[SERBA DINAMIK HOLDINGS BHD：最近宣布了在马来西亚，印度尼西亚和阿曼的十二（12）份新合同，显示了他们致力于进一步增强他们在这两个地区的影响力的承诺]

4Q19 vs 4Q18:
截至2019年12月31日止的季度（“ Q4FY19”），由于O＆M的强劲活动并受到其他产品和服务大幅增长的支持，世霸动力的收入为13.605亿令吉，比上年同期（“ Q4FY18”）增长39.1％。世霸动力亦录得除税前盈利1.391亿令吉，较2018财年第四季的1.348亿令吉高3.2％。

O＆M在Q4FY19贡献了85.2％的收入，比2018财年第四季度增加了2.858亿令吉或32.7％。增长的原因是他们在中东地区（例如卡塔尔，阿联酋和巴林以及马来西亚）的MRO活动增加了。 IRM活动在18财年第4季度也显示出更高的增长。该部门录得2亿2280万令吉的改善营业利润，毛利率为19.2％。

EPCC收入共录得1.439亿令吉，较2018财年第四季增加4020万令吉，占集团总收入的10.6％。 EPCC部门的收入增加主要来自他们在坦桑尼亚的氯碱工厂以及与马来西亚的Petronas Carigali Sdn Bhd的业务往来。

4Q19 vs 3Q19：
截至2019年12月31日的季度，世霸动力的收入比上一季度（19财年第三季度）增长30.2％，这主要是由于O&M活动的收入增加所致。整体营运盈利为2.549亿令吉，比19财年第3季增加7490万令吉或41.6％。

O＆M收入比19财年第3季增加了2.333亿令吉或25.2％，原因是马来西亚，卡塔尔和土库曼斯坦等国家的活动显着增加。营业利润增长与收入一致，毛利率提高了1.7％。 EPCC收入较19财年第3季增加3,720万令吉或34.9％，主要来自他们与坦桑尼亚的Msufini（T）Limited和马来西亚的Petronas Carigali Sdn Bhd的合约。营业利润也从19财年第3季度的1,620万令吉增加至19财年第4季度的2,230万令吉，占毛利率的15.5％。其他产品和服务的收入也增加了4,490万令吉，比19财年第三季度增加356.5％，这是由于与IT相关的服务的活动增加，这些服务与软件开发的定制解决方案有关。

YTD19 vs YTD18：
该集团year to date (“YTD”)的收入总计达45.286亿令吉，营业利润为8.108亿令吉，占总收入的17.9％。与去年同期相比，收入和营业利润分别增长了37.9％和39.2％。 O＆M的收入增长了33.0％，主要来自中东地区，马来西亚和印度尼西亚。O&M营业利润也比上年同期增长了35.6％。

EPCC和其他产品与服务也表现出收入增长，分别为1.622亿令吉和1.166亿令吉，分别增长46.8％和1,491.9％。两个业务部门的营业利润也分别比去年同期增加了2190万令吉和2000万令吉或39.2％和951.8％。该集团的税前累积盈利提高至5.448亿令吉，比去年同期高出1.072亿令吉。

按国家划分的部门收入：
就地域划分而言，马来西亚仍然是按国家划分的最大收入来源，在19财年第四季录得总计3.955亿令吉，占总收入的29.1％，较18财年第四季增长41.9％。收入的增长主要归因于O＆M和EPCC活动的更多call out works。中东地区贡献了本季度总收入的59.3％或8.065亿令吉，较18财年第四季增加了2.513亿令吉。增加的主要原因是卡塔尔和阿联酋的call out活动增多。

前景：
国内需求增长放缓，而私营部门支出仍是增长的主要推动力。在石油和天然气方面，11月油价按月反弹，创下自2018年7月以来的最高水平，这主要是受乐观情绪和对美中贸易协定的积极预期以及前景改善的推动，一些主要经济体的经济指标好于预期，导致全球石油需求增长。在贸易谈判取得进展的迹象表明对全球经济感到乐观之后，由于股票市场的强劲表现，石油价格进一步上涨。参与“合作宣言”的欧佩克国家和非欧佩克国家对石油市场的持续调整也为石油市场提供了支持，有助于平衡全球石油市场。

作为一家全球综合工程服务提供商，世霸动力相信当前的商业模式能够支持不稳定的经济和政治条件。世霸动力一直专注于其在运营和维护（“ O＆M”）以及工程，采购，建筑和调试（“ EPCC”）的核心能力。在过去的几年中，这两个业务部门为集团的发展做出了巨大贡献。世霸动力亦正寻求扩展其他产品及服务，主要来自资讯科技服务及教育培训服务。

展望未来，世霸动力将继续加强其在中东和东南亚的地位。集团最近宣布了在马来西亚，印度尼西亚和阿曼的十二（12）份新合同，显示了他们致力于进一步增强他们在这两个地区的影响力的承诺。此外，在2019年，该集团设法在中亚获得3个新合同，并且由于中亚被视为世霸动力下一个增长领域，该集团预计将获得更多新合同。该集团还致力于扩大其在非洲和美洲地区的业务，以使其成为O＆M和EPCC领域的知名全球参与者。

