【WASCO 5142 交流专区】 （前名 WASEONG ）

icy97

Type	Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID	IQL-06032017-00002
Subject	Acquisitions of Plant, Other Assets and Coating Equipment by Wasco Coatings Finland (Plant and Equipment) Oy (WC Finland)
Description	REPLY TO QUERY LETTER FROM BURSA MALAYSIA SECURITIES BERHAD DATED 6 MARCH 2017

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5359057

icy97

华商控股
利淡出尽等反弹

2017年3月3日

分析：肯纳格投行
目标价：99仙

最新进展:

华商控股（WASEONG，5142，主板工业产品股）截至12月杪末季，亏损扩大至1亿9078万令吉。

末季营业额按年滑26.3%，报3亿3021万6000令吉。

累计全年，华商控股净亏2亿2075万7000令吉；营业额跌30.6%至12亿7658万8000令吉。

行家建议:

华商控股2016财年的6740万令吉核心净亏损低于预期，比我们以及市场预测的还要严重。

盈利主力军Nord Stream 2项目正进行中，相信华商控股的前景仍看俏，维持2017财年预测。

该项目预计在今年首季开始商业化生产。

但是，管道涂层只会在今年末季和明年起提高产量，因此，今年下半年盈利贡献应该较高。

此外，Nord Stream 2项目还获得客户提供全数融资，降低减值风险。

纳入Nord Stream 2项目全年贡献和5亿令吉的新增订单后，2018财年的盈利预测达8270万令吉，按年增长11%。

华商控股在2016财年宣布全部负面财务消息后，我们将该公司的目标价，从96仙上调至99仙，并维持“超越大市”评级。



【e南洋】

icy97

华商首季净利飙3倍

2017年5月31日
（吉隆坡30日讯）华商控股（WASEONG，5142，主板工业产品股）截至3月31日首季，净利激增3倍，达946万9000令吉；营业额跌7%，报3亿1676万9000令吉。

华商控股向交易所报备，旗下的油气业务当季转亏为盈，税前盈利为530万令吉，去年同期则是亏损1150万令吉。

该公司表示，当季数个项目开始动工，节省成本、联号和联营公司贡献改善，均是主导油气业务的推手。

再生能源方面，税前盈利减少至640万令吉，归咎于赚幅受压等。

目前，华商控股的订单企于37.6亿令吉，其中，油气占35.1亿令吉、再生能源2.064亿令吉、以及工业贸易与服务占3460万令吉。

该公司的订单依旧健康，再加上持续参与竞标活动，如无意外，本财年将有更好的表现。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	316,769	340,878	316,769	340,878
2	Profit/(loss) before tax	4,587	2,354	4,587	2,354
3	Profit/(loss) for the period	3,272	-2,187	3,272	-2,187
4	Profit/(loss) attributable to ordinary equity holders of the parent	9,469	2,359	9,469	2,359
5	Basic earnings/(loss) per share (Subunit)	1.23	0.31	1.23	0.31
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 ($$)	1.0100		1.0000

