【WASCO 5142 交流专区】 （前名 WASEONG ）

icy97

华商控股联营公司 获2.96亿涂层合约

财经新闻 财经  2016-03-24 10:56
（吉隆坡23日讯）华商控股（WASEONG，5142，主板工业产品股）联营公司Bayou Wasco Insulation，获颁一项分包合约，总值约7400万美元（约2亿9572万令吉）。

根据文告，合约内容是为墨西哥湾的深水和岸外绝缘项目，提供绝缘涂层保护。

Bayou Wasco Insulation是华商控股子公司英国Wasco Coatings，与Aegion企业的联营公司。其中，英国Wasco Coatings持有49%股权。

华商控股表示，这些分包合约主要是为海底管道提供绝缘涂层保护，与公司的核心业务相符。【南洋网财经】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")- AWARD OF SUB-CONTRACT FOR THE PROVISION OF INSULATION COATING PROTECTION FOR DEEP WATER, OFFSHORE INSULATION PROJECT IN THE GULF OF MEXICO
The Board of Directors of WSC is pleased to announce that its joint venture pipe coating business unit namely, Bayou Wasco Insulation, LLC (“Bayou Wasco”) has been awarded a sub-contract valued at approximately USD74.0 million for the provision of insulation coating protection for deep water, offshore insulation project in the Gulf of Mexico. Bayou Wasco is a joint venture between Wasco Coatings UK Ltd. (“Wasco UK”), the Company’s indirect wholly-owned subsidiary and a subsidiary of Aegion Corporation (“Aegion”). Wasco UK holds 49% equity interest in Bayou Wasco. The sub-contract work involves the provision of insulation coating protection for the deepwater portion of a undersea pipeline which is the core business of the WSC Group. The risks are the normal operational risks associated with provision of pipe coating and insulation services. The sub-contract work is expected to contribute positively to the earnings of WSC Group. The sub-contract work is project specific and is not renewable. None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the sub-contract. This announcement is dated 23 March 2016.

icy97

墨湾订单提振收入　华商再获新合约不易

财经  2016年03月24日
（吉隆坡24日讯）华商控股（WaSeong，5142，主板贸服股）週三宣布获得总值7400万美元（约2亿9600万令吉）的涂管合约，让市场稍微宽心，虽然如此，由于油气领域仍疲弱，分析员对该公司进一步获取新合约的前景感到忧心。

大眾投行分析员指出，这项通过联营公司Bayou Wasco Insulation，获得的合约预期在2016財政年第3季启动，为墨西哥湾的岸外隔离项目，提供深海油管的隔离保护涂层。

分析员表示，对该公司获得新订单感到欣慰，而墨西哥湾更是该公司2013年才开始逐步渗透的新市场。

丰隆投行分析员则指出，这项新合约將提高华商控股的油气订单，从8亿9400万令吉至10亿令吉，並將在第3季开始看到盈利贡献。他相信，这是华商自2015年Statoil的大型合约完成之后，另一项可以支撑其油气收入的大型合约。这项合约预期將支撑其未来1年的油气收入，降低油气领域放缓对公司盈利的衝击。

虽然如此，分析员普遍关注该公司或许不容易继续获得新订单。大眾投行分析员也关注该公司完成订单的速度快，若在油价低迷的市况下，公司无法持续並及时获得新合约，营业额將会面临缩减。

华商截至2015財政年末季的订单为8亿9400万令吉，比去年9月的9亿7400万令吉有所减少。这些合约当中有54%来自油气领域，29%为再生能源合约，其余17%则是工业及贸易服务相关合约。

根据大眾投行，华商目前正在竞標67亿令吉的合约，包括57亿令吉的油气项目。由於这些合约颁发的时间还无法確定，因此，分析员认为，公司今年的表现相信仍难有明显的好转。

丰隆投行分析员同样表示，在低油价环境下，业者降低开採开支，因此，华商在获得新订单方面，將有一定难度，此外，油管涂层业务赚幅相信也缩减。

MIDF研究將该公司可获得的新订单预测，从原本17亿令吉，减少至15亿令吉，同时也將2016財政年的盈利预测下修5.4%。

基於此，分析员相信，该公司的股价上涨空间有限，並下调该公司的目標价至80仙，但维持「中和」的投资评级。

目標价维持

大眾投行也维持华商「中和」的投资评级，目標价为90仙。虽然如此，分析员相信，该公司有很好的执行能力，因此，一旦市场活动重新好转，將有更好的机会获得新合约。

至於该公司的种植业务，丰隆投行分析员认为，由於新树需要时间成长，这项业务在2018年之前相信將继续蒙亏，在这过度期间，种植业务只会继续拖累公司的表现。分析员维持该股「守住」的评级，和79仙的目標价。【东方网财经】


华商控股 新合约料净赚1480万
财经 行家论股  2016-03-25 13:22
http://www.nanyang.com/node/754173?tid=462

icy97

华商控股联营建材贸易

财经新闻 财经  2016-04-05 10:09
（吉隆坡4日讯）华商控股（WASEONG，5142，主板工业产品股）独资子公司Syn Tai Hung贸易有限公司，和Sabaconcrete（简称SC公司）有限公司展开联营计划，从事建筑材料相关的贸易。

