[CAHYA MATA SARAWAK BHD：将继续从其道路特许权获得稳定的经常性收入，目前该道路特许权涉及维护约3,343公里的国路；房地产开发部在2020年的主要重点将是Bandar Samariang镇，该部门计划推出约500套单层排屋]

YTD19 vs YTD18:
集团在2019财年的总收入为17.4亿令吉，比去年的17.1亿令吉增长了2％。除建筑材料和贸易部门外，所有部门的业绩均较低。不包括联营公司和合资企业的PBT为1.9271亿令吉，比2018财年的2.6753亿令吉减少了7482万令吉或28％。

水泥部门-尽管收入增加了8％，但在2019财年的PBT却比YE2018的PBT 9014万令吉降低了19％至7,311万令吉。水泥和混凝土产品的销量高于去年。

建筑材料和贸易部门-PBT强劲，达到9270万令吉，比2018财年的7129万令吉增长30％。 PBT较高是由于收入增加7％和拨回1,483万令吉的拨备。即使没有逆转拨备，该部门在2019财年的PBT为7787万令吉，将比YE2018增长9％。

建筑与道路维护部门-2019财年PBT较低，为4,226万令吉，比2018财年的9,038万令吉（不包括合资企业的业绩）低53％。

物业发展部门-2019财年PBT减少至2006万令吉，而2018财年的PBT则为3359万令吉，尽管收入增加3％，但PBT减少了40％。土地销售的利润确认和未售物业的较高租金收入缩小了利润较低的差距。

4Q19 vs 4Q18：
集团于4Q19的PBT低于4Q18。

4Q19 vs 3Q19:
本季度砂查也马特的PBT比上一个季度低80％。除了建筑材料和贸易部门，其他所有部门在4Q19的表现都低于3Q19。水泥部门的PBT从3Q19的3,385万令吉减少至4Q19的760万令吉，这主要是由于2019年10月clinker厂停产的维护成本增加，销量下降（特别是在2019年12月（潮湿天气））和产量下降。

建筑材料和贸易部的4Q19较高的PBT得益于采石场运营和拨回583万令吉的拨备。建筑与道路维护部门在本季度亏损了1049万令吉。物业部门报告亏损629万令吉，而3Q19的税前利润为540万令吉。

前景：
他们通过利用砂拉越的机会，特别是在能源密集型业务领域，继续专注于发展业务组合。随着业务基础的日益强大，加上管理层采取的其他措施（包括为使集团实现长期可持续收入和利润增长而采取的措施），他们有信心在2020年实现令人满意的财务业绩。

展望未来，水泥部门将着重在未来两年对clinker工厂进行维护，以延长其使用寿命。预计建筑材料和贸易部的业绩将在2020年保持强劲。管理层预计，碎石料的严重短缺将继续存在，这将对集团的采石业产生积极的影响。管理层还预计，砂拉越南部地区的预混料行业仍将繁忙，而北部地区将继续面临激烈的竞争。预计贸易部门将从与JKR签订的定期合同中保持收入。

建设与道路维护部正在竞标与砂拉越沿海公路网和第二条主干道路项目有关的新项目，以增强其竞争优势。该司还将保持竞争力，以在砂拉越的道路，建筑物，排水，水，输电线路和电信线路项目的建设中获得新项目。该部门将继续从其道路特许权获得稳定的经常性收入，目前该道路特许权涉及维护约3,343公里的国路。

房地产开发部在2020年的主要重点将是Bandar Samariang镇，该部门计划推出约500套单层排屋。随着马来西亚国家银行最近降低隔夜定价率，管理层预计准买家将有更多机会获得贷款批准。
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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 RM1.34 (dividend RM0.04) in 1 year 7 months 11 days, total return is 93%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.32 (dividend RM0.04) in 1 year 8 months 22 days, total return is 71.1%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.12 (adjusted)(dividend RM0.055) in 9 months 21 days, total return is 30.2%

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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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[CAHYA MATA SARAWAK BHD: continue to derive stable recurring income from its road concession that currently involves the maintenance of approximately 3,343 km of State roads; the Property Development Division’s main focus in 2020 will be Bandar Samariang township where the Division plans to launch approximately 500 units of single storey terrace house]

YTD19 vs YTD18:
The Group reported a total revenue of RM1.74 billion for YE2019, an increase of 2% in comparison to the preceding year’s revenue of RM1.71 billion. All the Divisions except for the Construction Materials & Trading Division reported lower results. PBT excluding associates & joint ventures amounted to RM192.71 million, which was RM74.82 million or 28% lower than YE2018’s PBT of RM267.53 million.