icy97

华商控股
力争50亿合约

2017年6月1日

分析：大众投行研究
目标价：1.05令吉

最新进展：

华商控股（WASEONG，5142，主板工业产品股）截至3月杪首季，净利激增3倍，达946万9000令吉；营业额跌7%，报3亿1676万9000令吉。

旗下的油气业务当季转亏为盈，税前盈利为530万令吉。

该公司指出，当季数个项目开始动工，节省成本、联号和联营公司贡献改善，均是主导油气业务的推手。

行家建议：

扣除联号公司必达能源（Penergy，5133，主板贸服股）在减值、外汇和单次收益的逆转，华裔控股核心净利将录得860万令吉。

首季营业额下跌，这归咎于两项主要项目进度推迟，分别为Johan Sverdrup出口输油管项目和Nord Stream 2项目。

首季营业额占我们和市场预测的10%和12%，这大致符合预期，但接下来还有项目在进行中，将为公司带来强劲贡献。

华裔控股的竞标订单强劲，企于50亿令吉，其中油气领域占42亿令吉；目前订单为38亿令吉。



【e南洋】

icy97

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY")- DISTRIBUTORSHIP AGREEMENT ENTERED INTO BETWEEN WDG RESOURCES SDN BHD, AN INDIRECT SUBSIDIARY OF THE COMPANY AND DOOSAN INFRACORE CO., LTD.
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) is pleased to announce that its indirect subsidiary, WDG Resources Sdn Bhd (“WDG”) has on 1 June 2017, entered into a Distributorship Agreement with Doosan Infracore Co., Ltd. (“DOOSAN”), a company duly incorporated in accordance with the laws of South Korea, for the appointment of WDG as an exclusive distributor of DOOSAN construction equipment (“Products”) within West (Peninsula) Malaysia for the sales and services of Products and to promote sales of Products through mutual cooperation (“Distributorship” or “Distributorship Agreement”). WDG is principally involved in the distribution, rental and service of industrial machinery such as portable power generation systems and construction equipment. The Distributorship Agreement shall remain effective until 31 December 2018, unless otherwise terminated by the parties and the term shall be extended by written agreement by the parties upon the terms and conditions as are stipulated in the Distributorship Agreement. The Distributorship is expected to contribute positively to the earnings of WSC Group over the period of the Distributorship Agreement. Save and except for the interest of Mr. Chan Cheu Leong and Mr. Chan Wei Keat, a person connected to him, none of the other Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Distributorship Agreement. About Doosan Group: Doosan Infracore Co. Ltd. is a subsidiary of Doosan Group, a corporate holding company founded in 1896 with their head quarter situated at Doosan Towers 18-12, Euljiro 6-ga, Jung-gu, Seoul, South Korea. Doosan Bobcat Inc., the holding company of Doosan Infracore Co. Ltd. was listed on the Korean Stock Market in 2016.  The Doosan Group is a multinational conglomerate with particular emphasis on consumer goods, manufacturing and trading and construction sectors. Doosan Group acquired Doosan Infrastructure Co. Ltd. (formerly known as Daewoo Heavy Industries & Machinery, a company specialising in construction machinery) in 2005. Doosan Infracore Co. Ltd. is a global company that specialises and produces construction equipment such as excavators, wheel loaders, articulated dump trucks, compact equipment, portable power and also engines and its brands have achieved continuous and remarkable growth and are recognised globally. This announcement is dated 1 June 2017.

icy97

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "COMPANY")- INCORPORATION OF WAH SEONG MANAGEMENT SERVICES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of the Company wishes to announce that pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company had on 16 June 2017 incorporated a wholly-owned subsidiary by the name of Wah Seong Management Services Sdn Bhd (“WSMS”) pursuant to the Companies Act, 2016. The intended business of WSMS is the provision of management support services. WSMS has an initial issued and paid-up share capital of Ringgit Malaysia One Thousand (RM1,000.00) only comprising One Thousand (1,000) ordinary shares which are fully subscribed and paid up by the Company. 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 16 June 2017.

icy97

1.5亿售地予雅饰　华商释放资產价值

財经 最后更新 2017年07月24日
（吉隆坡24日讯）华商控股（WASEONG，5142，主板工业股）旗下5家子公司以1亿5500万令吉，共同脱售2幅面积共126.55英亩的地皮给雅饰房地產（AXREIT，5106，主板房產信托股）。

文告指出，华商控股旗下的华商资源公司、华商涂层服务公司、华商涂料绝缘公司、华商Lindung私人有限公司和华商涂层（马）公司5家子公司，周一（24日）分別与雅饰房地產的信託人——兴业信託签署买卖协议，以1亿2000万令吉和3500万令吉，脱售位于彭亨关丹双溪加廊的2幅土地，该地皮面积分別为86.54英亩和40.01英亩。

上述2幅土地为该公司管道储存所用，当中面积为86.54英亩的土地更建有一座管道涂层工厂。

华商控股管理层在文告中表示，这是释放资產价值和改善营运资本所採取的措施，因此，该公司將把脱售所取得作为营运资本，以及降低企业短期贷款，藉此增强资產负债表。

华商控股预计可从中赚取9770万令吉的一次过获利，而脱售所得的其中1亿零500万令吉將用来偿还债务，剩余的5000万令吉则作为营运资本。

届时，该公司的净负债率料从1.18倍，降至0.87倍。同时，其每股盈利和每股资產预计將各提高13仙。【东方网财经】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	WAH SEONG CORPORATION BERHAD (WSC OR COMPANY)- DISPOSAL OF LAND AND BUILDINGS BY WASCO RESOUCES SDN BHD, WASCO COATINGS SERVICES SDN BHD, WASCO COATINGS INSULATION SDN BHD, WASCO LINDUNG SDN BHD AND WASCO COATINGS MALAYSIA SDN BHD, THE INDIRECT SUBSIDIARIES OF THE COMPANY
Please refer to the attachment for details of the announcement. Please refer attachment below.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5494117