根据日前的文告，联营公司名为Syn Tai Hung婆罗有限公司，缴足资本为100万令吉。

该联营公司将会从事建筑材料、建筑领域设备，以及机械的贸易。

SC公司是位于沙巴的建筑领域公司，从事预拌混凝土的供应和运输业务。

华商控股和SC公司在联营公司中，分别持有70%和30%股权，并且也会分别委任3名和2名的董事代表。【南洋网财经】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY")- JOINT VENTURE AGREEMENT BETWEEN SYN TAI HUNG TRADING SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF WAH SEONG CORPORATION BERHAD AND SABACONCRETE SDN BHD
Please refer to the attachment for details of announcement.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5046441

Attachments WSC - Ann - JVA between STHT and Sabaconcrete Sdn Bhd.pdf

icy97

乐观看待未来成长 华商机构做足准备

经济新闻
20/05/201619:15
（槟城20日讯）虽然于2015年面对挑战，华商机构有限公司（WASEONG，5142，工业产品组）已为未来成长作好准备。

该公司将以过去成长记录的优势及伙伴合作的策略，用于开拓新市场。截至2015年12月31日的财政年，集团的收入为18亿4000万令吉，相比前个财政年的24亿4000万令吉，减少大约25%。

在全球石油和天然气资本开销继续下降的情况下，该公司截至2015年12月31日的净亏损为1187万令吉，而该公司于前一个财政年却获得高达1亿4711万令吉的净盈利；不包括相关一次性的项目，该公司获得1347万令吉的净盈利。

在有关年度中，该公司石油和天然气业务进展放缓，收入为8亿8122万令吉，税前盈利为5735万令吉，相比于前一个财政年的表现，分别锐减36%及70%，而这充满挑战的趋势预料将于2016年延续下去，不过该公司在获得国外2项总值7400万美元的工程项目之后，对于长期的成长仍保持乐观。

该公司董事经理兼集团首席执行员曾钊联透露，尽管油价逐渐降低的情况导致业务放缓，但该公司仍具备信心能够作好准备，以面对“新的现实”。

他强调，该公司在过去已通过推行合作与策略性伙伴计划，不断为全球拓展业务打下基础，而于今日，这些努力已取得成果，所以该公司已作好准备，以便利于拓展业务。

他说，在相关财政年中，特别是再生能源业务，加工装备较高的销售额将有助于公司在这方面的业务，并在未来带来更多的盈利。【光华日报财经】

icy97

华商Sabaconcrete设联营
2016年6月7日

（吉隆坡6日讯）华商控股（WASEONG，5142，主板工业产品股）宣布，在上月成立联营公司Syn Tai Hung婆罗有限公司（STH Borneo）。

根据文告，STH Borneo将从事建筑材料、建筑领域设备，以及机械贸易。

华商控股间接独资子公司Syn Tai Hung贸易有限公司，今年3月和Sabaconcrete有限公司（SCSB）缔结联营，成立上述联营公司。

华商控股和SCSB在联营公司中，分别持有70%和30%股权。【e南洋】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY")- JOINT VENTURE AGREEMENT BETWEEN SYN TAI HUNG TRADING SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF WAH SEONG CORPORATION BERHAD AND SABACONCRETE SDN BHD
The Board of Directors of Wah Seong Corporation Berhad (“WSC” or “Company”) wishes to announce that a new joint venture company, by the name of Syn Tai Hung Borneo Sdn Bhd (“STH Borneo”) has been incorporated in Malaysia on 27 May 2016 following the announcement dated 31 March 2016 pursuant to the Joint Venture Agreement (“JVA”) entered into between Syn Tai Hung Trading Sdn Bhd (“STHT”), an indirect wholly-owned subsidiary of WSC and Sabaconcrete Sdn Bhd (“SCSB”). The intended business of STH Borneo is to carry out the trading of building materials, industrial equipment and machinery. STH Borneo has an authorised share capital of RM1,000,000.00 only divided into 1,000,000 ordinary shares of RM1.00 each. The issued and paid-up capital of STH Borneo is RM100.00 only divided into 100 ordinary shares of RM1.00 each and held in the proportions of 70% and 30% by STHT and SCSB respectively in accordance with the terms of JVA. None of the Directors, major shareholders and persons connected with the Directors and major shareholders of WSC has any interest, whether direct or indirect, in the above new incorporation. This announcement is dated 30 May 2016.

icy97

油氣業務轉虧‧華商首季淨利跌91%

2016-05-31 09:11      
（吉隆坡30日訊）油氣業務由盈轉虧，使華商機構（WASEONG，5142，主板工業產品組）截至2016年3月31日為止，第一季淨利大跌91.07%至235萬9千令吉。

第一季營業額為3億4千零87萬8千令吉，下跌34.80%。

該公司在報告中指出，旗下油氣業務蒙受稅前虧損620萬令吉（之前盈利為2千500萬令吉），主要是大型油商延遲資本開銷，使工程合約及營收減少而轉盈為虧。

工業貿易及服務業務稅前盈利下跌至290萬令吉，前期為460萬令吉。

目前，該公司手握訂單達7億1千500萬令吉，包括油氣業務佔3億7千萬令吉、再生能源業務則佔2億2千500萬令吉、及工業貿易及服務領域則佔1億2千萬令吉。（星洲日報／財經）

