[MALAYSIAN RESOURCES CORP BHD：PBT受到确认的较低收入以及LRT 3项目的收入确认的延期和重新计时的影响]

YoY:
截至2019年6月30日止财政年度的上半年，马资源的收入和税前利润分别为4.75亿令吉和1820万令吉，而截至2018年6月30日的去年上半年分别为8亿3280万令吉和7360万令吉。

与2018年同期相比，2019年上半年收入下降了43％，主要是由于房地产开发和投资以及工程，建筑和环境部门的收入贡献减少。税前利润下降了75％，这也受到该期间确认的较低收入以及LRT 3项目的收入确认的延期和重新计时的影响。因此，集团拥有50％股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd贡献的税后利润仅为101万令吉，而2018年同期为1,500万令吉。比起以前的预算，税后利润变低了，因为政府将项目从PDP改版为固定价格的turnkey项目而导致的进度费用递延。

房地产开发与投资：
在本财政年度的上半年，产业发展与投资部门的收入较2018年同期下降62％至1.564亿令吉。该下降是由于未从已完成的出售中确认收入，因尚未完成Sales and Purchase，以及马资源目前主要的关键高层住宅开发项目处在建设初期（子结构，地下室，停车场和裙楼的水平），而收入确认很少。

该部门在该期间录得营业利润为4,700万令吉，而2018年同期则为5,510万令吉。由于房地产开发项目仍处于建设初期，收入和利润的确认并不多，因此利润较低。

工程，建筑与环境：
该部门在本财政年度的上半年录得2亿8350万令吉的收入，较2018年同期下降26％。在此期间所赚取的较低收入，加上某些成本的审慎支出，正待完成的已完成项目的最终帐目和与某些项目有关的法律诉讼结果导致工程，建筑与环境部在所审查的财政期间录得较少的150万令吉的营业利润。

集团拥有50％股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd贡献了101万令吉的税后利润较低，而2018年同期为1,500万令吉。这大大低于先前的预算，原因是由于政府将项目从PDP改版为固定价格的turnkey项目，因此推迟了进度计费。

QoQ：
在截至2019年6月30日的季度中，马资源的收入和税前利润分别为2.41亿令吉和980万令吉，而截至2019年3月31日的上一季度的收入为2.34亿令吉和税前利润为840万令吉。

前景：
房地产开发与投资：
在集团目前正在开发的住宅项目中，澳大利亚墨尔本的1060 Carnegie达到了80％的购买率，Sentral Suites达到了76％的购买率，而Kalista Park Homes达到了80％。该部门将继续把市场营销工作集中在其住宅开发项目上，即吉隆坡中环的Sentral Suites（GDV：15.34亿令吉），墨尔本的1060 Carnegie（GDV：2.75亿令吉）和Bukit Rahman Putra的Kalista Park Homes（GDV：1.02亿令吉），以及在Seputeh的Sentral Residences和VIVO剩余的未售出单位，这些地区在历史上一直取得了不错的销售。连接旧巴生路和新班台高速公路的新连接桥的开放大大改善了9 Seputeh开发区的连通性，并应有助于刺激该开发区的进一步销售。截至2019年6月30日，Sentral Residences的购买率达到97％，9 Seputeh的VIVO的购买率达到83％。

Sentral Suites的目标是到2019年底仅达到25％的建筑建造进度，因此，当三座高楼的建造进度超过podium levels时，Sentral Suites预计将在2020年贡献更大的收入和运营利润。在PJ Sentral Garden City出售的两座办公大楼将继续贡献收入和营业利润，直到2020年实际竣工，而9 Seputeh第二阶段的TRIA应在今年年底后开始贡献。在墨尔本的1060卡耐基（Carnegie），马资源已完成77％建筑竣工的住宅和商业综合开发项目，仅会在100％建筑竣工并随后将单位移交给买家（目标是2020年上半年）后，才会为收入和营业利润做出贡献。

