[JAKS RESOURCES BHD：越南EPC建筑工程所确认的收入较高]

集团在本季度实现收入2.389亿令吉，比去年同期的1.68亿令吉增长42％。这是由于越南EPC建筑工程所确认的收入为1.669亿令吉，而去年则为1.354亿令吉。主要贡献者来自建筑部门，收入为2.245亿令吉。房地产开发与投资部门在本季度根据计费阶段贡献了较高的2420万令吉的收入，而去年同期为1110万令吉。然而，凭借990万令吉的liquidated ascertained damages（LAD）费用拨备（4Q18 - 5880万令吉），房地产开发与投资部门在本季度实现了1430万令吉的收入。

集团在本季度录得较低的LBT 1,190万令吉，而去年同期的LBT为4,810万令吉。房地产开发与投资部门的LBT较低为2900万令吉，低于去年的7570万令吉，因为没有像在2018年第4季度扣除5000万令吉的有争议的履约责任。

集团在FY19取得了10.68亿令吉的收入和5,254万令吉的PBT，而去年的收入为6.581亿令吉和4,320万令吉的LBT。建筑部门是主要的贡献者，收入为1.027亿令吉，税前利润为1.774亿令吉，其中8.176亿令吉的收入和1.872亿令吉的利润来自越南EPC建筑工程。

QoQ：
集团在本季度取得2亿3千890万令吉的收入，较上一季度的2亿1千600万令吉增加11％。该集团在本季度录得1,190万令吉的LBT，而上一季度则录得1,720万令吉的PBT，原因是本季度有商誉，投资物业和应收账款的减值损失。

前景：
越南EPC预计将继续成为FY20的主要收入和利润贡献者，并在完成之前为集团带来积极的影响。对于房地产开发和投资部门，这集团正在努力尽快完成项目并提高房地产收益。董事会将继续采取审慎的态度，以确保这集团能作出积极的业绩贡献。
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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 RM2.31 (dividend RM0.025) in 1 year 6 months 15 days, total return is 226.6%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM2.11 (dividend RM0.04) in 1 year 7 months 26 days, total return is 170.4%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.20 (adjusted)(dividend RM0.01) in 8 months 25 days, total return is 152.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.39 in 1 year 1 month 7 days, total return is 141.7%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.73 in 6 months 2 days, total return is 60.4%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.30 (dividends RM0.113) in 1 Year 4 months 20 days, total return is 51.8%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.105) in 1 Year 3 months 9 days, total return is 37.4%

h) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.23 in 7 months 28 days, total return is 36.7%

i) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.05 (dividend RM0.015) in 1 Year 2 months 11 days, total return is 33.1%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 (dividend RM0.018) in 1 Year 2 months 4 days, total return is 32.4%

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James Ng
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[JAKS RESOURCES BHD: higher revenue recognised from Vietnam EPC construction works]

The Group achieved revenue of RM238.9m for this quarter, an increase of 42% from last year RM168m. This was due to the higher revenue recognised from Vietnam EPC construction works of RM166.9m as compared to RM135.4m achieved in last year. Main contributor was from Construction division with revenue of RM224.5m. Property Development & Investment division contributed higher revenue of RM24.2m in this quarter as compared to RM11.1m in last year in accordance with the billing stage. However, with the provision for liquidated ascertained damages (LAD) charges of RM9.9m (4Q18 - RM58.8m), the Property Development & Investment division achieved a revenue of RM14.3m in this quarter.

The Group recorded a lower LBT of RM11.9m in this quarter as compared to a LBT of RM48.1m in last year. The Property Development & Investment division recorded a lower LBT of RM29m compared to a LBT of RM75.7m in last year, in the absence of the RM50m disputed performance liability charged out in 4Q18.

For the FY19, the Group achieved revenue of RM1.068b and a PBT of RM52.54m as compared to last year's revenue of RM658.1m and a LBT of RM43.2m. Construction division was the main contributor with revenues of RM1.027b and PBT of RM177.4m of which RM817.6m in revenue and RM187.2m profits were derived from Vietnam EPC construction works.

QoQ:
The Group achieved RM238.9m revenue for this quarter, an increase of 11% from the revenue of RM216m in the preceding quarter. The Group recorded LBT of RM11.9m in this quarter as compared to a PBT of RM17.2m achieved in the preceding quarter due to impairment loss on goodwill, investment property and receivables in this quarter.

Prospects:
Vietnam EPC is expected to continue to be the main revenue and profit contributor in the FY20 to deliver positively to the Group until its completion. For the Property Development and Investment division, the Group is working towards completing the projects soon and to improve the yields on the properties. The Board will continue to exercise due care and prudence to ensure the Group's result contribute positively.
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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:

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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