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2016	31 Mar 2015	31 Mar 2016	31 Mar 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	340,878	522,844	340,878	522,844
2	Profit/(loss) before tax	2,354	22,151	2,354	22,151
3	Profit/(loss) for the period	-2,187	10,024	-2,187	10,024
4	Profit/(loss) attributable to ordinary equity holders of the parent	2,359	26,418	2,359	26,418
5	Basic earnings/(loss) per share (Subunit)	0.31	3.41	0.31	3.41
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	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 ($$)	1.4000		1.4500

Remarks :

The net assets per share attributable to ordinary equity holders of the parent (Ringgit Malaysia) as at preceding financial year ended 31 December 2015 was based on the audited financial statements.

icy97

訂單減少‧業績遜色‧華商兩年財測大砍

2016-05-31 17:01      
（吉隆坡31日訊）華商機構（WASEONG，5142，主板工業產品組）首季業績遜色，分析員多大砍盈利預測。

再跌4.5仙

雖然過去一年華商機構股價暴跌42%，但分析員對於該股能否谷底回彈仍抱有疑慮，拖累該股今日再跌4.5仙，收64仙。

該公司首季營業額減少35%至3億4千零87萬8千令吉，並從前期的核心淨利2千700萬令吉轉為核心淨虧200萬令吉。

馬銀行研究認為，訂單減少、賺幅縮減和增資風險是主要顧慮，決定分別下修2016和2017財政年盈利預測133%和78%，並將目標價從56仙削至13仙。

豐隆研究考量油氣業務賺幅縮減和聯營業務虧損等條件後，將2016和2017財政年核心淨利預測調低88.2%和61.8%，目標價也因調整基礎年份至2017年而由79仙降至49仙，評級則下修至“賣出”。

競標50億合約

大眾研究指出，華商機構業績疲弱主要是受到油氣市場拖累，目前該公司仍掌握7億1千500萬令吉訂單，也競標50億令吉合約，而當中高達40億令吉是油氣合約，相信可以捎來好消息。

大眾研究認為，該股目前以2017財政年的5.8倍本益比交易，估值不高，下跌風險也有限，決定調高評級至“超越大市”。



（星洲日報／財經‧報導：王寶欽）

icy97

关税局完成审计和调查
华商子公司没违规

2016年6月29日
（吉隆坡28日讯）华商控股（WASEONG，5142，主板工业产品股）表示，大马关税局与其他政府单位进行的审计和调查显示，子公司PPI工业并没有违反任何法律，也不会面对罚款或任何行动。

今日，华商控股向马交所报备，该项审计和调查已完成，并指PPI工业没有违反任何法律，所以有关事情已经圆满结束。

此外，之前为了让关税局进行审计和调查，PPI工业暂时冻结的的银行户头和资产，在接获一项撤销令后，现在已无条件解冻。

PPI工业的业务如常运作，且回到正常。

董事部说，该项审计和调查，不会对PPI工业或华商控股的财务和营运带来任何影响。【e南洋】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")ARTICLE ENTITLED MISIF LODGES COMPLAINT WITH MOF
The Board of Directors of WSC wishes to announce that following the announcement dated 29 February 2016 pursuant to the audit and investigation conducted by the Royal Malaysian Customs Department (“RMCD”) together with other governmental bodies on PPI Industries Sdn Bhd (“PPI”), an indirect wholly-owned subsidiary of the Company, the investigation is now completed whereby PPI did not breach any laws or regulations. Hence, there were no penalties imposed and no action being taken against PPI. The matter is duly resolved and closed. The bank accounts and assets of PPI which had been temporarily frozen to facilitate RMCD’s audit and investigation had been unconditionally released pursuant to a revocation order dated 10 June 2016 and a letter dated 13 June 2016 issued by RMDC which was received on 27 June 2016. PPI’s business operation is on-going as usual and resumed to normal. The audit and investigation by RMCD do not have any implication on the financial and operation of PPI or on the WSC Group. This announcement is dated 28 June 2016.

icy97

华商代理联塑产品

2016年6月30日
（吉隆坡29日讯）华商控股（WASEONG，5142，主板工业产品股）子公司与中国商家合作，分销聚丙烯（PPR）管材和管件，提升产品与服务供应。

根据文告，华商控股旗下Spirolite（马）私人有限公司，与中国联塑集团有限公司（联塑）签署新代理合约，成为联塑旗下聚丙烯产品在我国的主要代理商。

联塑是全球最大的多元管材制造商，Spirolite则是高密度聚乙烯管的主要供应商。

华商控股基建材料与服务部总执行长吴永辉表示，“联塑的产品在国际市场有极高知名度，成为该集团在我国的主要代理，不但可提高产品供应，也可推高客户的需求量。”

此外，华商控股旗下另一家独资子公司Syn Tai Hung贸易有限公司，近日也受委为分销惠达（HUIDA）卫浴产品的首要合作伙伴。

“Syn Tai Hung贸易在国内拥有广泛的销售网络，这项合作关系可为双方缔造双赢。”

