[KKB ENGINEERING BHD：收入增长的主要动力来自集团的工程部门，尤其是其土木建筑和钢铁制造部门]

YoY:
该集团在本季度录得收入1.198亿令吉，增长28.5％，而去年同期则为9,320万令吉。本季度收入增长的主要动力来自集团的工程部门，尤其是其土木建筑和钢铁制造部门。

同时，集团的税前盈利上升至1,050万令吉，较去年同期的330万令吉增加218.5％，使年初至今的税前盈利达1,790万令吉（1H18：570万令吉），这得益于工程部门的收入增加和利润率提高。

除了正在进行的主要钢铁制造工作外，例如为Petronas Carigali Sdn Bhd提供工程，采购，建造，安装和调试井口平台的D18二期项目，以及为Pegaga开发项目提供井口甲板，桩和管道的采购和建造服务，和根据砂拉越供水网格计划实施的砂拉越Jabatan Bekalan Air Luar Bandar（Package SR1 & Package 1C）在今年2月拿到的两条新管道的开工，铺设项目已开始为集团的收入和收益做出积极贡献。

工程部门：
工程部门取得了显着增长，为集团总收入贡献了96％（2018年第二季度：89％）。由于民用建筑和钢铁制造部门正在进行的项目的进度费用较高，该部门的收入增加了37.3％，达到1.144亿令吉，而去年同期为8,330万令吉。

建筑部门的收入在本季度增加至7070万令吉，而去年同期为4860万令吉。该季度的收入来自于子公司KKBWCT Joint Venture Sdn Bhd正在进行的Pan Borneo Highway项目（第一阶段工程合同– WPC-09）以及Jabatan Bekalan Air Luar Bandar Sarawak在2019年2月新提供的两个项目，就是SR1配套（南部地区）的设计，施工，测试和调试，以及从Summer Mall交界处到Samarahan省（1C配套）的现有Tambirat BPS的900mm Nominal Diameter MSCL Pipeline and All Associated Works的项目（在公司承担的砂拉越供水网格计划下实施）。

集团的钢铁制造部门录得收入4,330万令吉（2018年第二季度：3,380万令吉），比去年同期增长28.1％。本季度的收入主要来自Petronas Carigali Sdn Bhd的D18二期项目的井口平台的EPCIC，Sapura Fabrication Sdn Bhd授予为砂拉越水域服务的海上SK320油田Pegaga开发项目（Mubadala石油）提供的井口甲板，桩和导体的采购和建造服务，结构钢为Balingian煤炭堆场工作，并提供和制造低，高张力钢杆。

制造业：
第四季度的收入为530万令吉，较上年同期的990万令吉减少46.5％，这是由于LPG气瓶和钢管制造部门的收入均下降。

QoQ:
本季度收入和税前利润均有所增长。收入增加至1.198亿令吉（1Q19：1.178亿令吉），而税前利润为1,050万令吉，较上一季度的740万令吉增长42.2％。工程部门（尤其是土木建筑部门）的利润率提高，在收入增加的背景下，为集团的整体盈利增长做出了贡献。

前景：
在现有的正在进行的建筑工程合同以及石油和天然气设施的主要陆上制造工作的支持下，董事会仍然乐观地认为，许甲明的业绩在2019年下半年仍将保持良好。最近获得了砂拉越Jabatan Bekalan Air Luar Bandar的两份合同，用于设计，施工，完工，测试和调试SR1 Proposed Package（南部地区）以及砂拉越供水网格计划的900mm Nominal Diameter MSCL Pipeline and All Associated Works的项目，从Summer Mall Junction到Existing Tambirat BPS, Samarahan Division (Package 1C)，预计民用建筑和钢管制造部门的业绩将在2019年剩余时间内进一步改善。

在砂拉越供水网格计划下，正在进行和即将进行的与水相关的基础设施项目的推动下，对钢制水管的需求预计将增加。许甲明不断追求各种工程项目，特别是有关水管的供应的项目，铺设和调试以及计划在砂拉越州水网项目下实施的其他相关基础设施的工作。

OceanMight Sdn Bhd（KKB的子公司）被Petroliam Nasional Bhd授予了PETRONAS框架协议，以提供固定近海结构工程的工程，采购和建造（EPC）。框架协议为OceanMight带来了更多的机会，OceanMight是其中之一马来西亚为数不多的马来西亚国家石油公司许可的堆场竞标涉及Petroliam Nasional Bhd的固定近海结构工程（EPC）的合同工程。

OceanMight目前正在完成D18第二阶段项目，为Petronas Carigali Sdn Bhd提供井口平台的工程，采购，建造，安装和调试，为Pegaga Development项目和Sapura Fabrication Sdn Bhd提供井口甲板，桩和导体的采购和建设，和新拿到的MISC Offshore Floating Terminals Dua（L）Limited提供的项目，为Vestigo Petroleum Sdn Bhd的MAMPU-1和AJK平台的升级和修改提供新的ESP模块的工程，采购，建造和调试。许甲明正在与OceanMight Sdn Bhd和其他战略伙伴合作，积极参与主要陆上制造业的新商机，以增加其收入基础和利润（国内或国际）。
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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 RM1.93 (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%

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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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[KKB ENGINEERING BHD: prime mover for the increased revenue in the current quarter comes from the Group’s Engineering Sector, in particular, its Civil Construction and Steel Fabrication divisions]

YoY:
The Group recorded a 28.5% increase in its current quarter’s revenue of RM119.8 million, as compared to RM93.2 million recorded in the preceding year corresponding quarter. The prime mover for the increased revenue in the current quarter comes from the Group’s Engineering Sector, in particular, its Civil Construction and Steel Fabrication divisions.

