[SUNWAY BHD：约1.6亿令吉的发展利润余额将在2020年Vacant Possession交付后完全确认]
4Q19 vs 4Q18:
截至2019年12月31日止的本季，双威录得营业额13亿5320万令吉及税前盈利2亿6040万令吉，而上一财政年度同期的营业额为14亿5240万令吉及税前利润为2亿4370万令吉，收入减少6.8％，税前利润增加6.8％。除税前溢利较高主要是由于房地产开发，采石场和房地产投资的贡献增加。约1.6亿令吉的发展利润余额将在2020年Vacant Possession交付后完全确认。
房地产开发部门在本季度报告了2亿1820万令吉的收入和1亿1720万令吉的税前利润，而上一财政年度同期的收入为2.038亿令吉，税前利润为5100万令吉，收入增长7.0％，税前利润增长129.8％。由于本地开发项目的销售和进度费用增加，收入增加。本季度的税前利润较高，主要是由于来自本地开发项目的较高的累进利润确认以及对中国房地产开发项目的部分开发利润的确认。
房地产投资部门在本季度取得了2亿2090万令吉的收入和8960万令吉的税前利润，相比上一财政年度同期的收入为2.226亿令吉和税前利润为8430万令吉，收入减少了0.8％，税前利润增加了6.3％。本季度的收入基本持平，因为集团的酒店物业出租率的提高能够部分抵消了在将双威大学资产出售给双威产业信托后（于2019年4月15日完成）的较低租金收入。然而，税前利润较高，主要是由于来自双威产业信托的利润份额增加以及公允价值收益增加。
建筑部门在本季度录得收入3亿1千800万令吉及税前盈利3810万令吉，而上一个财政年度的同一季度的收入为4亿8910万令吉及税前利润为4840万令吉，收入减少了35.0％，税前利润减少了21.2％。
贸易和制造业部门在本季度录得收入2亿3千2百20万令吉和税前利润为450万令吉，而上一财政年度同期的收入为2亿4千180万令吉和税前利润为1,010万令吉。收入下降了4.0％，税前利润下降了55.1％。
采石场部门在本季取得了1.364亿令吉的收入和800万令吉的税前利润，而上一财政年度的相应季度则为5920万令吉的收入和360万令吉的税前利润，收入增加了130.5％，税前利润增加了122.8％。本季度的财务业绩较高，主要是由于完成对Blacktop的收购以及在Sungai Buloh扩建新的预混料工厂带来的销售增长，这增加了预混料的销量。
医疗保健部门报告本季度的收入为1.629亿令吉，税前利润为1140万令吉，相比之下，上一个财政年度的同一季度的营业额为1.328亿令吉，税前利润为1,690万令吉，代表营业额增长22.7％，而税前盈利则减少32.8％。本季度的收入较高，主要是由于增加了新床位以及更高的入院率和门诊治疗率。旗舰医院双威医疗中心的强劲表现，部分抵消了新开设的双威医疗中心Velocity的运营亏损，本季度达1170万令吉。
其他部门在本季度录得收入6,450万令吉和税前亏损840万令吉，而上一财政年度同期的收入为1亿300万令吉和税前利润为2,950万令吉，收入减少了37.4％，税前利润减少了128.6％。集团财务职能的贡献更好。
YTD19 vs YTD18：
当前12个月期间，集团录得收入47.804亿令吉及税前盈利9.142亿令吉，而截至2018年12月31日止的12个月期间，营业额为54.102亿令吉，税前利润为8.368亿令吉，营业额减少11.6％，税前盈利增加9.3％。本期税前利润较高，主要是由于大多数业务部门的利润贡献增加。约1.6亿令吉的发展利润余额将在2020年Vacant Possession交付后完全确认。
截至2019年12月31日的当前12个月，房地产开发部门的收入为5.459亿令吉，税前利润为2.463亿令吉，而相应截至2018年12月31日的12个月期间的收入为6.196亿令吉，税前利润为1.732亿令吉，收入减少11.9％，税前利润增加42.2％。由于本地开发项目的较高渐进利润确认和中国房地产开发项目的部分开发利润确认，本期税前利润较高。
截至2019年12月31日的当前12个月，房地产投资部门报告的收入为8.035亿令吉，税前利润为3.363亿令吉，而相应截至2018年12月31日的12个月期间的收入为8.148亿令吉，税前利润为2.986亿令吉，收入减少1.4％，税前利润增加12.6％。本期间的税前利润较高，这主要归功于双威大学的出售收益，抵消了本期间双威酒店业和主题公园的较低收益。
截至2019年12月31日止的12个月期间，建筑业务录得收入12.733亿令吉，税前利润为1.623亿令吉，而对应截至2018年12月31日的12个月期间的收入为18.479亿令吉，税前利润为1.809亿令吉，收入减少31.1％，税前利润减少10.3％。
贸易和制造业部门在当前截至2019年12月31日止的12个月的收入为9.598亿令吉，税前利润为3140万令吉，而截至2018年12月31日止的12个月期间营业额为11.034亿令吉，税前盈利为5,310万令吉，收入减少13.0％，税前利润减少40.8％。
截至2019年12月31日的当前12个月，采石场部门的收入为3亿4810万令吉，税前利润为1670万令吉，而相应截至2018年12月31日的12个月期间收入为2亿2340万令吉，税前利润为1360万令吉，收入增长55.9％，税前利润增长22.8％。本期收入较高，主要是由于完成对Blacktop的收购带来的销售增加以及预混料的平均售价提高。
截至2019年12月31日的当前12个月，医疗保健部门的收入为5.848亿令吉，税前利润为6180万令吉，而相应截至2018年12月31日的12个月期间的收入为4.597亿令吉，税前利润为5440万令吉，收入增长27.2％，税前利润增长13.6％。本期财务表现较好，主要是由于双威医疗中心的强劲表现。
截至2019年12月31日的当前12个月，其他部门的收入为2.651亿令吉，税前利润为5930万令吉，而相应截至2018年12月31日的12个月期间的部门的收入为3.415亿令吉，税前利润为6290万令吉，收入减少22.4％，税前利润减少5.8％。集团财务职能的贡献更好。