Attachments WSC - Ann - Disposal of Land and Buildings 24.7.2017.pdf

icy97

华商控股
NS2许可延迟不伤财务

2017年7月25日

分析：MIDF研究
目标价：1.04令吉

最新进展

Nord Stream 2项目正在等待五个国家的环境许可证，其中包括俄罗斯、德国、丹麦、芬兰和瑞典，而丹麦和瑞典可能会因为政治因素导致进度延迟。

德国有望成为最先得到许可证的国家。

行家建议

华商控股（WASEONG，5142，主板工业产品股）于去年9月获得总值6亿欧元（约28亿令吉）的Nord Stream 2项目，可贡献接下来3年的订单和净利。

今年2月，Nord Stream 2 AG公司（NS2 AG）同意以1950万欧元，替华商控股购买芬兰工厂，随后3月以1510万欧元购买德国工厂。

由于NS 2 AG公司负责NS2项目的所有融资，而华商控股是担任技术专家和输送管涂层专家，所以我们并不担心该项目进度，将严重影响公司的财政状况。

即便发生最坏的情况，也就是项目告吹，也不会影响财务。

目前，我们维持净利预测，公司订单企于37.6亿令吉，其中94%来自油气领域、4%来自可再生能源，以及1%来自工业贸易和服务业。

我们维持“买入”评级和1.04令吉目标价。



【e南洋】



1.55亿售地予AXIS产托．华商财务有望改善

（吉隆坡24日讯）华商机构（WASEONG，5142，主板工业产品组）属下公司以1亿5500万令吉脱售土地和厂房予AXIS产业信托（AXREIT，5106，主板产业投资信托组），并回租15年。

华商机构发表文告说，Wasco资源、Wasco涂层等多家间接子公司脱售彭亨关丹的两块土地和厂房，面积各达86.54英亩和40.01英亩。

该公司70%间接子公司Wasco涂层也同时签署15年租约，以每月97万1959令吉租用上述厂房，可续约5年。

Nord Stream合约料提振业绩

扣除投资成本，该公司将从上述计划获得9770万令吉赚益，至于1亿5500万令吉款项，该公司预期运用当中的1亿零500万令吉付还贷款，其余5000万令吉则充作营运资本。

计划完成后，该公司的净负债比将从去年12月底的1.18倍降至0.87倍。

分析员认为，除了加强财务，该公司现财政年业务也有望改善，主要归功于第二期NordStream合约的带动。

马银行研究表示，该公司第二季和第三季加快推进第二期Nord Stream涂管厂，如果一切顺利，相信可以提振该公司业绩。

第二期厂房2017至2018财政年可以供应9万条涂层管，与第一期厂房相同。

马银行预期Nord Stream两座厂房的运作班次将从一次提高到3次，加上Johan Sverdrup涂层管合约年底也会完成，有助于改善该公司的业务表现。

不过，MIDF研究指出，左右该公司业务表现的第二期Nord Stream工程，可能面对来自丹麦和瑞典的阻力。

该公司去年9月获颁近28亿令吉第二期Nord Stream合约，为俄罗斯到欧洲天然气驳管提供管道涂层服务。

目前，俄罗斯正等待5个国家的环保批准书，包括俄罗斯、德国、丹麦、芬兰和瑞典。

俄罗斯天然气工业公司（Gazprom）打算明年启建驳管工程，并在2019年底完成。

MIDF研究指出，如果面对政治阻扰，这项工程可能展延，当中又以丹麦和瑞典最有可能带来阻力，而德国已经表达支持意愿。

无论如何，该行认为，由于华商机构只是提供第二期Nord Stream的涂层服务，项目融资则交由NS2公司负责，因此纵使第二期Nord Stream合约最终取消，该公司也能获得财务保障，不会造成明显冲击。



文章来源：
星洲日报‧财经‧2017.07.24

icy97

Type	Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID	IQL-26072017-00002
Subject	Disposal of land and buildings by Wasco Resouces Sdn Bhd, Wasco Coatings Services Sdn Bhd, Wasco Coatings Insulation Sdn Bhd, Wasco Lindung Sdn Bhd And Wasco Coatings Malaysia Sdn Bhd (Proposed Disposal)
Description	REPLY TO QUERY LETTER FROM BURSA MALAYSIA SECURITIES BERHAD DATED 26 JULY 2017
Query Letter Contents	We refer to your Company’s announcement dated 24 July 2017 in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- 1)    Details of the buildings and structures erected on Land 1 including built-up area, number of storey and the effect of a disposal on the operations of the group. 2)    The termination clauses in the SPA applicable to both Vendors and Purchaser. 3)    The salient terms and conditions of the Lease Agreement, including the termination clauses applicable to both Wasco Coatings Malaysia Sdn Bhd and the Purchaser. 4)    Basis of arriving at the lease rental of RM971,958.64 per month. 5)    Particulars of liabilities to be assumed by the Purchaser arising from the Disposal. 6)    Risk factors in relation to the Disposal and the Lease Agreement. 7)    To breakdown and quantify separately the intended utilisation of RM50 million for working capital together with explanatory note for each item. 8)    Details on the debt repayment together with explanatory note. 9)    Expected amount of interests saving per annum arising from the debt repayment. 10)       If available, to state the time and place where the valuation report(s) for Land 1 and Land 2 may be inspected.
Please refer to the attachment for reply to query letter dated 26 July 2017.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5499041

