记录

刚买入Tguan，至于原因是因为他的扩展计划，以及吸引人的价钱。
卖出ghlsys，倒不是不好，只是风险有点高，原本计划是放些在高风险高回报的股里，不过想了想还是稳点比较好。
持有nhfatt, serbadk, and tnlogis

也许接下来会写关于nhfatt的资料，不过没这样快吧。

karex

我注意到了karex跟hovid一样，出坏消息，可是director 却买进去。
也许这是个机会也说不定。只要英国那边开始盈利，营业额还有一阵上涨期。
当然我本身没有买入，都在其他股里面。

6月记录

等着股市回扬，也许还得等多一阵子。

stock can check

karex-https://klse.i3investor.com/blogs/ethg/104305.jsp

很好的一个分析关于karex的

oldtown

浅谈SERBADAK

SERBA DINAMIK HOLDINGS BERHAD

Core Business (providing engineering solutions)

●Operation & Maintenance (O&M):

◇Maintenance, Repair and Overhaul (MRO) of rotating equipment, which includes gas and steam turbines, engines, motors, pumps, compressors and industrial fans

-This services are currently focused on rotating equipment used in the energy industry, including O&G production and refineries and power plants.

-Services offered: Predictive Maintenance, Equipment Overhaul, Balancing and Alignment, Replacement and Upgrades of Components and Parts, Maintenance of Process Control and Instrumentation

◇Inspection, Repair and Maintenance (IRM) of static equipment and structures, which includes boilers and unfired pressure vessels, piping systems and structures

-This services have two type: scheduled maintenance and unscheduled maintenance

-Services offered: Boilers & Unfired Pressure Vessels (repair work, other necessary tests, cleaning), Heat Exchangers (repair work), Pipelines & Piping System (Cleaning, replacement of damaged pipes, other repair work)

◇Maintenance of process control and instrumentation

●EPCC: Engineering→Procurement→Construction→Commissioning

◇Installation of piping systems

◇Installation of rotating and static equipment

◇Installation of power generation equipment and plants

◇Development of infrastructure

◇Construction of amenities and buildings

●Other products and services:

◇Provision Of Technical Training

◇Provision Of ICT Solutions And Services

◇Supply Of Products And Parts

◇Logistic Services

◇Compressed Natural Gas

- Plant in Indonesia: Compressed natural gas making it viable for transportation to end-users. Start operations on 25 November 2016

Financial Highlights

	2013 RM’000	2014 RM’000	2015 RM’000	2016 RM’000	2017 1Q RM’000
Revenue	536,195	755,768	1,402,942	2,168,328	612,423
Net Profit	61,619	67,373	156,562	245,809	78,329
Profit Margin	11.49%	8.91%	11.16%	11.34%	12.8%
Dividend Yield	-	-	-	-	2.2 cent

REVENUE ANALYSIS

 Our revenue grew by 54.6% from RM1.4 billion in FYE2015 to RM2.17 billion in FYE 2016 mainly due to:

(i) Maintenance and EPCC works contracts/orders being secured, including maintenance services which are recurring in nature. Comparatively, for FYE 2016, we had 83 maintenance contracts and 10 EPCC works contracts/orders, with a total of approximately 2610 work orders, whilst for FYE 2015, we had 78 maintenance contracts where approximately 1,826 work orders were requested by our customers and 24 EPCC works contracts/orders; and

(ii) Our other products and services segment which comprises technical training, ICT solutions and services, and supply of products and parts. For FYE 2015 to FYE 2016, revenue from our other products and services segment was mainly attributed to the supply of products and parts to customers through purchase orders as well as ICT solutions and services; and

(iii) Our enlarged customer base in Malaysia and the Middle East region.

Result of 2017 1Q

Serba Dinamik’s (Serba) 1QFY17 results were commendable, recording revenue of RM612.4m and earnings of RM78.3m. The Group’s positive performance is driven by its O&M operations which contributed the bulk of profits (c.90.6%) and enhanced by growing contributions from the Middle East where contracts are achieving better margins.

►O&M. Revenue recorded RM555.0m, coming mainly from Malaysia (31.6%), Qatar (21.2%) and Bahrain (15.4%). This division will continue to provide the recurring income support for Serba, but we do see the quantum of EPCC to expand with new contracts in the pipeline. EBIT came in at RM98.0m.

