[YTL POWER INTERNATIONAL BHD：拥有PT Tanjung Jati电力公司（TJPC）的80％股权，该公司正在开发印度尼西亚爪哇2 x 660兆瓦的燃煤发电项目Tanjung Jati A]

1Q20 vs 1Q19:
本季度的税前利润为1.077亿令吉，比上一年的1.907亿令吉减少了8,300万令吉或43.5％。

发电（合同）：
收入和PBT与去年的季度一致。

Multi utilities事业（Merchant）：
LBT较高是由于归属合同水平降低，燃料油销售亏损所致。

水和污水处理：
较低的PBT是由于较高的运营成本。

电信业务：
较低的收入和较高的LBT是由于本季度没有项目收入。

投资控股活动：
税前利润较高是由于投资的公允价值收益和应计的技术服务收入。

1Q20 vs 4Q19：
与上一季度相比，PBT下降是由于电信业务中没有项目收入记录，由于Multi utilities业务的使用寿命改变导致的一次性折旧调整以及投资物业重估收益。

前景：
发电（合同）：
杨忠礼电力拥有PT Tanjung Jati电力公司（TJPC）的80％股权，该公司正在开发印度尼西亚爪哇2 x 660兆瓦的燃煤发电项目Tanjung Jati A。 TJPC与印尼国有电力公司PT PLN（Persero）签订了为期30年的购电协议，并于2015年12月和2018年3月进行了修订和重述。

该集团还拥有Attarat电力公司（APCO）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。 APCO已与约旦的国有公用事业国家电力公司（NEPCO）签署了为期30年的购电协议（包括3.5年的建设期），以购买该电厂的全部电力和能源，并NEPCO可选择将购电协议延长至40年（从该项目第二个机组的商业运营日期开始）。该项目已开始施工，计划于2020年中期开始运营。

Multi utilities事业（Merchant）：
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面对竞争。

水和污水处理：
杨忠礼电力将继续致力于提供所有人都能负担得起的高质量，可靠和有弹性的服务，并有信心将继续实现超过目标的出色表现。

电信业务：
部门将继续扩展电信基础设施业务，并且随着MCMC对700Mhz低频段频谱的预期分配，将有机会扩大其用户基础，这将进一步扩大网络覆盖范围，使客户享有更好的连接性。
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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 RM2.35 (dividend RM0.025) in 1 year 4 months 18 days, total return is 232.2%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.28 in 11 months 10 days, total return is 122.6%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.49 (dividend RM0.04) in 1 year 5 months 29 days, total return is 92.5%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.845 in 4 months 5 days, total return is 85.7%

e) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.58 in 5 months 30 days, total return is 75.6%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.90 (adjusted)(dividend RM0.01) in 6 months 28 days, total return is 74.3%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.41 (dividends RM0.113) in 1 Year 2 months 23 days, total return is 58.9%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.18 (dividend RM0.015) in 1 Year 14 days, total return is 49.4%

i) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM2.11 (dividend RM0.05) in 9 months 6 days, total return is 39.4%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.69 (dividend RM0.07) in 1 Year 1 month 12 days, total return is 38.6%

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

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10a.m. – 9p.m.，免费午餐和晚餐

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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
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Facebook Group: https://www.facebook.com/groups/jamesinvesting

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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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[YTL POWER INTERNATIONAL BHD: The Group has an 80% equity interest in PT Tanjung Jati Power Company (TJPC), an IPP which is undertaking the development of Tanjung Jati A, a 2 x 660 megawatt coal-fired power project in Java, Indonesia]

1Q20 vs 1Q19:
PBT for this quarter was RM107.7m, a decrease of RM83m or 43.5% as compared to RM190.7m in the preceding year.

Power generation (contracted):
Revenue and PBT are consistent to the comparative quarter.

Multi utilities business (Merchant):
Higher LBT was due to reduction in vesting contract level, loss on sales of fuel oil.

Water & sewerage:
Lower PBT was due to higher operating costs.

Telecommunication business:
Lower revenue and higher LBT was due to absence of project revenue in this quarter.

Investment holding activities:
Higher PBT was due to fair value gain on investments and accrued technical service income.

1Q20 vs 4Q19:
Lower PBT as compared to preceding quarter was due to absence of project revenue recorded in the Telecommunication business, one-off depreciation adjustment due to change in useful lives in Multi utilities business and revaluation gain on investment properties.

Prospects:
Power generation (Contracted):
The Group has an 80% equity interest in PT Tanjung Jati Power Company (TJPC), an IPP which is undertaking the development of Tanjung Jati A, a 2 x 660 megawatt coal-fired power project in Java, Indonesia. TJPC has a 30-year power purchase agreement with PT PLN (Persero), Indonesia's state-owned electric utility company, amended and restated in December 2015 and March 2018.

The Group also has a 45% equity interest in Attarat Power Company (APCO), which is developing a 554 megawatt oil shale fired power generation project in the Hashemite Kingdom of Jordan. APCO has signed a 30-year power purchase agreement (including construction period of 3.5 years) with the National Electric Power Company (NEPCO), Jordan's state-owned utility, for the entire electrical capacity and energy of the power plant, with an option for NEPCO to extend the power purchase agreement to 40 years (from the commercial operation date of the project's second unit). Construction has commenced on the project, with operations scheduled to commence in mid-2020.

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:
The Group remains committed to delivering high quality, reliable and resilient services that are affordable to everyone, and is confident it will continue to deliver outperformance of its regulatory targets.

Telecommunication business:
This segment will continue to expand telecommunications infrastructure business and is well-positioned to grow its subscriber base with the prospective allocation by the MCMC of the low band 700Mhz spectrum, which will further enhance network coverage and reach, enabling customers to enjoy better connectivity.
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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