[CHEMICAL CO OF MALAYSIA BHD：氯碱产品平均销售价格下降导致利润率下降，主要产品的平均销售价格与去年同期相比下降了21％；在本季度中，未充分利用的资产和可疑贸易应收款准备金减值总计290万令吉]
4Q19 vs 4Q18:
由于化学部门的收入减少，该集团的收入为9,930万令吉，比去年同期下降1.2％。马化工在本季录得较低的除税前利润为510万令吉，低于去年同期的980万令吉，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率下降，主要产品的平均销售价格与去年同期相比下降了21％；
b）在本季度中，未充分利用的资产和可疑贸易应收款准备金减值总计290万令吉。
化学品：
由于氯碱产品价格走软的影响，收入下降了3.9％。由于平均市场价格下跌的影响，本季度的税前利润从去年同期的1,250万令吉减少至740万令吉。
聚合物：
由于聚合物涂料和清洁产品的收入增加，该部门的税前利润从400万令吉增加至450万令吉。
YTD19 vs YTD18:
集团的收入为3.861亿令吉，较去年同期减少2.5％，这是由于化学品部的收入减少。马化工在本期间录得较低的除税前盈利2410万令吉，低于去年同期的5160万令吉。马化工在本期间的经常性税前利润为2300万令吉，而去年同期为3550万令吉。减少1,250万令吉（或35％），主要是由于：
a）氯碱产品平均销售价格下降导致利润率下降，主要产品的平均销售价格比去年同期下降了28％。平均售价下降主要是由于该地区出现的总体贸易动态以及全球经济增长的放缓；
b）在此期间，马化工对某些可疑的贸易应收款项和未充分利用的资产进行了减值，总额为470万令吉。
化学品：
收入下降了3.6％，这是由于在此期间化工产品价格走软的推动下，其氯碱产品的平均售价降低了（最多降低了28％）。因此，税前利润从去年同期的5060万令吉减少至2610万令吉。
聚合物：
该部门的除税前利润从1,920万令吉下降至1,770万令吉，这是由于其在Bangi的新大楼开始运营而产生的额外折旧以及对某些可疑的应收款进行的减值。
4Q19 vs 3Q19：
集团在本季度的税前利润从上一季度的530万令吉下降至510万令吉，这主要归因于未充分利用的资产造成的180万令吉减值。
前景：
全球经济正为世界上两个最大经济体之间的贸易战，中东地缘政治动荡加剧以及对最近发生的Covid-19爆发的担忧而为2020年的经济放缓做准备。外部不确定因素可能对增长前景构成下行风险。
化学品：
根据氯碱行业的报告，由于该行业（特别是中国和整个亚洲）将面临持续的贸易争端和障碍，需求的动荡，乙烯基市场的振兴，和全球经济状况的疲软，caustic soda的短期价格将保持稳定或疲软。
聚合物：
鉴于激烈的竞争和成本增加，该部门预计本年度的业务环境将充满挑战。
展望未来，马化工继续对其财务表现保持审慎，而财务表现可能会受到氯碱产品价格波动的影响。
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Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.20 (dividend RM0.04) in 1 year 7 months 26 days, total return is 213.3%
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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 21% compared to same quarter last year; impairment made on under-utilised assets and provision for doubtful trade receivables totalling RM2.9 million during the current quarter]
4Q19 vs 4Q18:
The Group revenue of RM99.3 million was 1.2% 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 RM5.1 million, decreased from RM9.8 million recorded in the same quarter last year mainly 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 21% compared to same quarter last year;
b) Impairment made on under-utilised assets and provision for doubtful trade receivables totalling RM2.9 million during the current quarter.
Chemicals:
Revenue decreased by 3.9% due to the impact of the softer prices of its chlor-alkali products. Profit before tax reduced to RM7.4 million in the current quarter compared to RM12.5 million in corresponding quarter last year due to the impact of lower average market prices.
Polymers:
The Division’s profit before tax, increased from RM4.0 million to RM4.5m as a result of higher revenue from both its polymer coatings and cleaner products.
YTD19 vs YTD18:
The Group revenue of RM386.1 million was 2.5% 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 RM24.1 million, decreased from RM51.6 million recorded in the same period last year. Recurring profit before tax in the current period for the Group was at RM23.0 million as compared to RM35.5 million in the corresponding period last year. The decrease of RM12.5 million (or 35%), contributed mainly from:
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 28% compared to the corresponding period last year. The declined in average selling prices was mainly due to overall trade flow dynamics that occurred in the region as well as the softening of the global economic growth;
b) The Group had made impairments on certain doubtful trade receivables and under-utilised assets totalling RM4.7 million during the period.
Chemicals:
Revenue decreased by 3.6% due to lower average selling prices of its chlor-alkali products (by up to 28%) on the back of softer prices of the chemical commodity during the period. Consequently, profit before tax reduced to RM26.1 million compared to RM50.6 million in corresponding period last year.
Polymers:
The Division’s profit before tax, declined from RM19.2 million to RM17.7m due to additional depreciation pursuant to the commencement of operations from its new building in Bangi, and impairment made on certain receivables identified as doubtful.
4Q19 vs 3Q19:
Group’s profit before tax for the current quarter decreased to RM5.1 million compared to the preceding quarter of RM5.3 million mainly attributable to impairment made on under-utilised assets of RM1.8 million.
Prospects:
The global economy is preparing for economic slowdown in year 2020 on the back of trade war between the world’s two largest economies, increasing geopolitical turmoil in the Middle East and concerns over the recent Covid-19 outbreak. External uncertainties may pose downside risks to the growth prospects.
Chemicals:
Based on the Chlor Alkali industry reports, the short-term price of caustic soda will remain stable to soft, as the industry (particularly China and wider Asia) will face volatility in the demand/supply dynamics influenced by the on-going trade disputes and barriers, revitalisation of vinyl market and softening of the global economic conditions.
Polymers:
The Division expects the business environment to be challenging in the current year, in view of intense competition and cost increases.
Looking ahead, the Group continues to remain cautious of its financial performance that may invariably be impacted by the fluctuation of the chlor alkali product prices.
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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
https://klse.i3investor.com/blogs/general/2020-04-08-story-h1485848090.jsp
