[BOUSTEAD HOLDINGS BHD：由于特许经营和非特许经营业务的销售额都增加，制药事业部取得了更高的收入；由于造船和修船活动取得了进展，来自重工业部门的收入也更高]
截至2019年6月30日的第二季（19财年第2季度），集团的税前利润（PBT）为1.189亿令吉，高于去年同期（2QFY18）的2,040万令吉。这是由于出售了种植土地而实现了1亿1950万令吉的收益。集团也从18财年第2季度的130万令吉税后亏损提高至19财年第2季度的税后利润（PAT）8410万令吉。分配给非控股权益和永久回教债券持有人后，集团实现净利润2430万令吉（2018财年第二季度：净亏损2760万令吉）。
在截至2019年6月30日的半年期间（6MFY19），集团的PBT为1亿7040万令吉，比去年同期的9070万令吉增加了7970万令吉或88％。业绩改善的主要原因是有出售种植土地的收益。集团在6MFY19的PAT较高，为9550万令吉（6MFY18：3680万令吉），而扣除非控制性权益和永久回教债券持有人后净利润为190万令吉（6MFY18：净亏损2150万令吉）。
在6MFY19，集团录得收入51亿令吉，较6MFY18的47亿令吉提高7％。由于特许经营和非特许经营业务的销售额都增加，制药事业部取得了更高的收入，达14亿令吉（6MFY18：12亿令吉）。由于造船和修船活动取得了进展，来自重工业部门的收入也更高，达4.904亿令吉（6MFY18：3.408亿令吉）。物业部门的收入增加11％至2.628亿令吉，主要是由于柔佛州Taman Mutiara Rini和吉隆坡One Cochrane Residences的工程进度提高。
在6MFY19，种植部门录得7010万令吉的盈余（6MFY18：亏损1,840万令吉），因为其底线得益于出售种植土地的收益。 FFB 6MFY19产量为488,198吨，比去年同期的431,349吨高13％。油的提取率提高到21.4％（6MFY18：20.7％），而仁的提取率保持在4.4％。
房地产开发部门在Taman Mutiara Rini的贡献下取得了正收益。在6MFY19，贸易与工业部的PBT改善后为8220万令吉（6MFY18：7410万令吉）。这是在Boustead石油营销公司（BPM）取得更好业绩的背景下实现的，该公司录得更高的持股收益以及更好的利润率和销量。
财务与投资部的PBT为6920万令吉，较6MFY18的5130万令吉增加了35％。这是由于阿芬银行（Affin Bank）贡献更大，主要是由于信贷减值损失的冲销和金融工具的净收益增加。马来西亚诺丁汉大学（UNM）也对该部门做出了积极贡献。制药事业部在6个月期间的PBT为3390万令吉，比去年同期的3190万令吉有所增加。尽管利润率下降和融资成本增加，但这是由特许经营和非特许经营业务贡献的增加推动的。 Boustead海军造船厂（BNS）在此期间遭受了更高的亏损，尽管这被船舶维修活动和LMS项目的更高毛利润所部分抵消。
于2019年6月30日，物业，厂房及设备较2018年12月31日增加，主要是由于本季度收购了沙巴的油棕种植园土地和棕榈油厂。在19财年第2季度，莫实得控股的营运现金流入为6.555亿令吉（18财年第2季度：4.083亿令吉），主要是由于来自客户和政府的收款增加。
在本季度（19财年第二季度），集团的PBT为1.189亿令吉，高于上一季度（19财年第一季度）的5150万令吉。出售种植园土地的收益达1.195亿令吉，巩固了19财年第2季度的底线，弥补了贸易与工业，种植园和制药部门的运营利润下降。该季度的PAT增至8410万令吉（19财年第一季度：1140万令吉），而净利润增至2430万令吉（19财年第一季度：净亏损2240万令吉）。
种植园部门在19财年第2季度结束时有盈余8410万令吉（19财年第1季度：亏损1,400万令吉），得益于出售种植土地的收益。地产部门在本季度结束时减少到300万令吉的亏损（19财年第一季度：1,900万令吉）。这主要是由于房地产开发活动的收益增加。重工业部门在本季度减少到3,060万令吉的赤字（19财年第一季度：3,240万令吉）。这主要是由于BHIC在MRO活动的工作进展方面取得了更好的结果。
前景：
预计马来西亚经济将出现温和增长，这得益于健康的劳动力市场，政府的扶持政策，和国内的需求稳定。面对严峻的全球和国内环境，BHB在马来西亚经济的六个核心领域的多元化发展必将为集团带来好消息。这种基本实力将使莫实得控股对经济冲击更具韧性。
预计棕榈油价格将徘徊在当前范围附近，然后在年底恢复。从长期来看，制药部门有信心医疗行业的前景是乐观的。随着该部门扩大产品组合以通过研发满足不断变化的医疗保健需求，该部门随时准备利用增长机会。此外，战略性营销举措将使该部门能够加强其在私营部门的立足点。同时，该部门继续加强其全球业务，特别是在印度尼西亚（仍然是关键增长领域）。该部门还继续致力于不断改进其业务，以确保提高效率和优化成本，以促进该部门的可持续增长。
正在进行中和即将到来的住房项目的进度帐单将为房地产部的利润做出积极贡献。随着时间的推移，该部门位置优越的投资物业组合将继续产生良好的租金以及价值升值。 LCS和LMS项目以及与国防相关的维护，修理和大修活动将为重工业部的未来发展做出贡献。
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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 RM1.71 (dividend RM0.025) in 1 year 1 month 25 days, total return is 142.7%
b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.92 in 1 month 14 days, total return is 102.2%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.41 (dividend RM0.04) in 1 year 3 months 8 days, total return is 82.4%
d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.29 in 9 months 24 days, total return is 61.3%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.855 in 8 months 20 days, total return is 48.7%
f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.37 (dividend RM0.01) in 4 months 7 days, total return is 42.5%
g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.33 (dividend RM0.018) in 9 months 16 days, total return is 39.7%
h) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.12 (dividends RM0.083) in 11 months 30 days, total return is 38.6%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.65 (dividend RM0.07) in 10 months 22 days, total return is 35.4%
j) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.36 in 4 months 7 days, total return is 30.8%
k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.22 (dividend RM0.1875) in 11 months 26 days, total return is 27.4%
l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.23 (dividends RM0.111) in 1 Year 2 months 10 days, total return is 9.6%
m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.90 in 9 months 9 days, total return is 5.9%
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
10月19日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心
12月22日星期日：AG Hotel Penang, George Town 2份点心
12月29日星期日：Hotel Sri Petaling, KL 3份点心
2)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐
10月20日星期日：Silka Johor Bahru Hotel, Johor Bahru
12月21日星期六：AG Hotel Penang, George Town
12月28日星期六：Hotel Sri Petaling, KL
3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡
10月18日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心
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
有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043
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这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw
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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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[BOUSTEAD HOLDINGS BHD: Pharmaceutical Division turned in a higher revenue as a result of increased sales for both concession and non-concession businesses; revenue from the Heavy Industries Division was also higher on the back of progress achieved for both ship building and ship repair activities]
For the 2nd quarter ended 30 June 2019 (2QFY19), the Group registered a higher profit before tax (PBT) of RM118.9 million, compared with RM20.4 million recorded in last year’s corresponding quarter (2QFY18). This was achieved on the back of a gain on disposal of plantation land amounting to RM119.5 million. The Group’s profit after tax (PAT) for 2QFY19 also improved to RM84.1 million from 2QFY18’s loss after tax of RM1.3 million. After allocation to non-controlling interests and perpetual sukuk holders, the Group posted a net profit of RM24.3 million (2QFY18: net loss of RM27.6 million).
For the half-year period ended 30 June 2019 (6MFY19), the Group registered a higher PBT of RM170.4 million, up by RM79.7 million or 88% from RM90.7 million in last year’s corresponding period. The improved results were mainly due to the gain on disposal of plantation land. The Group’s PAT for 6MFY19 was higher at RM95.5 million (6MFY18: RM36.8 million) while net profit after non-controlling interests and perpetual sukuk holders stood at RM1.9 million (6MFY18: net loss of RM21.5 million).
For 6MFY19, the Group recorded a revenue of RM5.1 billion, a 7% improvement from RM4.7 billion in 6MFY18. The Pharmaceutical Division turned in a higher revenue of RM1.4 billion (6MFY18: RM1.2 billion) as a result of increased sales for both concession and non-concession businesses. Revenue from the Heavy Industries Division was also higher at RM490.4 million (6MFY18: RM340.8 million) on the back of progress achieved for both ship building and ship repair activities. The Property Division’s revenue increased by 11% to RM262.8 million, mainly due to higher progress of works at Taman Mutiara Rini, Johor, and One Cochrane Residences, Kuala Lumpur.