吴永辉指出，与中国著名品牌合作，可让该公司为国内大型发展项目如大马城和森林城市提供产品销售时，占据优势。【e南洋】

icy97

华商获俄德天然气管道项目

2016年7月12日
（吉隆坡11日讯）华商控股（WASEONG，5142，主板工业产品股）宣布，获得Nord Stream 2公司挑选为混凝土配重涂层及管道储藏服务的供应商。

根据文告，华商控股子公司荷兰Wasco Coatings Europe B.V.，是该合约的供应商。除了提供混凝土配重涂层服务，华商也会提供20万个管道（约2400公里）。

现时，双方正在进行最后协商，并预计会在接下来几个星期内签约，随后将宣布合约价值。

华商预计9月起开始履行合约，并于2019年第三季完工。

华商在文告中指出，由于管道涂层业务是该集团的核心业务，因此，估计该合约的风险一般。

Nord Stream 2项目，将从俄罗斯北部建立天然气输送管道至德国格赖夫斯瓦尔德海岸，全长1200公里。【e南洋】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")- TENDER AWARDED TO PROVIDE PIPE COATING AND STORING SERVICES FOR NORD STREAM 2 PROJECT
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) wishes to refer to the press release by Nord Stream 2 AG on 8th July 2016 as per copy attached, pertaining to the tender awarded by Nord Stream 2 AG to its pipe coating business unit, Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of WSC incorporated in The Netherlands for the provision of concrete weight coating and storing of more than 200,000 pipes for Nord Stream 2 Project by Nord Stream 2 AG. The contract for this award is subject to final negotiations and will be signed in the coming weeks. WSC will announce the project value once the final negotiations are completed and contract is signed. The award involves concrete weight coating and storing of approximately 2,400 km of pipes. The project is expected to commence in September 2016 and be completed by third quarter of 2019. The award is for the provision of pipe coating services which is the core business of the WSC Group and the risks are the normal operational risks associated with provision of pipe coating services. The award is expected to contribute positively to the earnings of WSC Group over the contract period. The contract will be project specific and is not renewable. None of the Directors, major shareholders of WSC and /or persons connected to them have any interest, direct or indirect, in the contract. About the Nord Stream 2 Project: Nord Stream is the direct connection between the world’s largest gas reserves in Russia and the gas transmission system of European Union (“EU”).  The new Nord Stream 2 pipeline will deliver gas from North Russia to the German coast near Greifswald.   The objective of Nord Stream 2 Project is to complement the existing gas transportation routes: the pipelines through Ukraine, the Yamal-Europe and Nord Stream 1 pipelines and the pipelines planned through the Black Sea are all complementary supply routes to the EU which serve the long-term energy security of the continent. The Nord Stream 2 pipeline involves two parallel 48 inch lines, roughly 1,200 km, each starting from south-west of St Petersburg (a Russian port city on Baltic Sea) and ending at German coast, Greifswald. This announcement is dated 9 July 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5144237

Attachments Nord Stream 2 AG - Press Release - 8 July 2016.pdf

icy97

新合约价值或逾20亿‧华商机构前景向好

（吉隆坡12日讯）华商机构（WASEONG，5142，主板工业产品组）周一宣布获得欧洲Nord Stream 2全长2400公里天然气导管涂层合约，但尚未公布合约价值细节，分析员初步估计该合约总值可能超过20亿令吉。

分析

在华商机构获得上述合约后，分析员皆认为将提高该公司未来获利能见度，纷纷上调财测。不过，在上游油气业业者大砍资本开销的情况下，分析员对上述合约的获利程度看法不一。

受此利好消息提振，华商机构周二以72仙闭市，全天上涨2仙或2.86%。

肯纳格研究将该公司2017年财测调高86%，但认为该项目的初始获利不大，维持2016年财测不变。

丰隆研究的看法则较为保守，认为上游油气业者面临寒冬，涂层合约赚幅和合约填补速度将放慢，只调高2017年财测38.9%。

另外，肯纳格研究也表示，该公司在2013年获得的挪威Polarled项目的520公里涂层合约，总值6亿1100万令吉。按此作对比，这项全长2400公里的合约预计价值为28亿令吉。

尽管如此，肯纳格认为合约的总值可能会因地形以及技术上难度，而有所不同。加上，目前油气领域面临寒冬，各大油气公司正在进行成本优化，合约规模可能会因此而缩小。

该行补充，若按照合约20亿令吉规模保守计算，该公司每年将新增6亿6670万令吉营业额，这将为第一季已经消耗7亿1500万令吉合约，再填补279%合约数目。

另外，按20%的赚幅计算，预料每年将为该公司每年带来1亿3300万毛利。

至于该公司刚果种植业务，丰隆认为在2018年之前都不会出现盈利情况，这是由于当地油棕树尚未成熟，并且面临政治风险。



文章来源：
星洲日报‧财经‧2016.07.12

icy97

华商控股再获7387万合约

2016年7月23日
（吉隆坡22日讯）华商控股（WASEONG，5142，主板工业产品股）再获总值1823万美元（约7387万令吉）合约，为Johan Sverdrup出口输油管项目（简称JoSEPP）提供输油管运输和相关服务。

