[CAHYA MATA SARAWAK BHD：拥有25％股份的联营公司OM Materials（Sarawak）Sdn Bhd的利润贡献降低；水泥，建筑和道路维护部门的利润也有所下降]

YTD19 vs YTD18:
尽管收入增长了9％，但集团的税前利润（PBT），税后和非控制性权益后利润（PATNCI）分别比上年同期下降了27％和37％。业绩下降的主要原因是砂查业马特拥有25％股份的联营公司OM Materials（Sarawak）Sdn Bhd的利润贡献降低。水泥，建筑和道路维护部门的利润也有所下降，但被建筑材料和贸易和房地产开发部更强的PBT所抵消。结果，每股收益和净资产收益率相应下降。

水泥部门-尽管收入增加了8％，但PE2019的PBT却比PE2018的PBT 3919万令吉降低了19％（3,167万令吉）。 PBT较低是由于进口熟料成本（原材料）和煤炭成本（燃料）较高。

建筑材料及贸易部 - PE2019的PBT达到3,996万令吉，比PE2018的2,341万令吉高71％。

建筑与道路维护部门 - PE2019年的PBT较低，为3400万令吉，比PE2018年的4476万令吉（不包括合资企业的业绩）的利润低24％，尽管收入降低了9％。这主要是由于毛利润率降低了4％，因为在PE2018中，2014-2017年期间收到的指示性工程的欠款为351万令吉。

物业发展部门-在PE2019年的PBT达到了2,095万令吉，而PE2018年的PBT是1,130万令吉，增长了85％。

战略投资部 - PE2019亏损为388万令吉，而PE2018则为亏损97.9万令吉。

其他 - PE2019年的PBT为15,000令吉，而在PE2018年则亏损39万令吉，原因是未实现的外汇收益增加。

未分配的公司支出-CMSB在PE2019中的支出比PE2018高2％。

应占合资企业的业绩 - 砂查业马特录得应占亏损130万令吉，而PE2018则应占获利253万令吉。亏损的主要原因是COPE-KPF Opportunities 1 Sdn Bhd的未实现投资亏损。

2Q19 vs 2Q18：
集团在2Q19的PBT大大低于2Q18。这主要归因于联营公司​​和合资公司的业绩所占份额较低以及GP利润率较低。由于更高的熟料成本和更高的维修成本，水泥部门的2Q19的GP利润率低于2Q18。这导致较低的PBT。

2Q19 vs 1Q19:
尽管收入下降，本季度砂查业马特的PBT仍比上一季度高5％。水泥部门的收入减少归因于节日假期，这两个节日均在今年6月初。建筑材料和贸易部的2Q19的PBT略低于1Q19，因为其中包括了对1Q19的水土流失补救工作的拨备回转。尽管由于GP利润率提高而导致收入下降，但建设和道路维护部的2Q19的PBT高于1Q19。与1Q19相比，房地产开发部的PBT在2Q19要低得多。

前景：
尽管砂查业马特面临的经营环境将继续充满挑战，但董事会对本年度的经营前景将会令人满意感到谨慎乐观。水泥部门2019年上半年的PBT低于上年同期，这主要是由于进口熟料成本上升。鉴于与去年相比更高的成本，该部门的PBT预计仍将低于2018年。

预混料行业遭受了更高的生产成本和较低的利润，预计在Pan Borneo Highway项目将面临更多新的工程承包商。萨马拉朱工业园区（SIP）的房地产开发部门的城市开发项目由于是个新建的开发区，因购买率缓慢而仍然低迷。缺乏公共基础设施和便利设施，如学校，医院，娱乐中心等，仍然是房地产开发的主要挑战。酒店部门在吸引长期的客人方面仍然是一个挑战。
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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 RM1.76 (dividend RM0.025) in 1 year 1 month 30 days, total return is 149.7%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.90 in 1 month 19 days, total return is 97.8%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.41 (dividend RM0.04) in 1 year 3 months 13 days, total return is 82.4%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.975 in 8 months 25 days, total return is 69.6%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.35 in 9 months 29 days, total return is 68.8%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.40 (dividend RM0.01) in 4 months 12 days, total return is 44.3%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.13 (dividends RM0.083) in 1 Year 8 days, total return is 39.2%

h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.31 (dividend RM0.018) in 9 months 21 days, total return is 37.6%

i) 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 27 days, total return is 35.4%

j) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.33 in 4 months 12 days, total return is 27.9%

k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.15 (dividend RM0.22) in 1 Year 1 day, total return is 25.4%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.35 (dividends RM0.111) in 1 Year 2 months 15 days, total return is 12.7%