4Q19 vs 3Q19:
双威在本季录得收入13.532亿令吉及税前利润为2.604亿令吉，上一季的收入为12.265亿令吉及税前利润为2.233亿令吉，营业额增加10.3％，税前利润为16.6％。本季度收入较高，这主要是由于除贸易和制造业以外的大多数业务部门的贡献都增加了。本季度的税前利润较高，这是由于除贸易和制造业，医疗保健及其他部门以外的大多数业务部门的贡献都增加了。
房地产开发部门报告本季度的收入为2.182亿令吉，税前利润为1.172亿令吉，相比上一季度的收入为1.262亿令吉和税前利润为5900万令吉，收入增加了72.8％，税前利润为98.6％。本季度的财务业绩较高，主要是由于本地开发项目的销售和进度费用增加。确认中国房地产开发项目的部分开发利润也提高了本季度的税前利润。
房地产投资部门在本季度取得了2亿2090万令吉的收入和8960万令吉的税前利润，相比上一季度的收入2.097亿令吉和税前利润6700万令吉，收入增加了5.4％，税前利润为33.8％。本季度收入较高，主要是由于节日期间和学校假期期间，游客人数增加导致了集团的主题公园和酒店业的贡献增加。本季度投资物业重估有3,550万令吉的公允价值收益，进一步提高了税前利润。
建筑部门在本季度录得收入3亿1千800万令吉及税前盈利3810万令吉，而上一季度的收入为3亿1560万令吉及税前利润为3,310万令吉，收入增加0.8％，税前利润为15.1％。本季度的收入略有增加，主要是由于本地建设项目的较高进度费用抵消了集团内部对冲的增加。因此，本季度利润更高。
贸易与制造业部门在本季度录得收入2亿3千2百20万令吉及税前盈利为450万令吉，相比上一季度的2亿4620万令吉和税前盈利为1380万令吉，收入减少5.7％，税前利润为67.1％。
采石部门报告本季度的收入为1.364亿令吉，税前利润为800万令吉，而上一季度的收入为1.149亿令吉，税前利润为490万令吉，表示收入增加18.8％，税前利润为64.5％。本季度的财务业绩较高，主要是由于aggregates和预混料的平均售价较高以及预混料的销量较高。
医疗保健部门报告本季度的收入为1.629亿令吉，税前利润为1140万令吉，相比之下，上一季度营业额为1.544亿令吉，税前盈利为1580万令吉，营业额增长5.5％，税前利润下降28.1％。本季度收入较高，主要是由于双威医疗中心Velocity的贡献增加。
其他部门在本季度录得6450万令吉的收入和840万令吉的税前亏损，相比之下，上一季度的收入为5950万令吉和2980万令吉的税前利润，这意味着收入增加了8.5％，税前利润减少128.3％。本季度收入较高，主要是由于建筑材料业务的贡献增加。集团财务职能的贡献更好。
前景：
国家银行于2020年1月22日主动将隔夜政策利率（OPR）从3％降低了25个基点，至2.75％。这为本地经济带来了良好的预兆，因为较低的借贷成本将有助于支撑家庭支出并支持私人投资项目。双威将继续审慎的业务策略，并根据弹性的多元化业务模式制定扩张计划。除非经济持续放缓，否则该集团将在2020年继续保持令人满意的业绩。
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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 RM2.26 (dividend RM0.04) in 1 year 9 months 3 days, total return is 221.7%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.72 (dividend RM0.04) in 1 year 10 months 12 days, total return is 121.4%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.45 (adjusted)(dividend RM0.055) in 11 months 11 days, total return is 109.9%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.08 in 1 year 3 months 23 days, total return is 87.8%
e) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM20.76 (adjusted)(dividend RM0.32) in 1 Year 10 months 14 days, total return is 73.6%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.28 (dividend RM0.148) in 1 Year 7 months 7 days, total return is 52.7%
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。
1)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡
7月5日星期日：Espira Sri Petaling, KL 3份点心
7月11日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心
7月19日星期日：AG Hotel Penang, George Town 2份点心
2)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐
7月4日星期六：Espira Sri Petaling, KL
7月12日星期日：Silka Johor Bahru Hotel, Johor Bahru
7月18日星期六：AG Hotel Penang, George Town
