[HIBISCUS PETROLEUM BHD:他们2021年任务的交付需要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]
北沙巴:
YTD19部门PBT为9,280万令吉,2Q19部门PBT为1,680万令吉。
Anasuria:
YTD19部门PBT为1.365亿令吉,2Q19部门PBT为4,090万令吉。
3D油,VIC / L31和VIC / P57:
YTD19部门LAT为RM60万,2Q19部门LAT为RM90万。
投资控股和集团活动:
YTD19部门LAT为1,160万令吉,2Q19部门LAT为480万令吉。
非流动资产:
于二零一八年十二月三十一日,大红花石油的非流动资产为17.779亿令吉,而二零一八年六月三十日则为15.715亿令吉。该增加主要由于因英国Anasuria Hibiscus UK在本季度对英国中北海区块的直接收购50%(花了1.574亿令吉)而产生的无形资产成本资本化所致。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:
流动资产由2018年6月30日的4.025亿令吉增加至2018年12月31日的4亿1140万令吉。现金及银行结余增加6,790万令吉,主要是由于当前时期Anasuria和北沙巴的原油收入所得款项。此外,北沙巴的其他与经营相关的应收账款增加约5240万令吉。
负债总额:
截至2018年12月31日,大红花石油的负债总额为10.313亿令吉,较截至2018年6月30日的9.782亿令吉增加5,310万令吉。负债部分被5250万令吉的减少拨备所抵销,因为已做了与北沙巴资产有关的付款。
总权益:
本期间总权益增加1.622亿令吉,主要是由于Anasuria和North Sabah资产产生的净收益。
2Q19 vs 1Q19:
北沙巴:
该部门于本季度产生8,810万令吉收入及4,720万令吉毛利,低于前季度,前季度收入及毛利分别为1.92亿令吉及1亿3210万令吉。
Anasuria:
该部门于本季度分别实现了EBITDA和PBT为6510万令吉和4090万令吉,与之前的季度相比,之前即EBITDA为1.141亿令吉,PBT为9560万令吉。
3D油,VIC / L31和VIC / P57:
在本季度,该部门录得的LAT为90万令吉,而前一季度的PAT为RM30万。
投资控股和集团活动:
该部门录得本季度LAT减少RM2百万,而前一季度的LAT为680万令吉。工资相关费用,业务发展活动和专业费用的成本降低了。
前景:
他们作为一个集团的直接关注点是他们2021年的使命。总之,他们2021年任务的交付需要:
+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,大红花石油一直致力于优化资产绩效,但同样重要的是他们的表现每天都受到外部宏观经济因素的影响,他们能施加的控制很少。
Anasuria集群:生产运营:
在当前季度实现了连续产油112天的记录,从而使平均正常运行时间达到94%。这与前一季度钻探的GUA-P2侧井道的增量产量相结合,使当前季度每日平均油当量产量增加24%至4,416桶油当量。本季度的112天连续生产和季度平均生产率是自2016年5月接管Anasuria联合经营以来的最高记录。生产率的提高导致每桶的运营成本整体下降至USD15.05。如前所述,作为其提高Anasuria集群产量的战略的一部分,他们已经确定了可在2019年和2020年钻探的Guillemot A,Teal和Teal South油田的几个钻探机会。在2018年中期开始进行的地下评估工作已经成熟,2019年钻探计划的机会正在最终确定,以获得投资决策,但需经董事会及其合资伙伴的批准。
英国 - Anasuria集群:Cook Water Injection项目:
预计增加的储层压力将刺激更高的产量并提高该油田的采收率。注水井将在2019年中期钻探,海底管道将在2019年下半年安装。该海底管道将注水井与Anasuria FPSO连接起来。 Cook WI项目正在按计划进行,并且估计Anasuria Hibiscus UK在该项目的总资本支出净额为6100万令吉。
英国 - Block 15 / 13a(Marigold)和15 / 13b(Sunflower):
于二零一八年十月九日,大红花石油宣布其间接全资附属公司Anasuria Hibiscus UK与Caldera(「卖方」)订立买卖协议,以购买代价3750万美元收购Blocks的50%权益。这些区块位于海水140米深处,位于英国的北海区域,位于阿伯丁东北约250公里处。Block 15/13a包含一个重要的含油discovered field(称为Marigold),而位于15/13a区块东北的15/13b区块包含一个较小的discovered field(称为Sunflower)。根据AGR TRACS国际有限公司的独立报告,区块中的gross contingent oil resources(“2C资源”)估计为6,000万桶石油(Anasuria Hibiscus UK净值是3千万桶石油)。 2018年10月16日,在获得所有重大监管机构批准后,该交易已完成。
自交易完成以来,Anasuria Hibiscus UK已在吉隆坡成立专门的项目团队,进行地下油田开发和工程研究,并在Petrofac设施管理有限公司的支持下,执行概念选择阶段,作为努力制定Marigold和Sunflower的油田发展计划。概念选择阶段的目标是在2019年中期完成。正在考虑的开发概念包括固定平台,浮动解决方案,以及与现有附近基础设施解决方案的连接。
北沙巴:生产运营:
