[DAYANG ENTERPRISE HOLDINGS BHD：强劲的盈利趋势将是可持续的，前提是其庞大的订单额估计为25亿令吉，这意味着未来三年的盈利可见度很高]
3Q19 vs 3Q18:
相比之下，达扬企业截至2019年9月30日的本季度收入增长了27％，而本季度达扬企业的税前利润为1.516亿令吉，而去年2018年9月30日同期的税前利润为6770万令吉。
本季度的收入增加主要是由于更高的船舶利用率以及根据topside maintenance合同获得并执行的更高的工作订单。虽然收入增加了7560万令吉，即27％，但本季度的税前利润却增加了8390万令吉，即124％是由于本季度收到并执行的工单的利润率比去年同期高。此外，本季度的税前利润还考虑到因2019年7月收购新子公司（买便宜）而有一笔一次性收益1,060万令吉。
YTD19 vs YTD18：
营业额从上一个同期的6.520亿令吉增加了17％至本期间的7.612亿令吉。本期间的收入比去年同期更高，主要是由于本期间迄今为止收到并执行的工单价值更高。
截至2019年9月30日止的本期间，达扬企业的税前利润显着提高，这主要是由于本财政期间收到并执行的工单的利润率高于相应的财政期间。达扬企业已计入因收购新子公司（买便宜）而获得的购买收益1,060万令吉。此外，本期的税前利润已计入了固定资产的减值损失转回280万令吉，而去年同期的固定资产的减值损失拨备为1,310万令吉，以及这季已实现/未实现的净外汇损失为40万令吉，而去年同期的实现/未实现外汇收益净额为1140万令吉。
3Q19 vs 2Q19:
在本季度，集团的收入比上一季度增长了45％。在本季度，该集团的税前利润为1.516亿令吉，而上一季度的税前利润为7240万令吉。与上一季度相比，本季度收入的大幅增长主要是由于船舶利用率提高以及维护合同带来的工作订单增加。船舶利用率更高是由于石油专业公司在2019年第三季度授予的改善的工作订单/合同。
本季度的税前利润增加到1.516亿令吉，主要归因于较高的利润率，这是由于根据topside maintenance合同执行的工作订单的生产率和效率更高。除此之外，集团在本季度还通过讨价还价收购了一家子公司，获得了1,060万令吉的收益。
前景：
他们为在2019年第三季度创下创纪录的季度利润而迈出重要的里程碑感到自豪。这是他们在达扬企业悠久的历史上首次实现超过1亿令吉的季度利润。这充分说明了他们在提供连接调试，topside maintenance服务以及工程采购建设和调试（EPCC）项目方面不断追求卓越运营的杰出业绩。
与2019年第三季度取得的高收入同时，他们的历史最高季度利润比去年同期增长了一倍以上。这也是他们2019年季度业绩的第三次连续改善，反映了2018年的趋势。更重要的是，他们在2019财年的前九个月的利润已经超过了2018财年的全年利润。这无疑将为结束2019年的强劲财年铺平道路。
这项出色的成就得益于根据Pan Hook-up and Commissioning合同（Pan HUC）进行的维护，建造和修改合同（MCM）和Topside Maintenance Services工程的强劲工作单。因此，Perdana的船舶利用率也大大提高，达到91％，而2019年第二季度为79％，第一季度为36％。
他们对整个季度获得的更高的工作订单感到特别兴奋，因为工作势头在2019年下半年显着回升。此外，达扬企业与其子公司Perdana Petroleum的协同合作再次取得了预期的结果，合并后的集团作为领先的integrated MCM player具有无与伦比的竞争优势。
除非有任何不可预见的情况，否则他们乐观地认为强劲的盈利趋势将是可持续的，前提是其庞大的订单额估计为25亿令吉，这意味着未来三年的盈利可见度很高。在2019年8月，他们从PETRONAS Carigali获得了一份为期15个月的新HUC合同，这标志着上游维护活动的强劲前景。他们对公司的未来前景保持乐观，因为达扬企业将利用其强大的执行记录来推动业务活动的增长。
同时，他们对集团范围内的债务重组将在2020年第一季度之前成功并全面完成抱有乐观的态度。重组后，达扬企业将有更强大的资本结构，变得更加强大，这将使集团在石油和天然气部门经济复苏中处于良好状态。加上强大的现金流，它们更有效的资本结构将为其长期前景奠定坚实的基础。当他们继续带领公司迈向更高的高度时，他们更强大的资产负债表将使他们能够奖励在多年中始终坚定不移的忠实股东。董事会将继续致力于确保达扬企业继续表现卓越，并在公司业务中取得与众不同的良好业绩。
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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 RM2.16 (dividend RM0.025) in 1 year 3 months 24 days, total return is 205.6%
b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM1.00 in 3 months 11 days, total return is 119.8%
c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.23 in 10 months 16 days, total return is 113.9%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.44 (dividend RM0.04) in 1 year 5 months 5 days, total return is 86.2%
e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.75 (adjusted)(dividend RM0.01) in 6 months 4 days, total return is 65.3%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.37 (dividends RM0.083) in 1 Year 1 month 29 days, total return is 54.3%
g) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.33 in 5 months 6 days, total return is 47.8%
h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.15 in 11 months 20 days, total return is 43.8%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.69 (dividend RM0.07) in 1 Year 18 days, total return is 38.6%