有兴趣的朋友，可以电邮或PM FB page联络我
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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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[SUNWAY BHD: full recognition of the balance of the development profit of approximately RM160 million for projects will be done upon Vacant Possession delivery in 2020]
4Q19 vs 4Q18:
The Group recorded revenue of RM1,353.2 million and profit before tax of RM260.4 million for the current quarter ended 31 December 2019 compared to revenue of RM1,452.4 million and profit before tax of RM243.7 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 6.8% and increase in profit before tax of 6.8%. Profit before tax was higher mainly due to higher contributions from property development, quarry and property investment. The full recognition of the balance of the development profit of approximately RM160 million for projects will be done upon Vacant Possession delivery in 2020.
The property development segment reported revenue of RM218.2 million and profit before tax of RM117.2 million in the current quarter compared to revenue of RM203.8 million and profit before tax of RM51.0 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 7.0% and profit before tax of 129.8%. Revenue was higher due to higher sales and progress billings from local development projects. Profit before tax for the current quarter was higher mainly due to higher progressive profit recognition from local development projects and recognition of a portion of the development profit for the China property development project.
The property investment segment reported revenue of RM220.9 million and profit before tax of RM89.6 million in the current quarter compared to revenue of RM222.6 million and profit before tax of RM84.3 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 0.8% and increase in profit before tax of 6.3%. Revenue in the current quarter was largely flat as improved occupancy rates at the Group’s hospitality properties were able to partly offset the lower rental income after the disposal of Sunway University assets to Sunway REIT, which was completed on 15 April 2019. However, profit before tax was higher mainly due to higher share of profits from Sunway REIT and higher fair value gains.
The construction segment recorded revenue of RM318.0 million and profit before tax of RM38.1 million in the current quarter compared to revenue of RM489.1 million and profit before tax of RM48.4 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 35.0% and profit before tax of 21.2%.
