黑金业务如此好捞，OILCORP最近却似乎很注重其深海渔业。至于其D’Tiara Beach Resort的生意，对我来说没什么吸引力。我有去过，但再去多一次恐怕也没什么机会了吧。与其去那里度假，倒不如上云顶？若要玩水，我干脆出海。或许今年是旅游年，生意可能会好一些。有家庭的，或许还可考虑吧。比较有兴趣的，是他的石油业务。他并没有挖油，只不过是做fabrication的工作。能说的一点是，若石油业务不断增长，会有更多挖油公司需要到建钻油台，OILCORP能够间接从中受惠。近来将插入以提炼油棕为能量的业务，兴建Biodiesel Plant。至于深海渔业，其赚幅会去到哪里呢？
The registered office and the principal place of business of the Company is located at No.2-2, Jalan SS 6/6, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan.
无意间发现以上这个句子，若没记错，应该是靠近UNITAR那里，其office的面貌还蛮烂的。
Director Remuneration最高RM600,001 - RM650,000，月均收入RM50,000，还蛮高的，但还不如VT的公司。其2006年的营业额稍微增加，净收入只不过微增，还不至于七月二零零六年The Star里报道的，Mr Ng说2006年净收入会倍增。
Revenue Recognition
(i) Contract Works
Revenue from contract works are recognised on a percentage of completion method. Percentage of completion is determined on the proportion of contract costs incurred to date against total estimated costs where the outcome of the project can be reliably determined. All foreseeable losses on projects are recognised as soon as they are anticipated.
When the outcome of a project cannot be estimated reliably, revenue should be recognised only to the extent of contract costs incurred that it is probable will be recovered.
(ii) Engineering and Technical Services
Engineering and technical services are recognised upon services rendered to customers.
(iii) Property Development
Revenue from sale of property development projects is recognised progressively as the project activity progresses and is in respect of sales when agreement have been finalised. The recognition of revenue is based on the percentage of completion method and is consistent with the method adopted for profit recognition. Provision for foreseeable losses is made when estimated future revenue realisable is lower than the carrying amount of the project. Interest income from late payments by house buyers and forfeiture income are recognised on receipt basis.
(iv) Interest Income
Interest income is recognised on an accrual basis unless collectibility is in doubt in which recognition will be on receipt basis.
(v) Management Fee
Management fee is recognised on an accrual basis.
(vi) Income from resort operations
Income from resort operations are recognised upon services rendered and customer’s acceptance.
Cost of Sales还蛮高的，赚幅主要还是来自Contract Revenue，应该就是其关乎石油的业务。8.69的EPS，说吸引人也不怎么吸引。不过O&G的PE整体上来讲应该蛮高，OILCORP的PE现在是15.6，处于还可以的阶段。
基于新的年度报告是根据新的会计制度，一些方面有作了些修改。Property, plant and equipment突然倍增，并不是公司购入更多产业，大多数是因为其价值近四千万的Resort Properties从Investment Properties被reclassified入这里，再加上revaluation surplus近两千万，也有少许addition of properties。Cost for properties development两千四百万为与一家公司joint venture发展的产业计划。Investment in associates主要为深海渔业的投资。Interest in jointly-controlled entities是在石油业务及产业发展与人JV的。Other investments主要是投资于CapOne Berhad issue的债券。跟它借钱，条件是要买回十巴仙其债券，怪怪的。Goodwill on consolidation的增加主要是因为Reserve on consolidation被纳入这里。Amount due from subsidiaries总共130m被放在哪里，钱主要借来给子公司发展业务？
Amount due from/to Customers for Contract Works
When costs incurred on construction contracts plus recognised profits (less recognised losses) exceed progress billings, the balance is shown as amount due from customers for contract works. When progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as amount due to customers for contract works.
Contract costs incurred to date include:-
(i) Costs directly related to the contract;
(ii) Costs attributable to contract activity in general and can be allocated to the contract; and
(iii) Other costs specifically chargeable to the customer under the terms of the contract.
Amount due from customers from contract works – 这里加了很多，从40m加到150m。Aggregate costs incurred to date从162m加到236m。Profit也从29m加到54m。这里不是很清楚，是Project要搞掂了吗？顾客欠公司的钱越来越多，虽然看起来是赚钱的。
跳到Segmental Analysis，这里做了很好的分析，可以很清楚的看到公司主要是靠石油业务赚钱，其产业方面其实是亏钱的，渔业还在起步阶段，暂时不能怎样评估，但还有小赚。至于其geographical segment，可以看到在BolehLand从事的业务两年都亏钱。87m的营业额，换来的是1.3m的亏损，在搞什么？在中东的业务margin都有大约二十巴仙，Asean国家更有二十五巴仙。想回之前所看到在星报的报导，OILCORP转攻深海渔业，该不会是因为其石油业务margin低的原因，而做了如此的决定吧？Intel还是一间生产存储器公司时也因为面对竞争者的削价战，导致连续亏损六个季度。最后因格鲁夫做了一个决定，砍掉了存储器生产，把Intel转型为生产微处理器的公司，才有了现在的Intel。
充其量，这间公司是否值得投资，应该就是近期或未来会否再标到更到的石油业务。能够标到更多project，收入就铁定提升。若近期石油股又有炒作，OILCORP不排除会有一番作为。至于其深海渔业赚幅到底有多少，唯有等待新季度报告出炉后才能作决定。
Streamyx竟然坏了，引不起我的兴趣继续分析其Cash Flow Statement。
No comments:
Post a Comment