根据文告，这项合约是由挪威国家石油公司（Statoil ASA）所颁发。

值得注意的是，挪威国家石油公司在去年12月4日，就已经颁发总值3950万美元（约1亿6724万令吉）的输油管涂层合约给华商控股。

如今，这项合约的内容包括，运输输油管至挪威西海岸的港口并卸载，预计会在明年次季开始，后年首季结束。【e南洋】

Type	Announcement
Subject	OTHERS
Description	AWARD OF CONTRACT TO PROVIDE PIPE SHIPPING AND RELATED SERVICES FOR JOHAN SVERDRUP EXPORT PIPELINE PROJECT ("JoSEPP")
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) is pleased to announce that further to its announcement made on 4 December 2015 in relation to the award of contract by Statoil Petroleum AS Norway to its pipe coating business unit for the total Scope of Coating Work for the Johan Sverdrup Export Pipeline Project (“JoSEPP”), its business unit has been further awarded a contract valued at approximately USD18.23 million (equivalent to RM73.87 million based on the exchange rate of USD1.00 to RM4.0525) for the provision of pipe shipping and related services for JoSEPP. The contract involves shipping of pipes to a port at west coast of Norway and subsequent offloading. The activity is expected to commence in the second quarter of 2017 and be completed by first quarter of 2018. The contract is for the provision of pipe shipping and related services which are normally within the scope of pipe coating business of the WSC Group and the risks are the normal operational risks associated with pipe coating business. The contract is expected to contribute positively to the earnings of WSC Group over the contract period. The contract is project specific and is not renewable. None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the contract. About the Johan Sverdrup Project: Johan Sverdrup Export Pipeline Project’s (JoSEPP) objective is to provide a transport solution for the oil and gas from the Johan Sverdrup field to onshore oil and gas terminals (Mongstad and Kårstø). The 36” OD oil export pipeline is approximately 283 km which will go north to Mongstad. The 18” OD gas export pipeline is approximately 156 km which will go east from the Johan Sverdrup riser platform (JSRP) to a hot tap at Statpipe (S31) rich gas pipeline at approximately 130 m water depth. This announcement is dated 22 July 2016.

icy97

获挪威国油合约贡献微‧华商财测不变

（吉隆坡25日讯）华商机构（WASEONG，5142，主板工业产品组）进一步获取挪威国家石油公司（Statoil ASA）颁发价值7390万令吉管道运输及相关服务合约，分析员认为贡献不大及在订单补充预期内，维持财测不变。

该公司是继2015年12月4日获取挪威国家石油公司颁发的管道涂层合约后，再获取上述新工程，工程料从2017年第二季开始，至2018年第一季完成。

丰隆研究以税后利润10%保守估计，此合约财务影响约740万令吉，仅有助于维持部份油气业营业额基础，虽然进一步获取合约带来正面惊喜，但已在订单补充预期内，数额不够显著，不足以进一步调高订单补充预测。

该公司目前竞标总值50亿令吉合约，大部份为油气工程，最大份竞标来自Nord Stream 2管道涂层工程。

鉴于低油价及石油勘探与生产商（E&P）削减开销，丰隆对订单补充率维持谨慎，油气管道业务利润料因顾客调整成本而走疲。

丰隆认为，联号公司包括环境海事资源（ALAM，5115，主板贸服组）联营、必达能源（PENERGY，5133，主板贸服组）及刚果种植业务将持续拖累盈利表现。

MIDF研究预计，该公司整体活动水平将在2016年杪至2017财政年进入尾声，计入新合约，目前订单企于近8亿令吉。

尽管竞标额达50亿令吉，MIDF不认为这些新合约及即将获取的合约足以带动该股重估，因该公司现有订单已在严重消耗，无法维持2015财政年之前的营业额水平。

计入即将获取的合约后，订单料增至48亿令吉，不过MIDF预计，这只带来3年营业额能见度，每年仅获得16亿营业额。

MIDF指出，Nord Stream 2管道涂层工程料从2016年9月开始，2019年第三季完成，以早前合约预测，3年合约价值约40亿令吉。

肯纳格研究说，这是该公司今年获取的第三项合约，但此合约不具惊喜元素，主要是管道运输服务为支援服务的一部份，对此合约看法正面，因这将增加即将耗尽的订单10%及显示该公司与顾客关系良好。

2016年第一季，该公司订单企于7亿1500万令吉。

肯纳格预计，管道运输的收入仅在管道涂层工作完成后，于2017年第二季作出贡献，不过管道运输利润料低于管道涂层，尤其是在目前预算紧缩期间，很有可能低至10%以下。



文章来源：
星洲日报‧财经‧报道：郭晓芳‧2016.07.25


Nord Stream 2合約帶動 華商機構盈利預測獲上修
2016年8月01日
http://www.chinapress.com.my/20160801/nord-stream-2合約帶動-華商機構盈利預測獲上修/

icy97

华商控股印尼子公司包揽哈萨克斯坦4120万美元分包合约
By Sangeetha Amarthalingam  / theedgemarkets.com   | August 4, 2016 : 5:36 PM MYT

（吉隆坡4日讯）华商控股（Wah Seong Corp Bhd）间接子公司PT Wasco Engineering Indonesia获颁一项价值4120万美元（约1亿6670万令吉）的分包合约，为哈萨克斯坦（Kazakhstan）一个项目的7个预制区域变电站（sub-station）负责设计与建设工作。

