[MALAYSIAN RESOURCES CORP BHD：Sentral Suites已完成29％的建设，预计该开发项目的所有三座高楼均将超过podium水平，并计划到2020年底达到50％的建设完成]
截至2019年12月31日止财政年度，这集团的营业额及税前利润分别为13亿令吉及5300万令吉，而截至2018年12月31日止的上一个财政年度分别录得19亿令吉及1.23亿令吉。集团拥有50％股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd的税后利润仅为60万令吉，而2018年同期为1460万令吉。
房地产开发与投资：
2019财年的营业利润为7680万令吉，比2018年同期的9780万令吉低21％。
工程，建筑与环境：
该部门在这财政年度录得2310万令吉的营业利润。集团拥有50％股权的LRT 3项目合资公司MRCB George Kent Sdn Bhd的税后利润为60万令吉，低于2018年同期的1,460万令吉。
QoQ：
在截至2019年12月31日的季度中，这集团的收入和税前利润分别为4.716亿令吉和2040万令吉，而截至2019年9月30日的前一季度的收入和税前利润分别为3.727亿令吉和1,430万令吉。
这季度的税前利润增加到2,040万令吉，主要是由于工程，建筑和环境部门的业绩更好，该部门贡献了1,980万令吉的营业利润，而前一个季度的营业利润为180万令吉。
前景：
房地产开发与投资：
截至2019年12月31日，集团的房地产开发与投资部售出了价值5.367亿令吉的房地产。这些销售主要来自Sentral Suites和9 Seputeh的TRIA的第二阶段，分别实现了1.607亿令吉和1.302亿令吉的销售额。
截至2019年底，在集团正在开发的住宅项目中，Sentral Suites的销售率为82％，Kalista Park Homes的销售率为79％，9 Seputeh的TRIA的销售率为40％。集团在墨尔本的1060 Carnegie项目已经全面完成建造，实现了86％的销售率。
该部门将继续将其营销工作集中在其住宅开发项目上，即KL Sentral的Sentral Suites（GDV：15.34亿令吉），墨尔本的1060 Carnegie（GDV：3亿令吉）和Bukit Rahman Putra的Kalista Park Homes（GDV：1.02亿令吉），以及位于9 Seputeh的Sentral Residences和VIVO的剩余未售出单位。截至2019年12月31日，集团完成的开发项目中，Sentral Residences的销售率为97％，9 Seputeh的VIVO的销售率为78％。
截至2019年底，Sentral Suites已完成29％的建设，预计该开发项目的所有三座高楼均将超过podium水平，并计划到2020年底达到50％的建设完成。在PJ Sentral Garden City出售的MyIPO办公大楼将继续贡献收入和营业利润，直到2020年实际竣工，而9 Seputeh的TRIA（已在2019年底完成了21％的建筑竣工）也将在2020年开始贡献更多的收入，预计到今年年底将完成40％的建设。
总体而言，集团在其产业发展与投资部的累计未开单销售总额，预计将在其项目的建设时间范围内实现16.36亿令吉的收入，这其中大约95％是住宅项目和5％商业项目。
集团拥有282英亩的城市土地，拥有可持续发展的未来项目供应，总发展总值达310亿令吉。该部门还从其在莎阿南的剩余投资物业和Celcom Tower以及其在MQ REIT的27.94％股权中获得了相对稳定的经常性收入。
工程，建筑与环境：
截至2019年底，该部门的公开招标价值为14.47亿令吉，并将更加重视寻求基础设施项目。截至2019年12月31日，外部客户订单总值为218亿令吉。目前已完成24％的LRT3项目将看到其利润确认的步伐随着建设进度而加快。截至2019年12月31日，未开单建造订单总额为207亿令吉。
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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 RM2.05 (dividend RM0.04) in 1 year 7 months 27 days, total return is 192.3%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.55 (dividend RM0.04) in 1 year 9 months 7 days, total return is 100%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.02 (adjusted)(dividend RM0.055) in 10 months 6 days, total return is 84.1%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.965 in 1 year 2 months 19 days, total return is 67.8%
e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.87 (dividend RM0.148) in 1 Year 6 months 1 day, total return is 26.9%
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。
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James Ng
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[MALAYSIAN RESOURCES CORP BHD: Sentral Suites, which had reached 29% construction completion at the end of 2019, is expected to progress above the podium levels for all three towers of the development and is targeted to reach 50% construction completion by the end of 2020]
The Group recorded revenue and profit before tax of RM1.3 billion and RM53.0 million respectively for the financial year ended 31 December 2019, compared to RM1.9 billion and RM123.0 million respectively recorded in the preceding financial year ended 31 December 2018. The Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed profit after tax of only RM0.6 million, compared with RM14.6 million in the corresponding period in 2018.