Attachments WSC - Ann - Reply to Bursa Query Letter dated 26 July 2017.pdf

icy97

华商控股获1.03亿合约
哈萨克建3变电站

2017年8月2日
（吉隆坡1日讯）华商控股（WASEONG，5142，主板工业产品股）子公司PT Wasco印尼工程公司，获法国西门子公司颁发总值2421万9929美元（约1亿363万7076令吉）的合约。

华商控股向马交所报备，该合约是在哈萨克斯坦，设计与兴建3个变电站，包括取暖、通风和空调工程。

工作内容包括3D模型、结构分析与设计、防暴墙设计、所有辅助系统的设计，以及气体检测等。

华商控股也需提供合所有必要的建筑设计、采购物品，负责施工阶段的设备安装与整合。

该工程预料在今年第三季动工，并在明年10月杪竣工，合约期间预计可贡献净利。【e南洋】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC")- AWARD OF CONTRACT FOR THE PROVISION OF ENGINEERING, SUPPLY AND FABRICATION OF THREE SUBSTATIONS INCLUDING HVAC FOR SIEMENS SAS
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) is pleased to announce that its indirect subsidiary, PT. Wasco Engineering Indonesia (“PTWEI”), a company incorporated in Indonesia and having its address at Jalan Brigjen Katamso, KM.5 Tanjung Uncang, Batam 29424, Indonesia has been awarded a contract by Siemens SAS, a company duly organised and existing under the laws of France with its registered office at 40 avenue des Fruitiers, 93527 Saint-Denis Cedex, France, valued at USD24,219,929 (equivalent to RM103,637,076 based on the exchange rate of USD1.00 to RM4.2790) for the design and build up of three (3) Substations including Heating, Ventilation and Air Conditioning (“HVAC”) for a project in Kazakhstan. The scope of work of the contract 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 the responsibility 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 2017 and be completed by 30 October 2018. The contract is for the provision of engineering, design, supply and fabrication services within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said 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. This announcement is dated 1 August 2017.

icy97

华商控股
手握订单38.6亿

2017年8月3日

分析:MIDF投资研究
目标价：1.04令吉

最新进展

华商控股（WASEONG，5142，主板工业产品股）子公司PT Wasco印尼工程公司，获法国西门子公司颁发总值2421万9929美元（约1亿363万7076令吉）的合约。

该合约是为哈萨克斯坦的一个工程，设计与兴建3个变电站，包括取暖、通风和空调工程，工作内容有3D模型、结构分析与设计、防暴墙设计，以及所有辅助系统的设计如灯光、安全与气体检测。

预料上述将在今年第三季动工，并在明年10月杪竣工。

行家建议

包括上述合约在内，华商控股的订单已达38亿6000万令吉，其中的94%来自油气业务、4%来自再生能源业务，以及1%来自工业贸易服务。

这项新的合约符合我们目标，因此我们暂维持财测。

假设此工程的税前赚幅介于10至15%，预计可在工程期间内，为华商控股贡献约900万至1300万令吉。

自今年5月19日，我们给予“短线买入”的投资评级后，该股已上涨9%，因此我们将评级调整至“中和”，并维持每股目标价在1.04令吉，相等2018年10倍的本益比。



【e南洋】



获西门子1亿合约．华商成长前景佳

（吉隆坡2日讯）华商机构（WASEONG，5142，主板工业产品组）获得西门子（Siemens SAS）颁发一项工程合约，总值2421万9929美元（约1亿零363万7076令吉），为后者在哈萨克的工程计划，提供设计及建筑3座发电站，包括发热、通风及空调的工程服务。