这项合约是由法国施耐德电气（Schneider Electric France SAS）颁布，华商控股将为上述项目提供工程、设计、制造和建设服务。

此项目料在2016年第三季动工，预计在2018年12月31日竣工。

这个项目的工程包括三维建模（3D modelling）、结构分析与设计、防爆墙和所有辅助系统的设计，譬如灯光、安全设备、消防和气体探测的设计。

“这也包含所有必要的制造绘图，以及在设计范围内的所有物品全面采购工作。接着，也需全面负责所有建设阶段相关的工作，包括安装和整合所有设备。”

施耐德是一家法国楠泰尔（Nanterre）的注册贸易公司，专门从事电气设备和工业自动化系统的设计、制造与销售。该集团堪称是全球电气、自动化与控制系统分销的全球领先业者。

“同时，施耐德也开发全球化产品与服务，供住宅、建筑、工业、能源与基础建设市场施工。这项分包合约预计将在合约期间，为华商控股的盈利带来进账。”

（编译：倪嫣鴽）

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")- AWARD OF SUBCONTRACT TO DESIGN AND BUILD SEVEN (7) PRE-FABRICATED AREA SUB-STATIONS FOR SCHNEIDER ELECTRIC FRANCE SAS FOR A PROJECT IN KAZAKHSTAN
The Board of Directors of WSC is pleased to announce that its indirect subsidiary, PT. Wasco Engineering Indonesia (“PTWEI”), a company incorporated in Indonesia has been awarded a subcontract by Schneider Electric France SAS, a company organized and existing under the laws of  France and registered with the French Trade Register of Nanterre under the number 421106709, valued at USD41,245,862 (equivalent to RM166.7 million based on the exchange rate of USD1.00 to RM4.0416) for the design and build up of seven (7) Pre-Fabricated Area Sub-Stations for a project in Kazakhstan. The scope of work of the subcontract involves 3D modelling, structural analysis and design, blast wall design and design of all ancillary system such as lighting, safety, fire and gas detection. It also includes the provision of all necessary manufacturing drawings and full procurement of all items within its design scope and subsequently fully responsible for all aspects of the construction phase including installation and integration of all of the free issue equipment. The activity is expected to commence in the third quarter of 2016 and be completed by 31 December 2018. The subcontract is for the provision of engineering, design, fabrication and construction services for the oil and gas industry which are within the business scope of WSC Group and the risks are the normal operational risks associated with the said business. The subcontract is expected to contribute positively to the earnings of WSC Group over the subcontract period. The subcontract is project specific and is not renewable. None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the subcontract. About Schneider Electric France SAS: Schneider Electric France SAS (“SEF”) specialises in the design, manufacturing and sale of electric equipment and industrial automation systems and is the world leader in electrical distribution and automation & control systems. SEF develops a global offer of products and services for the residential, buildings, industry, energy and infrastructure markets. This announcement is dated 4 August 2016.

icy97

华商机构拥9亿订单·新合约料源源不绝

（吉隆坡5日讯）华商机构（WASEONG,5142,主板工业产品组）获法国施耐德4120万美元（1亿6670万令吉）承包工程，促使总订单攀至9亿令吉，分析员认为20多亿令吉更大宗订单将接踵而至。

该股周五股价受激励，一度上涨2仙至最高89仙，闭市起0.5仙至87.5仙。

财测调高

肯纳格研究认为未来重估催化剂放在逾20亿令吉的第二Nord Stream计划，调高其明年财测25%至8060万令吉。

大众研究说，华商机构股价最近飙高，主要是预期第二NordStream计划潜在提供25亿至30亿令吉涂管工程，尽管此挑战环境亦需谨慎，股价仍有上涨空间。

丰隆研究指出，上述庞大计划正紧密磋商，预期未来数周可签约。

“联号公司环境海事资源（ALAM,5115,主板贸服组）与必达能源（PENERGY,5133,主板贸服组）持续拖累步伐，非洲刚果之油棕业务预期2018年盈亏持平。”

丰隆以10%税前赚益计，目前所获的在哈萨克铸造工程，2年3个月工程期内可获1670万令吉，该行和MIDF研究异口同声认为工程太小，无法催化评级重估。而且其竞标额减至50亿令吉，主要集中油气业务。



MIDF下调评级至“短线售出”（前为中和）以套利，认为未来订单将受压，恐限制股价上涨空间。

该行在细分其9亿令吉订单时说，其中6亿1000万令吉来自油气业，2亿2500万令吉来自再生能源，1亿2000万来自工业贸易与服务项目。

肯纳格说，由印尼子公司所获新订单主要涉在哈萨克设计与建造分站，工程2016年第三季至2018年末季，预计每年获低于油管涂层业务的10%赚益，2017财政年营运盈利每年达570万令吉（或占2017年的5.1%）。

文章来源：
星洲日报／财经‧报道：张启华‧2016.08.05



华商控股
新合约激励股价扬
2016年8月6日
http://www.enanyang.my/news/20160806/华商控股br-新合约激励股价扬/

icy97

华商控股将于9月30日前执行欧洲管道涂层合约
By Yimie Yong  / theedgemarkets.com   | August 11, 2016 : 4:51 PM MYT