The trading and manufacturing segment recorded revenue of RM232.2 million and profit before tax of RM4.5 million in the current quarter compared to revenue of RM241.8 million and profit before tax of RM10.1 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 4.0% and profit before tax of 55.1%.
The quarry segment reported revenue of RM136.4 million and profit before tax of RM8.0 million in the current quarter compared to revenue of RM59.2 million and profit before tax of RM3.6 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 130.5% and profit before tax of 122.8%. The financial performance in the current quarter was higher primarily due to higher sales from the completion of acquisition of Blacktop and expansion of new premix plant in Sungai Buloh, which boosted the sales volume for premix.
The healthcare segment reported revenue of RM162.9 million and profit before tax of RM11.4 million in the current quarter compared to revenue of RM132.8 million and profit before tax of RM16.9 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 22.7% and a decrease in profit before tax of 32.8%. The revenue in the current quarter was higher primarily due to higher occupancy from increased number of new beds and higher admissions and outpatient treatments. The strong performance from the flagship hospital, Sunway Medical Centre was, however, partly offset by the operating loss from the newly opened Sunway Medical Centre Velocity which amounted to RM11.7 million in the current quarter.
The other segments recorded revenue of RM64.5 million and loss before tax of RM8.4 million in the current quarter compared to revenue of RM103.0 million and profit before tax of RM29.5 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 37.4% and profit before tax of 128.6%. The contribution from the Group’s treasury functions was better.
YTD19 vs YTD18:
The Group recorded revenue of RM4,780.4 million and profit before tax of RM914.2 million for the current 12 months period ended 31 December 2019 compared to revenue of RM5,410.2 million and profit before tax of RM836.8 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 11.6% and increase in profit before tax of 9.3%. Current period profit before tax was higher mainly due to higher profit contributions from most business segments. The full recognition of the balance of the development profit of approximately RM160 million for projects will be done upon Vacant Possession delivery in 2020.
The property development segment reported revenue of RM545.9 million and profit before tax of RM246.3 million for the current 12 months period ended 31 December 2019 compared to revenue of RM619.6 million and profit before tax of RM173.2 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 11.9% and increase in profit before tax of 42.2%. Profit before tax for the current period was higher due to higher progressive profit recognition from local development projects and recognition of a portion of the development profit for the China property development project.
The property investment segment reported revenue of RM803.5 million and profit before tax of RM336.3 million for the current 12 months period ended 31 December 2019 compared to revenue of RM814.8 million and profit before tax of RM298.6 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 1.4% and increase in profit before tax of 12.6%. Profit before tax in the current period was higher mainly boosted by disposal gain on Sunway University, which offset the lower contributions from the Group’s hospitality properties and theme parks in the current period.
The construction segment recorded revenue of RM1,273.3 million and profit before tax of RM162.3 million for the current 12 months period ended 31 December 2019 compared to revenue of RM1,847.9 million and profit before tax of RM180.9 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 31.1% and profit before tax of 10.3%.
The trading and manufacturing segment recorded revenue of RM959.8 million and profit before tax of RM31.4 million for the current 12 months period ended 31 December 2019 compared to revenue of RM1,103.4 million and profit before tax of RM53.1 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 13.0% and profit before tax of 40.8%.
The quarry segment reported revenue of RM348.1 million and profit before tax of RM16.7 million for the current 12 months period ended 31 December 2019 compared to revenue of RM223.4 million and profit before tax of RM13.6 million in the corresponding 12 months period ended 31 December 2018, representing an increase in revenue of 55.9% and profit before tax of 22.8%. Revenue in the current period was higher primarily due to higher sales from the completion of acquisition of Blacktop and higher average selling price of premix.
The healthcare segment reported revenue of RM584.8 million and profit before tax of RM61.8 million for the current 12 months period ended 31 December 2019 compared to revenue of RM459.7 million and profit before tax of RM54.4 million in the corresponding 12 months period ended 31 December 2018, representing an increase in revenue of 27.2% and profit before tax of 13.6%. The financial performance in the current period was better mainly due to the strong performance of Sunway Medical Centre.