上述工程计划于2017年第三季动工，预料在2018年10月30日完成。

分析

马银行研究表示，虽然此合约只占该集团截至2017年3月止共38亿令吉合约订单的3%，但仍是正面进展。

该行看好华商机构具清晰可见的成长前景，2017至2019年3年营收年均复合成长率为21%。

同时，该行不排除华商机构透过脱售和租回计划以进一步增强资产负债表。

MIDF研究表示，在纳入此新合约后，该集团手上的合约工程订单达到38亿6000万令吉，其中94%来自油气领域，4%来自再生能源和1%来自工业贸易及服务。

该行假设这类工程合约的税前赚幅为10至15%，将可为该集团贡献约900万至1300万令吉盈利。

丰隆研究则根据油气合约的赚幅5%计算，预计该公司可获利520万令吉，这将令2018年税前盈利预测增加4.9%。

大众研究认为该股下跌空间有限，因该集团的表现应可获更高和稳定的油价所支撑，油价回升有助于推动更多新油气计划，同时该集团的执行能力获截至今年首季手握约38亿令吉合约订单所支撑。



文章来源：
星洲日报‧财经‧2017.08.02

icy97

华商控股次季转盈
半年净赚1641万

2017年8月29日
（吉隆坡28日讯）华商控股（WASEONG，5142，主板工业产品股）截至6月底次季成功按年扭亏为盈，录得净利693万9000令吉，上财年同期则为净亏691万令吉。

该公司向马交所报备，油气业务税前盈利为1290万令吉，去年同期则是亏损2360万令吉。

再生能源方面，税前盈利减少至760万令吉，可归咎于赚幅受压。

同时，营业额亦较去年同期好，取得4亿4606万5000令吉，按年扬36.2%。

累计首半年，公司净赚1640万8000令吉，去年同期净亏455万1000令吉；而营业额则录得7亿6283万4000令吉，年增14.2%。

手持37亿订单

目前，华商控股的订单企于37亿令吉，其中，油气占35亿令吉、再生能源占2亿3110万令吉、以及工业贸易与服务占4090万令吉。

展望未来，公司指出，订单依旧健康，再加上持续参与竞标活动，如无意外，本财年将有更好的表现。 【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2017	30 Jun 2016	30 Jun 2017	30 Jun 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	446,065	327,424	762,834	668,302
2	Profit/(loss) before tax	13,450	-3,251	18,037	-897
3	Profit/(loss) for the period	9,559	-5,505	12,831	-7,692
4	Profit/(loss) attributable to ordinary equity holders of the parent	6,939	-6,910	16,408	-4,551
5	Basic earnings/(loss) per share (Subunit)	0.90	-0.89	2.12	-0.59
6	Proposed/Declared dividend per share (Subunit)	0.00	0.50	0.00	0.50
		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 ($$)	1.0200		1.0000

icy97

华商控股下半年盈利更高

2017年8月30日

分析：MIDF投资研究
目标价：1.04令吉

最新进展：

华商控股（WASEONG，5142，主板工业产品股）截至6月底次季，成功按年扭亏为盈，录得净利693万9000令吉。首半年也成功净赚1280万令吉，胜于去年同期的亏损窘境。

油气业务也摆脱亏损，录得1290万令吉的税前盈利，归功于油气活动增加，加上Nord Stream 2等推动舒适的订单。

不过，再生能源业务的税前盈利年跌38.6%，工业贸易和服务业务也大跌逾1倍。

行家建议：

综合来说，首半年业绩仍符合我们和市场的全年预期，预计年底的盈利将会更高。

目前，华商控股握有37亿3000万令吉的订单，93%来自油气业，6%为再生能源业务，工业贸易和服务则仅占1%。该公司正竞标约50亿令吉的项目，油气项目就占40亿令吉。

Nord Stream 2项目目前进展顺利，而在科特卡的厂房在5月底时就开始以两个轮班营运，不过在6月时因暑假暂停营运3个星期。

德国厂房方面，已经在上月底投入商业运作，很大可能在本月底就开始开始两个轮班。

而俄罗斯和丹麦环境准证延期，并不会造成生产活动延迟。

我们维持“中和”评级，以及1.04令吉的目标价，是根据2018财年10倍的本益比所设。



【e南洋】



转亏为盈．订单多．华商获利看俏

（吉隆坡29日讯）华商机构（WASEONG，5142，主板工业产品组）在欧洲Nord Stream 2（NC2）以及挪威约翰斯维德鲁普（Johan Sverdrup）等大型项目支持下，成功转亏为盈，分析员认为该公司手握大笔订单，未来获利前景稳定。