（吉隆坡11日讯）华商控股（Wah Seong Corp Bhd）表示，将在9月30日前与一家国际财团，联手执行欧洲Nord Stream 2天然气管道项目的管道涂层合约。

该集团今日向大马交易所报备，其管道涂层业务子公司Wasco Coatings Europe B.V.昨日已和Nord Stream 2 AG财团签署一项意向书（letter of intent），在还未落实并签署正式合约之前，双方同意展开Nord Stream 2项目的启动工作。

该财团已颁布合约予华商控股的荷兰间接独资子公司Wasco Coatings Europe B.V.，后者将为此管道项目供应逾20万条混凝土加重层和储存管道。

这个管道项目将贯穿波罗地海（Baltic Sea），从俄罗斯这个全球最大的天然气储备站，再通过欧洲最快捷的途径输送天然气予用户，管道约超过1200公里。

此外，Nord Stream 2项目很大程度上，将遵照取得成功的Nord Stream管道项目的路线及设计。

华商控股指出，Wasco Coatings和Nord Stream 2 AG正在进行协商，以敲定混凝土加重层和输送工作的合约内容。

“随着这份意向书的执行，双方已同意在2016年9月30日或双方均同意延后的日期，敲定并执行一项合约。在意向书中提到的所有工作，将自动被列入合约范围内。”

华商控股指出，随着欧洲天然气产量未来20年或减半，Nord Stream 2项目的双管道将有助于应付欧洲的天然气进口需求，每年料可输送550亿立方米（cubic metres）的天然气，足以为2600万个欧洲家庭供应天然气。

该管道项目包涵盖两条48英寸的平行生产线，每条约1200公里，从波罗地海的俄罗斯港口城市--圣彼得堡（St Petersburg）的西南部开始，直至德国海岸的格赖夫斯瓦尔德（Greifswald）。

华商控股稍早在7月9日的文告中指出，一旦完成最终协商，双方也已签订合约，该集团将对外公布此管道项目的价值。

（编译：倪嫣鴽）

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")- TENDER AWARDED TO PROVIDE PIPE COATING AND STORING SERVICES FOR NORD STREAM 2 PROJECT
The Board of Directors of WSC is pleased to announce that further to its announcement made on 9 July 2016 in relation to the tender awarded by Nord Stream 2 AG to its pipe coating business unit, namely Wasco Coatings Europe B.V. (“WCEU”), an indirect wholly-owned subsidiary of WSC incorporated in The Netherlands for the provision of concrete weight coating and storing of more than 200,000 pipes for Nord Stream 2 Project, a Letter of Intent (“LOI”) was signed by WCEU and Nord Stream 2 AG on 10 August 2016 to commence mobilization of works for Nord Stream 2 Project pending the finalization of a formal contract to be signed by WCEU and Nord Stream 2 AG. WCEU and Nord Stream 2 AG are in ongoing negotiations to finalize the contract for concrete weight coating and logistics works for the Nord Stream 2 Project. With the execution of the LOI, the parties have agreed to finalise and execute a contract by 30 September 2016, or such date as may be extended by agreement in writing by the parties. All works performed under the LOI shall automatically be incorporated into the scope of the contract to be entered into. None of the Directors, major shareholders of WSC and /or persons connected to them have any interest, direct or indirect, in the LOI. About the Nord Stream 2 Project: Nord Stream 2 is a planned pipeline through the Baltic Sea, which will transport natural gas over 1,200km from the world’s largest gas reserves in Russia via the most efficient route to consumers in Europe. Nord Stream 2 will largely follow the route and design of the successful Nord Stream pipeline. With Europe’s domestic gas production projected to halve in the next 20 years, Nord Stream 2’s twin pipeline will help to meet Europe’s gas import needs, with capacity to transport 55 billion cubic metres of gas per year, enough to supply 26 million European households. This secure supply of natural gas with its low CO2 emissions will also contribute to Europe’s objective to have a more climate-friendly energy mix with gas substituting for coal in power generation and providing back-up for intermittent renewable sources of energy such as wind and solar power. The Nord Stream 2 pipeline involves two parallel 48 inch lines, roughly 1,200 km, each starting from south-west of St Petersburg (a Russian port city on Baltic Sea) and ending at German coast, Greifswald. This announcement is dated 11 August 2016.

华商获北溪-2合约

财经  2016年08月11日
（吉隆坡11日讯）华商控股（WASEONG，5142，主板工业股）宣布获得北溪-2AG项目（Nord Stream 2 AG）合约，为北溪-2AG项目提供天然气管涂层服务和储存服务。

根据文告指出，华商控股旗下间接子公司--Wasco涂层欧洲公司（WCEU）经过竞標后，成功获得北溪-2AG项目的天然气管涂层和储存服务合约。

目前，双方签署意向书（LOI）后，正在洽商合约的相关细节。双方预计在9月30日正式敲定所有合约的细节以及正式执行。

该项目此前备受市场人士关注，因此华商控股最终获得该项目，大致符合市场人士的预测。

肯纳格分析员和马银行投行分析员，早前均预测华商可进一步获北溪-2，20亿至30亿令吉的合约。

马银行投行分析员也指出，华商控股贏得北溪-2AG项目，將为公司未来3年带来2亿4000万令吉至4亿2000万令吉的税前盈利，因此上调该公司在2017和2018財政年的盈利预测，分別调高84%和727%。同时，也预期该项目的赚幅为10%至15%。