总体而言，集团在其产业发展与投资部的累计未开单销售总额，预计将在其项目的发展寿命内录得17.63亿令吉的收入，其中约90％为住宅及10％的商业项目。

集团拥有282英亩的城市土地权益，拥有可持续发展的未来项目，总发展总值达310亿令吉。该部门还从其在莎阿南的剩余投资物业和Celcom Tower以及其在MQ REIT的27.94％股权中获得了相对稳定的经常性收入来源。

工程，建筑与环境：
该部门目前的公开招标价值为15.69亿令吉，并将更加重视寻求基础设施项目。截至2019年6月30日，外部客户订单总值为226亿令吉，是业内最高的之一。随着建设进度的加快，预计这些项目将成为该部门收入和运营利润确认的骨干，并将持续到2019年剩余时间及以后。 LRT3项目目前已完成18％，随着2024年工程竣工，其利润确认的步伐将加快。截至2019年6月30日，未开票的建筑订单额为212亿令吉。
-----------------------------
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 26 days, total return is 145.5%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.88 in 1 month 15 days, total return is 93.4%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.45 (dividend RM0.04) in 1 year 3 months 9 days, total return is 87.4%

d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.31 in 9 months 25 days, total return is 63.8%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.935 in 8 months 21 days, total return is 62.6%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.41 (dividend RM0.01) in 4 months 8 days, total return is 44.9%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.32 (dividend RM0.018) in 9 months 17 days, total return is 38.7%

h) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.10 (dividends RM0.083) in 1 Year 4 days, total return is 37.3%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 23 days, total return is 34.6%

j) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.37 in 4 months 8 days, total return is 31.7%

k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.22) in 11 months 27 days, total return is 27.5%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.25 (dividends RM0.111) in 1 Year 2 months 11 days, total return is 10.1%

m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.90 in 9 months 10 days, total return is 5.9%

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。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

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

12月22日星期日：AG Hotel Penang, George Town 2份点心

12月29日星期日：Hotel Sri Petaling, KL 3份点心

2)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐

10月20日星期日：Silka Johor Bahru Hotel, Johor Bahru

12月21日星期六：AG Hotel Penang, George Town

12月28日星期六：Hotel Sri Petaling, KL

3) 【公司业绩分享会】:
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

12月27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

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：jamesnginvest

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
----------------------------------------------
[MALAYSIAN RESOURCES CORP BHD: PBT impacted by the lower revenue recognised during the period as well as the deferment and re-timing of income recognition from the LRT 3 project]

YoY:
For the first half of the financial year ended 30 June 2019, the Group recorded revenue and profit before tax of RM475.0 million and RM18.2 million respectively, compared to RM832.8 million and RM73.6 million respectively recorded in the preceding half year ended 30 June 2018.

The 43% decline in revenue in the first half year of 2019 compared to the corresponding period in 2018 was mainly due to the lower revenue contribution from both the Property Development & Investment and Engineering, Construction & Environment Divisions. Profit Before Tax fell 75%, also impacted by the lower revenue recognised during the period as well as the deferment and re-timing of income recognition from the LRT 3 project. As a result, the Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed profit after tax of only RM1.01 million, compared with RM15.0 million in the corresponding period in 2018. This is considerably lower than previously budgeted due to the deferment of progress billings resulting from the re-modelling of the project from a PDP to a fixed price turnkey project by the Government.

Property Development & Investment:
In the first half of the financial year, the Property Development & Investment Division recorded a 62% decline in revenue to RM156.4 million, compared to the corresponding period in 2018. The decline was due to no revenue being recognised from the sale of completed unsold units which had yet to reach Sales and Purchase completion, as well as the Group’s key high-rise residential development projects currently being in the early phase of construction (sub-structure, basement, carpark and podium levels) when revenue recognition is minimal.

