[VELESTO ENERGY BERHAD：美国页岩产量的增长预计将在2020年下降；该集团的七台自升式钻井平台已签订合同；预计将在今年年底完成SPS之后，Naga 3和Naga 7计划根据各自现有合同恢复工作]
3Q19 vs 3Q18:
截至2019年9月30日的第三季度，集团收入为2.086亿令吉，高于2018年同期的1.503亿令吉，增加了5830万令吉或38.8％。这主要是由于钻机利用率和平均包机率的提高，提高了钻井服务部门的业绩。这集团于2019年第三季录得3,580万令吉的除税前盈利，而2018年同期录得1,340万令吉的除税前亏损，显着改善了4,920万令吉，主要是由于收入增加。
钻井服务部门：
在2019年第三季度，钻井服务部门贡献了2.052亿令吉的收入或占集团总收入的98.4％，较上一季度的1.450亿令吉增加了6020万令吉或41.5％。这是由于2018年同期的自升式钻机平均利用率提高到92％，而2018年同期为75％。此外，Hydraulic Workover Unit（HWU）的利用率和日费率也都有所提高，因此，钻井服务部门在2019年第三季度的税前利润为4,200万令吉，而2018年同期则为亏损410万令吉。
油田服务部门：
油田服务部门报告称，2019年第三季度的税前利润为140万令吉，而2018年同期的亏损为410万令吉，大幅改善了550万令吉。
其他部门：
其他部门的除税前亏损则为760万令吉，高于上一年度的510万令吉，主要是由于本期间的间接费用增加。
YTD19 vs YTD18：
截至2019年9月30日止的9个月，集团收入为4亿9270万令吉，高于2018年同期的3亿8390万令吉，增加了1.088亿令吉或28.3％，这是由于钻机利用率和平均包租率提高。为配合收入增加，集团在截至2019年9月30日的9个月期间录得2790万令吉的税前盈利，而2018年同期录得3,310万令吉的税前亏损，显着改善了6,100万令吉。
钻井服务部门：
在2019年的九个月期间，钻井服务部门贡献了4.844亿令吉的收入，占集团总收入的98.3％，较2018年同期的3.706亿令吉增加了1.138亿令吉或30.7％。这是由于自升式钻机利用率提高到77％，而2018年同期为67％。此外，其HWU还为2019年前9个月的收入增加做出了贡献，因此，在截至2019年9月30日的9个月期间，钻井服务部门的税前利润为4630万令吉，而上年2018年同期则为亏损3140万令吉，改善了7770万令吉。
油田服务部门：
油田服务部门在2019年的9个月报告的税前利润为140万令吉，而2018年同期的税前亏损为740万令吉，显着改善了880万令吉。
其他部门：
其他部门则录得除税前亏损1,980万令吉，而去年除税前盈利则为570万令吉。
3Q19 vs 2Q19：
2019年第三季度的集团收入为2.086亿令吉，比2019年第二季度的1.571亿令吉高出5150万令吉或32.8％。本季度收入增加是由于自升式钻机利用率提高到92％，而上一季度为74％。此外，由于签订了更多合同，他们的HWU在2019年第三季度贡献了更高的收入。
因此，该集团在2019年第三季度录得3,580万令吉的税前利润，高于上一季度的1,170万令吉的税前利润。钻井服务部门由于钻机利用率提高而录得利润大幅增加。
前景：
钻井服务部门：
支撑石油价格的是石油输出国组织（OPEC）和非欧佩克主要生产国的持续生产配额，伊朗和委内瑞拉的制裁以及一些主要生产国的生产能力下降。美国页岩产量的增长预计也将在2020年下降。
钻探活动继续增加，在本地和全球范围内，更多的合同被招标和授予。该集团的七台自升式钻井平台已签订合同。预计将在今年年底完成SPS之后，Naga 3和Naga 7计划根据各自现有合同恢复工作。随着2019年授予的长期合同的延续，钻机利用率有望在2020年继续保持高水平。
这集团拥有的四个hydraulic workover units中的两个在2019年签订了合同，因此hydraulic workover units的需求也有所改善，而一些招标工作正在进行中。自升式钻井平台和hydraulic workover units的持续需求有望使该集团受益，因为该集团是拥有良好国内和区域业绩记录的主要参与者。根据最近授予的合同，还可以看到定期租船费率和合同期限的改善。
油田服务部门：
尽管业务前景有所改善，但这集团将继续评估在该部门下经营的子公司的生存能力。
集团：
基于这集团下半年资产的更高利用率和期租费率，董事会预计这集团在2019年的财务业绩将有所改善。
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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 RM1.98 (dividend RM0.025) in 1 year 3 months 16 days, total return is 180.4%
b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.19 in 10 months 8 days, total return is 107%
c) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.93 in 3 months 3 days, total return is 104.4%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.42 (dividend RM0.04) in 1 year 4 months 27 days, total return is 83.6%
e) 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 21 days, total return is 54.3%
f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.54 (dividend RM0.01) in 5 months 26 days, total return is 52.7%
g) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.21 in 11 months 12 days, total return is 51.3%
h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.68 (dividend RM0.07) in 1 Year 10 days, total return is 37.8%
i) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.30 (dividend RM0.018) in 11 months 5 days, total return is 36.6%
j) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.14 in 4 months 28 days, total return is 26.7%
k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 (dividend RM0.22) in 1 Year 1 month 14 days, total return is 24.9%
l) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.29 in 5 months 26 days, total return is 24%
m) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.70 (dividend RM0.05) in 8 months 4 days, total return is 12.9%
n) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.34 (dividends RM0.111) in 1 Year 3 months 28 days, total return is 12.4%
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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10a.m. – 9p.m.，免费午餐和晚餐
12月21日星期六：AG Hotel Penang, George Town
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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
有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
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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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[VELESTO ENERGY BERHAD: The growth in US shale production is also expected to decline in 2020; seven jack-up drilling rigs are under contracts; after completion of the SPS which is expected towards the end of the year, Naga 3 and Naga 7 are scheduled to resume work under their existing respective contracts]
3Q19 vs 3Q18:
Group revenue of RM208.6 million for the third quarter ended 30th September 2019 was higher than the RM150.3 million registered in the same quarter of 2018, an increase of RM58.3 million or 38.8%. It was mainly due to improved performance of the Drilling Services segment as a result of higher utilisation of rigs and average charter rate. The Group recorded a profit before taxation of RM35.8 million in the third quarter of 2019 against a loss before taxation of RM13.4 million recorded in the same quarter of 2018, a significant improvement of RM49.2 million mainly due to higher revenue.
