[YTL POWER INTERNATIONAL BHD：YTD20 PBT降低是由于电信业务部门录得亏损]

2Q20 vs 2Q19:
集团在本季度录得27亿9560万令吉的收入，上一年为29亿2740万令吉。本季度的税前利润为1.024亿令吉，比上一年的1.29亿令吉减少了2660万令吉或20.6％。

发电（合同）：更高的收入和PBT是由于发电量更大。

Multi utilities business (Merchant)：收入减少是由于燃油价格下降。 LBT的改善是由于没有如上一年法院判决后对应收账款减值的一笔费用，本季度的折旧费用降低，但部分被较低的vesting contract水平所抵消。

水和污水处理：较低的PBT是由于较高的运营成本。

电信业务：收入减少和LBT增长归因于本季度没有项目收入。

投资控股活动：收入减少是由于较低的利息收入。除税前溢利增加归因于未实现的外汇收益，但被所占投资利润份额的下降部分抵消。

YTD20 vs YTD19：
这期的集团PBT为2.101亿令吉，比上一年的3.198亿令吉减少了1.097亿令吉或34.3％。 PBT降低是由于电信业务部门录得亏损。

Multi utilities business (Merchant)：LBT的改善是由于没有如上一年法院判决后应收账款减值的一笔费用，这期间的折旧费用较低，但部分被燃料油销售亏损加上较低的vesting contract水平所抵消。

投资控股活动：PBT的增加归因于应计的技术服务收入，较低的运营成本，投资的公允价值收益，但被所占投资利润份额的降低部分抵消。

2Q20 vs 1Q20：
与上一季度相比，PBT下降是由于电信业务板块的亏损增加，但被投资控股部门的业绩好转和Multi utilities business (Merchant)部门的亏损减少所部分抵消。

前景：
发电（合同）：杨忠礼电力拥有PT Tanjung Jati Power Company (TJPC)的80％股权，该公司正在开发印度尼西亚爪哇2 x 660兆瓦的燃煤发电项目Tanjung Jati A。 TJPC与印尼国有电力公司PT PLN（Persero）签订了为期30年的购电协议，并于2015年12月和2018年3月进行了修订和重述。

集团拥有Attarat电力公司（APCO）45％的股权，该公司正在约旦哈希姆王国开发一个554兆瓦（gross）油页岩发电项目。 APCO已与约旦的National Electric Power Company (NEPCO)签订了为期30年的购电协议（包括3.5年的建设期），以购买该电厂的全部电力和能源，NEPCO并可选择将购电协议延长至40年。该项目已开始施工，计划于2020年中期开始运营。YTL Power Generation sdn. bhd. (YTLPG)于2017年9月1日开始运营，旨在从Paka的现有设施提供585MW的发电量，为期3年10个月，该期限将于2021年6月30日到期。

Multi utilities business (Merchant)：由于全球市场的动荡以及批发电力市场的发电能力供过于求，新加坡的电力市场将充满竞争性。

水和污水处理：监管机构于2019年12月发布了Wassex Water的最终裁决，涵盖2020-25年的价格审查。

电信业务：借助现有网络的有利条件，该部门将扩展其基础设施业务，并通过创新，有竞争力和可负担的产品和服务来扩大其用户群。
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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 RM1.70 (dividend RM0.025) in 1 year 6 months 30 days, total return is 141.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.68 (dividend RM0.04) in 1 year 8 months 12 days, total return is 116.4%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.24 (adjusted)(dividend RM0.055) in 9 months 11 days, total return is 97.3%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.83 in 1 year 1 month 22 days, total return is 44.3%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.89 (dividends RM0.113) in 1 Year 5 months 6 days, total return is 26%

f) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM0.945 (dividend RM0.015) in 1 Year 2 months 26 days, total return is 20%

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James Ng
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[YTL POWER INTERNATIONAL BHD: YTD20 lower PBT was due to the loss recorded in the Telecommunications business segment]

2Q20 vs 2Q19:
The Group recorded revenue of RM2795.6m for this quarter as compared to RM2927.4m in the preceding year. PBT for this quarter was RM102.4m, a decrease of RM26.6m or 20.6% as compared to a profit of RM129m in the preceding year.

Power generation (contracted): Higher revenue and PBT was due to the higher volume of generation recorded.

Multi utilities business (Merchant): Lower revenue was due to the decrease in fuel oil price. Improvement in LBT as due to the absence of a 1 off charge for impairment of receivable following a court decision in the preceding year, lower depreciation charges in this quarter and partially offset by lower vesting contract level.

Water & Sewerage: Lower PBT was due to higher operating costs.

Telecommunications business: Lower revenue and higher LBT was due to the absence of a project revenue in this quarter.

Investment holding activities: Decrease in revenue was due to the lower interest income. Higher profit before tax was due to the unrealised foreign exchange gain and partially offset by lower share of profits of investments accounted.

YTD20 vs YTD19:
The Group PBT for this period was RM210.1m, a decrease of RM109.7m or 34.3% as compared to a profit of RM319.8m recorded in the preceding year. Lower PBT was due to the loss recorded in the Telecommunications business segment.

Multi utilities business (Merchant): Improvement in LBT was due to the absence of a 1 off charge for impairment of receivable following a court decision in the preceding year, lower depreciation charges recorded in this period, partially offset by loss on sales of fuel oil and coupled with lower vesting contract level.

Investment holding activities: Higher PBT was due to the accrued technical service income, lower operating costs, fair value gain on investments and partially offset by lower share of profits of investments accounted.

2Q20 vs 1Q20:
Lower PBT as compared to preceding quarter was due to higher loss recorded in the Telecommunications business segment, partially offset by better results in Investment holding activities segment and lower loss recorded in Multi utilities business (Merchant) segment.

Prospects:
Power generation (Contracted): The Group has 80% equity interest in PT Tanjung Jati Power Company (TJPC), an IPP which is undertaking the development of Tanjung Jati A, a 2 x 660 megawatt coal-fired power project in Java, Indonesia. TJPC has a 30-year power purchase agreement with PT PLN (Persero), Indonesia's state-owned electric utility company, amended and restated in December 2015 and March 2018.

The Group has a 45% equity interest in Attarat Power Company (APCO), which is developing a 554 megawatt (gross) oil shale fired power generation project in the Hashemite Kingdom of Jordan. APCO has signed a 30-year power purchase agreement (including construction period of 3.5 years) with the National Electric Power Company (NEPCO), Jordan's state-owned utility, for the entire electrical capacity and energy of the power plant, with an option for NEPCO to extend the power purchase agreement to 40 years. Construction has commenced on the project, with operations scheduled to commence in mid-2020. YTL Power Generation sdn. bhd. (YTLPG) commenced its operation on 1 September 2017 for the supply of 585MW of capacity from the existing facility in Paka for a term of 3 years 10 months, which will be expiring on 30 June 2021.

Multi utilities business (Merchant): The electricity market in Singapore will remain competitive, driven by volatilities across global markets and generation capacity oversupply in the wholesale electricity market.

Water & sewerage: The regulator has published Wassex Water's final determination covering the Price Review 2020-25 in December 2019.

Telecommunications business: With the existing network, this segment will expand its infrastructure business and is well positioned to grow its subscriber base with innovative, competitive and affordable products and services.
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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.

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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