For 6MFY19, the Plantation Division registered a surplus of RM70.1 million (6MFY18: deficit of RM18.4 million) as its bottom line benefitted from the gain on disposal of plantation land. FFB production for 6MFY19 was 488,198 MT was 13% higher than 431,349 MT in last year’s corresponding period. Oil extraction rate increased to 21.4% (6MFY18: 20.7%) while kernel extraction rate remained at 4.4%.
The property development segment recorded positive earnings supported by contributions from Taman Mutiara Rini. For 6MFY19, the Trading & Industrial Division registered an improved PBT of RM82.2 million (6MFY18: RM74.1 million). This was achieved on the back of improved results from Boustead Petroleum Marketing (BPM), which recorded a higher stock holding gain as well as better margins and sales volumes.
The Finance & Investment Division turned in a PBT of RM69.2 million, reflecting a 35% increase from RM51.3 million in 6MFY18. This was driven by a stronger contribution from Affin Bank, mainly due to write-back of credit impairment losses and higher net gain on financial instruments. The University of Nottingham in Malaysia (UNM) also contributed positively to the Division. The Pharmaceutical Division closed the six-month period with a PBT of RM33.9 million, as light increase from RM31.9 million in the previous year’s corresponding period. Despite reduced margins and higher finance costs, this was driven by improved contributions from the concession and non-concession businesses. Boustead Naval Shipyard (BNS) incurred a higher loss for the period, although this was partially offset by higher gross profit from ship repair activities and the LMS project.
As at 30 June 2019, property, plant and equipment increased as compared to 31 December 2018's position mainly due to the acquisition of oil palm plantation lands and palm oil mill in Sabah during the current quarter. For 2QFY19, the Group recorded higher cash in flow from operation of RM655.5 million (2QFY18: RM408.3 million) mainly due to higher collection from customers and Government.
For the current quarter (2QFY19), the Group registered a higher PBT of RM118.9 million compared with RM51.5 million in the preceding quarter (1QFY19). The bottom line for 2QFY19 was bolstered by the gain on disposal of plantation land amounting to RM119.5 million, which compensated for the weaker profit from operations for the Trading & Industrial, Plantation and Pharmaceutical Divisions. PAT for the quarter grew to RM84.1 million (1QFY19: RM11.4 million) while net profit increased to RM24.3 million (1QFY19: net loss of RM22.4 million).
The Plantation Division ended 2QFY19 with a surplus of RM84.1 million (1QFY19: deficit of RM14.0 million), having benefitted from the gain on disposal of plantation land. The Property Division ended the quarter with a reduced loss of RM3.0 million (1QFY19: RM19.0 million). This was mainly due to higher earnings from property development activities. The Heavy Industries Division registered a reduced deficit of RM30.6 million for the current quarter (1QFY19: RM32.4 million). This was primarily driven by better results from BHIC on progress of works for MRO activities.
Prospects:
The Malaysian economy is anticipated to register a moderate expansion, stemming on stable domestic demand on the back of healthy labour market and supportive Government policies. Against the back drop of a tough global and domestic environment, the diversified nature of BHB in six core areas of the Malaysian economy certainly augurs well for the Group. This fundamental strength will make the Group more resilient to economic shocks.
Palm oil prices are expected to hover around the current range before recovering towards year-end. Over the long-term, the Pharmaceutical Division is confident that prospects for the healthcare industry are positive. The Division is poised to tap into opportunities for growth as it expands its product portfolio to cater to evolving healthcare needs via research and development. Moreover, strategic marketing initiatives will enable the Division to strengthen its foothold in the private sector. In tandem, the Division continues to step up its global presence, particularly in Indonesia which remains a key growth area. The Division also remains focused on continuous enhancements in its operations to ensure greater efficiency and cost optimisation, in order to propel the sustainable growth of the Division.
Progress billings from the on going and up coming housing projects will contribute positively to the Property Division’s bottomline. The Division’s portfolio of well-located investment properties will continue to generate good rental as well as appreciation in value over time. The LCS and LMS projects as well as defence related maintenance, repair and overhaul activities will contribute to Heavy Industries Division’s performance going forward.
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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
