【MISC 3816 交流专区】马国际船务

icy97

重工程业务疲软引关注　MISC整体前景仍看好

财经 2014年8月7日
(吉隆坡7日讯)MISC公司（MISC，3816，主板贸服股）次季业绩大致上符合预期，然而，分析员仍关注其重工程业务疲弱的趋势，惟整体而言市场仍看好该公司的前景。

MISC公司2014財政年第2季（截至6月30日止）净利按年稍微下滑4.3%，至2亿8808万令吉；营业额按年上升11.1%至25亿3863万令吉，该公司也宣布派发每股4仙免税中期股息。

按季比较，次季的核心盈利跌25%，至3亿6900万令吉，主要是石油运输业务的运费处於季节性低水平，同时重工程部门则作出较低的贡献。

MISC公司今年上半年的净利增长28.8%，至7745万令吉。上半年累积营业额则增长3.5%至4亿8292万令吉。

虽然分析员认为，次季是MISC公司传统上表现较疲软的季度，因此，对其表现並没感到太意外，但是，MISC是股价今日显得乏力，闭市报6.70令吉，下滑3仙或0.45%。成交量则有38万2300股。

艾芬投行分析员认为，MISC公司的盈利按季萎缩，主要是因为第2及第3季，是传统上的疲软季节，因为这是北半球的冬天。

MISC公司通过持股66.5%的马海事重工程（MHB，5186，主板贸服股）进行重工程业务，后者日前公佈业绩之后，安联星展研究下调其盈利预测，然而，分析员认为，这对MISC的影响不会太显著。

安联星展投行早前將马海事重工程2014至2016財政年的盈利预测下调18-27%，以反映成本压力的影响。虽然如此，分析员维持MISC的盈利预测，主要是相信石油运输业务强劲的表现，將可以抵消重工程业务疲弱的表现。

然而，MIDF研究分析员则將MISC公司2014及2015財政年的净利预测，分別下调5%及9.5%，以反映重工程及仓储终站码头疲弱的业绩表现。

分析员指出，虽然液化天然气及岸外长期合约，將继续为MISC带来稳定的盈利表现，但是，石油及化学品储存业务预期將会拖低整体的表现。不过，隨著船运费率提高，以及船队规模缩小的利好因素，將可抵消石油及化学品储存业务的不利走势。

售旧船近完成

另外，MISC公司早前脱售Aframax旧船的行动已经接近完成，管理层將会继续通过脱售A级和B级船只，来缩小化学船运业务的规模。安联星展研究分析员指出，公司管理层打算在日后专注以BungaL级船，进行运送特殊化学品，这项业务的运费较高，市场供需情况也更稳定。

安联星展研究维持「买入」建议，並指出该公司有强稳的现金流，良好的岸外资產及逐步改善的资產负债表。石油运输市场持续好转，也为该公司带来更好的成长潜能。分析员也维持该股的目標价在7.60令吉。

MIDF研究维持MISC公司「中立」的评级，並將目標价从6.21令吉上修至6.53令吉。

艾芬投行分析员在维持该公司的盈利预测，同时，保持「加码」建议及7.40令吉的目標价。

分析员指出，先进国家经济好转，將带动贸易量增加，MISC公司预期將会从全球的经济復甦趋势中受惠。另外，亚太区多家石油提炼厂已逐步完成定期维修工作，重新投入运作，这相信將会带动运费提高，也对MISC有利。【东方网财经】


业务疲弱困扰未除 马国际船务财测下修
财经新闻 财经  2014-08-09 12:29
http://www.nanyang.com/node/640828?tid=462

icy97

传马国际船务减亏损 售化学运输船至7艘

财经新闻 财经  2014-08-10 11:14
（吉隆坡9日讯）消息透露，为了减少亏损，马国际船务（MISC，3816，主板贸服股）将持续脱售所持有的化学品运输船，船队将从2年前的31艘，大幅下滑至7艘。

《星报》引述消息，该公司放眼至明年底，将该船队减持至7艘，其他船只则以租用方式营运。

截至今年初，马国际船务的船队共有21艘船，其中10艘属于租用船。

今年内，该公司脱售了3艘船，意味着截至今年底前，还需脱售另外8艘。而10艘租来的船只，租约还有3年。

消息指出，该公司不会完全退出化学品运输船业务，而是将该业务规模缩小，要更易管理和维持船队的赚头。

由于持续面对亏损，马国际船务被迫采取行动，将船只脱售。

另外，尽管集装箱船业务是大部分船运业者的荣耀，马国际船务却不是如此。因为面对巨额亏损，2011年，该公司脱售了整个集装箱船业务。

油槽船业务明年转盈

同时，随着船队今年底为止将减少一半，联昌国际投行研究指出，马国际船务要减少化学品运输船业的亏损，还有很长的一段路。

不过，因亏损幅度大幅收窄，给予该公司“增持”评级，目标价格从7.66令吉，下调至7.56令吉。

兴业研究则指出，随着Aframaxes级别的船租回扬，马国际船务油槽船业务将于明年转亏为盈。

该行分析员说，因为Aframaxes级船供应过剩的情况，已回软至金融风暴前的水平。【南洋网财经】

icy97

船運業務好轉‧國際船務目標價調高

2014-10-01 16:30      
（吉隆坡1日訊）國際船務（MISC,3816,主板貿服組）旗下石油和化學船運業務未來3年料寫下22%年均複合成長，崛起成業績中流砥柱，加上管理層透露有意重新派息，安聯星展研究決定調高股票目標價。