而肯纳格分析员也表示，贏得该项目將是重估华商控股的利好因素。

北溪-2AG项目將涵盖2个48寸的天然气管，全长1200公里。

该项目是链接俄罗斯世界最大的天然气蕴藏地至德国，负责运送天然气。

该天然气管预期每年將输送550亿立方米的天然气，供应给欧洲260万户家庭，以確保欧洲长期的能源供应。【东方网财经】


华商Nord Stream 2签合约意向书
2016年8月14日
http://www.enanyang.my/news/20160814/华商nord-stream-2签合约意向书/

icy97

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC") - ACQUISITION OF NEW SUBSIDIARY, NAMELY DONONA OY BY WASCO COATINGS EUROPE B.V., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of WSC wishes to announce that its indirect wholly-owned subsidiary, Wasco Coatings Europe B.V. has on 12 August 2016 acquired the entire issued and paid-up share capital of 1,000 shares of EUR2,500.00 in “Dobona Oy” (Business ID 2768719-9), a company incorporated in Finland for a purchase consideration of EUR2,500.00 (equivalent to RM11,161.75 based on the exchange rate of EUR1.00 to RM4.4647) only. Dobona Oy was incorporated on 3 June 2016 as a private company limited by shares in Finland. The total issued and paid-up share capital of Dobona Oy is currently EUR2,500.00 comprising 1,000 shares of EUR2.50 each. Dobona Oy is presently a dormant company. None of the Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the abovesaid acquisition. This announcement is dated 12 August 2016.

icy97

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC") - ACQUISITION OF A NEW SUBSIDIARY, NAMELY "PROMOVIA EINUNDNEUNZIGSTE VERWALTUNGSGESELLSCHAFT MBH" BY WASCO COATINGS EUROPE B.V., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of WSC wishes to announce that its indirect wholly-owned subsidiary, Wasco Coatings Europe B.V. has on 22 August 2016 acquired the entire issued and paid-up share capital of 25,000 shares of EUR25,000.00 in “PROMOVIA Einundneunzigste Verwaltungsgesellschaft mbH” (“PROMOVIA”), a company incorporated in Germany and registered with the Commercial Registry of the Hamburg Local Court under No. HRB 142315, for a purchase consideration of EUR27,500.00 (equivalent to RM124,861.00 based on the exchange rate of EUR1.00 to RM4.5404) only. PROMOVIA was incorporated on 25 July 2016 as a private company limited by shares in Germany. The total issued and paid-up share capital of PROMOVIA is currently EUR25,000.00 comprising 25,000 shares of EUR1.00 each. PROMOVIA is presently a dormant company. None of the Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the abovesaid acquisition. This announcement is dated 22 August 2016.

icy97

WAH SEONG CORPORATION BERHAD

EX-date	15 Sep 2016
Entitlement date	20 Sep 2016
Entitlement time	05:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	Single tier cash dividend of 0.5 sen per ordinary share of RM0.50
Period of interest payment	to
Financial Year End	31 Dec 2016
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	Agriteum Share Registration Services Sdn Bhd (578473-T) 2nd Floor, Wisma Penang Garden 42 Jalan Sultan Ahmad Shah 10050 Penang Tel No.: 04-2282 321
Payment date	05 Oct 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	20 Sep 2016
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	0.005
Par Value	Malaysian Ringgit (MYR) 0.500

icy97

华商次季转亏691万．派息0.5仙

（吉隆坡30日讯）基于石油与天然气领域工程匮乏，导致营业额减少，拖累华商机构（WASEONG，5142，主板工业产品组）截至2016年6月30日第二季由盈转亏，录得净亏损691万令吉，前期净利为1136万8000令吉，上半年也转亏455万1000令吉，前期净利达3778万6000令吉。

次季营业额减少28.98%至3亿2742万4000令吉，拖累上半年营业额下跌32.07%至6亿6830万2000令吉。

该公司董事部建议派发每股0.5仙股息，除权日和过户日落在9月20日和10月5日。

华商机构发文告表示，集团现握有7亿9530万令吉合约，其中油气业务占5亿2550万令吉，但这尚未纳入已签署意向书的Nord Stream2工程，因此排除任何不可预见因素，相关工程将对集团未来2至3年带来正面贡献。

文章来源：
星洲日报‧财经‧2016.08.31

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2016	30 Jun 2015	30 Jun 2016	30 Jun 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	327,424	461,016	668,302	983,860
2	Profit/(loss) before tax	-3,251	16,407	-897	38,558
3	Profit/(loss) for the period	-5,505	10,638	-7,692	20,662
4	Profit/(loss) attributable to ordinary equity holders of the parent	-6,910	11,368	-4,551	37,786
5	Basic earnings/(loss) per share (Subunit)	-0.89	1.47	-0.59	4.89
6	Proposed/Declared dividend per share (Subunit)	0.50	2.00	0.50	2.00
		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 ($$)	1.4000		1.4500