[HIBISCUS PETROLEUM BHD:预计St Joseph Infill Drilling project Field Development Plan的石油产量将于2019年8月开始增加,该项目预计每天将增加约2,600桶原油,预计油田(“LoF”)储量为2.77百万桶]
非流动资产:
截至2019年3月31日,大红花的非流动资产为17.419亿令吉,而2018年6月30日则为15.715亿令吉。该增加的主要原因是无形资产资本化所产生的成本直接归因于Anasuria Hibiscus UK在当前季度收购英国Central North Sea的Blocks(或称为Marigold及Sunflower)的50%权益,达到1.557亿令吉。此外,本期间投资于Anasuria资产(包括在设备中)的资本支出计划也有助于增加。
流动资产:
流动资产从2018年6月30日的4.025亿令吉增加至2019年3月31日的4亿8070万令吉。现金及银行结余增加8,530万令吉,主要是由于本期间从Anasuria Hibiscus和北沙巴的部门卖掉原油所取得的款项。此外,北沙巴的其他与经营相关的应收账款增加约3,980万令吉。
负债总额:
截至2019年3月31日,大红花的负债总额为10.213亿令吉,较截至2018年6月30日的9.782亿令吉增加4,310万令吉。被以下部分抵销:
•由于与北沙巴资产有关的付款,decommissioning费用余额减少4,590万令吉;和,
•根据商定的时间表,在2019年3月支付收购2011年北沙巴EOR PSC 50%参与权益的第一批递延对价,金额为500万美元(2040万令吉)。请注意,第二次和最后一次付款也将达到500万美元,将于2020年3月支付。
总权益:
本期间总权益增加2.056亿令吉,主要是由于Anasuria和North Sabah资产产生的净收益。
北沙巴:
北沙巴部门在本季度的息税折旧摊销前利润为7,940万令吉,而前季度则为3,760万令吉。在本季度,SEA Hibiscus在两个cargo中销售了578,487桶原油,而在前一季度的一批货物中销售了293,624桶原油。
本季度产生的收入为1.587亿令吉,比之前季度确认的8,810万令吉高出7060万令吉。这是由于销售的原油数量较多而推动的。本季度该部门的EBITDA超过了之前季度的4170万令吉。尽管本季度原油销售的平均实现价格较低,但本季度的EBITDA利润率50.0%也高于前期季度的42.7%。这是由于当前季度每桶生产的平均OPEX降低到11.76美元,而前一季度为每桶22.74美元。
Anasuria Hibiscus:
Anasuria Hibiscus UK在本季度以每桶60.39美元的平均油价出售了249,116桶原油。在前一季度,共售出274,015桶原油,平均实现价格为每桶58.08美元。
3D油,VIC / L31和VIC / P57:
在本季度,该部门录得的LAT为3万令吉,而前一季度的PAT为90万令吉。
投资控股和集团活动:
该部门录得本季度LAT增加到530万令吉,而上一季度的LAT为480万令吉。
前景:
他们2021年的任务:
+每日平均净产量达到20,000桶石油(“bopd”);和,
+获得1亿桶石油的净已探明和可能储量/权利。
作为Anasuria集团的联合运营商和北沙巴油田的运营商,大红花一直致力于优化资产绩效,但同样重要的是要注意,他们的表现每天受到外部宏观经济因素的影响,而他们无法控制这些因素。
Anasuria集群:生产运营:
计划于2019年6月完成一项维护计划(“2019 Offshore Turnaround”)。然而,最初计划作为2019 Offshore Turnaround的一部分的一些活动现已在本季度完成。其余活动将按计划进行,预计大约需要两周时间。截至2019年6月30日的季度原油采购时间表预计也将按计划完成。
将注水井连接到Anasuria FPSO的下一阶段将在本年的剩余月份进行。目标是在2019年末开始向Cook reservoir注水。从GUA-P1采油井钻探侧轨在当前季度得到批准,预计将在截至2019年9月30日的财政季度完成。
英国 - Anasuria集群:Cook注水项目的更新:
更深层次的油水接触的含义是积极的,预计会增加库克油田的已探明和可能的石油储量(“2P储量”)。在完成详细工作以确定最新储量估计数时,将另行发布公告。
展望未来,2019年下半年将安装一条海底管道,将注水井与Anasuria FPSO连接起来。英国Anasuria Hibiscus UK的总资本支出净额估计为6100万令吉。其中,截至本季度末已产生700万令吉,在2019年剩下的时间将产生5400万令吉。
英国 - Anasuria集群:GUA-P1侧轨项目更新:
GUA-P1 ST项目是重新进入现有GUA-P1 wellbore的机会,可能会从Guillemot A油田排出更多的碳氢化合物。该项目旨在从Anasuria Hibiscus UK目前的净2P储量中解锁约170万桶石油。
该项目预计将在2019年9月30日结束的财政季度完成。除了不可预见的情况外,预计GUA-P1 ST油井的生产将在项目完成后开始。此项目的Anasuria Hibiscus UK净资本支出总额估计为6630万令吉。
英国 - Block 15 / 13a(Marigold)和15 / 13b(Sunflower):
截至2020年年底,成立了一个位于吉隆坡的专门项目团队,负责进行地下油田开发工程研究,并在Petrofac的支持下,执行概念选择阶段,作为制定Marigold和Sunflower油田开发计划的一部分。就资本支出而言,本季度已为概念选择阶段活动产生约2百万令吉,目标是在2019年年中完成。目前正在考虑的开发选项包括固定平台,浮动解决方案以及与现有附近基础架构解决方案的连接。