计划的维护活动在本季度末完成,预计每桶的OPEX将在下一季度减少。由于St Joseph Infill Drilling Field被Petroliam Nasional Berhad(“PETRONAS”)批准开发项目开支,公司预计下一个财政季度的资本支出将增加以发展计划。公司还在努力在下一个财政季度通过PETRONAS在Milestone Review-4批准的South Furious 30 Infill Drilling项目。
在本季度,SEA Hibiscus继续将北沙巴业务与公司现有的工作流程和基于绩效的运营文化进行整合。这些努力将持续到下一个财政季度。公司还将继续努力在短期内通过地表和地下活动确定和实施生产优化和增强计划。
北沙巴:St Joseph Infill钻井:
21 December 2018,马石油公司批准了St Joseph Infill钻井现场项目开发计划,旨在增加St Joseph油田的产量和储量。总投资额为1.426亿令吉将与他们的合资伙伴平分。该项目需要在St Joseph Jacket-A(“SJJT-A”)平台上使用三分流井口钻探3个infill producers,并对顶部设施进行最小修改。这些修改包括流线,井口控制面板修改以及对化学泵系统和扼流圈的修改。钻探的目标是在2019年4月开始,预计将于2019年6月开始石油生产。该项目预计每天将增加约2,600桶石油,其预计油田(“LoF”)储量为2.77 MMstb。
澳大利亚:
大红花石油获得资金的机会有限,这意味着投资相关活动须考虑优先,那些提供更大经济效益的项目将在承诺较低回报水平的项目之前更快实施。鉴于Anasuria集群和北沙巴的低风险,已确定项目的预期资本要求,管理层可推迟寻求最终投资决策(“FID”)或寻求替代解决方案,以便让他们在澳大利亚境外开发。
筹款:
到目前为止,他们的所有活动和收购都来自股权和内部产生的资金。在接下来的六个月中,他们预计他们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。大红花石油目前无债务。
因此,如果他们需要,他们可以根据他们的前瞻性计划来达到保守的负债水平。他们目前正在考虑提供的各种债务期权,同时考虑到长期资本要求,大红花石油保持一定敏捷性和财务灵活性的利益,资本的总体加权平均成本等因素。他们会在计划成熟时作出相关披露。
使命(2017年 - 2021年):
随着他们最近宣布收购英国北海Marigold和Sunflower discovered fields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集群和北沙巴地区的生产;和,
•将其2C资源(特别是Marigold和Sunflower)转换为生产的2P储量。
针对Rex Companies和其他方的索赔:
大红花石油将继续寻求适当的法律,监管及其他途径(以及其他方面)寻求对大红花石油所犯的错误的赔偿。这些途径可能会或可能不会成功,因为有许多因素(包括那些在集团的控制权之外的因素),他们将不时提供这方面的相关更新(视情况而定)。
结论:
他们的目标是在2019财年从其两个生产资产中提供270至300万桶石油。如果他们能够保持两种资产的生产势头,他们希望能够实现FY2019的目标。大红花石油已在整个油价波动中保持盈利。这主要是因为他们的Anasuria和North Sabah资产的平均单位生产成本低于相关时间的平均实现油价。因此,精心管理成本以维持低运营支出和提供生产改进项目,对于实现低单位生产成本以实现持续健康的EBITDA至关重要。
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,这些项目有望在2021年之前将其净石油生产率从每天8,500桶增加到每天12,000桶以上。其中一些生产增强项目取得了进展。在Anasuria,最近完成的GUA-P2 side track项目使该资产的整体生产率得以提高。此外,去年批准的Cook WI项目有望在2019年实施,2019年钻井计划正在考虑另一个潜在的机会。在北沙巴,圣约瑟夫填充钻井项目获得了马石油在Milestone-Review 4中批准,目前会在2019年执行,而正在寻求PETRONAS在Milestone-Review 4上批准SF30 Infill钻井项目。
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) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.12 in 2 months 4 days, total return is 40%
b) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.97 (dividend RM0.007) in 6 months 8 days, total return is 36.6%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.30 in 1 month 29 days, total return is 34.7%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.07 in 7 months 21 days, total return is 34.6%
e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.03 in 1 month 23 day, total return is 21.2%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.23 (dividend RM0.0375) in 4 months 6 day, total return is 20%