Property Development & Investment:
Operating profits of RM76.8 million recorded for the financial year of 2019 were 21% lower compared to the RM97.8 million recorded in the corresponding financial year in 2018.
Engineering, Construction & Environment:
This Division recording an operating profit of RM23.1 million in the financial year under review. The Group’s 50%-owned LRT 3 project joint venture company MRCB George Kent Sdn Bhd contributed lower profit after tax of RM0.6 million, compared with RM14.6 million in the corresponding period in 2018.
QoQ:
In the quarter ended 31 December 2019, the Group recorded revenue and a profit before taxation of RM471.6 million and RM20.4 million respectively, compared to revenue of RM372.7 million and profit before taxation of RM14.3 million recorded in the preceding quarter ended 30 September 2019.
The higher profit before tax of RM20.4 million in the quarter under review was mainly due to the better performance from the Engineering, Construction & Environment Divisions, which contributed an operating profit of RM19.8 million compared to RM1.8 million in the immediate preceding quarter.
Prospects:
Property Development & Investment:
As at 31 December 2019, the Group’s Property Development & Investment Division sold RM536.7 million worth of properties. These sales were mainly derived from Sentral Suites and TRIA the second phase of 9 Seputeh, which achieved sales of RM160.7 million and RM130.2 million, respectively.
Of the Group’s residential projects currently in development, Sentral Suites had achieved a sales rate of 82%, Kalista Park Homes 79% and TRIA in 9 Seputeh 40% at the end of 2019. The Group’s 1060 Carnegie project in Melbourne, which has been fully constructed now, had achieved a sales rate of 86%.
The Division will continue to focus its marketing efforts on its residential development projects, namely Sentral Suites in KL Sentral (GDV: RM1,534 million), 1060 Carnegie in Melbourne (GDV: RM300 million) and Kalista Park Homes in Bukit Rahman Putra (GDV: RM102 million), as well as the remaining completed unsold units in Sentral Residences and VIVO in 9 Seputeh. Of the Group’s completed developments, as at 31 December 2019, Sentral Residences had achieved a sales rate of 97%, and VIVO in 9 Seputeh had achieved a sales rate of 78%.
Sentral Suites, which had reached 29% construction completion at the end of 2019, is expected to progress above the podium levels for all three towers of the development and is targeted to reach 50% construction completion by the end of 2020. The MyIPO office tower sold in PJ Sentral Garden City will continue to contribute revenue and operating profit until its physical completion in 2020, while TRIA in 9 Seputeh, which had reached 21% construction completion at the end of 2019, should also commence contributing more significant revenues in 2020 and is expected to reach 40% construction completion by the end of the year.
Overall, the Group had total cumulative unbilled sales in its Property Development & Investment Division which are expected to deliver RM1,636 million in revenue to be booked over the construction timescale of its projects, approximately 95% of which are residential and 5% commercial projects.
With interests in 282 acres of urban land, the Group has a sustainable supply of future projects with a total GDV of RM31 billion. The Division also earns a relatively stable recurring income stream from its remaining investment property in Shah Alam and from Celcom Tower, as well as its 27.94% equity interest in MQ REIT.
Engineering, Construction & Environment:
The division had open tenders valued at RM1,447 million as at the end of 2019, and is placing greater emphasis on seeking infrastructure projects. As at 31 December 2019, the external client order book stood at RM21.8 billion. The LRT3 project, which is currently 24% completed, will see the pace of its profit recognition accelerate in line with construction progress. As at 31 December 2019, the unbilled construction order book stood at RM20.7 billion.
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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.
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James Ng
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