在技​​术前沿，世霸动力已将工业4.0纳入商业模式。这样的实施为他们在O＆M和EPCC领域提供的解决方案增添了价值。它帮助他们的客户提高各自资产的效率和生产力。该集团被授予PT Pertamina Hulu Kalimantan Timur的Smart Virtual Reality Health, Safety & Environment (“HSE”)培训中心，从而认可了诸如SMART MAINTENANCE之类的专业解决方案。该合同应能增加集团其他产品和服务部门的收入。合同范围涉及虚拟现实技术和设备，以及为客户建造实用的演示室。

集团还生产了基于移动应用程序的先进产品，例如QwikPay，Malaysia Third Party Administrator (“MyTPA”)，Global Content Exchange (“GCE”)和EasyBuyBye，这些产品有助于集团在消费市场上获得新的收入来源。这可能是一个巨大的潜力和机遇，据统计，截至2019年12月，集团可利用的世界人口为77亿。随着全球移动用户数量和移动应用程序下载量的逐年增加，世霸动力相信，基于移动应用程序的业务将能够在来年贡献可观的收入。

世霸动力还致力于加强教育和培训服务，因为这是对世霸动力O&M业务运营的关键支持服务。集团拥有专门为满足最新行业需求而设计的技术培训计划。因此，它强调发展智力，专业技能和道德价值观，以培训平衡和胜任的熟练人力。技术培训计划和课程可同时满足MRO和IRM服务配套的要求。

鉴于各种新合同的中标和现有合同的续签，世霸动力仍认为O&M业务将成为世霸动力的主要收入来源。 EPCC将会通过签订新的合同继续为集团做出巨大贡献。 IT服务以及教育和培训的发展和壮大，将銳现公司的招股说明书中所承诺的对集团收入做出重大贡献。总体而言，管理层对世霸动力的未来业绩和前景持乐观态度。
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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 RM2.28 (dividend RM0.025) in 1 year 6 months 22 days, total return is 222.4%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM2.35 (dividend RM0.04) in 1 year 8 months 4 days, total return is 200.6%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.31 (adjusted)(dividend RM0.01) in 9 months 3 days, total return is 158.7%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.26 in 1 year 1 month 14 days, total return is 119.1%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.705 in 6 months 9 days, total return is 54.9%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.18 (dividends RM0.113) in 1 Year 4 months 27 days, total return is 44.2%

g) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.10 (dividend RM0.015) in 1 Year 2 months 18 days, total return is 39.4%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.61 (dividend RM0.105) in 1 Year 3 months 16 days, total return is 35%

i) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.20 in 8 months 5 days, total return is 33.3%

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 11 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。

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11a.m. – 7p.m.，免费茶和咖啡

3月21日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心

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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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[SERBA DINAMIK HOLDINGS BHD: The Group recent announcement of twelve (12) new contracts in Malaysia, Indonesia and Oman showcase their commitment to further enhance their presence in these two regions]

4Q19 vs 4Q18:
For the quarter ended 31 December 2019 (“Q4FY19”), the Group recorded revenue of RM1,360.5 million which was 39.1% higher than corresponding quarter of the preceding year (“Q4FY18”) due to strong activities from O&M and supported by significant increase in Other product & services. The Group also recorded profit before taxation of RM139.1 million, 3.2% higher as compared to profit before taxation of RM134.8 million in Q4FY18.

O&M contributed 85.2% of revenue in Q4FY19 with an increase of RM285.8 million or 32.7% against Q4FY18. The increase was due to higher activities from their MRO activity in middle east region such as Qatar, UAE & Bahrain, and Malaysia. IRM activity also showed higher growth against Q4FY18. The segment recorded an improved operating profit of RM222.8 million which represents a gross margin of 19.2%.

EPCC revenue recorded a total of RM143.9 million, increased by RM40.2 million against Q4FY18 and contributed 10.6% of the total revenue of the Group. Increased revenue from EPCC segment was mainly derived from their chlor-alkali plant in Tanzania and activity with Petronas Carigali Sdn Bhd in Malaysia.

4Q19 vs 3Q19:
For quarter ended 31 December 2019, the Group recorded increase of revenue of 30.2% from immediate preceding quarter (“Q3FY19”) mainly due to increase revenue from O&M activity. Overall Operating profit stood at RM254.9 million, an increase of RM74.9 million or 41.6% higher against Q3FY19.

O&M revenue increased by RM233.3 million or 25.2% higher than Q3FY19 as some countries showed a significant increase in activity, namely Malaysia, Qatar & Turkmenistan. Operating profit increased in line with revenue and GP margin improved by 1.7%. EPCC revenue recorded an increase of RM37.2 million or 34.9% higher against Q3FY19 mainly derived from their contract with Msufini (T) Limited in Tanzania and Petronas Carigali Sdn Bhd in Malaysia. Operating profit also recorded an increase from RM16.2 million in Q3FY19 to RM22.3 million in Q4FY19 resulting in 15.5% of gross profit margin. Other product and services also recorded an increase revenue of RM44.9 million or 356.5% higher against Q3FY19 due to increase in activity from IT related services relating to customize solutions for software development.