北沙巴:生产运营:
关于South Furious 30 Infill Drilling项目,公司已获得PETRONAS Milestone Review-4的批准,并预计将在下一个财政季度获得South Furious 30 Infill钻井现场开发计划的批准。
北沙巴:St Joseph Infill钻探项目:
预计St Joseph Infill Drilling project Field Development Plan的石油产量将于2019年8月开始增加。该项目预计每天将增加约2,600桶原油,预计油田(“LoF”)储量为2.77百万桶。
North Sabah:South Furious 30 Infill钻探项目:
钻探计划于2019年8月开始,预计第一批石油将于2019年11月初开始。该项目预计每天将增加约4,000桶石油,预计的LoF储量为3.16百万桶。
筹款:
在接下来的六个月中,他们预计将进行某些筹款活动,以确保他们手中的项目和机会能够顺利执行,这些项目和机会有望提高生产和创造价值。根据他们的预计活动,他们设想可能需要一些借款,他们目前正在考虑提供的各种债务选择,同时考虑到诸如长期资本要求,对集团保持一定敏捷水平的偏好,财务灵活性,总体加权平均资本成本等因素。随着计划的成熟,他们会进行相关披露。
使命(2017年 - 2021年):
随着他们最近宣布收购英国北海Marigold和Sunflower油田的50%股权,他们相信他们有能力完成2021年的任务。他们在未来三年的主要关注点将包括:
•加强Anasuria和North Sabah油田的生产;
•将其2C资源(特别是Marigold和Sunflower)转换为生产2P储量;
•将West Seahorse开发资产利润化,分享附近基础设施以准备勘探和进展;和,
•继续寻找机会,以主要在其地理位值领域内或周围扩大其资产基础。
针对Rex公司和其他方的索赔:
大红花将继续寻求适当的法律,监管及其他途径(以及其他方面)寻求赔偿对大红花所犯的错误。由于许多因素(包括集团无法控制的因素),这些途径可能会或可能不会成功,并且他们将不时提供这方面的相关更新。
结论意见:
他们的目标是在2019财年从其两个生产资产中提供约270至300万桶石油。在FY2019前三个季度,他们已经在两种资产中销售了大约250万桶原油,其中四个来自Anasuria,另外五个来自北沙巴。根据目前两个资产和出货时间表的生产动力,他们预计将超过其2019财年的目标。
他们来自Anasuria和North Sabah的资产团队的目标是执行生产增强项目,到2021年,他们的净石油生产率可能会提高到每天12,000桶以上。其中一些生产增强项目目前正在执行中。在Anasuria,Cook WI井已经完工,他们将通过与Anasuria FPSO进行井的连接来完成这项活动。 GUA-P1 ST刚刚开始,在沙巴北部,St Joseph Infill Drilling和SF30 Infill Drilling项目也将于2019年开始执行。
该集团已将其使命明确表达至2021年,他们很高兴能够实现几个关键的里程碑,这些里程碑是成功实现其目标的关键。鉴于这些发展并且在不可预见的情况下,他们预计本财政年度的业务表现将令人鼓舞。
-----------------------------
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 RM1.26 (dividend RM0.015) in 9 months 19 days, total return is 78.3%
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[HIBISCUS PETROLEUM BHD: Enhanced oil production from the St Joseph Infill Drilling project Field Development Plan is expected to commence in August 2019, the project is expected to add approximately 2,600 bbls per day at its peak with expected life of field (“LoF”) reserves of 2.77 MMstb]
Non-current Assets:
The Group’s non-current assets as at 31 March 2019 amounted to RM1,741.9 million compared to RM1,571.5 million as at 30 June 2018. The increase was mainly driven by the capitalisation into intangible assets those costs incurred which were directly attributable to the acquisition of a 50% interest in the Blocks (or also known as Marigold & Sunflower) in UK Central North Sea by Anasuria Hibiscus UK in the Current Quarter, which amounted to RM155.7 million. In addition, capital expenditure programs invested in the Anasuria asset (included in equipment) during the Current Period have contributed to the increase.