g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.35 (dividend RM0.035) in 3 months 2 day, total return is 9.1%
h) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.49 (dividend RM0.01) in 7 months 19 days, total return is 7.1%
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):
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James Ng
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[HIBISCUS PETROLEUM BHD: 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]
North Sabah:
YTD19 Segment PBT was RM92.8 million, 2Q19 Segment PBT was RM16.8 million.
Anasuria:
YTD19 Segment PBT was RM136.5 million, 2Q19 Segment PBT was RM40.9 million.
3D Oil, VIC/L31 & VIC/P57:
YTD19 Segment LAT was RM0.6 million, 2Q19 Segment LAT was RM0.9 million.
Investment holding and group activities:
YTD19 Segment LAT was RM11.6 million, 2Q19 Segment LAT was RM4.8 million.
Non-current Assets:
The Group’s non-current assets as at 31 December 2018 amounted to RM1,777.9 million compared to RM1,571.5 million as at 30 June 2018. The increase was mainly driven by the capitalisation into intangible assets costs incurred directly attributable to the acquisition of a 50% interest in the Blocks in UK Central North Sea by Anasuria Hibiscus UK in the Current Quarter, which amounted to RM157.4 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 RM411.4 million as at 31 December 2018. Cash and bank balances increased by RM67.9 million, largely due to the collection of proceeds from crude oil offtakes in both the Anasuria and North Sabah segments during the Current Period. In addition, other operational-related receivables in North Sabah increased by approximately RM52.4 million.
Total Liabilities:
The Group’s total liabilities amounted to RM1,031.3 million as at 31 December 2018, an increase of RM53.1 million from RM978.2 million as at 30 June 2018. The liability is partly off-set by a decrease in provision for decommissioning costs balance of RM52.5 million, due to payments made relating to the North Sabah asset.
Total Equity:
The increase in total equity during the Current Period by RM162.2 million was mainly attributable to net earnings generated from both the Anasuria and North Sabah assets.
2Q19 vs 1Q19:
North Sabah:
The segment generated RM88.1 million revenue and RM47.2 million gross profit in Current Quarter, lower than that in the Preceding Quarter, where revenue and gross profit were RM192.0 million and RM132.1 million respectively.