安聯星展在研究報告指出，國際船務旗下船運業務近來表現明顯好轉，上半年稅前盈利按年翻漲近倍，這主要歸功於油輪租用費上揚帶領石油部門虧損明顯收窄，化學部門迎來相同利好。

“我們預計油輪收費繼續處於漲勢，平均油輪收費保守估計將在2014和2016年分別上揚15%、10%和10%，有鑑於此，我們預期國際船務石油業務虧損將在今年收窄77%，並於明年轉虧為盈，化學業務虧損也相信將大幅減少。”

另外，岸外業務也將是未來盈利主要驅動器之一，預計今年第三季投產的浮式生產儲油船（FPSO）Cendor，將提振岸外業務盈利基礎，管理層早前曾預計新資產每年可貢獻約3千萬令吉稅前盈利。

“加上去年5月投產的Gumusut-Kakap半浮式生產系統（FPS）貢獻，岸外盈利料可在今年和明年寫下28%和26%成長率。”

股息具上升空間

除營運表現好轉外，安聯星展同時看好國際船務資產負債表跟著轉強，旗下50%子公司VTTI能源夥伴近期上市將讓國際船務多出6億令吉現金，船運和岸外業務表現好轉，亦相信提振現金流，強化資產負債表。

雖然管理層未表明將擬定正規派息策略，惟安聯星展卻認為國際船務將在未來3年派發每股10仙年度股息，相當於1.5%週息率，並補充在負債比看跌情況下，每股股息仍有上升空間。

總結之下，安聯星展預測國際船務核心盈利將在2014至2016財政年取得17%、14%和6%盈利成長，相等於12%年均複合成長。

國際船務目前以2015年1.1倍賬面值交易，考量船運業務股本回酬高達6.9%至8.6%，安聯星展認為現有估值顯然偏低。

考量整體狀態持續好轉，安聯星展決定調高國際船務目標價至8令吉零5仙，重申“買進”評級不變。（星洲日報／財經‧報道：李三宇）

icy97

MISC戴乐起诉柔丹绒浪沙

财经新闻 财经  2014-10-10 08:37
（吉隆坡9日讯）马国际船务（MISC，3816，主板贸服股）和戴乐集团（DIALOG，7277，主板贸服股）旗下公司，将起诉柔州丹绒浪沙港口（TLP）。

马国际船务和戴乐集团今天分别发出文告，宣布CentralisedTerminals持股80%的浪沙终站（简称为LT-1），决定起诉柔州丹绒浪沙港口。

LT-1是针对2007年的特许经营合约和更新契约，称丹绒浪沙港口违反原定义务，未提供至少16.5公尺深的通道，让大型原油船只进入港口范围。

这造成LT-1蒙受损失，但数额暂未确定。

马国际船务和戴乐集团认为，诉讼案不会影响公司运营和财务。

前者持有Centralised Terminals的45%股权，后者握有其余55%股权。

丹绒浪沙港口为柔佛机构的独资公司，获得柔佛港口管理机构颁发执照，负责营运和管理码头。【南洋网财经】

Type	Announcement
Subject	MATERIAL LITIGATION
Description	COMMENCEMENT OF ARBITRATION PROCEEDINGS AGAINST TANJUNG LANGSAT PORT SDN BHD
MISC Berhad (“MISC”) wishes to announce that its 45%-owned associated company, Centralised Terminals Sdn Bhd (“CTSB”) has, on 8 October 2014, through its 80%-owned subsidiary, Langsat Terminal (One) Sdn Bhd (“LT-1”) commenced arbitration proceedings against Tanjung Langsat Port Sdn Bhd (“TLPSB”). CTSB is 45% owned by MISC and 55% owned by Dialog Group Berhad, which is a public company listed on the Main Market of Bursa Malaysia Securities Berhad. LT-1, the claimant, is the owner and operator of the 476,000 m3 tank terminal facility for the handling, storage and processing of petroleum and petroleum-related products located in Tanjung Langsat, Johor, Malaysia. TLPSB, the respondent, is a wholly-owned subsidiary of Johor Corporation Berhad and has been granted a licence by the Johor Port Authority to carry on the business of operating and managing a port as well as providing port and jetty facilities at the Port of Tanjung Langsat in Johor, Malaysia.   The arbitration proceedings are pursuant to the provisions of the Concession Agreement dated 12 April 2007 and Deed of Novation dated 21 June 2007. The commencement of the arbitration proceedings against TLPSB is in relation to the recovery of losses and damages suffered by LT-1, where LT-1 is claiming for TLPSB’s breaches of its obligations to provide a minimum draft of 16.5 metres at the approach channel in order that partially laden Very Large Crude Carriers would be able to access and berth at the port. LT-1’s losses and damages are to be assessed. The arbitration is referred to the Kuala Lumpur Regional Centre for Arbitration. MISC is of the opinion that the arbitration proceedings are in the best interest to preserve LT-1’s rights to commence arbitration under the provision of the Concession Agreement dated 12 April 2007. MISC is also of the opinion that the arbitration proceedings are not expected to have any material impact on the financial position of MISC for the financial year ending 31 December 2014. None of the Directors or major shareholders of MISC or persons connected to them has any interest, direct or indirect, in the arbitration proceedings. This announcement is dated 9 October 2014.