j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.31 (dividend RM0.018) in 11 months 13 days, total return is 37.6%
k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.10 (dividend RM0.22) in 1 Year 1 month 22 days, total return is 22.8%
l) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.26 in 6 months 4 days, total return is 21.2%
m) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.78 (dividend RM0.05) in 8 months 12 days, total return is 18.1%
n) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.31 (adjusted)(dividends RM0.111) in 1 Year 4 months 7 days, total return is 11.6%
o) DESTINI (DESTINI BHD), recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.215 in 2 months 12 days, total return is 7.5%
p) KAREX (KAREX BHD), recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.465 (dividend RM0.01) in 1 month 16 days, total return is 6.7%
我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：
预计公司每年的增长率必须> 14％
我想说服读者学习基本面分析FA以便能从股市赚钱。
我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人，可以通过jamesngshare@gmail.com 或我的FB页面与我联系。
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11a.m. – 7p.m.，免费茶和咖啡
12月22日星期日：AG Hotel Penang, George Town 2份点心
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2020年2月22日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心
2)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐
12月21日星期六：AG Hotel Penang, George Town
12月28日星期六：Hotel Sri Petaling, KL
2020年2月23日星期日：Silka Johor Bahru Hotel, Johor Bahru
3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡
12月20日星期五：AG Hotel Penang, George Town 2份点心
12月27日星期五：Hotel Sri Petaling, KL 3份点心
2020年2月21日星期五：Silka Johor Bahru Hotel, Johor Bahru 7份点心
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email：jamesngshare@gmail.com
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James Ng
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[DAYANG ENTERPRISE HOLDINGS BHD: strong earnings trend will be sustainable, premised on their large order book, estimated at RM2.5 billion, implying clear earnings visibility over the next three years]
3Q19 vs 3Q18:
Comparatively, the Group’s revenue for the current quarter ended 30 September 2019 increased by 27% while the group made a profit before tax of RM151.6 million for the current quarter as compared to profit before tax of RM67.7 million in the corresponding quarter ended 30 September 2018.
The higher revenue in the current quarter is mainly due to higher vessel utilisation and higher work orders received and performed under the topside maintenance contracts. Whilst revenue increased by RM75.6 million ie 27%, profit before tax for the current quarter increased by RM83.9 million ie. 124% due to higher profit margin on work orders received and performed in the current quarter as compared to the corresponding quarter. In addition, the profit before tax in the current quarter has also taken into account a one-off gain on bargain purchase of RM10.6 million arising from the acquisition of a new subsidiary in July 2019.
