[UZMA BHD：某些项目的收入确认较高以及GPM较高的SVP收购]

与YTD2018相比，集团的收入增加了5,930万令吉或15.5％，主要是由于截至2019年1月底收购了子公司Setegap Venture Petroleum Sdn. Bhd (“SVP”)，但因某些项目的收入减少而被抵消。与收入增加一致，与YTD2018相比，毛利也增加了2220万令吉或16.0％。乌兹马报告调整后的PBT增加1585万令吉或66.1％。增加的原因是YTD2019的毛利增加，但被Tanjung Baram项目确认的减值损失抵消了。

QoQ：
与上一季度相比，集团收入和毛利分别增加了2740万令吉或24.7％和1590万令吉或41.2％，这主要是由于某些项目的收入确认较高以及GPM较高的SVP收购。与收入及毛利增加一致，乌兹马报告调整后的PBT较上一季度增加320万令吉或23.0％。

前景：
于2019年3月19日及2019年3月20日宣布，乌兹马全资附属公司MMSVS集团控股有限公司（「MMSVS」）已获授予为PTTEP International Limited，PTTEP Siam Limited和PTTEP SP Limited提供Onshore Hydraulic Workover Services（340K）的合约。合同期限为2019年3月1日至2022年6月30日（三（3）年），最长延长期限为一（1）年。考虑与合约相关的执行风险，乌兹马预期合约将为其未来盈利作出积极贡献。
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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 RM1.56 (dividend RM0.015) in 1 year 18 days, total return is 120.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.42 (dividend RM0.04) in 1 year 1 month 27 day, total return is 83.6%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 8 months 14 days, total return is 53.8%

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e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.04 (dividends RM0.063) in 10 months 23 days, total return is 32.3%

f) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.37 in 2 months 26 days, total return is 31.7%

g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.755 in 7 months 10 days, total return is 31.3%

h) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.28 (dividend RM0.1875) in 10 months 16 days, total return is 30.6%

i) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 (dividend RM0.008) in 8 months 7 days, total return is 30.4%

j) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM1.91 (dividend RM0.01) in 2 months 28 days, total return is 15%

k) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.40 (dividends RM0.084) in 1 Year 1 month 1 day, total return is 13.2%

l) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.56 (dividends RM0.04) in 10 months 28 days, total return is 11.9%

m) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.92 (dividends RM0.0625) in 1 Year 4 days, total return is 4.2%

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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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[UZMA BHD: higher revenue recognition for certain project and SVP acquisition with higher GPM]

The Group’s revenue increased by RM59.3 million or 15.5% compare to YTD2018 was mainly due to acquisition of a subsidiary Setegap Venture Petroleum Sdn. Bhd (“SVP”) as at the end of January 2019 which offset by the lower recognition of revenue for certain projects. In line with the increase in revenue, the gross profit also increase by RM22.2 million or 16.0% as compared to YTD2018. The Group reported increase in adjusted PBT of RM15.85 million or 66.1%. The increase was contributed by increase in gross profit in YTD2019 but offset the impairment loss recognized for Tanjung Baram project.

QoQ:
The Group revenue and gross profit increased by RM27.4 million or 24.7% and RM15.9 million or 41.2% respectively as compared to last quarter was mainly due to the higher revenue recognition for certain project and SVP acquisition with higher GPM. In line with the increase in revenue and gross profit, the group reported the increase of Adjusted PBT RM3.2 million or 23.0% as compared to previous quarter.

Prospects:
As announced on 19 March 2019 and 20 March 2019, MMSVS Group Holdings Co., Ltd (“MMSVS”), a wholly owned subsidiary of the Group had been awarded a contract for the Provision of Onshore Hydraulic Workover Services (340K) for PTTEP International Limited, PTTEP Siam Limited and PTTEP SP Limited. The tenure of the contract is three (3) years from 1 March 2019 to 30 June 2022 with a maximum extension option of one (1) year. The Group expects the contract to contribute positively to its future earnings by taken into the consideration of execution risk associated with the contract.
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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

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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