AWC设施方案 - 利润率提高

AWC设施方案 - 利润率提高

AWC的3QFY18净利增长36.3％至690万令吉，去年同期为500万令吉，这是由于盈利水平较高，收入贡献较强，收入达RM75.3mil 增长11.6％。

尽管去年同期的净利润也从去年同期的1,570万令吉增长8.2％至1亿1千7百万令吉，尽管收入略有下降至20,980万令吉同比减少0.2％。累计净利较高的主要原因是利润率较高，加上较低的税收支出。

然而，报告的净利润和收入比预期低，主要是由于进度费用较低，还受到前几个季度延迟的项目所拖累。

同时，尽管部分被较低的税收支出和较低的非控股权益所抵消，但环境和工程部门的税前利润疲软，影响AWC的整体表现。年初至今综合设施管理部门的税前利润（包括分部间交易）从去年同期上涨88.0％至1,460万令吉。另一方面，由于项目延误，成本超支以及缺乏资金，环境和工程部门贡献的年初至今税前收益分别下降至860万令吉下跌46.1％和360万令吉下跌52.5％。

展望未来，随着集团继续成本超支和项目延误，可能导致将来收益会减少。即便如此，由于环境和工程部门确保的新合同以及持续的成本重组计划，预计在2019年更有利的收入贡献支撑。

如果预计AWC超过10亿令吉的巨额订单将使该集团的业务持续到2025年。AWC董事会计划于2018年6月5日举行特别股东大会进行表决收购60％的股权铁路服务供应商Trackwork。在董事会批准之前，暂时排除Trackwork的潜在盈利贡献，相信盈利合并将提高AWC的盈利。根据Trackwork的供应商保证的累计2,000万令吉利润，集团底线可能增加13％-20％。

其投资风险包括由于建筑行业固有的周期性风险而导致订单补货率低于预期以及项目延误，这可能导致不可预见的成本增加和声誉损失。公用事业成本的增加和消耗品价格的上涨也可能压缩到综合设施管理合同的利润率，而原材料成本的任何波动也可能影响AWC在已经饱和的暖通空调市场的利润率。

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PWROOT - Techincal view on May 2018

Power Root was testing the MYR1.70 level in its latest session. A bullish bias may be present above this point with a target price of MYR1.90, followed by MYR2.04. The stock may consolidate further if it cannot breach above the MYR1.70 threshold decisively in the near term. Support may be found at MYR1.37, where traders can exit upon a breach to limit the downside risk.

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合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

由于国内和出口市场销售季节性下滑，收入下滑10.5％至7,710万令吉。 此外，毛利率也从38％下降至36.7％是因为较高的投入成本而导致税后盈利较低（-23.0％）。其主要原因是投入成本较高（以棕榈油，面粉和食糖等原料为主），而运营成本仍然很高（管理和营销费用包括员工，运输，能源成本占收入的五分之一）。 由于毛棕榈油价格较便宜，相信未来利润率将继续提高。


利润连续两年下降后，6月1日开始，GST 降至0%将消费者信心逐步改善，预示着提高该集团的盈利。 尽管第一季度的毛利率较低，但毛利率下降将导致原材料成本下降。 估计2018年棕榈油价格平均价格将低于2,500令吉/吨，而2017年平均价格为2,715令吉。迄今为止，棕榈油价格平均为2,465令吉/吨。 请注意，棕榈油和面粉占集团原材料成本的70％以上。


合成工业表示，由于现代化商店的销售收入增长以及分销商网络规模扩大，销售额有所增长。通过培育自己的分销网络打开中国市场的计划尚未起飞。预计合成工业的额外增长将来自中东和中国市场出口销售的增长，因为有更高的销售激励措施; 和分销商的促销赞助活动。 相信2018年国内销售将增长2.8％。


合成工业仍在努力管理经营和投入成本，以及强劲的股息收益率，健康的净现金状况和预期的利润率扩张。基于60％的股息政策，预计该集团在2018年支付6仙（与2017财年相似），意味着潜在的股息收益率为4.8％。

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You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.  

3A资源 - 整装待发

3A资源 - 整装待发

3A资源年初开始表现疲软，因为净利润较高，净利润也跟着下降。第一季净利润下降-39.6％至620万令吉是因为受原材料价格上涨拖累毛利率下降的拖累。尽管原材料成本上涨带来的短期挑战，所以保持谨慎态度。

由于其地理市场的销量略有下降，虽然公司第一季度收入同比下降0.7％，但大马的销售额却增长了5.9％，抵消了新加坡的-24.4％和其他国家的-7.2％。 展望未来，由于产品供应总体多样化以及持续投资扩产计划，可以保守预计2018-2020年的增长率为4-6％。 作为配料生产商，3A将受益于餐饮业的稳步增长，作为食品加工行业的馈送者，其产品广泛用于食品加工，以其他食品制造商生产所需的原材料或半成品形式 他们各自的成品。

第一季度净利润下降是因为原材料价格上涨尤其是木薯粉。 今年迄今为止，全球木薯价格上涨了25％，这应该在3A的未来两个季度中得到反映，除非3A能够将成本转嫁给客户，从而缓解其影响。 本季度，不利的原材料价格和汇率使毛利率下降。 尽管如此，预计长期利润率将有所提高，因为3A在去年已经完成建设的麦芽糖糊精第三工厂增加，并且应该在明年之后带来更大贡献。

相信3A拥有长期潜力，因为其一贯以优质的品质提供各种类型的餐饮原料，赢得行业内大型跨国公司的信心 ；还有生产能力和办公空间扩张计划，未来两年拨款4000万令吉；净现金头寸清晰的资产负债表;以及持续重视研发活动，从而开发新产品。

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