►EPCC. Revenue achieved was RM56.5m with EBIT at RM9.3m. The division’s contribution is mainly from operations in United Arab Emirates (UAE) and Malaysia, in particular contracts with New Thunder Technical Services from UAE, Sarawak Shell and Petronas Carigali Sdn. Bhd. (PCSB). The Group’s “Others” division (0.2% of revenue) was supported by the provision of IT related services and technical training through its approved training programs.

I like Serba Dinamik for its engineering solutions to the oil and gas (O&G) and power generation industries supported by its core operations and maintenance (O&M) services and engineering, procurement, construction and commissioning (EPCC) works. Growth prospects are from international markets such as the Middle East regions while leveraging on its expertise to expand into the power generation sector as an asset owner, contractor and operator.

RISKS

·         Dependence On Skilled Professionals/Engineers

·         Delays In Completion Of A Project Or Work Order For A Contract

·         Overseas Operational Risks

·         Ability To Secure And Negotiate For Projects And Contracts

·         Procurement and/or Renewal And Duration Of Contracts

·         Level of Activity In The O&G Industry In Malaysia And Overseas

Although costs incurred for our services are not directly affected by the price of oil, during periods of rising oil prices, the O&G exploration, development and production activities are expected to increase. Meanwhile, prolonged depressed O&G prices will generally lead to a curtailment in O&G activities and spending in the oil and gas industry. However, certain sectors such as maintenance of assets particularly in the production of crude oil and natural gas and downstream refineries, processing and petrochemical plants, are, to a certain extent, less affected as operations would still have to continue.

·         Impact On Margins Of Cost

Our margins are affected by the direct cost of operations which mainly comprises purchases of materials such as machine and equipment parts, consumables, tools and equipment, services provided by suppliers which include a combination of mechanical, electrical and/or instrumentation work, wages and salaries, and professional fees.

·         Impact Of Foreign Exchange On Results Of Operations

For FYE 2015 and FYE 2016, 65.4% and 64.5% of our revenue were derived from countries outside of Malaysia, respectively. Our revenue from overseas projects/contracts is typically denominated in USD. We maintain our cash inflow in a USD-denominated bank account, where it will be used to settle the portion of our cost of operations which are payable in USD. This provides us with a natural foreign currency hedge.

Nonetheless, any unfavourable movements in the USD exchange rate may adversely affect our profitability.

·         Impact Of Interest Rates On Results Of Operations

As at 31 December 2016, we have RM639.66 million of borrowings. Of our total borrowings, RM619.33 million, or 96.82%, as at 31 December 2016 are floating-rate loans. Therefore, any increase in the interest rate of our borrowings would increase our interest expense and therefore, adversely affect our profitability.

·         Implementation Of Expansion Plans To Own And Operate Facilities

We plan to expand our asset ownership business model to diversify our revenue streams. We have started to embark on this strategy with our first CNG plant in Muaro Jambi, Sumatra in Indonesia.

News

斯巴活力擬购欧美零件商(http://www.orientaldaily.com.my/s/198219)

Serbadk有意收购欧美油气领域零件製造商，放眼在未来3年成为一站式服务供应商.我们计划收购欧美的零件制造企业，以获得相关科技和技术，除了借机开拓新收入来源，也能降低成本，改善盈利表现。

Prospect

-斯巴活力持有超过125份合约，期限介于2017年至2021年，手持订单总额达40亿令吉。

-持有30%股份的One River Power私人有限公司，在沙巴设3个小型水力发电厂料能贡献长达21年的经常性收入。This contract is expected to commence upon the completion of construction by the end of 2017.

-隨著石油输出国家组织（OPEC）周四决议將石油减產计划延长9个月，至2018年3月，惟减產期限不如市场预期的12个月，导致油价下跌。对此，他说，儘管油价表现疲软，但却不会影响斯巴活力的业绩表现。

-We have comitted to undertake the projects in place for the development, ownership, operations and maintenance of the following assets:
(i) One 0.8MW gas power plant in Ambon Island, Indonesia;
(ii) One 4MW gas power plant in Muaro Jambi, Sumatra, Indonesia
(iii) One 4MW & one 1MW gas power plants in East Kutai in East Kalimantan, Indonesia; and
(iv) One industrial park with CUF in Sarawak

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Current price RM 2.13
IF this year eps can have 20 cent x 12 = 2.4(first target price) 

除非这股有明显的盈利下滑，不然会长期持有。当然如果遇到熊市不管为什么我都会放手。

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