[HIBISCUS PETROLEUM BHD：本季度实现的平均油价为每桶47.72美元，而上一季度为70.19美元]

流动资产从2019年6月30日的4.103亿令吉减少至2020年3月31日的3.564亿令吉。这主要是由于现金和银行结余较2019年6月30日减少了1.459亿令吉。本期间，Anasuria Hibiscus和North Sabah部门的业务被用来为资本支出中超过2亿令吉的投资筹集资金。此外，在本期间还支付了以下显着款项：

•8590万令吉的北沙巴和Anasuria资产的税项负债；
•2019年与北沙巴资产有关的decommissioning liabilities部分为6,910万令吉；
•2340万令吉，用于将Anasuria Cluster设施decommissioning为信托基金；和，
•按照商定的时间表，与2020年3月收购2011年北沙巴EOR PSC的50％参与权益有关的第二期也是最后一期递延对价为2,090万令吉（500万美元）。

截至2020年3月31日，这集团的总负债为12.511亿令吉，较2019年6月30日的11.556亿令吉增加了9,550万令吉。在本季度，这集团已提取定期贷款以帮助其营运资金需求。截至2020年3月31日的未偿还金额为4,870万令吉。

此外，截至本期末，与北沙巴州资产有关的未偿还的与运营相关的应付款项和应计费用比2019年6月30日增加了约2700万令吉。增加是为了St Joseph Infill Drilling, the South Furious 30 Infill Drilling和South Furious 30 Water Flood Phase 1的项目。

北沙巴：
截至本季度，北沙巴地区的EBITDA为6530万令吉，而截至2019年12月31日的财政季度（“前一季度”）为1.099亿令吉。在本季度中，SEA Hibiscus销售了611,367桶原油，而上一季度为671,452桶。本季度实现的平均油价为每桶47.72美元，而上一季度为70.19美元。因此，这部门在本季度产生了1.201亿令吉的收入和7130万令吉的毛利，低于前一季度的收入和毛利（分别为1.959亿令吉和1.232亿令吉）。

与前一个季度相比，本季度实现的较低平均油价以及较低的大桶原油销售量导致EBITDA减少了4,450万令吉。与上一季度的93％相比，本季度北沙巴州生产设施的平均正常运行时间为89％。这主要归因于本季度初对South Furious立管的维修工作。

每桶平均OPEX从上一季度的12.23美元微升至本季度的13.16美元。这主要是由于开始了与South Furious 30 Water Flood 1期项目相关的租赁设备的调试活动。

Anasuria Hibiscus：
与前一个季度的收入7500万令吉相比，本季度的收入为5480万令吉。减少2,020万令吉的主要原因是本季度实现的平均油价降低。本季度原油承购的平均实现油价为每桶50.59美元，而上一季度则为68.67美元。尽管如此，这部门在本季度仍录得较高的EBITDA和PBT分别为4080万令吉和1930万令吉，而上一季度实现的EBITDA为3490万令吉和PBT为1500万令吉。

3D Oil, VIC/L31 & VIC/P57：
在本季度，这部门录得560万令吉的LAT，而上一季度则为90万令吉的税后利润。

投资控股和团体活动：
这部门在本季度录得LAT 690万令吉，比上一季度的440万令吉的LAT高250万令吉。这主要是由于美元升值对本季度末以美元计价的公司间应付款重估产生不利影响，而产生的净外汇不利影响增加了360万令吉。

前景：
在当前COVID-19和低原油价格的环境中，这集团的重点是减轻这些事件带来的风险，以确保业务连续性和安全运营。尽管如此，这集团与外部核数师会于每个财政年度结束时每年对所有资产进行减值评估。鉴于近期石油价格走势不利，这集团已开始对其资产评估进行详细分析。这集团将审慎考虑油价假设，并于适当的检讨完成后披露有关他们资产的任何减值的报告。
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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 RM2.41 (dividend RM0.04) in 1 year 9 months 8 days, total return is 242.7%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.87 (dividend RM0.04) in 1 year 10 months 17 days, total return is 140.3%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.63 (adjusted)(dividend RM0.055) in 11 months 16 days, total return is 120.7%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.05 in 1 year 3 months 28 days, total return is 82.6%

e) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM21.60 (adjusted)(dividend RM0.32) in 1 Year 10 months 19 days, total return is 80.6%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.25 (dividend RM0.148) in 1 Year 7 months 12 days, total return is 50.8%

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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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[HIBISCUS PETROLEUM BHD: Average realised oil price achieved in the Current Quarter was USD47.72 per bbl whilst USD70.19 per bbl was achieved in the Preceding Quarter]

