[MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD：海事部门收入增长]

4Q19 vs 4Q18:
集团录得2亿7560万令吉的营业额，较上一季度的2亿7千3百20万令吉略增240万令吉。重型工程部门的收入在本季度有所下降，但这被海事部门收入的增长所弥补。尽管收入略有增长，但海事重工报告其经营利润有重大转变；从去年同期的2千920万令吉营业亏损增至本季度的160万令吉营业利润。

重型工程：
该部门营业亏损为1,030万令吉，相比之下，去年相应季度的利润为160万令吉，这主要是由于较低的收入和较高的未吸收间接费用。

海事部门：
海事部门的收入为1.271亿令吉；与去年同期的4,920万令吉的收入相比，增加了7,790万令吉，主要是由于转换工作和液化石油气船的收入增加。同时，该部门的营业利润在本季度提高至520万令吉，而去年同期则为亏损3300万令吉。

应占合资企业业绩：
海事重工在本季度确认盈利为130万令吉，主要是由于合资项目的结算所致。

YTD19 vs YTD18:
集团的收入为10.095亿令吉，较上一年的9.744亿令吉，增加3.6％，主要是由于海事部门的收入增加。尽管收入增长不大，但该集团仍录得4110万令吉的营业亏损；低于上一年度的1.262亿令吉的亏损，主要是由于海事部门的表现更好。

重型工程：
该部门的营业亏损为6080万令吉，上年同期则为营业亏损3900万令吉，主要是由于较低的收入和较高的未吸收间接费用。

海事部门：
营业额为4亿3090万令吉，较上一年的3亿2290万令吉增长1亿800万令吉。液化天然气运输船dry docking服务和转换工作的收入增加。该部门的营业利润为850万令吉，而上一年度的营业亏损为8170万令吉，这与收入的增长和未吸收的间接费用较低有关。

应占合资企业业绩：
海事重工在本年度确认了130万令吉的利润，主要来自合资项目的结算。

4Q19 vs 3Q19：
集团的收入为2亿7560万令吉，比上季的2亿5430万令吉高8.4％，主要是由于海事部门的收入增加。该集团报告营业利润为160万令吉，而上一季度则为运营亏损490万令吉，这与海事部门的收入增加和业绩改善相吻合。

集团的总资产增加3,500万令吉或1.1％，主要是由于物业，厂房和设备增加了1.21亿令吉，现金和银行存款增加了7040万令吉。由于年内付款减少，经营活动产生的净现金增加了5780万令吉。

前景：
由于围绕主要石油和天然气公司的资本支出时间的不确定性，海事重工在短期内对重型工程业务的前景仍保持审慎的态度。考虑到卡塔尔，澳大利亚，俄罗斯和美国对亚太市场的出口增加，预计全球液化天然气将增长，因此海事重工对海洋业务的前景持谨慎乐观的态度。考虑到2020年1月1日国际海事组织（IMO）要求的实施，专家组预计船东将在2020年不再推迟dry docking的活动。

同时，海事重工仍致力于通过扩大其在各个地理区域的覆盖范围，多元化发展新的商机来补充订单。努力确保正在进行的和将来的投标书的竞争力，仍然是关键的优先事项，与持续关注成本优化以及改进正在进行的项目的执行和交付的相结合。
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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 RM1.45 (dividend RM0.04) in 1 year 7 months 8 days, total return is 108.4%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.44 (dividend RM0.04) in 1 year 8 months 19 days, total return is 86.2%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.51 (adjusted)(dividend RM0.055) in 9 months 18 days, total return is 53.6%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.75 in 1 Year 1 month 29 days, total return is 30.4%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.77 (dividend RM0.148) in 1 Year 5 months 13 days, total return is 20.6%

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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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[MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD: increase in the marine segment's revenue]

4Q19 vs 4Q18:
Group recorded revenue of RM275.6 million, a slight increase of RM2.4 million compared to revenue of RM273.2 million in the corresponding quarter. The Heavy Engineering revenue had decreased in the current quarter but this was compensated by an increase in the marine segment's revenue. Notwithstanding the slight increase in revenue, the Group reported a significant turnaround in its operating profit; from an operating loss of RM29.2 million in the corresponding quarter to RM1.6 million operating profit in the current quarter.

Heavy Engineering:
The segment reported an operating loss of RM10.3 million compared to RM1.6 million profit in the corresponding quarter, mainly due to lower revenue and higher unabsorbed overheads.

Marine:
Marine segment posted RM127.1 million revenue; RM77.9 million higher than the corresponding quarter's revenue of RM49.2 million, mainly contributed by the increase in revenue from conversion work and LPG vessels. In tandem, operating profit for the segment improved to RM5.2 million in the current quarter compared to RM33.0 million loss in the corresponding quarter.

Share of results of joint ventures:
The Group recognised profit of RM1.3 million in the current quarter mainly contributed by the settlement of projects in the joint ventures.

YTD19 vs YTD18:
Group revenue of RM1,009.5 million was 3.6% higher than the prior year revenue of RM974.4 million mainly contributed by the increase in Marine segment's revenue. Despite the small growth in revenue, the Group posted an operating loss of RM41.1 million; lower than the RM126.2 million loss in the prior year mainly due to better performance in the Marine segment.

Heavy Engineering:
The segment registered a higher operating loss of RM60.8 million against RM39.0 million loss in the prior year mainly as a result of the lower revenue and higher unabsorbed overheads.

Marine:
Revenue of RM430.9 million was RM108.0 million higher than the prior year revenue of RM322.9 million, mainly contributed by the increase in revenue from dry docking services on LNG carriers and conversion work. The segment recorded an operating profit of RM8.5 million against an operating loss of RM81.7 million in the prior year in tandem with the revenue growth and lower unabsorbed overheads.

Share of results of joint ventures:
The Group recognised profit of RM1.3 million in the current year mainly contributed by the settlement of projects in the joint ventures.

4Q19 vs 3Q19:
The Group's revenue of RM275.6 million was 8.4% higher than the preceding quarter's revenue of RM254.3 million, mainly due to increased revenue from the Marine segment. The Group reported an operating profit of RM1.6 million against an operating loss of RM4.9 million in the preceding quarter, in tandem with the higher revenue and improved performance in the Marine segment.

The Group's total assets increased by RM35.0 million or 1.1%, mainly due to increase in property, plant and equipment by RM121.0 million coupled with higher cash and bank balances by RM70.4 million. Net cash generated from operating activities was higher by RM57.8 million due to lower payments during the year.

Prospects:
The Group remains prudent on the outlook for the Heavy Engineering business in the near term amidst uncertainties surrounding the timing of capital spending by major oil and gas players. The Group is cautiously optimistic on the outlook for Marine business in view of the expected global LNG expansion driven by an increase in exports from Qatar, Australia, Russia and the United States to the Asia Pacific market. In view of the implementation of the International Maritime Organization (IMO) requirements on 1 January 2020, the Group expects no further deferment of dry docking activities by ship owners in 2020.

Meanwhile, the Group remains committed to replenish its order book by expanding its footprint in various geographical areas and diversifying into new business opportunities. Efforts to ensure competitiveness of ongoing and future bids remain a key priority, in tandem with continuing focus on cost optimisation and improved execution and delivery of ongoing projects.
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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

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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