股价不起反跌

尽管该公司转亏为盈，但之前已经历一轮大涨，本周二面对套利卖压，不起反跌，全天下挫3.88%或4仙至99仙。

大众研究指出，目前华商机构手中高达37亿3000万令吉，大部份来自NS2项目。

关于NS2项目最新进展，该公司芬兰厂房今年3月竣工，并在5月以双班制营运。至于德国厂房在7月底完工，在8月底也同样会以双班制投运。

上述两个厂房投运，将继续提振下半年营运，主要是因为NS2项目生产线会在今年第四季全面投运至2018年。

同时，该公司财务也显著改善，目前债务从去年12月底以来，减少超过1亿令吉至8亿零650万令吉，主要是该公司和特定银行达成协议。



文章来源：
星洲日报‧财经‧2017.08.30

icy97

华商控股成立联营公司
推销自家产品

2017年9月14日
（吉隆坡13日讯）华商控股（WASEONG，5142，主板工业产品股）与东姑罗兹塔多莉亚合作，成立联营公司。

华商控股向马交所报备，联营公司已于昨日成立，名为WS Integrasi 私人有限公司。

WS Integrasi的主要业务，将会是为华商控股的产品，提供交易、分销和市场营销服务。后者涉足的领域，包括油气、再生能源、工程、工业和产业（包括收购土地）等。

根据文告，该联营公司也会寻求华商控股以外的商机。

WS Integrasi的初始已发行和缴足股本将达1000令吉，共有1000股。华商控股与东姑罗兹塔多莉亚将分别持有公司49%和51%股权。

华商控股截至6月底次季，按年成功扭亏为盈，录得净利693万9000令吉。首半年也净赚1280万令吉，胜于去年同期的亏损窘境。 【e南洋】

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "COMPANY")- INCORPORATION OF WS INTEGRASI SDN. BHD., A JOINT VENTURE COMPANY
The Board of Directors of the Company wishes to announce that a joint venture company namely WS Integrasi Sdn. Bhd. (“WS Integrasi”) was incorporated on 12 September 2017 pursuant to the Companies Act, 2016. WS Integrasi is a joint venture between WSC and Tengku Rozitatoria Binti Tengku Rostam. The intended business of WS Integrasi is trading, distribution, sales and marketing of the WSC Group’s products and services in the Oil and Gas, Renewable Energy, Engineering, Industrial and Property (including land acquisitions) industries as well as undertaking other external business services opportunities. WS Integrasi has an initial issued and paid-up share capital of Ringgit Malaysia One Thousand (RM1,000.00) only comprising One Thousand (1,000) ordinary shares which are subscribed by Tengku Rozitatoria Binti Tengku Rostam and WSC in the proportions of 51% and 49% respectively. 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 13 September 2017.

icy97

子公司遭索赔1910万
华商反诉索赔8686万

2017年11月10日
（吉隆坡9日讯）华商控股（WASEONG，5142，主板工业产品股）旗下Wasco Coatings香港有限公司，遭索赔390万欧元（约1910万令吉），惟该公司决定反诉，并要求2057万美元（约8686万令吉）的赔偿金。

华商控股昨天向交易所报备，子公司接获由Bauhuis B.V.发出的仲裁请求，索赔390万欧元（约1910万令吉）。

根据文告，Bauhuis B.V.是针对2015年9月2日所签署的合约展开索赔。

不过，华商控股董事部认为，对于Bauhuis B.V.的索赔，公司有法律立场抗辩，同时，Wasco Coatings香港也会反诉Bauhuis B.V.。

Wasco Coatings香港将向Bauhuis B.V.赔偿2057万美元（约8686万令吉），因为后者导致成本超支和延误。

无论如何，董事部相信，仲裁不会显著影响营运和财务表现。【e南洋】

Type	Announcement
Subject	OTHERS
Description	COMMENCEMENT OF ARBITRATION PROCEEDINGS UNDER THE LONDON COURT OF INTERNATIONAL ARBITRATION (LCIA) ARBITRATION RULES BY BAUHUIS B.V. AGAINST WASCO COATINGS HK LIMITED

