[YTL POWER INTERNATIONAL BHD：受全球市场动荡以及电力批发市场供过于求的推动，新加坡的电力市场将充满竞争性]

4Q19 vs 4Q18:
本季度的税前利润为2.466亿令吉，比去年的利润2.822亿令吉减少3560万令吉或12.6％。

发电（合同）：
PBT较低是由于发电厂的减值准备。

多功能事业（商户）：
LBT是由于较低的既得合同水平，较低的索引合约利润率，较高的财务和运营成本。

水和污水处理：
PBT较低是由于没有去年确认的一次性退休金抵免。

移动Broadbank网络：
收入增加是由于项目收入增加。

投资控股活动：
收入减少是由于应计技术服务收入减少和利息收入减少。

YTD19 vs YTD18:
集团这期的PBT为7.337亿令吉，较去年同期的9.406亿令吉减少2.069亿令吉或22％。 PBT的下降是由于多功能事业部的亏损，水和污水处理部门的利润下降。

发电（合同）：
Paka电厂从17年9月1日开始进行短期发电，这有助于提高PBT。

多功能事业（商户）：
LBT的原因是零售非燃料和辅助的利润率降低，归属合同水平利润率降低，融资成本增加以及法院对未决诉讼作出决定后的应收账款减值准备。

水和污水处理：
PBT较低是由于没有去年确认的一次性退休金抵免，而今年已确认了较高的财务费用。

移动宽带网络：
LBT的减少是由于记录的收入增加。

投资控股活动：
较高的PBT是由于较低的运营成本，投资，衍生品和投资物业的公允价值收益。

4Q19 vs 3Q19：
税前利润较高是由于投资控股活动部门和移动宽带网络部门的收益较高，以及多功能事业（商户）部门的亏损减少。

前景：
发电（合同）：
集团拥有独立电力生产商PT Tanjung Jati Power Company 80％的股权，该公司正在开发Tanjung Jati A，这是印度尼西亚爪哇的2 x 660兆瓦的燃煤发电项目。集团还拥有Attarat电力公司45％的股权，该公司正在约旦哈希姆王国开发一个554兆瓦的油页岩火力发电项目。

多功能事业（商户）：
受全球市场动荡以及电力批发市场供过于求的推动，新加坡的电力市场将充满竞争性。

水和污水处理：
Wessex Water正在与其监管机构讨论《 2020-25年价格审查》，该报告作为决定草案于2019年7月18日发布。

移动宽带网络：
电信行业市场仍然充满挑战。
-----------------------------
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 RM1.73 (dividend RM0.025) in 1 year 1 month 18 days, total return is 145.5%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.49 (dividend RM0.04) in 1 year 2 months 29 days, total return is 92.5%

c) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.81 in 1 month 7 days, total return is 78%

d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 9 months 17 days, total return is 53.8%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.32 (dividend RM0.018) in 9 months 9 days, total return is 38.7%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.12 (dividends RM0.083) in 11 months 23 days, total return is 38.6%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.07) in 10 months 15 days, total return is 35.4%

h) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.20 (dividend RM0.01) in 3 months 28 days, total return is 32.3%

i) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.29 (dividend RM0.1875) in 11 months 19 days, total return is 31.1%

j) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.745 in 8 months 13 days, total return is 29.6%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.22 in 3 months 28 days, total return is 17.3%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.26 (dividends RM0.111) in 1 Year 2 months 3 days, total return is 10.4%

m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.905 in 8 months 30 days, total return is 6.5%

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页面与我联系。

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10月19日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心

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2p.m. – 7p.m.，免费茶和咖啡

10月18日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月20日星期五：AG Hotel Penang, George Town 2份点心

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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

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

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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
-----------------------------------------
[YTL POWER INTERNATIONAL BHD: Electricity market in Singapore will remain competitive, driven by volatilities across global markets and generation capacity oversupply in the wholesale electricity market]

4Q19 vs 4Q18:
PBT for this quarter was RM246.6m, a decrease of RM35.6m or 12.6% compared to profit of RM282.2m in last year.

Power generation (contracted):
Lower PBT was due to an allowance for impairment of power plant.

Multi utilities business (merchant):
LBT was due to lower vesting contract level, lower margin on indexed contracts, higher finance and operating costs.

Water & sewerage:
Lower PBT was due to absence of a one-off pension credit recognised in last year.

Mobile broadbank network:
Increase in revenue was due to increase in project revenue.

Investment holding activities:
Decrease in revenue was due to lower accrued technical service income, and lower interest income.

YTD19 vs YTD18:
The Group PBT for this period was RM733.7m, a decrease of RM206.9m or 22% as compared to profit RM940.6m recorded in last year. Lower PBT was due to the loss recorded in Multi utilities business segment, lower profit in Water & sewerage segment.

Power generation (contracted):
Paka Power Plant commenced short-term capacity generation from 1 Sep 17 and this contributes higher PBT.

Multi utilities business (merchant):
LBT was due to lower retail non-fuel and ancillary margin, lower vesting contract level and margin, higher finance costs and an allowance for impairment of receivable following a court decision on the outstanding litigation.

Water & sewerage:
Lower PBT was due to absence of a one-off pension credit recognised in last year and higher finance costs recognised in this year.

Mobile broadband network:
Reduction in LBT was due to the increase in revenue recorded.

Investment holding activities:
Higher PBT was due to lower operating costs, fair value gain on investments, derivatives and investment properties.

4Q19 vs 3Q19:
Higher PBT was due to better returns in Investment holding activities segment and Mobile broadband network segment and coupled with lower loss recorded in Multi utilities business (Merchant) segment.

Prospects:
Power generation (contracted):
The Group has an 80% equity interest in PT Tanjung Jati Power Company, an independent power producer which is undertaking the development of Tanjung Jati A, a 2 x 660 megawatt coal-fired power project in Java, Indonesia. The Group also has a 45% equity interest in Attarat Power Company, which is developing a 554 megawatt oil shale fired power generation project in the Hashemite Kingdom of Jordan.

Multi utilities business (Merchant):
Electricity market in Singapore will remain competitive, driven by volatilities across global markets and generation capacity oversupply in the wholesale electricity market.

Water & sewerage:
Wessex Water is in discussion with its regulator over the Price Review 2020-25, which was published as a draft determination on 18 July 2019.

Mobile broadband network:
Telecommunications industry market remains challenging.
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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

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.

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