icy97

MISC第3季净利涨17.4%

财经 2014年11月7日
     
廖丽寧 报导

（吉隆坡7日讯）重型工程业务较高的收入、液化天然气业务较高的盈利和石油业务费率改善，MISC公司（MISC，3816，主板贸服股）2014財政年第3季（截至9月30日止）净利按年成长17.4%，至4亿7079万令吉，去年同期为4亿零102万令吉；同时，其营业额从去年同期的21亿6638万令吉，微增0.64%，至21亿8028万令吉。

与此同时，MISC公司在文告中指出，该公司今年第3季营运净利按年提升19.6%，至4亿8700万令吉，去年同期为4亿零710万令吉，这归功于集团营业额有所增长和较低的营运成本。

另外，MISC公司2014財政年首9个月净利，从去年同期的10亿零240万令吉，按年增加24.22%，至12亿4528万令吉；而累积营业额也按年提升2.6%，至70亿零946万令吉，去年同期为68亿3034万令吉。

该公司透过文告指出，来自液化天然气较高的净利及石油业务的运费改善，都有助于提升集团的营业额和盈利。

然而，化工业务的船队较小，以及重工程业务现財政年较低的营业额，抵销了MISC公司首9个月营业额的部份成长势头。

儘管如此，化工业务较小舰队的营运成本较低，带动MISC公司首9个月营运盈利成长20%，从去年同期的11亿4430万令吉，增至13亿7350万令吉。

股价气势如虹

展望未来，由于市场的船舶供应过剩，化工和石油航运前景继续充满挑战，液化天然气和离岸业务的长期性合约將继续支撑MISC公司取得稳定的表现。

MISC公司今日股价气势如虹，全天共涨13仙或1.79%，掛7.38令吉，是全场第8大上升股，成交量为482万3100股。【东方网财经】

SUMMARY OF KEY FINANCIAL INFORMATION 30/09/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/09/2014	30/09/2013	30/09/2014	30/09/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,180,288	2,166,389	7,009,463	6,830,341
2	Profit/(loss) before tax	510,518	444,420	1,382,951	1,141,183
3	Profit/(loss) for the period	497,561	430,395	1,328,428	1,101,962
4	Profit/(loss) attributable to ordinary equity holders of the parent	470,796	401,022	1,245,276	1,002,395
5	Basic earnings/(loss) per share (Subunit)	10.50	9.00	27.90	22.50
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	4.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	5.7900		5.5400

icy97

国油或租用天然气船 马国际船务财源新曙光

财经新闻 财经  2014-11-09 11:08
（吉隆坡8日讯）分析员预计，国家石油忙于各项油气工程，可能会恢复与马国际船务（MISC，3816，主板贸服股）的“父子关系”，不再直接持有，而是通过后者租用液化天然气船。

国家石油去年8月决定直接采购液化天然气船，当时被市场形容为第二次尝试私有化马国际船务。

联昌国际投资研究在报告中指出，国油目前专注在内部收益率较高的油气上游业，不太需要直接持有船只，因此，很可能会将4艘新的液化天然气船脱售予马国际船务。

再者，国油可采购多4艘船的选择权，也可能转交给马国际船务。

“若真如此，国油很可能会转向马国际船务租用这些船，以应付民都鲁和其他工程。”

这对马国际船务来说绝对是一项福音，因有6艘船只在今年至2017年间逐步到期，来自国油的租金有助抵消此不利因素。

据了解，这4艘船将在2016至2017年间交货，有望带动公司2017年以后的盈利表现。

目标价上调至RM8.22

将这些船只资产纳入考量后，该行将目标价格从7.56令吉，上调至8.22令吉，并维持“增持”投资评级。

分析员也指出，石油运输船增长展望向好，今年至今的运费率年增21%，明年料将继续改善。

“亚洲的强劲进口、美国进口放缓较温和，以及西非和加勒比扩展至中印的长途贸易活动，都将支撑运油船的需求。”

此外，油价自今年初来已挫33%，将鼓励亚洲掀起一轮补货热潮，特别是对价格更为敏感的印度，如今是南亚增添石油的好时机。



【南洋网财经】


末季獲利看俏‧國際船務有望派高息
2014-11-10 16:25
http://biz.sinchew.com.my/node/105099?tid=18



业绩虽亮眼　MISC前景存隱忧
财经 2014年11月10日
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=147662:misc&Itemid=198

icy97

马国际船务售NCB 15.73% 马矿业2亿接手
财经新闻 财经  2014-11-28 09:51
http://www.nanyang.com/node/665280?tid=462

（吉隆坡27日讯）马国际船务（MISC，3816，主板贸服股）宣布，将以2亿2198万令吉现金，脱售NCB控股（NCB，5509，主板贸服股）15.73%股权给富豪丹斯里赛莫达旗下的马矿业（MMCCORP，2194，主板贸服股）。

