[CHEMICAL CO OF MALAYSIA BHD：氯碱产品平均销售价格下降导致利润下降，主要产品的平均销售价格比去年同期下降了31％]
2Q19 vs 2Q18:
该集团的收入为9280万令吉，比去年同期下降6.2％，这是由于化学品部的收入下降。马化工在本季录得较低的除税前盈利420万令吉，较去年同期的1640万令吉有所下降，主要是由于氯碱产品平均销售价格下降导致利润下降，主要产品的平均销售价格比去年同期下降了31％。
化学品：
由于化学商品价格下跌，氯碱产品的平均售价降低，收入下降了7.7％。因此，第二季度的税前利润从去年同期的1260万令吉减少至510万令吉。
聚合物：
本季度收入与去年同期相比略有下降0.4％。该部门的除税前利润从510万令吉下降至440万令吉，这归因于其在Bangi的新大楼开始运营后所产生的额外折旧。
YTD19 vs YTD18：
由于化学部门的收入减少，该集团的收入为1.898亿令吉，比去年同期降低5.3％。马化工在本期间录得较低的除税前盈利1,370万令吉，较去年同期的3,090万令吉有所下降，主要是由于以下因素：
a）氯碱产品平均销售价格下降导致利润下降，主要产品的平均销售价格与去年同期相比下降了36％，
b）联营公司的业绩分成减少110万令吉。
化学品：
收入下降了6.9％，这是由于在此期间化工产品价格走软的基础上，氯碱产品的平均售价降低了。因此，税前利润从去年同期的2,620万令吉减少至1,280万令吉。
聚合物：
收入与去年同期相比略有增长1.2％。该部门的税前利润从1,030万令吉下降至950万令吉，这是由于根据其位于班吉的新大楼开始运营而产生的额外折旧。
2Q19 vs 1Q19：
由于本季度的销量和平均售价下降，本季度的收入为9280万令吉，较上一季度的9680万令吉降低4.3％。本季度的集团税前利润减少至420万令吉，上一季度则为950万令吉，主要归因于：
a）由于本季度氯碱产品的平均售价下降和销售量下降，化学品部门的收入下降了4.8％。当前季度的销售量受到节日假期期间重型交通工具道路禁令和较低交易量的影响。因此，税前利润从上一季度的780万令吉减少至510万令吉。
b）聚合物部门的收入下降3.7％至2290万令吉。由于本季度的销量减少，该季度的税前利润减少至440万令吉。
前景：
化学品：
该司仍然对化学商品价格的波动保持谨慎，这可能会影响其业绩。
聚合物：
鉴于激烈的竞争和成本增长，该部门预计本年度的业务环境将充满挑战。
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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 RM1.73 (dividend RM0.025) in 1 year 1 month 26 days, total return is 145.5%
b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.88 in 1 month 15 days, total return is 93.4%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.45 (dividend RM0.04) in 1 year 3 months 9 days, total return is 87.4%
d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.31 in 9 months 25 days, total return is 63.8%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.935 in 8 months 21 days, total return is 62.6%
f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.41 (dividend RM0.01) in 4 months 8 days, total return is 44.9%
g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.32 (dividend RM0.018) in 9 months 17 days, total return is 38.7%
h) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.10 (dividends RM0.083) in 1 Year 4 days, total return is 37.3%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 23 days, total return is 34.6%
j) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.37 in 4 months 8 days, total return is 31.7%
k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.19 (dividend RM0.22) in 11 months 27 days, total return is 27.5%
l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.25 (dividends RM0.111) in 1 Year 2 months 11 days, total return is 10.1%
m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.90 in 9 months 10 days, total return is 5.9%
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James Ng
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[CHEMICAL CO OF MALAYSIA BHD: margin squeeze resulting from the fall in the average chlor alkali product selling prices, which saw the average selling prices of key products decreased by up to 31% compared to same quarter last year]
2Q19 vs 2Q18:
The Group revenue of RM92.8 million was 6.2% lower than the corresponding quarter last year due to lower revenue from the Chemicals Division. The Group recorded a lower profit before tax in the current quarter of RM4.2 million, decreased from RM16.4 million recorded in the same quarter last year mainly due to margin squeeze resulting from the fall in the average chlor alkali product selling prices, which saw the average selling prices of key products decreased by up to 31% compared to same quarter last year.
Chemicals:
Revenue decreased by 7.7% due to lower average selling prices of its chlor-alkali products on the back of softer prices of the chemical commodity. Consequently, profit before tax reduced to RM5.1 million in the second quarter compared to RM12.6 million in corresponding quarter last year.
Polymers:
Revenue decreased slightly by 0.4% for the current quarter as compared to same quarter last year. The Division’s profit before tax, declined from RM5.1 million to RM4.4m due to additional depreciation pursuant to the commencement of operations from its new building in Bangi.
YTD19 vs YTD18:
The Group revenue of RM189.8 million was 5.3% lower than the corresponding period last year due to lower revenue from the Chemicals Division. The Group recorded a lower profit before tax in the current period of RM13.7 million, decreased from RM30.9 million recorded in the same period last year primarily due to the following factors:
a) Margin squeeze resulting from the fall in the average chlor alkali product selling prices, which saw the average selling prices of key products decreased by up to 36% compared to the corresponding period last year,
b) Lower share of result from our associate company by RM1.1 million.
Chemicals:
Revenue decreased by 6.9% due to lower average selling prices of its chlor-alkali products on the back of softer prices of the chemical commodity during the period. Consequently, profit before tax reduced to RM12.8 million compared to RM26.2 million in corresponding period last year.
Polymers:
Revenue increased slightly by 1.2% as compared to same period last year. The Division’s profit before tax, declined from RM10.3 million to RM9.5m due to additional depreciation pursuant to the commencement of operations from its new building in Bangi.
2Q19 vs 1Q19:
The Group’s revenue for the current quarter of RM92.8 million was lower by 4.3% as compared to the preceding quarter’s revenue of RM96.8 million due to lower volume and average selling prices during the current quarter. Group’s profit before tax for the current quarter decreased to RM4.2 million compared to the preceding quarter of RM9.5 million mainly attributable to:
a) Chemicals Division’s revenue declined by 4.8% due to lower average selling prices and volume sold for its chlor-alkali products during the quarter. Current quarter’s volume sold was affected by the heavy vehicle road ban during the festive season break and lower trading volume. Accordingly, profit before tax decreased to RM5.1 million compared to RM7.8 million in the preceding quarter.
b) Polymers Division revenue declined by 3.7% to RM22.9 million for the current quarter under review. Profit before tax decreased to RM4.4 million for the quarter due to lower volume sold during the current quarter.
Prospects:
Chemicals:
The Division remains cautious of the fluctuation in chemical commodity prices, which may invariably impact its results.
Polymers:
The Division expects the business environment to be challenging in the current year, in view of intense competition and cost increases.
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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
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