YTD19 vs YTD18:
The group’s year to date (“YTD”) revenue recorded a total of RM4,528.6 million with operating profit at RM810.8 million or 17.9% of total revenue. This is an improvement against the same period last year with 37.9% and 39.2% for revenue and operating profit respectively. O&M have shown an increase in revenue of 33.0% mainly from middle east region, Malaysia as well as Indonesia. O&M operating profit also showed an increase of 35.6% against the corresponding period of the preceding year.

EPCC and other product & services also showed an increase in revenue of RM162.2 million and RM116.6 million or 46.8% and 1,491.9% respectively. The operating profit for both business segments also improved by RM21.9 million and RM20.0 million or 39.2% and 951.8% increase against the corresponding period of the preceding year. The group’s cumulative profit before tax improved to RM544.8 million, RM107.2 million higher than the corresponding period of the preceding year.

Segmental Revenue by countries:
On geographical segmentation, Malaysia remained as the biggest revenue contributor by country, recording a total of RM395.5 million for Q4FY19 or 29.1% of total revenue recording an improvement of 41.9% against Q4FY18. The improvement in revenue is mainly contributed by higher call out works for O&M and EPCC activity. Middle east contributed 59.3% of the overall revenue for the quarter or RM806.5 million, an increase of RM251.3 million against Q4FY18. The increase was mainly contributed by higher call out activity in Qatar & UAE.

Prospects:
Domestic demand growth moderated, with private sector expenditure remaining the key contributor to growth. On the Oil and Gas front, oil prices rebounded in November to settle at their highest level since last July, on a monthly basis, mainly driven by optimism and positive expectations for a trade agreement between the US and China, as well as an improved outlook for global oil demand amid better-than-expected economic indicators in some major economies. Oil prices rose further on strong performances in equity markets following signs of progress in trade negotiations that raised optimism over the global economy. Oil markets were also supported by the continuing production adjustments from OPEC and Non-OPEC countries participating in the ‘Declaration of Cooperation’, with strong conformity levels that contribute to balancing the global oil market.

As a global integrated engineering service provider, the Group believe that the current business model is able to support the instability economic and political conditions. The Group has always been focusing on its core capabilities in operation and maintenance (“O&M”) and engineering, procurement, construction and commissioning (“EPCC”). The two business segments have been contributing significantly towards the Group growth over the past few years. The Group also are looking to expand its other products and services which mainly coming from IT services and education and training services.

Moving forward, the Group will continue to strengthen its position in middle east and south east asia. The Group recent announcement of twelve (12) new contracts in Malaysia, Indonesia and Oman showcase their commitment to further enhance their presence in these two regions. Also, in 2019 the group manage to secure 3 new contracts in central asia, and the Group expect to secure more new contracts as central asia has been viewed as the next region for growth under the Group. The Group is also committed to expand their presence in Africa and in America region to enable the Group to be a reputable global player in the O&M and EPCC space.

On technology frontier, the Group has implemented Industry 4.0 into the business model. Such implementation has added value to the solutions that they are offering in O&M and EPCC segment. It helps their clients in improving the efficiency and productivity of their respective assets. Specialise solution such as SMART MAINTENANCE has been recognised by way of the Group being awarded the Smart Virtual Reality Health, Safety & Environment (“HSE”) Training Centre for PT Pertamina Hulu Kalimantan Timur. This contract should be able to boost revenue for the Group’s other products and services segment. The scope of the contract involves virtual reality technology and equipment as well as constructing practical demo room for the customer.

The Group also has produced advance mobile application-based such as QwikPay, Malaysia Third Party Administrator (“MyTPA”), Global Content Exchange (“GCE”) and EasyBuyBye which helps the Group to capture new stream of revenue in consumer market. This could be a huge potential and opportunity where statistically as at December 2019 there is 7.7 billion world population that the Group can tap into. With the increase in number of mobile users and mobile application downloads year on year globally, the Group believe the mobile application-based business will be able to contribute sizable revenue in upcoming year.

The Group also look into enhancing education and training services as this is critical supporting service to the group’s O&M business operations. The Group has technical training programs that designed specifically to meet the latest industry needs. Therefore, its emphasis on developing intellectual, specialised skillsets and ethical values to a balanced and competent skilled manpower. The technical training programs and courses cater both MRO as well as IRM services package.

The Group still foresee O&M business segment as a major revenue contributor for the Group in light of various new contract wins and renewals of existing contract. EPCC will continue to contribute considerably to the Group with the additional contract in hand. IT services and education and training are being nurtured and developed to be a strong contributor to Group’s revenue as pledged in the Company’s Prospectus. Overall, the management is positive about the future results and prospects of the Group.
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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