马国际船务向马交所报备，NCB控股15.73%股权等于7399万1679股，该项交易将通过场外直接交易完成。

马国际船务指出，NCB控股属于该公司的非核心业务。

近年马国际船务，为了专注于船务和综合物流业务，将脱售非核心和不良资产。

已于2011年末和今年3月，分别脱售部分业务。

NCB控股主要业务是港口营运、搬运服务、货运代理、辅助设备和船运服务等。

Type	Announcement
Subject	OTHERS
Description	MISC BERHAD ("MISC" OR "THE COMPANY") DISPOSAL OF 15.73% EQUITY INTEREST IN NCB HOLDINGS BHD (“NCB”) TO MMC VENTURES SDN BHD (“MMCV”), A WHOLLY-OWNED SUBSIDIARY OF MMC CORPORATION BERHAD (“MMC”) FOR A CASH CONSIDERATION OF RM221.98 MILLION (“DISPOSAL”)
We refer to the article which appeared on pages 1 and 4, Home Business section, The Edge Financial Daily dated 25 November 2014. MISC wish to announce that the Company has entered into an Agreement for Sale and Purchase of Shares with MMCV, a wholly-owned subsidiary of MMC, on 27 November 2014 for the disposal of 15.73% equity interest held by MISC in NCB to MMCV, comprising 73,991,679 issued and paid-up ordinary shares for a total cash consideration of RM221.98 million. Please refer to the attachment for details of the announcement. This announcement is dated 27 November 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1807149

Attachments Bursa Announcement (271114).pdf

icy97

MMC入股NCB雙贏
2014-11-28 17:44
http://www.sinchew-i.com/files/2014/11/28/mwl2014112826.jpg
     
（吉隆坡28日訊）MMC機構（MMCCORP,2194,主板貿服組）耗資約2億2千萬令吉收購NCB控股（NCB,5509,主板貿服組）15.73%股權，繼續擴大港口業務版圖，分析員認為MMC機構策略性入股NCB控股，或許別有用意，不排除賽莫達未來將港口業務注入NCB控股的可能性。

國際船務影響不大

至於脫售NCB控股股權的國際船務（MISC,3816,主板貿服組），分析員亦選擇正面看待，因有助釋放非核心資產價值，將資源用於發展核心業務，惟補充對國際船務整體財務的影響不大。

整體來說，分析員認為MMC機構入股NCB控股，對兩家公司的影響正面，因前者將獲得讓港口業務後門上市的機會，後者則可能獲大股東注入新資產，強化長期盈利潛能。



（星洲日報／財經‧報道：李三宇）

icy97

icy97 发表于 29-11-2014 04:47 PM
马国际船务售NCB 15.73% 马矿业2亿接手
财经新闻 财经  2014-11-28 09:51
http://www.nanyang.com/node/6 ...

Type	Announcement
Subject	OTHERS
Description	MISC BERHAD ("MISC" OR "THE COMPANY") DISPOSAL OF 15.73% EQUITY INTEREST IN NCB HOLDINGS BHD (“NCB”) TO MMC VENTURES SDN BHD (“MMCV”), A WHOLLY-OWNED SUBSIDIARY OF MMC CORPORATION BERHAD (“MMC”) FOR A CASH CONSIDERATION OF RM221.98 MILLION (“DISPOSAL”)
We refer to the announcement dated 27 November 2014 in relation to the Disposal. MISC wishes to announce that the Disposal has been completed today, 2 December 2014, upon the satisfaction of the purchase consideration. This announcement is dated 2 December 2014.

icy97

马国际船务人事变动

财经新闻 财经  2014-12-13 11:13
（吉隆坡12日讯）马国际船务（MISC，3816，主板贸服股）宣布委任拿督阿都哈林为主席，总营运长余养坚则擢升为新总裁兼总执行长。

马国际船务高层出现变动，今天通过文告宣布，委任拿督阿都哈林为新任主席，取代原任主席拿督乔治拉迪拉，明年1月15日生效。

不过，后者仍将以非独立非执行董事身分，留在董事部内。

曾在毕马威（KPMG）任职的阿都哈林，也将兼任独立非执行董事。

由于现任总裁兼总执行长拿督纳萨鲁丁，将在12月31日退休，因此，该公司内部擢升余养坚为新总裁兼总执行长，明年1月1日生效。

余养坚是在去年7月1日被委任为总营运长，同时自2008年4月1日开始，也一直担任企业策划及发展副总裁。

随着被提拔为总裁兼总执行长，余养坚也被委任为马国际船务的非独立执行董事。

同时，他也是子公司海事重工（MHB，5186，主板贸服股）的董事。【南洋网财经】

Type	Announcement
Subject	OTHERS
Description	MISC BERHAD CHANGE OF PRESIDENT AND CHIEF EXECUTIVE OFFICER
MISC Berhad (“MISC”) wishes to announce the appointment of Mr. Yee Yang Chien as the new President and Chief Executive Officer of MISC with effect from 1 January 2015 in place of YBhg. Datuk Nasarudin Md Idris who will be retiring on 31 December 2014. YBhg Datuk Nasarudin Md Idris had served MISC as Non-Independent Non-Executive Director from 2004 to June 2010, and subsequently as President and CEO, and Non-Independent Executive Director of MISC since June 2010. YBhg Datuk Nasarudin will continue to remain on the MISC Board as a Non-Independent Non-Executive Director effective from 1 January 2015. Mr Yee Yang Chien was appointed as Chief Operating Officer of MISC on 1 July 2013 and also held the position of Vice President, Corporate Planning and Development of MISC since 1 April 2008. With his appointment as President and Chief Executive Officer, Mr Yee Yang Chien will also be appointed as the Non-Independent Executive Director of MISC effective from 1 January 2015.    Mr Yee Yang Chien holds a double-degree in Financial Accounting/Management and Economics from University of Sheffield, United Kingdom. He began his working career as an auditor, undertaking both external and internal audit assignments. From these formative years as an auditor, Mr Yee Yang Chien progressed on to equity research and investment banking work with various local and international financial institutions over a span of 10 years. Mr Yee Yang Chien first joined MISC in 2001 as Senior Manager of Research and Evaluation of the Corporate Planning and Development Unit. During this period, he led the execution team that acquired MISC’s petroleum tanker subsidiary, the AET Group, which propelled MISC into a global petroleum tanker owner and operator. He subsequently joined AET as Group Vice President of Corporate Planning in June 2005. At AET, Mr Yee Yang Chien oversaw the strategic planning activities of the company and was also responsible for the expansion and development of the operating fleet of the company. Mr Yee Yang Chien returned to MISC in April 2008 as the Vice President of Corporate Planning and Development, focusing on strategic planning and budget development for the Group.  He also led various mergers and acquisitions, business and asset rationalisation as well as risk management activities of the Group. This included the investment of MISC’s investment into VTTI, a global tank terminal company, and the exit from the liner business in 2010. In his role as the Chief Operating Officer of MISC since July 2013, he was also given oversight over the Group Finance and Human Resource functions as well as the Chemical Tanker Business unit. Mr Yee Yang Chien sits on the Board of Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), MISC’s listed heavy engineering and fabrication subsidiary as well as several subsidiaries and joint venture companies such as AET and VTTI. This announcement is dated 12 December 2014.

