[GEORGE KENT MALAYSIA BHD：水表部门销售和毛利率下降]

工程：
截至2020年1月31日的本季度，部门盈利为1,258万令吉，较2019年同期的4,030万令吉低69％。

由于收入和毛利率下降，截至2020年1月31日止年度的部门利润为5486万令吉，较截至2019年1月31日止年度的1亿1540万令吉减少52％。

水表：
截至2020年1月31日的本季度，该部门的利润为588万令吉，略高于2019年同期的560万令吉。

截至2020年1月31日止年度的部门利润为2,117万令吉，较2019年同期的2,838万令吉减少25％，主要是由于销售和毛利率下降。

集团本季度的税前利润为1036万令吉（2019年1月31日：3758万令吉），降低了72％。

截至2020年1月31日止年度，集团的税前利润为5668万令吉（2019年1月31日：1.2783亿令吉），减少了56％。

QoQ：
截至2020年1月31日的当前季度的税前利润比上一季度下降18％，主要是由于持有的外币未实现兑换损失。

前景：
水表业务继续保持不错。尽管某些出口订单被取消，但对马来西亚半岛地方政府的销售收入却比上一年有所增加。该集团于2020年4月19日获得国际贸易和工业部的批准，在MCO期间在严格的劳动力行动条件下恢复其制造活动。这使集团得以在2020年4月20日恢复生产线，尽管规模有限。随后，政府宣布，允许经批准的经济部门的公司在严格的劳动力行动条件下，以完全的劳动能力运营，并且不受时间限制，从2020年4月29日开始生效。

展望未来，乔治肯特将继续审慎进行业务往来，改善乔治肯特的财务及营运效率，并大幅降低成本。尽管乔治肯特预计其业绩将受到干扰，但乔治肯特对其前景保持谨慎乐观。

水表：
为配合乔治肯特成为水表一站式供应商的策略，乔治肯特正与合作伙伴合作提供补充其现有范围的水表，例如静态水表和其他类别的产品。集团与霍尼韦尔（Honeywell）于2019年6月签署了长期许可协议，使精密测量组件的生产可以与集团已经制造的黄铜外壳组装在一起。这将为集团提供更好的生产水平和成本控制。开始分阶段生产。该集团的智能计量解决方案正在通过概念验证以及与州水务部门的试点项目来实施。该解决方案的商业化将是未来几年的主要增长动力。

工程：
该集团继续执行丹戎卡朗医院和恩多克林布城医院。该小组正在为LRT2项目完成一些variation orders的工作。它也继续执行LRT3项目，该项目的合约由其合资公司MRCB George Kent Sdn Bhd于2019年1月25日以114亿令吉签署。于回顾年度内，土建工程的进度有所减慢。在未来几个月中，进展将会加快。

乔治肯特将通过并购和战略合作伙伴关系大幅增加对铁路和水相关项目的投资，从而进一步加速增长。它凭借在国内铁路项目中作为铁路系统集成商的专业知识以及与全球铁路专家建立的网络，继续在区域铁路领域中开发新的机会。此外，集团在过去27年中成功完成了30多个水利基础设施项目，这凸显了其项目管理专业知识和对质量的奉献精神。这项良好的记录将使集团有能力从国家减少非收入水的努力中寻求水基础设施的机会。
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Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.56 (dividend RM0.04) in 1 year 10 months 7 days, total return is 263.6%

b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM30.80 (adjusted)(dividend RM0.32) in 1 Year 11 months 18 days, total return is 156.3%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.80 (adjusted)(dividend RM0.055) in 1 Year 17 days, total return is 130.8%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.67 (dividend RM0.04) in 1 year 11 months 18 days, total return is 115.1%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.91 in 1 year 4 months 30 days, total return is 58.3%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.26 (dividend RM0.188) in 1 Year 8 months 12 days, total return is 54%

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James Ng
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[GEORGE KENT MALAYSIA BHD: Metering segment lower sales and gross profit margin]

Engineering:
Segment profit of RM12.58 million for the current quarter ended 31 January 2020 was 69% lower as compared to RM40.30 million for the corresponding quarter in 2019.

Segment profit of RM54.86 million for the year ended 31 January 2020 was 52% lower as compared to RM115.40 million for the year ended 31 January 2019 due to lower revenue and gross profit margin.

Metering:
Segment profit of RM5.88 million for the current quarter ended 31 January 2020 was slightly higher as compared to RM5.60 million for the corresponding quarter in 2019.

Segment profit of RM21.17 million for the year ended 31 January 2020 was 25% lower as compared to RM28.38 million for the corresponding period in 2019 mainly due to the lower sales and gross profit margin.

The Group's current quarter profit before tax of RM10.36 million (31 January 2019: RM37.58 million) was 72% lower.

The Group's profit before tax for the year ended 31 January 2020 of RM56.68 million (31 January 2019: RM127.83 million) was 56% lower.

QoQ:
The profit before taxation for the current quarter ended 31 January 2020 is 18% lower than the preceding quarter mainly arose from unrealised loss on foreign exchange on foreign currencies held.

Prospects:
The Metering Business continued to be resilient. In spite of the retiming of some export orders, revenue for sales to local authorities in Peninsular Malaysia rose from the previous year. The Group received on 19 April 2020 the Ministry of International Trade and Industry’s approval to resume its manufacturing activities during the MCO under strict labour movement conditions. This enabled the Group to reactivate its production line on 20 April 2020, albeit on a limited scale. Subsequently, the Government announced that companies in the approved economic sectors are permitted to operate with full work force capacity and without limitation in operating time effective 29 April 2020, again under strict labour movement conditions.

Going forward, the Group will continue to exercise prudence in its business dealings, improving the Group's financial and operational efficiency and drastically reducing costs. Whilst the Group expects some disruptions to its performance, the Group is cautiously optimistic of its prospects.

Metering:
In line with the Group's strategy to become a one-stop purveyor of water meters, the Group is working with partners to offer water meters that complement its existing range, such as static meters and products in other classes. The long-term license agreement with Honeywell, signed by the Group in June 2019, enables the production of precision measuring components to be assembled with the brass housings the Group already manufactures. This will provide the Group with better control of production levels and costs. Production in stages is commencing. The Group's Smart Metering solution is being implemented through proof-of-concepts and pilot projects with state water authorities. Commercialisation of this solution will be a key growth driver in the coming years.

Engineering:
The Group continued to execute Hospital Tanjung Karang and Hospital Endokrin Putrajaya. The Group is concluding work on some variation orders for the LRT2 project. It is also continuing to execute the LRT3 project, the contract for which was signed by its joint-venture company MRCB George Kent Sdn Bhd on 25 January 2019 for RM11.4 billion. Civil construction works were undertaken albeit at a reduced pace in the year under review. Progress should pick up in the coming months.

The Group will further accelerate growth by substantially increasing its investments in rail and water-related projects through M&As and strategic partnerships. It continues to develop new opportunities in the Regional railway space, leveraging on its expertise as Rail Systems Integrator in domestic railway projects and its established network with global rail specialists. In addition, the Group’s successful completion of over 30 water infrastructure projects in the last 27 years underscores its project management expertise and dedication to quality. This track record will give the Group a leg-up in pursuing water infrastructure opportunities arising from the national drive to reduce non-revenue water.
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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