YTD19 vs YTD18:
Revenue increased by 17% from RM652.0 million in the previous corresponding period-to-date to RM761.2 million in the current period-to-date. The higher revenue in the current period as compared to the corresponding period is mainly due to higher value of work order received and performed in the current period-to-date.
The Group registered a significantly higher profit before tax for the current period ended 30 September 2019 mainly due higher profit margin on works orders received and performed during the current financial period as compared to the corresponding financial period. The Group has accounted for a gain on bargain purchase of RM10.6 million arising from the acquisition of a new subsidiary in the current period. In addition, the profit before tax for the current period has taken into account a reversal of impairment loss on PPE of RM2.8 million as compared to an allowance of impairment loss on PPE of RM13.1 million in the corresponding period and a net realised/unrealised foreign exchange loss of RM.4 million as compared to a net realised/unrealised foreign gain of RM11.4 million in the corresponding period.
3Q19 vs 2Q19:
In the current quarter, the Group’s revenue was 45% higher as compared to the preceding quarter. In the current quarter the Group made a profit before tax of RM151.6 million as compared to a profit before tax of RM72.4 million in the preceding quarter. The significant increase in revenue in the current quarter as compared to the immediate preceding quarter is mainly due to higher vessel utilisation rate and higher work orders from the maintenance contracts. The higher vessel utilisation is a result of improved work orders/contracts awarded from the oil majors during the third quarter of 2019.
The higher profit before tax of RM151.6 million in the current quarter is mainly attributed to the higher profit margin as a result of higher productivity and efficiency in work orders performed under the topside maintenance contracts. In additional to that, the Group has accounted for a gain on bargain purchase of a subsidiary amounting to RM10.6 million in the current quarter.
Prospects:
They are proud to hit a significant milestone by achieving a record high quarterly profit in the third quarter of 2019. This is the first time ever that they have registered quarterly profit in excess of RM100 million throughout the long history of Dayang. This speaks volume of their outstanding track record of continuously pursuing operational excellence in delivering the hook-up commissioning, topside maintenance services as well as the engineering procurement construction and commissioning (EPCC) projects.
Their all-time high quarterly profit was more than doubled from the corresponding quarter last year, in tandem with the high revenue achieved in the third quarter of 2019. This is also the third successive improvement in their quarterly results in 2019, mirroring the trend in 2018. More importantly, their profit in the first nine months of financial year 2019 has already surpassed that of the full year profit of financial year 2018. This will certainly pave the way for a strong financial year ending 2019.
This impressive achievement comes on the back of the robust work orders for the Maintenance, Construction and Modifications Contract (MCM) and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contract (Pan HUC). Consequently, vessel utilisation at Perdana also came in much stronger at 91%, as compared to 79% in the second quarter and 36% in the first quarter, of 2019.
They are particularly excited with the higher work orders procured throughout the quarter as the job momentum has picked up significantly in the second half of 2019. In addition, the synergistic collaboration between Dayang and its subsidiary, Perdana Petroleum has again yielded the desired results, giving the combined group an unrivalled competitive advantage as the leading integrated MCM player.
Barring any unforeseen circumstances, they are optimistic that the strong earnings trend will be sustainable, premised on their large order book, estimated at RM2.5 billion, implying clear earnings visibility over the next three years. In August 2019, they have obtained a new 15-month HUC contract from PETRONAS Carigali which signifies the robust outlook for upstream maintenance activities. They remain upbeat on the company’s future prospects as Dayang will leverage on its strong execution track record to ride on the ramp-up in business activities.
Meanwhile, they are optimistic that the group-wide debt restructuring will be successfully and comprehensively completed by the first quarter of 2020. Post-restructuring, Dayang will emerge stronger with optimal capital structure which will stand the group in good stead amid the recovery in the oil and gas sector. Coupled with the strong cash flow generation, their more efficient capital structure will set a solid foundation for their long-term prospects. While they continue to steer the company towards greater heights, their stronger balance sheet will now enable them to reward their faithful shareholders who have remained steadfast with them throughout the journey. The Board remains committed in ensuring the Group continues to excel and deliver a distinctive set of good result in the company’s business.
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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