icy97

Type	Announcement
Subject	OTHERS
Description	MISC BERHAD CHANGE OF CHAIRMAN
MISC Berhad (“MISC”) wishes to announce the appointment of YBhg Dato’ Ab. Halim bin Mohyiddin as Independent Non-Executive Director and the new Chairman of MISC with effect from 15 January 2015  in place of YBhg. Datuk Manharlal Ratilal.   YBhg Datuk Manharlal Ratilal will remain on the Board of MISC as Non-Independent Non-Executive Director. YBhg Dato’ Ab.  Halim joined KPMG/KPMG Desa Megat & Co in 1977. He had his early accounting training both in Malaysia and the United States of America. He held various positions in KPMG and acted as receiver and manager and liquidator for several companies.  He was made Partner of KPMG in 1985. At the time of his retirement on 1 October 2001, he was the Partner in Charge of the Assurance and Financial Advisory Services Divisions and was also responsible for the Secured e-Commerce Practice of the firm. YBhg Dato’ Ab.  Halim holds a Masters in Business Administration from University of Alberta, Canada and a Bachelor of Economics (Accounting) from University of Malaya, Malaysia. He is also holder of a Diploma in Accountancy (Post-Graduate) from University of Malaya, Malaysia. He is a member of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants (MICPA), wherein Dato’ Ab. Halim is a Council member and Chairman of the Education Committee of MICPA.   This announcement is dated12 December 2014.

icy97

天然氣船運供過於求‧國際船務長期租約抗跌

2014-12-23 16:47
（吉隆坡23日訊）受到液化天然氣（LNG）運輸船市場供過於求現象拖累，該市場的租船費率預計將在來臨持續受壓，惟國際船務（MISC,3816,主板貿服組）有望憑藉所持有的長期租約而取得穩定的盈利。

根據德國赫伯羅特輪船公司（Lloyd）的數據顯示，全球在2014年預期交付的液化天然氣運輸船中，有近40%並無任何租約。與此同時，在2014年至2019年間全球還即將交付超過190艘的液化天然氣運輸船。

從上述情況來看，艾芬黃氏研究預測液化天然氣現貨價格以及定期租船費率將會持續承受壓力。

值得注意的是，國際船務在2015年將會有兩艘液化天然氣運輸船的租約到期，據知該集團目前仍在為新的合約進行協商工作。

定期租船費率下挫約28%

在過去一年來，液化天然氣運輸船的定期租船費率（3年租約）按年下挫了約28%至每日5萬7千500美元的平均水平。艾芬黃氏估計租船費率將會持續當前的跌勢，意味著國際船務所取得的新租約將缺乏吸引力。

無論如何，國際船務手中的液化天然氣運輸船長期租約共貢獻該集團營業額約30%及淨利約85%，艾芬黃氏因而看好其盈利表現還是會繼續受到穩定的扶持。

另一方面，石油油輪的租船費率則倍受看好可進一步復甦，主要受到來自亞洲煉油商的穩健需求，尤其是中國方面因原油價格暴跌而持續趁機囤貨。在油價當前的低迷走勢下，艾芬黃氏預測石油油輪的租船費率可在2015年繼續取得改善。

至於化學品運輸船的租船費率，復甦步伐則相對緩慢。化學品運輸船業務在本財政年首9個月共貢獻國際船務約7%的營業額，惟依然處於虧損水平。

國際船務煤倉成本減10%

此外，受益於油價的下跌，國際船務的煤倉（Bunker）成本成功在2014下半財政年按年減跌10%至每公噸平均540美元的價位。煤倉成本共佔據國際船務的整體船運成本約20%。

艾芬黃氏預測油價來臨將會回穩，故以每公噸600至620美元的成本預測來計算國際船務的財測，因此來臨若油價進一步下跌將對該集團的2014至2016財政年淨利預測帶來潛在的上漲空間，風險則是油價突然急速飆升抬高其煤倉成本。

綜合上述所有因素，艾芬黃氏對國際船務維持中和的態度，因相信大部份的正面因素已反映在該股的股價上。國際船務股價年迄今上漲了29%，歸功於良好的業績表現以及持續脫售非核心業務的努力。

