[PETRONAS CHEMICALS GROUP BHD：维护活动量增加，产量较低，市场需求疲软，原油价格下跌，产品价格较上一季度下降]

4Q19 vs 4Q18:
PCG集团的工厂利用率下降到89％，而去年同期为94％，这主要是由于本季度进行的维护活动量增加。因此，产量较低。由于市场需求疲软和原油价格下跌，国油石化的整体平均产品价格较上一季度下降。

该集团的收入减少了8.28亿令吉，减少至42亿令吉，这主要是由于产品价格下降和马来西亚令吉兑美元走强，但部分被销量增加所抵消。 EBITDA减少9.36亿令吉，至7.5亿令吉，主要是由于压缩利润率。税后利润也减少了7.13亿令吉，至3.12亿令吉，这是由于EBITDA减少以及因剥离子公司50％股权而产生的外汇损失所致。

烯烃和衍生物：
由于维护活动的增加，该部门的工厂利用率为98％，略低于去年同期的100％。相应地，销售和生产量也较低。该部门的平均产品价格由于产品供应充足和原油价格下降而下降。

由于产品价格下跌，销量减少以及马币兑美元走强，令营业额减少了6亿4800万令吉，至26亿令吉。该部门的EBITDA减少7.36亿令吉，至2.96亿令吉，主要是由于压缩利润率。税后利润减少了6.67亿令吉，至4500万令吉，这主要是由于EBITDA下降以及合资企业和联营企业的亏损净额（相比去年同期为净利润）。

肥料和甲醇：
该部门的运营绩效较低，工厂利用率为83％，而去年同期为89％，这主要是由于其甲醇工厂的维护活动增多导致产量下降。由于市场需求疲软和原油价格下跌，该部门的平均产品价格下降。

收入减少了4.09亿令吉，为14亿令吉，主要归因于产品价格下跌和马来西亚令吉兑美元走强，部分被销量增加所抵消。 EBITDA减少2亿200万令吉，至4亿7千500万令吉，与收入减少相符。但是，税后利润增加了9800万令吉，至3亿2900万令吉，主要是由于相应季度的会计政策变更后确认了递延税项负债而导致税项费用减少。

YTD19 vs YTD18：
总体平均产品价格与去年同期相比有所下降，原因是原油价格下降和市场需求疲软。营业额减少32亿令吉，至164亿令吉，主要是由于产品价格下跌，部分被马币兑美元走弱所抵消。

EBITDA减少25亿令吉，至44亿令吉，这主要是由于压缩利润率。税后利润减少了21亿令吉，至28亿令吉，这是由于息税折旧摊销前利润有所下降以及合资企业和联营企业的亏损净额（相比去年同期为净利润）。

烯烃和衍生物：
工厂利用率从去年的97％下降到了今年的93％，这主要是由维修活动的增加导致了产量和销量的下降。该部门的平均产品价格下降，原因是原油价格下降和产品供应充足。

营业额减少23亿令吉，至100亿令吉，主要归因于产品价格下跌和销量下降，部分被马币兑美元走弱所抵消。 EBITDA减少19亿令吉，至21亿令吉，这主要是由于利润率下降。税后利润也减少了17亿令吉，为12亿令吉，这是由于息税折旧摊销前利润降低以及来自联营公司的净利润所占份额降低。

肥料和甲醇：
该部门的平均产品价格较低，主要是甲醇与原油价格一起下降。该部门的营业额减少了12亿令吉，至62亿令吉，主要是由于产品价格下跌，部分被马币兑美元走弱所抵消。

由于收入减少，EBITDA减少5.01亿令吉，至25亿令吉。税后利润较去年同期减少了3.11亿令吉，至17亿令吉，这是由于息税折旧摊销前利润降低，合资企业和联营公司的净利润所占份额下降所致（产品价格下跌）。

4Q19 vs 3Q19：
EBITDA减少1.65亿令吉，至7.5亿令吉，这主要是由于压缩利润率。税后利润减少2.46亿令吉，至3.12亿令吉，这是由于EBITDA减少和因剥离子公司50％股权而产生的汇兑损失所致。

经营活动产生的净现金减少11亿令吉，至55亿令吉，这主要是由于所产生的较低利润所致。

前景：
在持续的中美贸易争端和COVID-19爆发（会进一步抑制GDP增长）导致市场不确定性的情况下，他们仍然保持谨慎。
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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 RM1.80 (dividend RM0.025) in 1 year 6 months 26 days, total return is 155.2%

b) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.48 (adjusted)(dividend RM0.055) in 9 months 7 days, total return is 111.7%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.64 (dividend RM0.04) in 1 year 8 months 8 days, total return is 111.3%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.96 in 1 year 1 month 18 days, total return is 67%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.01 (dividends RM0.113) in 1 Year 5 months 2 days, total return is 33.5%

f) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.995 (dividend RM0.015) in 1 Year 2 months 22 days, total return is 26.3%

g) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.565 in 6 months 13 days, total return is 24.2%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.45 (dividend RM0.105) in 1 Year 3 months 20 days, total return is 22.4%

