[MMC CORP BHD：KVMRT-SSP Line的工作进度更高；Malakoff的贡献更大，这是由于其燃煤电厂的贡献有所提高，barging和demurrage费用降低，融资成本降低以及收购子公司的公允价值收益所致]

3Q19 vs 3Q18:
截至2019年9月30日的季度，马矿业录得收入12.458亿令吉，较截至2018年9月30日的同期的9.441亿令吉增长32.0％，这是由于KVMRT-SSP Line的工作进度增加，但被Langat污水处理项目的进度降低所抵消。

集团的税前利润增至1.202亿令吉，而截至2018年9月30日同期的税前利润为8880万令吉，是因为：

i. KVMRT-SSP Line的工作进度更高；
ii。 Malakoff的贡献更大，这是由于其燃煤电厂的贡献有所提高，barging和demurrage费用降低，融资成本降低以及收购子公司的公允价值收益所致；
iii。出售集团持有的资产并降低整个集团的管理成本；和
iv。 Pelabuhan Tanjung Pelepas（“ PTP”）的漏油补偿。

YTD19 vs YTD18：
截至2019年9月30日的财政期间，马矿业录得36.192亿令吉的收入，较截至2018年9月30日的相应财政期间的34.246亿令吉增长5.7％，这是由于KVMRT-SSP Line的工作进度增加，合并PPSB的收入和PTP处理的更高数量。

这财政期间，马矿业的税前利润增至3.406亿令吉，而截至2018年9月30日的上一季度财政期间的税前利润为1.931亿令吉，这主要是由于港口实体和KVMRT-SSP Line的贡献增加，出售资产的收益和降低行政成本。

港口与物流：
该部门录得收入23.637亿令吉，比截至2018年9月30日的同期财务报告的21.832亿令吉增长8.3％，这主要是由于PPSB的收入完全合并以及PTP和柔佛港（“ JPB”）的处理量增加。

由于PTP和JPB的处理量增加，PTP漏油的赔偿金，以及来自Red Sea Gateway Terminal的更高贡献，该部门的zakat和税前利润增加了2870万令吉，至3.147亿令吉，而截至2018年9月30日的相应财政期间则为2.860亿令吉。

能源与公用事业：
该部门的zakat前税前利润增加至1.067亿令吉，而截至2018年9月30日的相应财政期间则为9340万令吉，这是由于马拉科夫的贡献增加，这归因于其燃煤电厂的贡献增加，barging和demurrage费减少，较低的财务成本和收购子公司的公允价值收益。

工程：
该部门录得收入11.787亿令吉，较截至2018年9月30日的相应财政期间所报告的11.746亿令吉增加0.3％，主要由于KVMRT-SSP Line的工作进度增加，但被Langat Sewerage的项目进度减少所抵消。由于KVMRT-SSP Line的工作进度增加，该部门的zakat税前利润增长了11.1％，从截至2018年9月30日财务同期的1.728亿令吉增至1.92亿令吉。

投资控股，企业及其他：
由于士乃机场的客运量增加，该部门录得收入7,640万令吉，较截至2018年9月30日的相应财政期间报告的6,680万令吉增长14.4％。该部门的zakat税前亏损减少了8630万令吉，至2亿7280万令吉，相比截至2018年9月30日止财政年度的3亿5910万令吉，主要是由于出售资产的收益，产生的财务费用较低，行政费用较低。

3Q19 vs 2Q19：
由于PTP处理的量减少以及PPSB的运营费用增加，马矿业本季度的税前利润较低为1.202亿令吉，而上一季度为1.319亿令吉，但被马拉科夫（Malakoff）的较高贡献，和收购子公司的公允价值收益所抵消。

前景：
持续投资港口的基础设施，能力以及执行运营计划有望带来积极的成果。 MMC推动的运营和成本协同效应将进一步改善其港口和物流部门的绩效。

能源与公用事业部门有望从集团的关联公司Malakoff和Gas Malaysia取得积极的贡献。现有的大量订单为KVMRT-SSP Line定位的工程部门提供了利润可视性。此外，工程部门的收益贡献将通过正在进行的项目来维持。总体而言，马矿业希望在探索新机遇的同时，专注于运营绩效和效率，以增强他们的能力。基于上述，马矿业预期2019年的财务表现会令人满意。
-----------------------------
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 RM2.41 (dividend RM0.025) in 1 year 5 months 1 day, total return is 240.6%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.75 (dividend RM0.04) in 1 year 6 months 12 days, total return is 125.2%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.28 in 11 months 24 days, total return is 122.6%

d) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.56 in 6 months 14 days, total return is 73.3%

e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.87 (adjusted)(dividend RM0.01) in 7 months 11 days, total return is 72.5%

f) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.75 in 4 months 19 days, total return is 64.8%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.32 (dividends RM0.113) in 1 Year 3 months 6 days, total return is 53%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.16 (dividend RM0.015) in 1 Year 28 days, total return is 46.9%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.105) in 1 Year 1 month 26 days, total return is 38.2%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.29 (dividend RM0.018) in 1 Year 21 days, total return is 35.5%