國際船務在今年內完成了以2億5千萬令吉脫售國際船務綜合物流私人有限公司全數股權，以及以2億2千200萬令吉脫售NCB控股15.7%股權兩項撤資交易，有助於加強該集團的財務狀況並專注於核心業務的發展。

在完成各項非核心業務的撤資後，艾芬黃氏也不排除國際船務會向股東派發額外的特別股息。

艾芬黃氏維持對國際船務“持有”的評級，同時保持7令吉40仙的目標價不變。（星洲日報／財經‧報道：孔令堯）


今年已涨30% 马国际船务股价近触顶
财经新闻 财经  2014-12-24 02:20
http://www.nanyang.com/node/670822?tid=462

icy97

Date of change	01/01/2015
Name	Datuk Nasarudin bin Md Idris
Age	59
Nationality	Malaysian
Type of change	Redesignation
Previous Position	President & Chief Exec. Officer
New Position	Director
Directorate	Non Independent & Non Executive
Qualifications	1. Bachelor of Arts (Honours) Degree from University of Malaya 2. Masters Degree in Business Administration from Henley – The Management College, United Kingdom 3. Stanford Executive Programme at Stanford University, United States of America 4. Postgraduate Diploma in Petroleum Economics from College of Petroleum Studies, United Kingdom
Working experience and occupation	Datuk Nasarudin was appointed as Non-Independent Non-Executive Director of MISC Berhad on 11 October 2004 before assuming the position of President/Chief Executive Officer on 15 June 2010. Datuk Nasarudin joined Petroliam Nasional Berhad (“PETRONAS”) in 1978 and had held various positions within PETRONAS Group including as Vice President, Corporate Planning and Development; Group Chief Executive Officer of KLCC Holdings Berhad; Senior General Manager, Corporate Planning and Development Division; Executive Assistant to the President; General Manager, Marketing of PETRONAS Dagangan Berhad; General Manager, Corporate Development; and General Manager, Group Strategic Planning.
Directorship of public companies (if any)	1. Malaysia Marine and Heavy Engineering Holdings Berhad 2. Bintulu Port Holdings Berhad
Family relationship with any director and/or major shareholder of the listed issuer	Nil
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	10,000 ordinary shares in Malaysia Marine and Heavy Engineering Holdings Berhad

Date of change	01/01/2015
Name	Yee Yang Chien
Age	46
Nationality	Malaysian
Type of change	Appointment
Designation	President & Chief Exec. Officer
Directorate	Executive
Qualifications	Double-degree in Financial Accounting / Management and Economics from University of Sheffield, United Kingdom
Working experience and occupation	Mr. Yee Yang Chien began his working career as an auditor, undertaking both external and internal audit assignments, and progressed on to equity research and investment banking work with various local and international financial institutions. Mr Yee Yang Chien first joined MISC in 2001 as Senior Manager of Research and Evaluation of the Corporate Planning and Development Unit. He subsequently joined AET as Group Vice President of Corporate Planning in June 2005. Mr Yee Yang Chien returned to MISC in April 2008 as the Vice President of Corporate Planning and Development, focusing on strategic planning and budget development for the Group. He was appointed as the Chief Operating Officer of MISC July 2013 where he was also given oversight over the Group Finance and Human Resource functions as well as the Chemical Tanker Business unit.
Directorship of public companies (if any)	Malaysia Marine and Heavy Engineering Holdings Berhad

icy97

Date of change	15/01/2015
Name	Datuk Manharlal Ratilal
Age	55
Nationality	Malaysian
Type of change	Redesignation
Previous Position	Chairman & Director
New Position	Director
Directorate	Non Independent & Non Executive
Qualifications	• Bachelor of Arts (Honours) Degree in Accountancy from City of Birmingham Polytechnic, United Kingdom • Masters in Business Administration from University of Aston in Birmingham, United Kingdom
Working experience and occupation	Datuk Manharlal Ratilal joined Petroliam Nasional Berhad (“PETRONAS”) in 2003. Prior to joining PETRONAS, Datuk Manharlal Ratilal was attached with a local investment bank for 18 years, concentrating on corporate finance where he was involved in advisory work in mergers and acquisitions, equity and debt capital markets. From 1997 to 2002, he served as the Managing Director of the investment bank. Datuk Manharlal Ratilal is the Executive Vice President and Group Chief Financial Officer of PETRONAS and a member of its Executive Committee and Management Committee.
Directorship of public companies (if any)	1. PETRONAS Gas Berhad 2. KLCC Property Holdings Berhad 3. Cagamas Holdings Berhad

icy97

Date of change	15/01/2015
Name	Dato’ Ab. Halim bin Mohyiddin
Age	68
Nationality	Malaysian
Type of change	Appointment
Designation	Chairman
Directorate	Independent & Non Executive
Qualifications	• Master in Business Administration, University of Alberta, Canada • Bachelor of Economics (Accounting), University of Malaya • Diploma in Accountancy (Post-Graduate), University of Malaya • Member of Malaysian Institute of Certified Public Accountants • Member of Malaysian Institute of Accountants
Working experience and occupation	YBhg Dato’ Ab. Halim joined KPMG/KPMG Desa Megat & Co in 1977. He had his early accounting training both in Malaysia and the United States of America. He held various positions in KPMG and acted as receiver/manager and liquidator for several companies. He was made Partner of KPMG in 1985. At the time of his retirement on 1 October 2001, he was the Partner in Charge of the Assurance and Financial Advisory Services Divisions and was also responsible for the Secured e-Commerce Practice of the firm.
Directorship of public companies (if any)	1. PETRONAS Gas Berhad 2. Amway (Malaysia) Holdings Berhad 3. KNM Group Berhad 4. Digi.com Berhad
Family relationship with any director and/or major shareholder of the listed issuer	Nil
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	5,000 ordinary shares in Malaysia Marine and Heavy Engineering Holdings Berhad

