[MMC CORP BHD: YTD19港口实体的贡献增加；在联营公司马拉科夫的业绩中所占份额较高；士乃机场的旅客量增加；双轨项目不再需要拨备，做了reversal of provision]
4Q19 vs 4Q18:
马矿业的扣除zakat和税项前的利润减少至1.922亿令吉，较上一财年截至2018年12月31日同期的2.098亿令吉减少，主要是由于KVMRT-SSP线的工作进度减少以及应收账款减值准备，但被reversal of provision所抵消（Double Track项目中不再需要此笔款项）。
YTD19 vs YTD18：
槟城港口私人有限公司（“ PPSB”）的收入合并，士乃机场的客运量增加以及Pelabuhan Tanjung Pelepas（“ PTP”）和柔佛港（“ JPB”）的货运量增加，缓解了收入下降的情况。由于以下原因，该集团的zakat和税前利润增加至5.328亿令吉，较上一个财政年度的4.029亿令吉有所增加。
i）港口实体的贡献增加；
ii）在联营公司马拉科夫的业绩中所占份额较高；
iii）士乃机场的旅客量增加；
iv）双轨项目不再需要拨备，做了reversal of provision；及
v）在整个集团内出售资产的收益和较低的管理成本。
港口与物流：
该部门的收入为31.886亿令吉，比上一个财政年度的29.965亿令吉增长6.4％，主要是由于PPSB收入的完全合并以及PTP和JPB处理的量增加所致。由于PTP和JPB的处理量增加，PTP的漏油补偿和JPB售资产的收益，该部门的zakat和税前利润增加了4,630万令吉，至4.596亿令吉，较上一财政年度的4.133亿令吉增加。
能源与公用事业：
该部门的zakat和税前利润从上一财年的1.464亿令吉增加至1.600亿令吉，这是由于马拉科夫的贡献增加，这归因于出售其子公司的投资产生的一次性收益，现有投资于联营公司的公允价值重估收益，较低的驳船和滞期费以及较低的净财务成本。
工程：
该部门的zakat和税前利润从上一财政年度报告的2.921亿令吉增长1.9％至2.977亿令吉，主要是由于Double Track项目不再需要拨备（reversal of provision）。
投资控股，企业及其他：
该部门的收入为1.074亿令吉，比上一财政年度的9,530万令吉增长了12.7％，这是由于士乃机场的客运和货运量增加。该部门的zakat和税前亏损较低，降底了6390万令吉，至3亿8450万令吉，而上一财政年度则报4亿4840万令吉，主要是由于士乃机场的贡献增加，出售资产的收益，较低的财务成本和较低的行政成本。
4Q19 vs 3Q19：
由于PTP和NMB的处理量增加，PPSB的经营费用减少以及Double Track项目不再需要拨备（reversal of provision），本季度马矿业的zakat和税前盈利为1.922亿令吉，而上一季度为1.202亿令吉。
前景：
持续投资港口的基础设施，能力以及执行运营计划有望带来积极的成果。 MMC推动的运营和成本协同效应将进一步改善其港口和物流部门的绩效。
能源与公用事业部门有望从集团的关联公司Malakoff和Gas Malaysia取得积极的贡献。现有的大量订单簿为KVMRT-SSP线的工程部门提供了收益可见性。此外，工程部门的收益贡献将通过正在进行的项目来维持。总体而言，马矿业期望在探索新机遇的同时，专注于运营绩效和效率，以增强他们的能力。
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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 RM1.94 (dividend RM0.04) in 1 year 7 months 29 days, total return is 176.9%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.51 (dividend RM0.04) in 1 year 9 months 9 days, total return is 95%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.00 (adjusted)(dividend RM0.055) in 10 months 8 days, total return is 82.9%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.965 in 1 year 2 months 21 days, total return is 67.8%
e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.91 (dividend RM0.148) in 1 Year 6 months 3 days, total return is 29.4%
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James Ng
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[MMC CORP BHD: YTD19 Higher contributions from port entities; higher share of results of associates, namely Malakoff; higher passenger volume at Senai Airport; reversal of provision no longer required at Double Track project]
4Q19 vs 4Q18:
The Group’s Profit before zakat and taxation decreased to RM192.2 million compared with RM209.8 million reported in the corresponding quarter ended 31 December 2018, mainly due to lower work progress from KVMRT-SSP Line and provision for impairment of receivables, offset by reversal of provision no longer required at Double Track project.
YTD19 vs YTD18:
Lower revenue was cushioned by consolidation of Penang Port Sdn Bhd’s (“PPSB”) revenue, higher passenger volume at Senai Airport and higher volume handled at Pelabuhan Tanjung Pelepas (“PTP”) and Johor Port (“JPB”). The Group’s Profit before zakat and taxation increased to RM532.8 million compared with RM402.9 million reported in the preceding financial year due to the following:-
i) Higher contributions from port entities;
ii) Higher share of results of associates, namely Malakoff;
iii) Higher passenger volume at Senai Airport;
iv) Reversal of provision no longer required at Double Track project;and
v) Gain on disposal of assets held for sale and lower administrative cost across the Group.
Ports & Logistics:
The segment recorded revenue of RM3,188.6 million, an increase of 6.4% compared with RM2,996.5 million reported in the preceding financial year, mainly due to the effect of full consolidation of PPSB’s revenue and higher volume handled at PTP and JPB. The segment recorded higher Profit before zakat and taxation by RM46.3 million to RM459.6 million compared with RM413.3 million reported in the preceding financial year due to higher volume handled at PTP and JPB, oil spill compensation at PTP and gain on disposal of an asset held for sale at JPB.
Energy & Utilities:
The segment recorded increase in Profit before zakat and taxation to RM160.0 million compared with RM146.4 million reported in the preceding financial year due to higher contribution from Malakoff attributed to one-off gain on disposal of investment in its subsidiary, fair value remeasurement gain on existing investment in its associate, lower barging and demurrage costs, and lower net finance costs.
Engineering:
The segment recorded increase of 1.9% in Profit before zakat and taxation to RM297.7 million from RM292.1 million reported in the preceding financial year mainly due to reversal of provision no longer required at Double Track project.
Investment Holding, Corporate & Others:
The segment recorded revenue of RM107.4 million, an increase of 12.7% compared with RM95.3 million reported in the preceding financial year due to higher passenger and cargo volumes at Senai Airport. The segment recorded lower Loss before zakat and taxation by RM63.9 million to RM384.5 million compared with RM448.4 million reported in preceding financial year mainly due to higher contribution from Senai Airport, gain on disposal of an asset held for sale, lower finance costs and lower administrative cost.
4Q19 vs 3Q19:
The Group recorded higher Profit before zakat and taxation of RM192.2 million in the current quarter compared with RM120.2 million in the immediate preceding quarter due to higher volume handled at PTP and NMB, lower operating expenses at PPSB and reversal of provision no longer required at Double Track project.
Prospects:
Continuous investments into the ports’ infrastructure, capacities and capabilities along with execution of operational plans are expected to deliver positive results. Operational and cost synergies driven by MMC would further improve the performance of its Ports & Logistics division.
The Energy & Utilities division is expected to contribute positively from the Group’s associated companies, namely Malakoff and Gas Malaysia. Substantial existing order-book provides earnings visibility for the Engineering division anchored by the KVMRT-SSP Line. Furthermore, the earnings contribution from the Engineering division will be sustained by on-going projects. Overall, the Group expects to strengthen their capabilities with a focus on operating performance and efficiency, whilst exploring new opportunities.
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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.
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James Ng
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