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

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

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4月19日星期日：AG Hotel Penang, George Town 2份点心

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

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

3月28日星期六：Hotel Sri Petaling, KL

4月18日星期六：AG Hotel Penang, George Town

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
----------------------
[MMC CORP BHD: Higher work progress from KVMRT-SSP Line; higher contribution from Malakoff due to improved contribution from its coal plants, lower barging and demurrage cost, lower finance cost and fair value gain on acquisition of a subsidiary]

3Q19 vs 3Q18:
For the quarter ended 30 September 2019, the Group recorded RM1,245.8 million in revenue, a 32.0% increase from RM944.1 million reported in the corresponding quarter ended 30 September 2018, due to higher work progress from KVMRT-SSP Line, offset with lower progress from Langat Sewerage project.

The Group’s Profit before zakat and taxation increased to RM120.2 million compared with RM88.8 million reported in the corresponding quarter ended 30 September 2018, mainly due to the following:

i. Higher work progress from KVMRT-SSP Line;
ii. Higher contribution from Malakoff due to improved contribution from its coal plants, lower barging and demurrage cost, lower finance cost and fair value gain on acquisition of a subsidiary;
iii. Gain on disposal of an asset held for sale and lower administrative cost across the Group; and
iv. Oil spill compensation at Pelabuhan Tanjung Pelepas (“PTP”).

YTD19 vs YTD18:
For the financial period ended 30 September 2019, the Group recorded RM3,619.2 million in revenue, a 5.7% increase from RM3,424.6 million reported in the corresponding financial period ended 30 September 2018 due to higher work progress from KVMRT-SSP Line, consolidation of PPSB’s revenue and higher volume handled at PTP.

The Group’s Profit before zakat and taxation increased to RM340.6 million compared with RM193.1 million reported in the corresponding financial period ended 30 September 2018, mainly due to higher contributions from port entities and KVMRT-SSP Line, gain on disposal of assets held for sale and lower administrative costs.

Ports & Logistics:
The segment recorded revenue of RM2,363.7 million, an increase of 8.3% compared with RM2,183.2 million reported in the corresponding financial period ended 30 September 2018, mainly due to the effect of full consolidation of PPSB’s revenue and higher volume handled at PTP and Johor Port (“JPB”).

The segment recorded higher Profit before zakat and taxation by RM28.7 million to RM314.7 million compared with RM286.0 million reported in the corresponding financial period ended 30 September 2018 due to higher volume handled at PTP and JPB, oil spill compensation at PTP as well as higher contribution from Red Sea Gateway Terminal.

Energy & Utilities:
The segment recorded increase in Profit before zakat and taxation to RM106.7 million compared with RM93.4 million reported in the corresponding financial period ended 30 September 2018 due to higher contribution from Malakoff attributed by improved contribution from its coal plants, lower barging and demurrage cost, lower finance cost and fair value gain on acquisition of a subsidiary.

Engineering:
The segment recorded revenue of RM1,178.7 million, an increase of 0.3% compared with RM1,174.6 million reported in the corresponding financial period ended 30 September 2018 mainly due to higher work progress from KVMRT-SSP Line, offset with lower progress from Langat Sewerage project. The segment recorded increase of 11.1% in Profit before zakat and taxation to RM192.0 million from RM172.8 million reported in the corresponding financial period ended 30 September 2018 due to higher work progress from KVMRT-SSP Line.

Investment Holding, Corporate & Others:
The segment recorded revenue of RM76.4 million, an increase of 14.4% compared with RM66.8 million reported in the corresponding financial period ended 30 September 2018 due to higher passenger volume at Senai Airport. The segment recorded lower Loss before zakat and taxation by RM86.3 million to RM272.8 million compared with RM359.1 million reported in the corresponding financial period ended 30 September 2018 year mainly due to gain on disposal of an asset held for sale, lower finance costs incurred and lower administrative cost.

3Q19 vs 2Q19:
The Group recorded lower Profit before zakat and taxation of RM120.2 million in the current quarter compared with RM131.9 million in the immediate preceding quarter due to lower volume handled at PTP and higher operating expenses at PPSB, offset with higher contribution from Malakoff due to fair value gain on acquisition of a subsidiary.

Prospects:
Continuous investments into the ports’ infrastructure, capacities and capabilities along with execution of operational plans are expected to deliver positive results. Operational and cost synergies driven by MMC would further improve the performance of its Ports & Logistics division.

The Energy & Utilities division is expected to contribute positively from the Group’s associated companies, namely Malakoff and Gas Malaysia. Substantial existing order-book provides earnings visibility for the Engineering division anchored by the KVMRT-SSP Line. Furthermore, the earnings contribution from the Engineering division will be sustained by on-going projects. Overall, the Group expects to strengthen their capabilities with a focus on operating performance and efficiency, whilst exploring new opportunities. Based on the foregoing, the Group expects the financial performance for 2019 to be satisfactory.
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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