Current Assets:
Current assets increased from RM402.5 million as at 30 June 2018 to RM480.7 million as at 31 March 2019. Cash and bank balances increased by RM85.3 million, largely due to the collection of proceeds from crude oil offtakes in both the Anasuria Hibiscus and North Sabah segments during the Current Period. In addition, other operational-related receivables in North Sabah increased by approximately RM39.8 million.
Total Liabilities:
The Group’s total liabilities amounted to RM1,021.3 million as at 31 March 2019, an increase of RM43.1 million from RM978.2 million as at 30 June 2018. This is partly off-set by:
• A decrease in provision for the decommissioning costs balance of RM45.9 million, due to payments made relating to the North Sabah asset; and,
• Payment of the first tranche of deferred consideration relating to the acquisition of 50% participating interests in the 2011 North Sabah EOR PSC amounting to USD5.0 million (RM20.4 million) in March 2019, per the agreed schedule. Note that the second and final tranche, also amounting to USD5.0 million, is payable in March 2020.
Total Equity:
The increase in total equity during the Current Period by RM205.6 million was mainly attributable to net earnings generated from both the Anasuria and North Sabah assets.
North Sabah:
The North Sabah segment recorded an EBITDA of RM79.4 million in the Current Quarter as compared to RM37.6 million in the Preceding Quarter. In the Current Quarter, SEA Hibiscus sold 578,487 bbls of crude oil in two cargoes as compared to 293,624 bbls of crude oil from one cargo in the Preceding Quarter.
Revenue generated in the Current Quarter was RM158.7 million, which was RM70.6 million higher than that recognised in the Preceding Quarter of RM88.1 million. This was driven by a higher number of bbls of crude oil that was sold. The EBITDA achieved by the segment in the Current Quarter exceeded that achieved in the Preceding Quarter by RM41.7 million. The EBITDA margin of 50.0% in the Current Quarter was also higher than that achieved in the Preceding Quarter of 42.7% despite the lower average realised price achieved on crude oil sold in the Current Quarter. That was driven by a reduction in average OPEX per bbl achieved in the Current Quarter of USD11.76 per bbl compared to USD22.74 per bbl in the Preceding Quarter.