The other segments recorded revenue of RM265.1 million and profit before tax of RM59.3 million for the current 12 months period ended 31 December 2019 compared to revenue of RM341.5 million and profit before tax of RM62.9 million in the corresponding 12 months period ended 31 December 2018, representing a decrease in revenue of 22.4% and profit before tax of 5.8%. The contribution from the Group’s treasury functions was better.
4Q19 vs 3Q19:
The Group recorded revenue of RM1,353.2 million and profit before tax of RM260.4 million for the current quarter compared to revenue of RM1,226.5 million and profit before tax of RM223.3 million in the preceding quarter, representing an increase in revenue of 10.3% and profit before tax of 16.6%. Revenue was higher in the current quarter mainly due to higher contributions from most business segments except trading and manufacturing. Profit before tax was higher in the current quarter due to higher contributions from most business segments except trading and manufacturing, healthcare and others segments.
The property development segment reported revenue of RM218.2 million and profit before tax of RM117.2 million for the current quarter compared to revenue of RM126.2 million and profit before tax of RM59.0 million in the preceding quarter, representing an increase in revenue of 72.8% and profit before tax of 98.6%. The financial performance in the current quarter was higher primarily due to higher sales and progress billings from local development projects. Profit before tax for the current quarter was also boosted by recognition of a portion of the development profit for the China property development project.
The property investment segment reported revenue of RM220.9 million and profit before tax of RM89.6 million for the current quarter compared to revenue of RM209.7 million and profit before tax of RM67.0 million in the preceding quarter, representing an increase in revenue of 5.4% and profit before tax of 33.8%. Revenue in the current quarter was higher mainly due to higher contributions from the Group’s theme parks and hospitality segment arising from the higher visitorship during the festive months and school holidays. Profit before tax was further boosted by fair value gains from revaluation of the investment properties of RM35.5 million in the current quarter.
The construction segment recorded revenue of RM318.0 million and profit before tax of RM38.1 million for the current quarter compared to revenue of RM315.6 million and profit before tax of RM33.1 million in the preceding quarter, representing an increase in revenue of 0.8% and profit before tax of 15.1%. Revenue in the current quarter was marginally higher mainly due to higher progress billings from local construction projects which offset the higher intra-group eliminations. As a result, profit was higher for the current quarter.
The trading and manufacturing segment recorded revenue of RM232.2 million and profit before tax of RM4.5 million for the current quarter compared to revenue of RM246.2 million and profit before tax of RM13.8 million in the preceding quarter, representing a decrease in revenue of 5.7% and profit before tax of 67.1%.
The quarry segment reported revenue of RM136.4 million and profit before tax of RM8.0 million for the current quarter compared to revenue of RM114.9 million and profit before tax of RM4.9 million in the preceding quarter, representing an increase in revenue of 18.8% and profit before tax of 64.5%. The financial performance in the current quarter was higher mainly due to higher average selling price of aggregates and premix and higher sales volume for premix.
The healthcare segment reported revenue of RM162.9 million and profit before tax of RM11.4 million for the current quarter compared to revenue of RM154.4 million and profit before tax of RM15.8 million in the preceding quarter, representing an increase in revenue of 5.5% and a decrease in profit before tax of 28.1%. The revenue in the current quarter was higher mainly due to higher contribution from Sunway Medical Centre Velocity.
The other segments recorded revenue of RM64.5 million and loss before tax of RM8.4 million for the current quarter compared to revenue of RM59.5 million and profit before tax of RM29.8 million in the preceding quarter, representing an increase in revenue of 8.5% and decrease in profit before tax of 128.3%. Revenue in the current quarter was higher mainly due to higher contribution from the building materials segment. The contribution from the Group’s treasury functions was better.
Prospects:
Bank Negara proactively reduced the Overnight Policy Rate (OPR) by 25 basis points from 3% to 2.75% on 22 January 2020. This augurs well for the local economy as lower borrowing cost will help to underpin household spending and support private investment projects. The Group will continue with its prudent business strategy, while charting its expansion plan based on its resilient diversified business model. Barring any prolonged economic slowdown, the Group will continue to perform satisfactorily in 2020.
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