Anasuria:
The segment achieved an EBITDA and a PBT of RM65.1 million and RM40.9 million respectively in the Current Quarter as compared to that achieved in the Preceding Quarter, i.e. EBITDA of RM114.1 million and PBT of RM95.6 million.
3D Oil, VIC/L31 & VIC/P57:
During the Current Quarter, the segment recorded a LAT of RM0.9 million as compared to a PAT of RM0.3 million in the Preceding Quarter.
Investment holding and group activities:
This segment recorded a decrease in LAT of RM2.0 million in the Current Quarter, from a LAT of RM6.8 million in the Preceding Quarter. Lower costs were incurred for payroll-related expenses, business development activities and professional fees.
Prospects:
Their immediate focus as a Group is the achievement of their 2021 mission. In summary, 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 record 112 days of continuous oil production was achieved in the Current Quarter, thus resulting in a higher average uptime of 94%. This combined with the incremental production from the GUA-P2 side track well which was drilled in the Preceding Quarter has resulted in a 24% increase in the average daily oil equivalent production rate to 4,416 boe/day for the Current Quarter. The 112 days of continuous production and the quarterly average production rate for the Current Quarter is the highest recorded since taking over the joint-operatorship of Anasuria in May 2016. The improved production rate has resulted in an overall decrease in the OPEX per boe to USD15.05. As previously disclosed, as part of their strategy to enhance production from the Anasuria Cluster, they have identified several drilling opportunities in the Guillemot A, Teal and Teal South fields which can be drilled in 2019 and 2020. The sub-surface evaluation work which commenced in mid-2018 has matured and an opportunity for the 2019 drilling programme is being finalised for an investment decision, subject to the approval of their board and their joint-venture partner.
United Kingdom – Anasuria Cluster: Cook Water Injection Project:
It is expected that an increased reservoir pressure will stimulate higher production and enhance oil recovery from this field. The water injection well will be drilled in mid-2019 and a subsea pipeline will be installed in the second half of 2019. This subsea pipeline will link the water injection well to the Anasuria FPSO. The Cook WI project is progressing according to schedule and the total capital expenditure net to Anasuria Hibiscus UK estimated for this project is RM61.0 million.
United Kingdom – Blocks 15/13a (Marigold) and 15/13b (Sunflower):
On 9 October 2018, the Group announced that its indirect wholly-owned subsidiary, Anasuria Hibiscus UK, had entered into an SPA with Caldera (“Seller”) to acquire a 50% interest in the Blocks for a purchase consideration of USD37.5 million. The Blocks are located offshore, in 140 meters water depth, in the UK sector of the North Sea, approximately 250km northeast of Aberdeen. Block 15/13a contains a significant oil bearing discovered field (to be called Marigold), whilst Block 15/13b which lies northeast of Block 15/13a contains a smaller discovered field (to be called Sunflower). Based on an independent report by AGR TRACS International Limited, the gross contingent oil resources (“2C Resources”) in the Blocks is estimated to be 60.0 million bbls of oil (30.0 million bbls of oil net to Anasuria Hibiscus UK). On 16 October 2018, subsequent to receiving all material regulatory approvals, this transaction was completed.
Since the completion of the transaction, Anasuria Hibiscus UK has established a dedicated project team in Kuala Lumpur to conduct the subsurface field development and engineering studies as well as, with the support of Petrofac Facilities Management Limited, execute the concept select phase as part of the efforts to establish a field development plan for Marigold and Sunflower. The concept select phase is targeted to complete in mid-2019. Development concepts being considered include fixed platform, floating solutions, as well as tieback to existing nearby infrastructure solutions.
North Sabah: Production Operations:
The planned maintenance campaign was completed by the end of the Current Quarter and OPEX per bbl is expected to reduce in the following quarter. The Company expects capital expenditure to increase in the next financial quarter due to the commencement of development projects spending following the approval from Petroliam Nasional Berhad (“PETRONAS”) of the St Joseph Infill Drilling Field Development Plan. The Company is also working towards having the South Furious 30 Infill Drilling project Milestone Review-4 approved by PETRONAS in the next financial quarter.
