lower with plant utilisation of 92% compared to 100% in the corresponding quarter mainly due to higher level of maintenance activities at its methanol plants. Sales volumes was lower in line with lower production. Average product prices for the segment was lower mainly for methanol in tandem with lower crude oil price and ample supply.

The segment’s revenue decreased by RM464 million or 25% to RM1.4 billion primarily attributed to the decline in product prices and sales volumes, partially offset by the weakening of Ringgit Malaysia against US Dollar. EBITDA reduced by RM192 million or 25% to RM587 million following lower revenue and higher operating expenditure relating to maintenance activities. Profit after tax also decreased by RM182 million or 32% to RM382 million.

1Q19 vs 4Q18:
Sales volumes decreased mainly for methanol and aromatics due to higher level of maintenance and statutory turnaround activities. Overall average product prices for the Group declined in line with lower crude oil prices. Revenue decreased by RM932 million or 18% to RM4.1 billion affected by the lower product prices and sales volumes, as well as the strengthening of Ringgit Malaysia against US Dollar.

EBITDA for the current quarter was lower by RM424 million or 25% at RM1.3 billion attributable to the decline in revenue. Profit after tax also decreased by RM486 million or 37% to RM813 million in line with lower EBITDA and net share of losses from joint ventures and associates primarily due to statutory turnaround activities undertaken at one of the associate companies.

Prospects:
Olefins and Derivatives:
The Group anticipates that Olefins and Derivatives segment to remain comparable in the coming quarter.

Fertilisers and Methanol:
The Group expects that Fertiliser and Methanol segment to remain comparable as supply resumes after plant turnarounds coupled with existing demand from the end products segments.
--------------------------------------------------------------------------
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 RM1.58 (dividend RM0.015) in 11 months 5 days, total return is 123.1%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.45 in 7 months 2 days, total return is 81.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.38 (dividend RM0.04) in 1 year 16 days, total return is 78.6%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.62 (dividend RM0.1875) in 9 months 3 days, total return is 48.5%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.33 (dividend RM0.008) in 6 months 24 days, total return is 38.7%

f) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.44 in 1 month 17 days, total return is 38.5%

g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 5 months 27 days, total return is 34.8%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.035) in 7 months 29 days, total return is 32.7%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.83 (dividends RM0.063) in 9 months 10 days, total return is 19.1%

j) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.99 in 6 months 17 days, total return is 16.5%

k) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.60 (dividends RM0.04) in 9 months 17 days, total return is 14.7%

l) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.18 in 5 months 27 days, total return is 13.5%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.18 (dividends RM0.084) in 11 months 18 days, total return is 7.7%

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/2325332794400128 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