Current assets decreased from RM410.3 million as at 30 June 2019 to RM356.4 million as at 31 March 2020. This was largely due to the lower cash and bank balances of RM145.9 million compared to 30 June 2019. Net cash inflow from operations in both the Anasuria Hibiscus and North Sabah segments during the Current Period were utilised to finance obligations arising from the investments in capital expenditures in excess of RM200.0 million. In addition, the following notable payments were made during the Current Period:

• RM85.9 million for taxation liabilities across both the North Sabah and Anasuria assets;
• RM69.1 million for the 2019 calendar year’s portion of decommissioning liabilities related to the North Sabah asset in December 2019;
• RM23.4 million for Anasuria Hibiscus UK’s proportionate obligations for the estimated cost of decommissioning the facilities of the Anasuria Cluster into a trust; and,
• RM20.9 million (USD5.0 million) for the second and final tranche of deferred consideration relating to the acquisition of 50% participating interests in the 2011 North Sabah EOR PSC in March 2020, per the agreed schedule.

The Group’s total liabilities amounted to RM1,251.1 million as at 31 March 2020, an increase of RM95.5 million from RM1,155.6 million as at 30 June 2019. During the Current Quarter, the Group had drawn down a term loan to aid its working capital requirements. The amount outstanding as at 31 March 2020 amounted to RM48.7m.

In addition, as at the end of the Current Period, outstanding operations-related payables and accruals for the North Sabah asset increased by approximately RM27.0 million compared to 30 June 2019. The increase was mainly caused by amounts incurred for the St Joseph Infill Drilling, the South Furious 30 Infill Drilling and the South Furious 30 Water Flood Phase 1 projects.

North Sabah:
The North Sabah segment recorded an EBITDA of RM65.3 million in the Current Quarter as compared to RM109.9 million in the financial quarter ended 31 December 2019 (“Preceding Quarter”). In the Current Quarter, SEA Hibiscus sold 611,367 bbls of crude oil as compared to 671,452 bbls in the Preceding Quarter. Average realised oil price achieved in the Current Quarter was USD47.72 per bbl whilst USD70.19 per bbl was achieved in the Preceding Quarter. Accordingly, the segment generated RM120.1 million revenue and RM71.3 million gross profit in the Current Quarter, lower than that in the Preceding Quarter, where revenue and gross profit were RM195.9 million and RM123.2 million respectively.

Lower average realised oil price achieved coupled with a lower number of bbls of crude oil sold in the Current Quarter resulted in a reduction of EBITDA by RM44.5 million when compared to the Preceding Quarter. The average uptime of the North Sabah production facilities of 89%, achieved during the Current Quarter, is lower when compared to the Preceding Quarter’s 93%. This was mainly attributed to the repair work on the South Furious risers which took place early in the Current Quarter.

Average OPEX per bbl has increased marginally from USD12.23 in the Preceding Quarter to USD13.16 in the Current Quarter. It was primarily due to the commencement of commissioning activities of leased equipment related to the South Furious 30 Water Flood Phase 1 project.

Anasuria Hibiscus:
Revenue recorded in the Current Quarter amounted to RM54.8 million when compared to the Preceding Quarter’s revenue of RM75.0 million. The decrease of RM20.2 million was mainly due to lower average realised oil price achieved in the Current Quarter. Average realised oil price for the crude oil offtake in the Current Quarter was USD50.59 per bbl while in the Preceding Quarter, USD68.67 per bbl was realised. Despite this, the segment recorded a higher EBITDA and PBT of RM40.8 million and RM19.3 million respectively in the Current Quarter as compared to that achieved in the Preceding Quarter, i.e. EBITDA of RM34.9 million and PBT of RM15.0 million.

3D Oil, VIC/L31 & VIC/P57:
During the Current Quarter, the segment recorded a LAT of RM5.6 million as compared to a PAT of RM0.9 million in the Preceding Quarter.

Investment holding and group activities:
This segment recorded a LAT in the Current Quarter of RM6.9 million, which was RM2.5 million higher than the LAT of RM4.4 million in the Preceding Quarter. This was mainly attributed to higher net adverse foreign exchange impact of RM3.6 million which arose from the appreciation of the USD adversely impacting the revaluation of USD-denominated inter-company payables at the end of the Current Quarter.

Prospects:
In the current environment of COVID-19 and low crude oil prices, the key focus of the Group is to mitigate risks posed by these events to ensure business continuity and safe operations. Notwithstanding the above, the Group, in conjunction with its external auditors, conducts impairment assessments on all of its assets on an annual basis at the end of each financial year. In view of recent adverse oil price movements, the Group has initiated detailed analysis of such assessments on its assets. The Group will take a prudent view of oil price assumptions and the reporting of any impairment in respects of their assets will be disclosed when the appropriate reviews are concluded.
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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