Concurrently, the Group’s pre-tax profit rose to RM10.5 million, an increase of 218.5% compared to RM3.3 million recorded in the preceding year corresponding quarter, bringing its year to date pretax profit to RM17.9 million (1H18: RM5.7 million) on the back of higher revenue and improved profit margin recognized from the Engineering sector.

Apart from the on-going major Steel Fabrication jobs i.e the D18 Phase 2 Project for the Provision of Engineering, Procurement, Construction, Installation and Commissioning of Wellhead Platforms for Petronas Carigali Sdn Bhd and the Provision of Procurement & Construction of Wellhead Deck, Piles and Conductors for the Pegaga Development Project, the commencement of the two new pipe laying projects secured in February 2019 from Jabatan Bekalan Air Luar Bandar Sarawak (Package SR1 & Package 1C) implemented under the Sarawak Water Supply Grid Program has started to contribute positively to the Group’s revenue and earnings.

Engineering Sector:
The Engineering sector has grown significantly and contributed 96% (2Q18: 89%) to the Group’s total revenue. The sector’s revenue improved by 37.3% to reach RM114.4 million compared to RM83.3 million recorded in the preceding year corresponding quarter, as a result of higher progress billings from on-going projects for both the Civil Construction and Steel Fabrication divisions.

Revenue for the Construction’s division increased to RM70.7 million in the current quarter compared to RM48.6 million recorded in the preceding year corresponding quarter. Revenue for the quarter was derived from the on-going Pan Borneo Highway project (Phase 1 Works Package Contract – WPC-09) undertaken by the subsidiary Company i.e KKBWCT Joint Venture Sdn Bhd and the two newly secured projects in February 2019 from Jabatan Bekalan Air Luar Bandar Sarawak for the Design, Construction, Completion, Testing and Commissioning of Proposed Package SR1 (Southern Region) and the Construction and Completion of 900mm Nominal Diameter MSCL Pipeline and All Associated Works from Summer Mall Junction to Existing Tambirat BPS, Samarahan Division (Package 1C) implemented under the Sarawak Water Supply Grid Programme undertaken by the Company.

The Group’s Steel Fabrication division recorded revenue of RM43.3 million (2Q18: RM33.8 million), improved by 28.1% as compared to the preceding year corresponding quarter. Current quarter’s revenue was mostly derived from the EPCIC of Wellhead Platforms for D18 Phase 2 Project for Petronas Carigali Sdn Bhd, the Provision of Procurement and Construction of Wellhead Deck, Piles and Conductors for the Pegaga Development Project (Mubadala Petroleum) in Block SK320, offshore waters of Sarawak awarded by Sapura Fabrication Sdn Bhd, Structural Steel works for the Balingian Coal Stockyard and supply and fabrication of Low & High Tension Steel Poles.

Manufacturing Sector:
Revenue for the quarter of RM5.3 million was 46.5% lower as compared to RM9.9 million recorded in the preceding year corresponding quarter, due to lower revenue recorded from both the LPG Cylinders and Steel Pipes manufacturing divisions.

QoQ:
Current quarter saw an increase in both revenue and pre-tax profit. Revenue increased to RM119.8 million (1Q19: RM117.8 million) whilst pre-tax profit of RM10.5 million, increased by 42.2% compared to RM7.4 million in the preceding quarter. Improved margin from the Engineering sector in particular the Civil Construction division has contributed to the Group’s overall improved bottom line on the back of higher revenue.

Prospects:
Supported by the existing contracts in hand for the on-going construction works and Major Onshore fabrication jobs for the Oil & Gas facilities, the Board remains optimistic that the Group’s performance will remain favourable for the remaining 2H2019. With the recent award of the two contracts from Jabatan Bekalan Air Luar Bandar Sarawak for the Design, Construction, Completion, Testing and Commissioning of Proposed Package SR1 (Southern Region) and the Construction and Completion of 900mm Nominal Diameter MSCL Pipeline and All Associated Works from Summer Mall Junction to Existing Tambirat BPS, Samarahan Division (Package 1C) for Sarawak Water Supply Grid Program – Stressed Areas, performance for both the Civil Construction and Steel Pipes Manufacturing divisions is expected to improve further in the remaining period of 2019.

The demand for steel water pipes is expected to rise, buoyed by ongoing and upcoming water related infrastructure projects planned under the Sarawak Water Supply Grid Program. The Group is continuously pursuing various engineering projects, particularly projects related to the supply, laying and commissioning of water pipes and other related infrastructure works scheduled to be implemented under the Sarawak State Water Grid Project.

OceanMight Sdn Bhd (KKB’s subsidiary), has been awarded the PETRONAS Frame Agreement for the Provision of Engineering, Procurement and Construction (EPC) of Fixed Offshore Structure works by Petroliam Nasional Bhd. The Frame Agreement open up more opportunities to OceanMight, being one of the few PETRONAS Licensed Yards in Malaysia to bid for contract works involving the (EPC) of Fixed Offshore Structure works by Petroliam Nasional Bhd.

OceanMight is currently completing the D18 Phase 2 Project for the Provision of Engineering, Procurement, Construction, Installation and Commissioning of Wellhead Platforms for Petronas Carigali Sdn Bhd, the Provision of Procurement & Construction of Wellhead Deck, Piles and Conductors for the Pegaga Development project for Sapura Fabrication Sdn Bhd and the newly awarded job by MISC Offshore Floating Terminals Dua (L) Limited for the Provision of Engineering, Procurement, Construction and Commissioning of New ESP Module for Upgrading and Modification on MAMPU-1 and AJK Platform for Vestigo Petroleum Sdn Bhd. The Group is actively participating in new business opportunities in the Major Onshore Fabrication to increase its revenue base and earnings, be it domestic or international, in collaboration with OceanMight Sdn Bhd and other strategic partner(s).
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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