During the Current Quarter, SEA Hibiscus continued its integration efforts of the North Sabah operations with the Company’s existing work processes and performance based operating culture. These efforts will continue through the next financial quarter. The Company will also continue its efforts in identifying and implementing production optimization and enhancement initiatives via surface and subsurface activities in the near term.
North Sabah: St Joseph Infill Drilling:
PETRONAS had on 21 December 2018 approved the St Joseph Infill Drilling Field project Development Plan intended to increase production and reserves of the St Joseph field. The total capital expenditure of RM142.6 million will be shared equally with their joint venture partner. This project entails the drilling of 3 infill producers utilizing a triple splitter wellhead on the St Joseph Jacket-A (“SJJT-A”) platform with minimal topside facilities modifications. These modifications include flowlines, wellhead control panel modifications and modifications to the chemical pump system and chokes. Drilling is targeted to commence in April 2019 with oil production expected to commence in June 2019. The project is expected to add approximately 2,600 bbl per day at its peak with an expected life of field (“LoF”) reserve of 2.77 MMstb.
Australia:
The fact that the Group has only limited access to capital means that investment related activities are prioritized, with those projects that deliver larger economic benefits being implemented ahead of those which promise lower levels of return. Given the expected capital requirements for low risk, identified projects within the Anasuria Cluster and North Sabah, management may defer seeking a Final Investment Decision (“FID”) or seek an alternative solution for their development offshore Australia.
Fundraising:
All their activities and acquisitions to-date have been funded with equity and internally generated funds. 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. The Group currently has no debt.
Therefore, they are in a position to gear up to a conservative level if they need to, based on their forward looking plans. They are currently considering various debt options that are on offer, bearing in mind factors such as long term capital requirements, benefits to 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 the Anasuria Cluster and the North Sabah fields; and,
• Converting their 2C Resources, particularly in Marigold and Sunflower into producing 2P Reserves.
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 goal is to deliver 2.7 to 3.0 million bbls of oil from their two producing assets in FY2019. If they are able to maintain production momentum across both assets, they hope to be able to deliver on their goal for FY2019. The Group has managed to remain profitable throughout oil price fluctuations. This is primarily because their average unit production costs for both the Anasuria and North Sabah assets have been below the average realised oil price at the relevant times. The careful management of costs to maintain low operational expenditure and the delivery of production enhancement projects are, therefore, key towards achieving low unit production costs to enable a continued healthy EBITDA.
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 from 8,500 bbls per day to over 12,000 bbls per day by 2021. Several of these production enhancement projects have made progress. In Anasuria, the recently completed GUA-P2 side track project has resulted in an overall enhanced production rate from this asset. Additionally, the Cook WI project which was sanctioned last year is on track for execution in 2019, and another potential opportunity is being considered for a drilling programme in 2019. In North Sabah, the St Joseph Infill Drilling project was approved by PETRONAS at the Milestone-Review 4, and is currently on track for execution in 2019, whereas approval for the SF30 Infill Drilling project by PETRONAS at the Milestone-Review 4 is being sought.
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) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.12 in 2 months 4 days, total return is 40%
b) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.97 (dividend RM0.007) in 6 months 8 days, total return is 36.6%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.30 in 1 month 29 days, total return is 34.7%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.07 in 7 months 21 days, total return is 34.6%
e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.03 in 1 month 23 day, total return is 21.2%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.23 (dividend RM0.0375) in 4 months 6 day, total return is 20%
g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.35 (dividend RM0.035) in 3 months 2 day, total return is 9.1%
h) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.49 (dividend RM0.01) in 7 months 19 days, total return is 7.1%
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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James Ng
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