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[转贴] [MBM RESOURCES BHD:对Perodua车辆的需求依然强劲,尤其是Myvi,Axia和Aruz车型] - James的股票投资James Share Investing

James Ng
Publish date: Wed, 21 Aug 2019, 10:09 AM

[MBM RESOURCES BHD:对Perodua车辆的需求依然强劲,尤其是Myvi,Axia和Aruz车型]

2Q19 vs 2Q18:
就本季度而言,MBM资源来自持续经营业务的收入较上一季度增加7,460万令吉或15.4%至5亿5,800万令吉。本季度PBT为8,930万令吉,较同期增加4,060万令吉或83.2%,原因是各方面表现均较佳。MBM资源亦确认出售其联营公司日野汽车销售(马来西亚)私人有限公司及日野汽车制造(马来西亚)私人有限公司(「日野」)22%股权的2480万令吉收益。剔除成本回收,由于需求增加和客户组合,当前季度的业绩份额增加了45.0%。联营公司业绩的份额同比增加了1,120万令吉或28.7%,为5,040万令吉。

汽车交易:
本季度收入增加了6550万令吉或14.9%,收于5.051亿令吉,其中Perodua是主要的收入增长动力。本季度对Perodua车辆的需求依然强劲,尤其是Myvi,Axia和Aruz车型。随着XC-40供应的改善,沃尔沃的销量也进一步增加。因此,本季度PBT收报940万令吉,较同季增加290万令吉或45.0%。

汽车零件制造:
该部门的持续经营收入较上一季度增加了900万令吉或20.7%至5260万令吉,与生产需求增加相符。本季度的PBT为390万令吉,比相应季度高了240万令吉或152.6%。对于已终止经营的合金车轮厂,税前亏损(LBT)为500万令吉,较去年同期下降50万令吉,原因是经营成本较去年减少,部分被关闭及相关成本抵销。

2Q19 vs 1Q19:
MBM资源持续经营业务的收入较上一季度增加3900万令吉或7.5%,因为汽车贸易及汽车制造业务部门的销售增加。本季度的PBT为8,930万令吉,较上一季度增加2,500万令吉或38.8%,因为两个部门的销售额均有所增长,而联营公司的业绩更佳。

至于联营公司​​的业绩,MBM资源的部份继续增加至5,040万令吉,较上一季度增加760万令吉或17.8%。停产协议下合金车轮厂的LBT为500万令吉,较上一季度减少了210万令吉或75.4%。

汽车交易:
由于对Perodua和沃尔沃车型的持续需求,本季度的收入比上一季度增加了3720万令吉或7.9%。该部门的PBT为940万令吉,较上一季度增加390万令吉或70.8%,与汽车销售额增长一致。

汽车零件制造:
由于产品组合和持续的生产需求,该部门的持续经营收入与上一季度相比也增加了180万令吉或3.6%。随着收入增加,该部门的业绩提升了150万令吉,即63.3%,收益为390万令吉。

前景:
由于客户对MBM资源内品牌的强劲需求,MBM资源的扩张仍然按计划进行,并对其表现持乐观态度。
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James Ng
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[MBM RESOURCES BHD: Demand for Perodua vehicles remained strong in this quarter especially with the Myvi, Axia and Aruz models]

2Q19 vs 2Q18:
For the current quarter, the Group's revenue from Continuing Operations improved by RM74.6 million or 15.4% to RM558.0 million against the corresponding quarter. PBT for the quarter was RM89.3 million, an increase of RM40.6 million or 83.2% as compared to the corresponding quarter due to better performance on all fronts. The Group also recognised a RM24.8 million gain on disposals of 22% shareholding in its associates, Hino Motors Sales (Malaysia) Sdn Bhd and Hino Motors Manufacturing (Malaysia) Sdn Bhd ("Hino"). Excluding the costs recoveries, current quarter's share of result was higher by 45.0% due to higher demand and customer mix. The share of associates' results likewise increased by RM11.2 million or 28.7% against the corresponding quarter to close at RM50.4 million.

Motor Trading:
Revenue for the current quarter increased by RM65.5 million or 14.9% to close at RM505.1 million against the corresponding quarter with Perodua being the main revenue growth driver. Demand for Perodua vehicles remained strong in this quarter especially with the Myvi, Axia and Aruz models. Volume for Volvo also increased further with improved supplies of XC-40. PBT for the quarter therefore closed at RM9.4 million, an increase of RM2.9 million or 45.0% as compared to the corresponding quarter.

Auto Parts Manufacturing:
Revenue from the Division's Continuing Operations increased by RM9.0 million or 20.7% to RM52.6 million against the corresponding quarter in line with higher production demand. PBT for the quarter was RM3.9 million, higher than the corresponding quarter by RM2.4 million or 152.6%. For the alloy wheel plant under the Discontinued Operation, the loss before tax (LBT) was RM5.0 million, RM0.5 million lower than the corresponding quarter due to reduced operating costs as compared to last year, partially offset by closure and related costs.

2Q19 vs 1Q19:
Revenue for the Group's Continuing Operations was higher against the preceding quarter by RM39.0 million or 7.5% with increase sales coming from both the Motor Trading and Auto Manufacturing Divisions. PBT for the quarter was RM89.3 million, RM25.0 million or 38.8% higher than the preceding quarter in line with higher sales from both Divisions, and better results from the Associates.

As for the associates' results, the Group's share continued to increase to RM50.4 million, higher by RM7.6 million or 17.8% as compared to the preceding quarter. The LBT for the alloy wheel plant under Discontinued Operation closed at RM5.0 million, lower than the preceding quarter by RM2.1 million or 75.4%.

Motor Trading:
Revenue for the current quarter increased by RM37.2 million or 7.9% against the preceding quarter due to continuous demand mainly for the Perodua and Volvo models. The Division's PBT closed at RM9.4 million, an increase of RM3.9 million or 70.8% as compared to the preceding quarter, in line with the higher vehicle sales.

Auto Parts Manufacturing:
The Division's revenue for Continuing Operation also improved by RM1.8 million or 3.6% against the preceding quarter due to product mix and the sustained production demand. With the higher revenue, the Division's performance improved by RM1.5 million, or 63.3% to close at a profit of RM3.9 million.

Prospects:
The Group remains on track with its plans and is optimistic with its performance given the strong customer demand for the brands within the Group.
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