[KELINGTON GROUP BHD：继续在项目流程中进步，因为他们在2019年第二季度获得了额外价值8,100万令吉的项目，从而在2019财年将新项目的总订单增加至2.27亿令吉]

2Q19 vs 2Q18:
截至2019年6月30日的季度（“ 2Q2019”），集团的收入增加了7％，达到9,510万令吉，而去年同期（“ 2Q2018”）为8,920万令吉。增长的主要原因是新加坡和马来西亚业务的贡献增加。在本季度回顾中，新加坡业务是最大的收入来源，达3790万令吉，占总收入的40％，比2018年第二季度的2620万令吉，year-on-year增长45％，因为流程工程部门负责完成更多的项目。

流程工程部门的收入在2019年第二季度录得最高增长，增长了三倍至3320万令吉，而2018年第二季度为950万令吉，使其成为集团的第二大收入贡献者（35％）。毛利从2018年第二季度的1,330万令吉，YoY增长11％至1,480万令吉。得益于更好的项目组合，毛利率从15％提升至16％。

其后，除税前溢利（「PBT」）YoY增长37％至2019年第二季度的720万令吉，而2018年第二季度为520万令吉，PBT利润率从上一年的6％上升至8％。集团的税后利润（“ PAT”）增长16％至500万令吉，而2018年第二季度为430万令吉。

YTD19 vs YTD18：
在2019年上半年，由于流程工程部门的贡献增加，以地区部门的收入贡献来看，新加坡为主导，占40％或6,890万令吉，较2018年上半年的3,980万令吉YoY增长73％。与此同时，毛利润YoY增长13％至2019年上半年的2880万令吉，而去年同期为2550万令吉。毛利率也从2018年上半年的15％同时增长至17％。随后，PBT YoY增长17％至1370万令吉，而2018年上半年为1170万令吉，导致PBT利润率从2018年上半年的7％上升至8％。 PAT从2019年上半年的850万令吉增长15％至2019年上半年的980万令吉。

2Q19 vs 1Q19:
集团的收入在2019年第二季度增加了24％至9,510万令吉，而在截至2019年3月31日的上一季度（“ 2019年第一季度”）则为7,640万令吉。 PBT从2019年第一季度的650万令吉增至2019年第二季度的720万令吉。集团的PAT在2019年第二季度为500万令吉，而2019年第一季度为480万令吉。

截至2019年6月30日，集团的股东权益（不包括非控制性权益）从1.161亿令吉增长26％至1.464亿令吉。增加的主要原因是可转换认股权证的行使和连续的季度利润。截至2019年6月30日，集团的总借贷从2018年12月31日的1,710万令吉减少8％至1,570万令吉。

相应地，集团的财务状况在2019年6月30日为净现金状况，加强至7020万令吉，而2018年12月31日为5000万令吉。手头现金总额为8590万令吉，超过总债务1,570万令吉。每股净现金为23仙。

前景：
在大量补充项目的支持下，集团的前景仍然一片光明，同时他们也希望开始新的业务部门，即液态二氧化碳的生产。他们继续在项目流程中进步，因为他们在2019年第二季度获得了额外价值8,100万令吉的项目，从而在2019财年将新项目的总订单增加至2.27亿令吉。大多数项目订单来自UHP和流程工程部门。包括结转项目在内，Kelington的总订单增长至4.86亿令吉，其中3.12亿令吉仍未完成。他们预计，在2019财年，集团的业绩将继续受到新加坡和中国UHP部门的推动。

此外，集团在工业气体部门的扩张计划中取得了令人鼓舞的进展。液态二氧化碳（LC02）制造业务的调试已经按计划进行，预计将于今年开始生产。他们预计从2020财年起这项新业务将带来积极的贡献。

集团在马来西亚以外的主要业务（台湾，中国和新加坡）以这些国家/地区的当地货币进行运营。因此，科艺集团享有自然货币对冲的优势，从而最大程度地降低了科艺集团面对货币市场波动的风险。
-----------------------------
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 RM1.93 (dividend RM0.025) in 1 year 2 months 20 days, total return is 173.4%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.90 in 2 months 7 days, total return is 97.8%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.06 in 9 months 12 days, total return is 84.3%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.39 (dividend RM0.04) in 1 year 3 months 30 days, total return is 79.9%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.30 in 10 months 16 days, total return is 62.5%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.20 (dividends RM0.083) in 1 Year 25 days, total return is 43.6%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.36 (dividend RM0.018) in 10 months 9 days, total return is 42.8%

h) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.36 (dividend RM0.01) in 4 months 29 days, total return is 41.9%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.72 (dividend RM0.07) in 11 months 14 days, total return is 40.9%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.24 (dividend RM0.22) in 1 Year 18 days, total return is 30.2%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.29 in 4 months 29 days, total return is 24%

l) STRAITS (STRAITS INTER LOGISTICS BHD), recommended on 28 Jul 19, initial price was RM0.21, rose to RM0.235 in 3 months 3 days, total return is 11.9%

m) DESTINI (DESTINI BHD), recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.22 in 1 months 8 days, total return is 10%

n) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.16 (dividends RM0.111) in 1 Year 3 months 3 days, total return is 7.9%

o) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.44 (dividends RM0.04) in 1 Year 1 month 2 days, total return is 3.5%