Anasuria Hibiscus:
Anasuria Hibiscus UK sold 249,116 bbls of crude oil at an average oil price of USD60.39 per bbl in the Current Quarter. In the Preceding Quarter, 274,015 bbls of crude oil were sold at an average realised price of USD58.08 per bbl.
3D Oil, VIC/L31 & VIC/P57:
During the Current Quarter, the segment recorded a LAT of RM0.03 million as compared to a PAT of RM0.9 million in the Preceding Quarter.
Investment holding and group activities:
This segment recorded an increase in LAT of RM5.3 million in the Current Quarter, from a LAT of RM4.8 million in the Preceding Quarter.
Prospects:
The delivery of their 2021 mission entails:
+ The achievement of an average daily net production of 20,000 bbls of oil per day (“bopd”); and,
+ The securing of net proven and probable reserves/entitlement of 100 million bbls of oil.
As joint operator of the Anasuria Cluster and the operator of the North Sabah oilfields, the Group continuously focuses on optimising asset performance, but it is equally important to note that their performance is impacted daily by external macroeconomic factors over which they exert minimal control.
Anasuria Cluster: Production Operations:
A single planned maintenance program had been scheduled for June 2019 (“2019 Offshore Turnaround”). However, some of the activities that were initially planned as part of the 2019 Offshore Turnaround have now already been completed in the Current Quarter. The remaining activities will be undertaken as planned and are expected to take approximately two weeks. The crude oil offtake schedule for the quarter ending 30 June 2019 is also expected to be completed as planned.
The next phase of connecting the water injection well to the Anasuria FPSO will be carried out over the remaining months of this calendar year. The objective is to commence water injection into the Cook reservoir in late 2019. The drilling of a side-track from the GUA-P1 oil producing well was sanctioned in the Current Quarter and is expected to complete in the financial quarter ending 30 September 2019.
United Kingdom – Anasuria Cluster: Cook Water Injection Project Update:
The implication of a deeper oil water contact is positive and is anticipated to increase their net proven and probable oil reserves (“2P Reserves”) in the Cook field. A further announcement will be made when the detailed work has been completed to establish the latest reserves estimates.
Going forward, a subsea pipeline will be installed in the second half of calendar year 2019, which will link the water injection well to the Anasuria FPSO. The total capital expenditure net to Anasuria Hibiscus UK estimated for this project is RM61.0 million. Of this amount, RM7.0 million has been incurred up to the end of the Current Quarter, with a remaining RM54.0 million to be incurred for the rest of calendar year 2019.
United Kingdom – Anasuria Cluster: GUA-P1 Side-Track Project Update:
The GUA-P1 ST project is an opportunity to re-enter the existing GUA-P1 wellbore and potentially drain additional volumes of hydrocarbons from the Guillemot A field. This project is targeted to unlock approximately 1.7 million bbls of oil from Anasuria Hibiscus UK’s current net 2P Reserves.
This project is expected to complete in the financial quarter ending 30 September 2019. Barring unforeseen circumstances, production from the GUA-P1 ST well is expected to commence upon completion of the project. The total capital expenditure net to Anasuria Hibiscus UK for this project is estimated to be RM66.3 million.
United Kingdom – Blocks 15/13a (Marigold) and 15/13b (Sunflower):
A dedicated project team, located in Kuala Lumpur has been established to conduct the subsurface field development engineering studies and, with the support of Petrofac, execute the concept select phase as part of the effort to establish a field development plan for Marigold and Sunflower by the end of calendar year 2020. In terms of capital expenditure, approximately RM2.0 million has been incurred in the Current Quarter for concept select phase activities which are targeted to complete in mid-2019. Development options being currently considered include a fixed platform, a floating solution, as well as a tieback to existing, nearby infrastructure solutions.
North Sabah: Production Operations:
Regarding the South Furious 30 Infill Drilling project, the Company has received approval of the Milestone Review-4 by PETRONAS and expects to receive approval of the South Furious 30 Infill Drilling Field Development Plan in the next financial quarter.