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5597033

icy97

Type	Announcement
Subject	OTHERS
Description	ADDITIONAL INFORMATION IN RELATION TO THE COMMENCEMENT OF ARBITRATION PROCEEDINGS UNDER THE LONDON COURT OF INTERNATIONAL ARBITRATION (LCIA) ARBITRATION RULES BY BAUHUIS B.V. AGAINST WASCO COATINGS HK LIMITED
Further to the announcement made on 8 November 2017 and pursuant to Paragraph 9.04(g) of Chapter 9 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors (“Board”) of Wah Seong Corporation Berhad (“Company” or “WSC”) wishes to announce additional information in relation to the commencement of arbitration proceedings under the London Court of International Arbitration (LCIA) Arbitration Rules by Bauhuis B.V. (“Bauhuis”) against the Company’s indirect wholly-owned subsidiary, Wasco Coatings HK Limited (“WCHKL”) as follows: (Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the announcement dated 8 November 2017 in relation to the Request for Arbitration) 1. Background story on what happened which leads to the arbitration. Bauhuis was engaged to carry out the design, procurement, fabrication, installation and commissioning of a FBE-ARO-CACC & Internal Flow coating plant for WCHKL to be leased to Evraz Wasco Pipe Protection Corporation, a 49% joint venture company incorporated in Canada and having its registered address at 181 Bay St Suite 2100 Toronto On M5J 2T3 (“EWPPC”) owned by Wasco Coatings Limited an indirect wholly-owned subsidiary of the Company incorporated in Hong Kong and having its registered address at 11th Floor, Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong (“WCL”), for the provision of pipe coating services to the North American market.  Bauhuis delayed in the delivery of the equipment or obtaining the Canadian Standards Association (“CSA”) approval for such equipment and some of it required modification as it did not meet the specifications under the Contract No. 015-117 dated 2 September 2015 (“the Contract”).  Furthermore not all of the equipment was delivered by Bauhuis to WCHKL and some of the equipment was also defective or not fit for its purpose or which failed certain CSA approval process. This has resulted in WCHKL incurring additional cost, suffered losses and also delayed the start-up of the EWPPC’s pipe coating operations.  As a result, a dispute arose between WCHKL and Bauhuis as to whether (if any) amount is payable by WCHKL under the Contract to Bauhuis in light of the various breaches of the Contract by Bauhuis. 2. Whether there is any interest charges on top of the Euro3,900,000 which we have to bear. Euro3,900,000 includes interest up to the date of the Request for Arbitration.  Bauhuis may claim further interest in the arbitration proceedings. 3. Whether WCHKL is a major subsidiary of the WSC Group. WCHKL is an indirect wholly owned subsidiary of WSC.  WCHKL is a major subsidiary of the WSC Group with its principal activities being marketing of pipe coating services and owning and leasing of pipe coating equipments to related companies of Wasco Energy Group of Companies, the Oil and Gas Segment of WSC Group. 4. The total costs of investment in WCHKL. US$1,102,828. 5. What is the operational and financial impact of the arbitration on WCHKL and the WSC Group as a whole. There will be no material operational impact of the arbitration on WCHKL and the WSC Group.  The arbitration does have a financial impact on WCHKL as WCHKL estimates its potential counter-claim against Bauhuis to be US$20,570,000 by reason of Bauhuis’ non-performances and breaches of its contractual obligations under the abovementioned Contract and which far exceeds the claim of Euro3,900,000 made by Bauhuis.   As this is the initial stage of the arbitration, the final financial impact to the WSC Group cannot be assessed at this point of time. This announcement is dated 10 November 2017.

Tony-Pua

油气业务转盈．华商机构第三季赚3065万
http://www.sinchew.com.my/node/1706110/

（吉隆坡29日讯）油气业务转亏为盈，促使华商机构（WASEONG，5142，主板工业产品组）业绩摆脱赤字，截至2017年9月30日止第三季，该公司净利报3064万9000令吉，此前亏损为2542万4000令吉。

首9个月净利挂4705万7000令吉，此前亏损为2997万7000令吉。

第三季营业额涨1.7倍至7亿5006万2000令吉，首9个月营业额则扬升59.86%至15亿1289万6000令吉。

该公司董事部透过文告表示，油气业务税前盈利报4980万令吉，此前为亏损1840万令吉。

该公司再生能源业务税前盈利从410万令吉下降至350万令吉，工业贸易与服务业务税前亏损从170万令吉减少至30万令吉，种植业务则从税前盈利80万令吉转亏至140万令吉。

展望未来，董事部说，该公司目前手握34亿令吉合约，其中31亿令吉来自油气领域，再生能源及工业贸易与服务业务合约各为2亿4210万令吉及7700万令吉，预期这些合约可为余下财政年业绩带来更好的表现。