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。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

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

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2020年2月22日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心

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

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

12月28日星期六：Hotel Sri Petaling, KL

2020年2月23日星期日：Silka Johor Bahru Hotel, Johor Bahru

3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

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

2020年2月21日星期五：Silka Johor Bahru Hotel, Johor Bahru 7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

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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
--------------------------------
[KELINGTON GROUP BHD: They continue to gain traction in their project flow as they clinched an addition RM81 million worth of projects in 2Q2019, boosting their total new project orders to RM227 million in FY2019]

2Q19 vs 2Q18:
The Group’s revenue for the quarter ended 30 June 2019 (“2Q2019”) increased by 7% to RM95.1 million against RM89.2 million from the same period last year (“2Q2018”). The increase was mainly driven by higher contribution from the Singapore and Malaysia operations. During the quarter under review, Singapore operations was the largest revenue contributor at RM37.9 million or 40% of total revenue, rising 45% year-on-year (“YoY”) from RM26.2 million in 2Q2018, on the back of higher projects completion from the Process Engineering division.

Revenue from the Process Engineering division recorded the highest growth in 2Q2019, it grew more than three folds to RM33.2 million as compared to RM9.5 million in 2Q2018, making it the second largest revenue contributor to the Group (35%). Gross profit increased 11% YoY in 2Q2019 to RM14.8 million from RM13.3 million in 2Q2018. Gross profit margins improved to 16% from 15%, on the back of higher margin from better project mix.

Subsequently, profit before tax (“PBT”) recorded an increase of 37% YoY to RM7.2 million in 2Q2019 against RM5.2 million in 2Q2018, with PBT margins at 8% from 6% in the previous year. The Group’s profit after tax (“PAT”) rose 16% to RM5.0 million versus RM4.3 million in 2Q2018.

YTD19 vs YTD18:
In 1H2019, revenue contribution by geographical segments were led by Singapore at 40% or RM68.9 million, up 73% YoY from RM39.8 million in 1H2018 driven by higher contribution from the Process Engineering division. Meanwhile, gross profit improved by 13% YoY to RM28.8 million in 1H2019 against RM25.5 million from same period last year. Gross profit margin also increased concurrently to 17% from 15% in 1H2018. Subsequently, PBT grew 17% YoY to RM13.7 million as compared to RM11.7 million in 1H2018, resulting in PBT margin rising to 8% from 7% in 1H2018. PAT rose 15% to RM9.8 million in 1H2019 from RM8.5 million in 1H2018.

2Q19 vs 1Q19:
The Group’s revenue increased 24% to RM95.1 million in 2Q2019 as compared to RM76.4 million in the preceding quarter ended 31 March 2019 (“1Q2019”). PBT increased to RM7.2 million in 2Q2019 as compared to RM6.5 million in 1Q2019. The Group’s PAT stood at RM5.0 million in 2Q2019 from RM4.8 million in 1Q2019.

As at 30 June 2019, the Group’s shareholder equity (excluding non-controlling interests) rose 26% to RM146.4 million from RM116.1 million. The increase was mainly attributable to the exercise of convertible warrants and continuous quarterly profit. The Group’s total borrowings were pared down by 8% to RM15.7 million as at 30 June 2019 from RM17.1 million as at 31 December 2018.

Correspondingly, the Group’s financial position strengthened to a net cash position of RM70.2 million as at 30 June 2019, as compared to RM50.0 million as at 31 December 2018. Total gross cash in hand stood at RM85.9 million exceeding total debt of RM15.7 million. Net cash per share stood at 23 sen.

Prospects:
The Group’s outlook remains bright on the back of strong replenishment of projects, while they look forward to the commencement of their new business division, manufacturing of liquid carbon dioxide. They continue to gain traction in their project flow as they clinched an addition RM81 million worth of projects in 2Q2019, boosting their total new project orders to RM227 million in FY2019. A large bulk of the project orders is from the UHP and Process Engineering division. Inclusive of carried forward projects, Kelington’s total orderbook grew to RM486 million, of which RM312 million remains outstanding. They expect the Group’s performance to continue be driven by the UHP division in Singapore and China in FY2019.

Furthermore, the Group made encouraging progress in its expansion plans for the Industrial Gases division. The commissioning of the manufacturing of liquid carbon dioxide (“LC02”) business is on track, with production expected to commence this year. They anticipate positive contribution from this new business from FY2020 onwards.

The Group’s key operations outside Malaysia, which are Taiwan, China and Singapore are carried out in the respective local currencies of those countries. Hence, the Group enjoys a natural currency hedge, and this minimizes the Group’s exposure to the fluctuations in the currency markets.
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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