North Sabah: St Joseph Infill Drilling Project:
Enhanced oil production from the St Joseph Infill Drilling project Field Development Plan is expected to commence in August 2019. The project is expected to add approximately 2,600 bbls per day at its peak with expected life of field (“LoF”) reserves of 2.77 MMstb.
North Sabah: South Furious 30 Infill Drilling Project:
Drilling is scheduled to commence in August 2019 and first oil is expected in early November 2019. The project is expected to add circa 4,000 bbl per day at its peak with expected LoF reserves of 3.16 MMstb.
Fundraising:
Over the course of the next six months, they anticipate that they shall undertake certain fundraising activities to ensure that the projects and opportunities they have in hand, which are expected to enhance production and create value, may be executed smoothly. Based on their projected activities, they envisage that some borrowings may be required and they are currently considering various debt options that are on offer, bearing in mind factors such as long term capital requirements, preference for the Group to maintain a certain level of agility and financial flexibility, overall weighted average cost of capital, etc. They shall make the relevant disclosures as their plans mature.
Mission (2017 – 2021):
With the completion of their recently announced acquisition of a 50% interest in the Marigold and Sunflower discovered fields in the UK North Sea, they believe that they are well positioned to achieve their 2021 mission. Their main focus over the next three years will entail:
• Enhancing production at Anasuria and the North Sabah fields;
• Converting their 2C Resources, particularly in Marigold and Sunflower into producing 2P Reserves;
• High-grade exploration prospects and progress nearby discussions on sharing nearby infrastructure to monetise the West Seahorse development asset; and,
• Continuing to look for opportunities to grow their asset base mainly in or around the areas of their geographic focus.
Claims Against Rex Companies and Other Parties:
The Group will continue to pursue appropriate legal, regulatory and other avenues to (among others) seek compensation for wrongs committed against the Group. Such avenues may, or may not, be successful due to a number of factors (including those outside the Group’s control) and they will provide relevant updates in this regard from time to time (as may be applicable).
Concluding Comments:
Their target has been to deliver approximately 2.7 to 3.0 million bbls of oil from their two producing assets in FY2019. They have sold approximately 2.5 million bbls of crude oil across both assets in the first three quarters of FY2019 with four offtakes coming from Anasuria, and a further five offtakes from North Sabah. Based on the current production momentum across both assets and offtake schedule, they expect to exceed their target for FY2019.
Their asset teams from both Anasuria and North Sabah are targeting to execute production enhancement projects that could potentially enhance their net oil production rate to over 12,000 bbls per day by 2021. Several of these production enhancement projects are currently being executed. In Anasuria, the Cook WI well has been completed and they will follow this activity by undertaking the tie-in of the well to the Anasuria FPSO. The GUA-P1 ST has just commenced and in North Sabah, the St Joseph Infill Drilling and the SF30 Infill Drilling projects are on track for execution, also in 2019.
The Group has articulated its mission until 2021 and they are pleased to have achieved several critical milestones that are key towards the successful delivery of their goals. Given these developments and barring unforeseen circumstances, they expect their business performance for this current financial year to be encouraging.
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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 RM1.26 (dividend RM0.015) in 9 months 19 days, total return is 78.3%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.32 in 10 months 30 days, total return is 66%
c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.31 in 5 months 15 days, total return is 63.8%
d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 (dividend RM0.008) in 5 months 8 days, total return is 32.4%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.745 in 4 months 11 days, total return is 29.6%
f) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.80 (dividends RM0.03) in 8 months 1 day, total return is 28%
g) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.0825) in 7 months 17 days, total return is 26.1%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.965 in 5 months 1 day, total return is 13.5%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 6 months 13 days, total return is 13%
j) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.65 in 2 months 7 days, total return is 6.5%
k) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.10 (dividend RM0.061) in 10 months 2 days, total return is 5.1%
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
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