[BUMI ARMADA BHD：2019财政年收入减少主要来自OMS部门，这是由于2018年12月在里海完成了LukOil项目所致]

YTD19 vs YTD18:
布米阿马达在截至2019年12月31日止的财政年度（「2019财政年度」）产生的收入为20.707亿令吉，较截至2018年12月31日的财政年度（“ 2018财政年度”）减少了3.48亿令吉。收入减少主要来自OMS部门，这是由于2018年12月在里海完成了LukOil项目所致。FPO部门的收入year on year增长，这是由于舰队可用性提高带来的Armada Kraken FPSO收入增加所致；但在2018年8月签署扩展协议后，被2019财年Armada TGT 1 FPSO的收入减少所抵消。

布米阿马达于2019财年录得3,820万令吉的盈利，而2018财年则为亏损23.191亿令吉，主要是由于2018财年确认的减值亏损增加。OMS部门业绩减少至2019财年的1.13亿令吉，而2018财年为1.980亿令吉，主要是由于2018年12月在里海完成了LukOil项目。

4Q19 vs 3Q19：
布米阿马达在截至2019年12月31日的季度（“ Q4 2019”）产生了5.156亿令吉的收入，较截至2019年9月30日的季度（“ Q3 2019”）减少了1,220万令吉。减少的原因是由于舰船在前几个季度的可用性较低，因此对Armada Kraken FPSO的2019年第四季度租赁租金收入进行了调整。

集团的船只以及包括合资企业持有的船只在内的船只平均利用率从2019年第三季度的58％降至2019年第四季度的54％。集团在2019年第四季亏损了2.568亿令吉，而公司拥有人应占亏损为2.352亿令吉，较2019年第3季减少了100％以上，主要是由于2019年第四季度的船只和应计租赁租金的减值损失，以及2019年第三季度有卖掉合资企业以及物业，厂房和设备的收益。

FPO部门的业绩从2019年第三季度的2.261亿令吉减少至2019年第四季度的1.945亿令吉，主要是由于Armada Kraken FPSO的收入减少。 OMS部门的业绩从2019年第三季度的4,580万令吉减少至2019年第四季度的3,570万令吉，主要是由于与2019年第三季度相比，由换算以外币计值的公司间结余产生的外汇收益减少。

截至2019年12月31日，集团的总资产为139.792亿令吉，较2018年12月31日减少10％，主要是由于物业，厂房及设备（PPE），应收账款，应计租赁租金和融资租赁应收款的减少。 PPE的下降是由于计入了折旧和减值以及在2019财年卖掉船舶。融资租赁应收款减少是由于向客户开的账单比年内确认的融资租赁收入要高。贸易应收款项减少主要是由于2019财政年度收到客户的款项，而应计租赁租金减少则是由于2019财政年度确认的减值亏损拨备所致。与2018财年相比，布米阿马达2019财年的经营活动产生的现金流量净额较低，这主要是由于2019财年向供应商支付的款项增加了，但被期内客户付款的增加所抵消。

前景：
在2020年，集团将继续专注于以下领域，以改善组织的前景：

▪公司和HSSEQ的运营；
▪优化整个FPO团队的绩效；
▪降低成本和债务；
▪拿OMS船舶的charters；和
▪选择性卖掉一些资产。
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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 RM2.27 (dividend RM0.025) in 1 year 6 months 16 days, total return is 221%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.96 (dividend RM0.04) in 1 year 7 months 27 days, total return is 151.6%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.02 (adjusted)(dividend RM0.01) in 8 months 26 days, total return is 141.3%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.24 in 1 year 1 month 8 days, total return is 115.7%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.71 in 6 months 3 days, total return is 56%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.23 (dividends RM0.113) in 1 Year 4 months 21 days, total return is 47.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.62 (dividend RM0.105) in 1 Year 3 months 10 days, total return is 35.8%

h) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.18 in 7 months 29 days, total return is 31.1%

i) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.01 (dividend RM0.015) in 1 Year 2 months 12 days, total return is 28.1%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.19 (dividend RM0.018) in 1 Year 2 months 5 days, total return is 25.2%

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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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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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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[BUMI ARMADA BHD: The decrease in revenue for FY 2019 was mainly arising from the OMS segment due to the completion of the LukOil project in the Caspian Sea in December 2018]

YTD19 vs YTD18:
The Group generated revenue of RM2,070.7 million for the financial year ended 31 December 2019 (“FY 2019”), a decrease of RM348.0 million compared to the financial year ended 31 December 2018 (“FY 2018”). The decrease in revenue was mainly arising from the OMS segment due to the completion of the LukOil project in the Caspian Sea in December 2018. Revenue from the FPO segment increased year on year due to higher revenue from Armada Kraken FPSO arising from improved vessel availability which was offset by decreased revenue from Armada TGT 1 FPSO in FY 2019 subsequent to the signing of the extension agreement in August 2018.

The Group generated a profit of RM38.2 million for FY 2019 compared to a loss of RM2,319.1 million for FY 2018 mainly due to higher impairment losses recognised in FY 2018. The OMS segment results decreased to RM113.0 million for FY 2019 as compared to RM198.0 million for FY 2018 mainly due to the completion of the LukOil project in the Caspian Sea in December 2018.

4Q19 vs 3Q19:
The Group generated revenue of RM515.6 million for the quarter ended 31 December 2019 (“Q4 2019”), a decrease of RM12.2 million compared to the quarter ended 30 September 2019 (“Q3 2019”). The decrease was driven by an adjustment of charter hire revenue in Q4 2019 for Armada Kraken FPSO due to the vessel’s lower availability in the preceding quarters.

Vessel average utilisation rates decreased from 58% in Q3 2019 to 54% in Q4 2019 for the Group’s vessels and for the Group’s vessels including those held by joint ventures. The Group made a loss of RM256.8 million and a loss attributable to Owners of the Company of RM235.2 million for Q4 2019, which decreased by more than 100% as compared to Q3 2019. This was mainly due to impairment losses on vessels and accrued lease rental in Q4 2019 and gain on disposal of joint ventures and property, plant and equipment in Q3 2019.

The FPO segment results decreased to RM194.5 million for Q4 2019 as compared to RM226.1 million for Q3 2019 mainly due to lower revenue from Armada Kraken FPSO. The OMS segment result decreased to RM35.7 million for Q4 2019 as compared to RM45.8 million for Q3 2019 mainly due to lower foreign exchange gain arising from translation of intercompany balances denominated in foreign currencies compared to Q3 2019.

As at 31 December 2019, the Group had total assets of RM13,979.2 million, a decrease of 10% compared to 31 December 2018, mainly due to a decrease in property, plant and equipment (“PPE”), trade receivables, accrued lease rental and finance lease receivables. PPE decreased due to depreciation and impairment charged, as well as disposal of vessels in FY 2019. Finance lease receivables decreased due to higher billings made to customers as compared to finance lease revenue recognised during the year. The decrease in trade receivables was mainly due to receipts from customers in FY 2019 while the decrease in accrued lease rental was due to allowance for impairment losses recognised in FY2019. The Group had lower net cash flows generated from operating activities in FY 2019 compared to FY 2018, mainly due to higher payments to vendors in FY 2019, which was offset by higher receipts from customers during the period.

Prospects:
For 2020, the Group continues to focus on the following areas to improve the prospects for the organisation:

▪ Corporate and operational HSSEQ;
▪ Optimise performance across the FPO fleet;
▪ Reduce costs and debt;
▪ Secure charters for the OMS vessels; and
▪ Monetise selective assets.
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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