The Division recorded an operating profit of RM47.0 million during the period compared to RM55.1 million recorded in the corresponding period in 2018. A lower profit was recognised as the property development projects were still at an early phase of construction, when both revenue and profit recognition is not significant.

Engineering, Construction & Environment:
The division recorded revenue of RM283.5 million in the first half of the financial year, a 26% decline compared to the corresponding period in 2018. The lower revenue earned during the period compounded by the prudent expensing of certain costs while awaiting for the completion of the final accounts of completed projects and the results of legal proceedings relating to certain projects resulted in the Engineering, Construction & Environment Division recording a minimal operating profit of RM1.5 million in the financial period under review.

The Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed lower profit after tax of RM1.01 million, compared with RM15.0 million in the corresponding period in 2018. This was considerably lower than previously budgeted due to the deferment of progress billings as a result of the re-modelling of the project from a PDP to a fixed price turnkey project by the Government.

QoQ:
In the quarter ended 30 June 2019, the Group recorded revenue and a profit before taxation of RM241.0 million and RM9.8 million respectively, compared to revenue of RM234.0 million and profit before taxation of RM8.4 million recorded in the preceding quarter ended 31 March 2019.

Prospects:
Property Development & Investment:
Of the Group’s residential projects currently in development, 1060 Carnegie in Melbourne, Australia has achieved a take up rate of 80%, while Sentral Suites has achieved a take up rate of 76%, and Kalista Park Homes of 80%. The Division will continue to focus its marketing efforts on its residential development projects, namely Sentral Suites in KL Sentral (GDV: RM1,534 million), 1060 Carnegie in Melbourne (GDV: RM275 million) and Kalista Park Homes in Bukit Rahman Putra (GDV: RM102 million), as well as the remaining unsold units in the Sentral Residences and VIVO in 9 Seputeh, which has historically achieved good sales. The opening of the new link bridge connecting the Old Klang Road with the New Pantai Expressway has improved connectivity considerably to the 9 Seputeh development and should help spur further sales within this development. As at 30 June 2019, Sentral Residences has achieved a take-up rate of 97%, and VIVO in 9 Seputeh has achieved a take-up rate of 83%.

Sentral Suites is targeted to be only 25% constructed by the end of 2019, and therefore are only expected to contribute more significant revenue and operating profits in 2020, when construction has progressed above the podium levels for all three towers. The two office towers sold in PJ Sentral Garden City will continue to contribute revenue and operating profit until their physical completion in 2020, while TRIA, the second phase of 9 Seputeh, should commence contributing after the end of this year. In Melbourne, 1060 Carnegie, the Group’s mixed residential and commercial development which has already attained 77% construction completion, will only contribute to revenue and operating profit upon 100% construction completion and subsequently the handover of units to purchasers, targeted in the first half of 2020.

Overall, the Group had total cumulative unbilled sales in its Property Development & Investment Division which are expected to deliver RM1,763 million in revenue to be booked over the development lifespan of its projects, approximately 90% of which are residential and 10% commercial projects.

With interests in 282 acres of urban land, the Group has a sustainable supply of future projects with a total GDV of RM31 billion. The Division also earns a relatively stable recurring income stream from its residual investment property in Shah Alam and from Celcom Tower, as well as its 27.94% equity interest in MQ REIT.

Engineering, Construction & Environment:
The division currently has open tenders valued at RM1,569 million, and is placing greater emphasis on seeking infrastructure projects. As at 30 June 2019, the external client order book stood at RM22.6 billion, which is amongst the highest in the industry. As the pace of construction progress picks up, these projects are anticipated to form the backbone of the division’s revenue and operating profit recognition moving forward through the remainder of 2019 and beyond. The LRT3 project, which is currently 18% completed, will see the pace of its profit recognition accelerate in line with construction completion by 2024. As at 30 June 2019, the unbilled construction order book stood at RM21.2 billion.
--------------------------------------------------------------------------
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