icy97

icy97 发表于 22-3-2014 02:36 AM
马国际船务 2.5亿售物流单位

二零一四年三月二十二日 凌晨十二时十二分

马国际船务卖子公司告吹

财经新闻 财经  2015-01-16 09:54
（吉隆坡15日讯）马国际船务（MISC，3816，主板贸服股）终止价值2.5亿令吉的子公司MISC综合物流脱售案，因买家UTUSAN PRINTCORP私人有限公司无法履行买卖合约条件。

该公司向马交所报备，UTUSAN PRINTCORP无法履行双方在去年3月签下的买卖合约，脱售子公司交易因此不成行。

马国际船务于去年3月，与UTUSAN PRINTCORP的特别用途子公司GOLDENAGE物流签署买卖协议。

MISC综合物流是一家提供工程物流和供应链管理的公司，业务包括货运管理、代理、运输、干冷仓库等。【南洋网财经】

Type	Announcement
Subject	OTHERS
Description	MISC BERHAD (“MISC” OR “COMPANY”) PROPOSED DISPOSAL BY MISC OF THE ENTIRE EQUITY INTEREST IN MISC INTEGRATED LOGISTICS SDN. BHD. (“MILS”), A WHOLLY-OWNED SUBSIDIARY OF MISC, TO GOLDEN AGE LOGISTICS SDN BHD (“GAL”), A WHOLLY-OWNED SUBSIDIARY OF UTUSAN PRINTCORP SDN. BHD. (“UPSB”) FOR A CASH CONSIDERATION OF RM250.0 MILLION (“PROPOSED DISPOSAL”)
We refer to the announcement dated 21 March 2014 in relation to the Proposed Disposal. MISC wishes to announce that the Proposed Disposal has been terminated with effect from 15 January 2015, as GAL was not able to fulfill its obligations for completion as stipulated in the Agreement for Sale and Purchase of Shares dated 21 March 2014 between MISC and GAL. Accordingly, MILS will remain as a wholly-owned subsidiary of MISC going forward. This announcement is dated 15 January 2015.

icy97

物流业务交易告吹　MISC衝击不大

财经  2015年01月16日
（吉隆坡16日讯）MISC公司（MISC，3816，主板贸服股）周四宣布脱售物流子公司的交易告吹，不过，分析员普遍认为，此项进展不会对MISC公司带来显著的影响，因为该物流子公司占公司整体营业额和税前盈利贡献不到5%。因此，分析员维持MISC公司的投资评级和目標价格。

无论如何，交易告吹的消息拖累MISC公司在周五的股价表现，该股在闭市报7.57令吉，跌13仙或1.69%，是全场第5大下跌股。盘中交易，该股一度挫跌28仙或3.64%，至7.42令吉全天最低水平。

MISC公司周四发文告宣布，由于买方--GoldenAge物流私人有限公司未能在期限內履行协议的条件，所以MISC公司中止综合物流私人有限公司（MILS）的脱售计划。

MISC公司于去年3月21日，宣布以2.5亿令吉脱售MILS给UTUSAN PRINTCORP私人有限公司，后者是Golden Age物流私人有限公司旗下的特別用途子公司。

无论如何，分析员皆认为，此脱售计划告吹对MISC公司的影响並不显著，主要是该物流业务对MISC公司的整体营业额和税前盈利贡献微不足道。

截至去年9月30日，MILS首9个月营业额和税前盈利，分別为8500万美元和70万美元，仅占MISC公司整体营业额和税前盈利的4%和低于1%。

虽然此次脱售宣告失败，但分析员皆认为，MISC公司將继续寻求脱售MILS，以便专注其核心业务。

肯纳格投行分析员表示，MISC公司早前因为要专注其核心业务，而想尽方法脱售物流业务，对於此计划失败，他感到意外。不过，他相信MISC公司將继续为其物流业务寻找潜在买家。

展望未来，该分析员表示，虽然石油货船业务（Petroleum tanker）將受惠于目前的低油价，但预计该业务在2015財政年的盈利成长將持平，因为船费率仍低于每日2万至2万2000美元的无盈亏水平。

另外，分析员也估计该公司的化学液货船（chemical tanker）的復甦力也將持平，主要是因为跨东大西洋航（eastbound Transatlantic）贸易仍然缓慢。

另外，基於MISC公司的液化天然气船设备陈旧，因此获得的新合约收入將减少。

另外，日本有意重新启动国內的核能发电从而减低对液化天然气的依赖。

综合上述2项因素，分析员认为，MISC公司的液化天然气船业务的盈利將削弱。

鉴于以上种种负面因素，肯纳格投行分析员维持MISC公司「落后大市」投资评级和7.49令吉目標价。

然而，马银行金英投行分析员却维持MISC公司「买进」投资评级，目標价为8令吉，因为预期该公司暂订在2月5日公布的去年末季业绩表现將超越预测，这是基于石油货船的费率按季显著上涨。【东方网财经】