Drilling Services Segment:
In the third quarter of 2019, the Drilling Services segment contributed revenue of RM205.2 million or 98.4% of the total revenue for the Group, an increase of RM60.2 million or 41.5% from the RM145.0 million recorded in the same quarter of 2018. This was due to higher average jack-up rig utilisation of 92% as compared to 75% in the same period of 2018. In addition, the Hydraulic Workover Unit (HWU) also recorded higher revenue arising from higher utilisation and day rates in the current quarter of 2019. Consequently, Drilling Services segment recorded a profit before taxation of RM42.0 million in the third quarter of 2019 compared to a loss of RM4.1 million reported in the same quarter of 2018.
Oilfield Services Segment:
The Oilfield Services segment reported a profit before taxation of RM1.4 million in the third quarter of 2019 as compared to RM4.1 million loss recorded in the same quarter of 2018, a significant improvement of RM5.5 million.
Others Segment:
Others segment recorded a higher loss before taxation of RM7.6 million as compared to loss of RM5.1 million mainly due to higher overhead expenses during the current period.
YTD19 vs YTD18:
Group revenue of RM492.7 million for the nine months ended 30th September 2019 was higher than the RM383.9 million registered in the same period of 2018, an increase of RM108.8 million or 28.3% as a result of higher rigs utilisation and average charter rate. In line with higher revenue, the Group posted a profit before tax of RM27.9 million for the nine-month period ended 30th September 2019 against a loss before tax of RM33.1 million recorded in the same period of 2018, a significant improvement of RM61.0 million.
Drilling Services Segment:
For the nine-month period of 2019, the Drilling Services segment contributed revenue of RM484.4 million or 98.3% of the total revenue for the Group, an increase of RM113.8 million or 30.7% from the RM370.6 million recorded in the same period of 2018. This was due to higher jack-up rigs utilisation of 77% as compared to 67% in the same period of 2018. In addition, their HWU also contributed to higher revenue for the nine months in 2019 following from the higher utilisation and day rates in 2019. As a result, the Drilling Services segment incurred a profit before tax of RM46.3 million for the nine-month period ended 30th September 2019 compared to the loss of RM31.4 million reported in the same period of 2018, an improvement of RM77.7 million.
Oilfield Services Segment:
The Oilfield Services segment reported a profit before taxation of RM1.4 million in the nine-month of 2019 as compared to RM7.4 million loss before taxation recorded in the same period of 2018, a significant improvement of RM8.8 million.
Others Segment:
Others segment recorded loss before taxation of RM19.8 million as compared to profit before taxation of RM5.7 million.
3Q19 vs 2Q19:
Group revenue of RM208.6 million for the third quarter of 2019 was higher than the RM157.1 million achieved in the second quarter of 2019, an increase of RM51.5 million or 32.8%. Higher revenue in the current quarter was due to higher jack-up rigs utilisation of 92% as compared to 74% in the previous quarter. In addition, their HWU contributed higher revenue in third quarter 2019 due to the commencement of additional contract.
As a result, the Group posted a higher profit before taxation of RM35.8 million in the third quarter of 2019 compared to a profit before taxation of RM11.7 million reported in the previous quarter. Drilling Services segment recorded a significant increase in profit as a result of higher rigs utilisation.
Prospects:
Drilling Services Segment:
Supporting the oil price are the continued production quota by the Organisation of the Petroleum Exporting Countries (“OPEC”) and non-OPEC major producers, the Iran and Venezuela sanctions and the declining production capability of some of the major producers. The growth in US shale production is also expected to decline in 2020.
Drilling activities have continued to increase with more contracts being tendered out and awarded, both locally and globally. The Group’s seven jack-up drilling rigs are under contracts. After completion of the SPS which is expected towards the end of the year, Naga 3 and Naga 7 are scheduled to resume work under their existing respective contracts. With the continuation of the long term contracts awarded in 2019, the rigs utilisation is expected to continue to be high in 2020.
The demand for hydraulic workover units is also improving with two of the four units owned by the Group contracted in 2019, while a number of tenders are presently in progress. The continued demand in both jack-up drilling rigs and hydraulic workover units is expected to benefit the Group, being the main player with strong domestic and regional track records. Improvements in time charter rates and contract durations are also seen based on recently awarded contracts.
Oilfield Services Segment:
Notwithstanding the business outlook has shown some improvement, the Group will continuously evaluate the viability of the subsidiary operating under this segment.
Group:
Based on the higher utilisation and time charter rates for the Group’s assets in the second half of the year, the Board expects an improved financial performance for the Group in 2019.
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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