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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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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[PETRONAS CHEMICALS GROUP BHD: higher level of maintenance activities undertaken during the quarter, production volume was lower, overall average product prices for the Group decreased from the corresponding quarter in tandem with softer market demand and decreased crude oil price]

4Q19 vs 4Q18:
PCG Group recorded lower plant utilisation of 89% as compared to 94% in the corresponding quarter mainly due to higher level of maintenance activities undertaken during the quarter. Consequently, production volume was lower. Overall average product prices for the Group decreased from the corresponding quarter in tandem with softer market demand and decreased crude oil price.

The Group’s revenue decreased by RM828 million at RM4.2 billion mainly due to lower product prices and the strengthening of Ringgit Malaysia against US Dollar, partially offset by higher sales volume. EBITDA decreased by RM936 million at RM750 million largely due to compressed margin. Profit after tax also reduced by RM713 million at RM312 million following lower EBITDA and foreign exchange loss on the Company shareholder loans pursuant to the divestment of 50% equity interest in a subsidiary.

Olefins and Derivatives:
The segment recorded slightly lower plant utilisation of 98% as compared to 100% in the corresponding quarter due to higher level of maintenance activities. Correspondingly, sales and production volumes were lower. Average product prices for the segment declined due to ample supply of products and decreased crude oil prices.

Revenue was lower by RM648 million at RM2.6 billion as a result of lower product prices, lower sales volume and the strengthening of Ringgit Malaysia against US Dollar. EBITDA for the segment decreased by RM736 million at RM296 million mainly due to compressed margin. Profit after tax was lower by RM667 million at RM45 million largely due to lower EBITDA and net share of losses from joint ventures and associates as compared to net share of profits in the corresponding quarter.

Fertilisers and Methanol:
The segment’s operational performance was lower with plant utilisation of 83% compared to 89% in the corresponding quarter mainly due to higher level of maintenance activities at its methanol plant resulting in lower production volume. Average product prices for the segment declined due to softer market demand and decreased crude oil prices.

Revenue was lower by RM409 million at RM1.4 billion largely attributable to lower product prices and the strengthening of Ringgit Malaysia against US Dollar, partially offset by higher sales volume. EBITDA decreased by RM202 million at RM475 million in line with lower revenue. However, profit after tax increased by RM98 million at RM329 million mainly attributable to lower tax expense arising from recognition of deferred tax liabilities upon change in accounting policy in the corresponding quarter.

YTD19 vs YTD18:
Overall average product prices were lower than corresponding year in tandem with lower crude oil price and softer market demand. Revenue decreased by RM3.2 billion at RM16.4 billion largely due to lower product prices partially offset by the weakening of Ringgit Malaysia against US Dollar.

EBITDA was lower by RM2.5 billion at RM4.4 billion mainly due to compressed margin. Profit after tax decreased by RM2.1 billion at RM2.8 billion following lower EBITDA and net share of losses from joint ventures and associates as compared to net share of profits in the corresponding year.

Olefins and Derivatives:
Plant utilisation decreased to 93% in the current year from 97% in the corresponding year primarily due to higher level of statutory turnaround activities resulting in lower production and sales volumes. Average product prices for the segment declined as crude oil prices decreased and ample supply of products.

Revenue decreased by RM2.3 billion at RM10.0 billion largely attributable to lower product prices and sales volume, partially offset by the weakening of Ringgit Malaysia against US Dollar. EBITDA was lower by RM1.9 billion at RM2.1 billion mainly due to compressed margin. Profit after tax also decreased by RM1.7 billion at RM1.2 billion due to lower EBITDA and lower net share of profits from associate.

Fertilisers and Methanol:
Average product prices for the segment was lower mainly for methanol in tandem with lower crude oil price. The segment recorded lower revenue by RM1.2 billion at RM6.2 billion mainly due to lower product prices partially offset by the weakening of Ringgit Malaysia against US Dollar.

EBITDA was lower by RM501 million at RM2.5 billion following lower revenue. Profit after tax decreased from the corresponding year by RM311 million at RM1.7 billion due to lower EBITDA, lower net share of profits from joint venture and associate resulting from lower prices.

4Q19 vs 3Q19:
EBITDA was lower by RM165 million at RM750 million mainly due to compressed margin. Profit after tax decreased by RM246 million at RM312 million due to lower EBITDA and foreign exchange loss on the Company shareholder loans pursuant to the divestment of 50% equity interest in a subsidiary.

Net cash generated from operating activities decreased by RM1.1 billion at RM5.5 billion primarily contributed by the lower profit generated.

Prospects:
They remain cautious amidst market uncertainties caused by the ongoing US-China trade disputes and the COVID-19 outbreak which can further dampen GDP growth.
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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