終止脫售MILS‧國際船務影響微
2015-01-16 18:26      
http://biz.sinchew.com.my/node/108965?tid=18

icy97

售NCB持股進賬2.22億‧國際船務有望派特別息

2015-01-28 17:47      
（吉隆坡28日訊）國際船務（MISC,3816,主板貿服組）料在2015年2月6日宣佈2014年財政年第四季業績，預料季度淨利介於4億5千萬令吉至5億令吉之間。

第四季淨利料高達5億

同時，國際船務將N C B控股15.7%股權，脫售給M M C機構（MMCCORP,2194,主板貿服組）計劃已進入尾聲，市場預料取得的現金2億2千200萬令吉，將充當特別股息（最高每股5仙）派發給股東。

達證券指出，國際船務旗下兩項船運業務的表現料有很大差距，液化天然氣船運業務經歷出租率萎縮，反觀石油船運業務出租率則复甦，盈利表現良好。

國際船務首次中期股息為每股4仙，預料終期股息為每股2仙，加上述預測的特別股息，2014年全年每股股息可達11仙，或周息率為1.4%。

該公司可能派發特別股息，也是配合首相日前宣佈，即政府相關公司將派發更多股息，以資助2015年的財政預算案。

根據國際船務提供的資料顯示，2014年第四季的3年時間出租率保持低迷，第四季的平均船運出租率按年重挫26.4%至每天6萬1千511美元水平，及2014年的平均出租率則按年下跌21.7%，至每天6萬4千576美元。

長期而言，日本重啟核電工廠的威脅，以及中國與俄羅斯簽署天然氣輸送管交易等，料將擠壓未來船隻的時間出租率。

至於石油船運業務，2014年第四季的時間出租率持續復甦，超大型油船、蘇伊士油輪、及阿芙拉型油輪的出租率增長42%至75%之間，2014年全年的平均出租率則增長23.7%至28.4%之間。

原油價走低
有利船運業

隨著國際原油價格走低，市場活動增長料對船運業有利；預期目前低迷原油價格料持續至2015年首半年，使石油船隻的時間出租率將走高。

達證券對2015年的馬幣兌美元匯率假設，則調整至3.50令吉水平。

使該公司2015至2016年淨利預測上調1%至6%。

國際船務的目標價上調至8令吉36仙，但仍擔心的液化天然氣船運業務。隨著該公司股價最近揚升，以及潛在特別股息也已反映，達證券維持“賣出”評級。（星洲日報／財經‧報道：李文龍）

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MISC末季净利下滑11.4%

财经  2015年02月06日
（吉隆坡6日讯）MISC公司（MISC，3816，主板贸服股）2014財政年末季（截至去年12月31日止）净利按年下滑11.4%，至9亿5903万令吉，前年同期为10亿8298万令吉；营业额则按年增长6.7%，至22亿8679万令吉，前年同期为21亿4204万令吉。

MISC公司今天公佈向好的去年末季和全年业绩。就2014財政年全年而言，该公司的净利按年上升5.7%，至22亿零431令吉，前年同期为20亿8537万令吉；营业额则按年微扬3.6%，至92亿9625万令吉，前年同期为89亿7239万令吉。

按每股计算，MISC公司的全年净利是49.40仙。董事局建议派发第2次中期股息每股6仙，除权日是今年2月24日。

MISC公司在文告中表示，去年末季的营业额和净利增长主要来自石油部门的油船租金提高，以及出租一艘名为Cendor的浮式生產储油船（FPSO）。不过，化学部门因有工作合约的油船减少而导致营业额下跌。

同时，该公司补充，「基于同样的原因，我们的全年营运盈利因此从2013年的15.48亿令吉，增加18.9%，至18.42亿令吉。」

展望將来，MISC公司指出，2015財政年的业绩表现將由液化天然气（LNG）船运部门和岸外部门的长期合约支撑。虽然国际油价在过去几个月大幅下跌，但石油部门依然保持成长动力。至於化学品船运部门的今年市况，料和去年相去不远。

此外，MISC公司也说，油气服务领域將迎来充满挑战的一年，尤其是组装和兴建领域，因大部份油气公司在低油价环境下削减资本和营运开销。

MISC公司股价今天在大部份时间呈涨，盘中最高为7.81令吉，终场以7.74令吉掛收，全天上涨4仙或0.52%，成交量达429万9700股。【东方网财经】

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2014	31/12/2013	31/12/2014	31/12/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	2,286,791	2,142,049	9,296,254	8,972,390
2	Profit/(loss) before tax	1,027,397	1,090,327	2,410,348	2,231,510
3	Profit/(loss) for the period	991,609	1,127,566	2,320,037	2,229,528
4	Profit/(loss) attributable to ordinary equity holders of the parent	959,034	1,082,980	2,204,310	2,085,375
5	Basic earnings/(loss) per share (Subunit)	21.50	24.30	49.40	46.70
6	Proposed/Declared dividend per share (Subunit)	6.00	5.00	10.00	5.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	6.2200		5.5400

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EX-date	24/02/2015
Entitlement date	26/02/2015
Entitlement time	04:00:00 PM
Entitlement subject	Second interim dividend
Entitlement description	Second interim tax exempt of 6 sen per ordinary share
Period of interest payment	to
Financial Year End	31/12/2014
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Symphony Share Registrars Sdn. Bhd. Level 6, Symphony House Pusat Dagangan Dana 1 Jalan PJU 1A/46 47301 Petaling Jaya Selangor Darul Ehsan Tel. No: 03-7841 8000
Payment date	11/03/2015
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	26/02/2015
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.06