Cement Division - reported a 19% lower PBT of RM73.11 million in YE2019 over YE2018’s PBT of RM90.14 million, despite 8% higher revenue. Sales volumes of cement and concrete products were higher than last year.

Construction Materials & Trading Division - reported a strong PBT of RM92.70 million, an increase of 30% in comparison to YE2018’s PBT of RM71.29 million. The higher PBT was attributable to 7% higher revenue and a reversal of provision of RM14.83 million. Even without the reversal of provision, the Division’s PBT for YE2019 of RM77.87 million would have been 9% stronger than YE2018.

Construction & Road Maintenance Division - reported a lower PBT of RM42.26 million in YE2019, which was 53% lower than YE2018’s profit of RM90.38 million (excluding share of results of joint ventures).

Property Development Division - reported a lower PBT of RM20.06 million in YE2019 in comparison to a PBT of RM33.59 million in YE2018, representing a decrease of 40% despite 3% higher revenue. The profit recognition of a land sales and higher rental income from unsold properties had narrowed the gap in the lower profit.

4Q19 vs 4Q18:
The Group’s PBT for 4Q19 was lower than 4Q18.

4Q19 vs 3Q19:
The Group’s PBT for the current quarter was 80% lower than the immediate preceding quarter. Except for the Construction Materials & Trading Division, all the other Divisions’ performances for 4Q19 were lower than 3Q19. The Cement Division’s PBT was reduced to RM7.60 million in 4Q19 from RM33.85 million in 3Q19 mainly due to higher maintenance cost for clinker plant shutdown in October 2019, lower sales volume particularly in December 2019 (wet weather) and lower production volume.

The Construction Materials & Trading Division’s higher PBT in 4Q19 was contributed by the quarry operations and a reversal of provision amounting to RM5.83 million. The Construction & Road Maintenance Division reported a loss of RM10.49 million in the current quarter. The Property Division reported a loss of RM6.29 million as compared to a PBT of RM5.40 million in 3Q19.

Prospects:
They remain focused on growing their portfolio of businesses by taking advantage of the opportunities in Sarawak especially in the area of energy intensive businesses. With their increasingly strong business fundamentals, coupled with other measures taken by Management including steps taken to position the Group for long term sustainable revenue and profitability growth, they are confident to deliver a satisfactory financial performance for the year 2020.

Going forward, the Cement Division will place emphasis on the maintenance on the clinker plant for the next two years in order to prolong the lifespan. The Construction Materials & Trading Division’s performance is expected to maintain strong in year 2020. Management expects the huge shortage of crushed aggregates to continue which will auger well for the Group’s quarry sector. Management also expects the premix sector to remain busy in the southern region of Sarawak but the northern region to continue to face stiff competition. The Trading sector is expected to maintain its revenue from the term contracts with JKR.

The Construction & Road Maintenance Division is making every effort to bolster its competitive edge as it bids for new projects related to Sarawak’s costal road network and the second trunk road projects. The Division will also preserve to stay competitive in procuring new projects in the construction of roads, buildings, drainage, water, power transmission lines and telecommunication line projects in Sarawak. The Division will continue to derive stable recurring income from its road concession that currently involves the maintenance of approximately 3,343 km of State roads.

The Property Development Division’s main focus in 2020 will be Bandar Samariang township where the Division plans to launch approximately 500 units of single storey terrace house. With the recent reductions in overnight pricing rate by Bank Negara Malaysia, Management expects prospective buyers to have better chances to get their loans approved.
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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