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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
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[CAHYA MATA SARAWAK BHD: lower profit contribution by the Group’s 25% owned associate, OM Materials (Sarawak) Sdn Bhd; the Cement and Construction & Road Maintenance Divisions also reported lower profits]

YTD19 vs YTD18:
The Group’s profit before tax (PBT) and profit after tax and non-controlling interest (PATNCI) decreased by 27% and 37% respectively in comparison to the preceding year’s corresponding period, despite a 9% higher revenue. The lower results were mainly due to lower profit contribution by the Group’s 25% owned associate, OM Materials (Sarawak) Sdn Bhd. The Cement and Construction & Road Maintenance Divisions also reported lower profits but the lower profits had been negated by the Construction Materials & Trading and Property Development Divisions’ stronger PBT. As a result, EPS and ROE declined accordingly.

Cement Division - reported a 19% lower PBT of RM31.67 million in PE2019 over PE2018’s PBT of RM39.19 million, despite 8% higher revenue. The lower PBT was due to higher imported clinker cost (raw material) and coal cost (fuel).

Construction Materials & Trading Division - reported a strong PBT of RM39.96 million for PE2019, which was 71% higher than the PBT of RM23.41 million for PE2018.

Construction & Road Maintenance Division - reported a lower PBT of RM34.00 million in PE2019, which was 24% lower than PE2018’s profit of RM44.76 million (excluding share of results of joint ventures), notwithstanding 9% lower revenue. This was mainly due to 4% lower GP margin as there were arrears received for instructed works for periods 2014 - 2017 amounting to RM3.51 million in PE2018.

Property Development Division - reported an excellent PBT of RM20.95 million in PE2019 in comparison to a PBT of RM11.30 million in PE2018, representing an increase of 85%.

Strategic Investments Division - reported a higher loss of RM3.88 million in PE2019 as compared to a loss of RM979 thousand in PE2018.

Others - reported a marginal PBT of RM15 thousand in PE2019 as compared to a loss of RM390 thousand in PE2018 due to higher unrealised forex gain.

Unallocated corporate expenses - CMSB incurred 2% higher expenses in PE2019 compared to PE2018.

Share of results of joint-ventures - The Group recorded share of loss of RM1.30 million compared to a share of profit RM2.53 million in PE2018. The loss was mainly due to COPE-KPF Opportunities 1 Sdn Bhd’s unrealised loss on investments.

2Q19 vs 2Q18:
The Group’s PBT for 2Q19 was substantially lower than 2Q18. This was mainly attributable to the lower share of results of associates and joint ventures and lower GP margin. The Cement Division’s GP margin for 2Q19 was lower than 2Q18 due to higher clinker cost and higher repair cost. This had led to lower PBT.

2Q19 vs 1Q19:
The Group’s PBT for the current quarter was 5% higher than the immediate preceding quarter despite lower revenue. The Cement Division’s lower revenue was due to festive seasons, both of which fell in early June this year. The Construction Materials & Trading Division’s PBT for 2Q19 was slightly lower than 1Q19 because of the inclusion of a reversal of provision for soil erosion remedial works in 1Q19. The Construction & Road Maintenance Division’s PBT for 2Q19 was higher than 1Q19 despite lower revenue due to higher GP margin. The Property Development Division’s PBT was much lower in 2Q19 as compared to 1Q19.

Prospects:
Whilst the operating environment faced by the Group will remain increasingly challenging, the Board is cautiously optimistic that the prospects for the year for our operations to remain satisfactory. The Cement Division’s PBT for the first half year of 2019 was lower against previous year’s corresponding period, mainly due to higher imported clinker cost. The Division’s PBT is expected to remain lower than year 2018 in view of higher costs compared to last year.

The premix sector which had suffered higher production cost and depressed margin, is expected to face more new players on top of those already set up by the Pan Borneo Highway project works contractors. The Property Development Division’s township development project at Samalaju Industrial Park (SIP) remains sluggish due to slow take up rates in this greenfield development area. The lack of public infrastructures and amenities such as schools, hospital, recreational centre etc remains the major challenges in promoting the properties. It is still challenging for Hotel Division to attract long term guests.
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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