文章来源：
星洲日报‧财经‧2017.11.30

5142    WASEONG    WAH SEONG CORPORATION BHD

Quarterly rpt on consolidated results for the financial period ended 30/09/2017

Quarter: 3rd Quarter Financial Year End: 31/12/2017 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 30/09/2017 30/09/2016 30/09/2017 30/09/2016 RM '000 RM '000 RM '000 RM '000 1 Revenue 750,062 278,070 1,512,896 946,372 2 Profit/Loss Before Tax 42,640 (22,946) 60,677 (23,845) 3 Profit/(loss) attributable to ordinary equity holders of the parent 30,649 (25,424) 47,057 (29,977) 4 Net Profit/Loss For The Period 27,567 (26,455) 40,398 (34,149) 5 Basic Earnings/Loss Per Shares (sen) 3.97 (3.29) 6.09 (3.88) 6 Dividend Per Share (sen) 0.00 0.00 0.00 0.50 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.0600 1.0000

icy97

华商2447万沽清WS农业

2017年12月23日
（吉隆坡22日讯）华商控股（WASEONG，5142 ，主板工业产品股）以600万美元（约2447万令吉），脱售WS农业工业私人有限公司的所有权。

华商控股向交易所报备，该公司与旗下WSC资本私人有限公司，分别与Agro Panorama私人有限公司（简称APSB）签约，将WS农业工业的200万1股股权，和300万股可赎回优先股，脱售给后者。

根据文告，APSB将向华商控股收购所有普通股，另外再向WSC资本收购所有的优先股，各300万美元（约1223万令吉）。

该公司表示，脱售股权是为了精简、重组和合理化业务活动，同时，也是公司实现非核心业务的举措之一。【e南洋】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	WAH SEONG CORPORATION BERHAD ("THE COMPANY" OR "WSC") - SHARE SALE AGREEMENTS BETWEEN THE COMPANY, WSC CAPITAL SDN BHD, A DIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY ("THE VENDORS") AND AGRO PANORAMA SDN BHD ("THE PURCHASER")
Please refer to the attachement for details of the announcement.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5644653

Attachments WSC - Ann Disposal of WS Agro shares.pdf

icy97

售种植业务利好•持34亿合约‧华商前景可期

（吉隆坡22日讯）华商机构（WASEONG,5142,主板工业产品组）脱售种植业务虽未对该公司盈利做出贡献，惟MIDF研究认为上述脱售有利于资产负债表及低负债率，加上手握大宗合约，且油价近期走高，未来业务前景可期。

售种植业务有利资产负债表

MIDF表示，华商机构脱售旗下种植业务为WS Agro工业公司予Agro Panorama公司，作价现金600万美元（约2446万令吉）。

脱售主要目的在于精简、重组和合理化业务，华商控股主要涉及能源与工业领域。

MIDF补充，截至2017财政年首9个月，种植业务并未对华商控股做出任何盈利贡献，税前亏损达410万令吉。

WS Agro成立于2011年11月，缴足资本为200万新元（当时约491万令吉）。

MIDF预期，上述脱售可为华商控股带来更好的资产负债表及较低资产负债表水平，但不会为华商控股带来任何盈利，因此维持该公司2018年的盈利预测。

MIDF表示，华商控股手握34亿令吉合约，其中91%来自油气领域，余下7及2%则是来自再生能源及工业贸易。目前，华商控股竞标中的合约总值为47亿令吉，其中38亿令吉来自油气领域。

自11月杪后，华商控股股价已经下滑了约5%，因此决定上调该公司评级，从“短期买进”调高至“中和”，目标价则维持1令吉零4仙不变，2018财政年的本益比估值为10倍左右。

文章来源：
星洲日报／财经·文：谢汪潮·2017.12.22

哭哭鸟

【华商曙光】WASEONG (5142) 浴火凤凰  ，单季营业额RM750 mil 突破历史新高！
Wednesday, January 3, 2018
http://harryteo.blogspot.my/2018/01/1415-waseong-5142-rm750-mil.html

昨天花了不少时间做WASEONG的INFOGRAPHIC，一直到今天才搞定所有的设计。所以有不足之处，请各位读者多多见谅。截至今天12.30p.m.股价涨了9分，希望大家看了这份报告会更加了解华商这家公司的背景。WASEONG的股价在11月尾业绩出炉之后，隔天一度走高到52周新高的RM1.25, 过后的1个月股价就一路走低到昨天的RM1.09。

在众多的油气股当中，WASEONG手握的合约是最多的其中一家，而且债务一直在改善着。加上公司即将以RM155 mil卖出地皮，这些措施都可以帮助减低Gearing以及增强现金流。而且WASEONG的幕后大老板就是来自拿督陈振南为首的的陈氏家族。陈氏家族掌握的上市公司包括了IGB, GOLDIS以及IGBREIT。现在油气价格回稳，整个领域有复苏反转的迹象，相信管理层也会努力把生意做好以回馈股东们。