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James的股票投资James Share Investing

Author: James Ng   |   Latest post: Wed, 16 Oct 2019, 9:19 PM

 

[转贴] [SOUTHERN ACIDS (M) BHD:国内市场的生产成本不断上升,竞争日趋激烈,继续受到挑战,这降低了替代产品的价格,降低了利润率,棕榈油产量增加但总体需求疲软,毛棕榈油库存增加38.5%至320万吨] - James的股票投资James Share Investing

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[SOUTHERN ACIDS (M) BHD:国内市场的生产成本不断上升,竞争日趋激烈,继续受到挑战,这降低了替代产品的价格,降低了利润率,棕榈油产量增加但总体需求疲软,毛棕榈油库存增加38.5%至320万吨]

3Q19 vs 3Q18:
本季度,南方油脂的税前利润为990万令吉,而去年同期的税前利润为1,730万令吉。撇除MFRS框架的影响,南方油脂的PBT将增加2万令吉至990万令吉,而上一季度则为1,780万令吉。收入从上一季度报告的1.988亿令吉下跌26.2%至1.466亿令吉。由于脂肪酸,棕榈油(CPO)和棕榈仁(PK)的数量和平均销售价格(ASP)下降导致Oleochemical和Milling&Estate部门的收入减少。

PBT从上一季度的1,730万令吉下跌42.7%至990万令吉。这是由于油脂化学品部门报告的税前亏损以及由于销量下降和平均销售价格下降导致Milling & Estate部门的PBT贡献减少。

Oleocheical部门:
本季度的LBT为270万令吉,而上一季度的PBT为460万令吉。剔除MFRS框架的影响,该部门本季度的LBT将高出4万令吉,而对上一季度的PBT没有影响。与上一季度的9,590万令吉相比,收入下降24.1%至7,280万令吉。这是因为脂肪酸的平均售价下降15.5%(约占部门收入的90%),再加上脂肪酸和甘油的销量下降(本季度下降了10.4%)。产能利用率从上一季度的94.5%降至86.5%,与销量下降趋势一致。本季度的LBT为270万令吉,其核心LBT为370万令吉,非核心PBT为100万令吉。

Milling & Estate部门:
本季度的PBT为600万令吉,而上一季度的PBT为800万令吉。剔除MFRS框架的影响,该部门本季度的PBT将达到630万令吉,而上一季度的PBT为850万令吉。

收入从上一季度的7,870万令吉下跌39.7%至4,750万令吉。下降的原因是销量下降以及CPO和PK的平均销售价格下降,分别下降30.2%和46%。新鲜水果束(FFB)产量在本季度增长了8.7%,但FFB加工量从上一季度的123929吨(MT)下降了32.2%至84077公吨。本季度PBT下降25.2%至600万令吉。其中包括RM5.1m的核心PBT和RM90万的非核心PBT。

医疗领域:
本季度的PBT为620万令吉,而上一季度的PBT为490万令吉。

YTD19 vs YTD18:
南方油脂录得的PBT为3,350万令吉,而前一期间的PBT为3,780万令吉。剔除MFRS框架的影响,当前年初至今的PBT为3,330万令吉,而前一期间的PBT为3,790万令吉。

收入较上一期间的5.665亿令吉下跌19.2%至4.576亿令吉。这是由于Oleochemical和Milling&Estate部门的收入下降。与收入下降一致,PBT从前一期间的3,780万令吉下跌11.4%至3,350万令吉。这是由于Oleochemical and Milling & Estate部门的贡献下降,原因是平均销售价格下降和产量下降。

油脂化学部门:
该部门录得LBT为230万令吉,而前一期间的PBT为620万令吉。收入较上一期间的2.883亿令吉下跌22.2%至2.243亿令吉。这是由于脂肪酸和甘油的销量下降,平均价格下降了12.3%和脂肪酸的平均价格下降了12.8%。产能利用率从前期的94.6%下降至84%。该部门报告期内的LBT为230万令吉,其中核心LBT为620万令吉,非核心PBT为390万令吉。

Milling & Estate部门:
尽管销售量基本保持不变,但收入较前一期间的2.032亿令吉减少23.6%至1.553亿令吉。这是由于CPO和PK的平均售价显着下降,分别下降21.7%和30.3%。

医疗部门:
该部门的PBT为1,680万令吉,而前一期间的PBT为1,480万令吉。

3Q19 vs 2Q19:
南方油脂录得的PBT为990万令吉,而上一季度的PBT为1,310万令吉。剔除MFRS框架的影响,本季度的PBT将为1000万令吉,而上一季度的PBT为1,330万令吉。收入从上一季度的1.53亿令吉下降至1.466亿令吉。由于脂肪酸,甘油,CPO和PK的ASP下降导致Oleochemical和Milling&Estate部门的贡献减少。 PBT从上一季度的1,310万令吉下跌24.4%至990万令吉。这是由于行业广泛的挑战和油脂化学领域的一个充满挑战的经营环境导致本季度的LBT更高,达到270万令吉。

前景:
油脂化学部门:
由于原油价格在2018年12月跌至年内低点,本季度国内市场的生产成本不断上升,竞争日趋激烈,继续受到挑战。这降低了替代产品的价格,降低了利润率。随着美中贸易战继续扰乱全球贸易,美元/马来西亚令吉的波动继续引起人们的关注。

Milling & Estate部门:
2018年12月毛棕榈油价格从2018年3月的2427令吉/吨下跌至1795令吉/吨的低位。由于产量增加但总体需求疲软,毛棕榈油库存增加38.5%至320万吨。这影响了他们的年初至今表现。短期内他们总体上保持谨慎。

医疗部门:
由于医疗保健意识的提高,医疗保险覆盖范围的扩大,中等收入群体的扩大以及人口老龄化,这一部门预计将在2019财年保持稳定。

总体:
董事会谨慎乐观,并将努力在运营中实现最佳业绩。
---------------------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.31 in 8 months 14 days, total return is 64.8%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 2 months 26 days, total return is 53.8%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.96 (dividend RM0.015) in 6 months 30 days, total return is 36.4%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 1 month 21 days, total return is 34.8%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 2 months 20 days, total return is 29.5%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.35 (dividend RM0.0375) in 4 months 28 days, total return is 26.3%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 2 months 16 day, total return is 15.3%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.60 (dividends RM0.02) in 5 months 14 days, total return is 13.3%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.38 (dividend RM0.035) in 3 months 24 days, total return is 11.4%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.14 in 1 month 23 days, total return is 9.6%

k) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.48 (dividend RM0.01) in 8 months 14 days, total return is 6.4%

l) HUAYANG (HUA YANG BHD), recommended on 17 Feb 19, initial price was RM0.40, rose to RM0.42 in 28 days, total return is 5%

我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

【看懂年报和季报】课程
时间:11a.m. – 7p.m

日期:4月21日星期日
地点:G Inn Hotel, George Town (Penang)

日期:4月28日星期日
地点:Silka Johor Bahru Hotel, Johor Bahru (包括免费点心,茶和咖啡)

日期:5月26日星期日
地点:Hotel Sri Petaling, KL (包括免费3份点心,茶和咖啡)

有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

为了方便大家查询我写过的公司和选股文章以及视频,制作了索引。大家只要依照日期,就能从这 
https://web.facebook.com/jamesshareinvest/posts/2214228515510557 找到公司和选股文章以及视频。

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
-----------------------------------
[SOUTHERN ACIDS (M) BHD: to be hampered by escalating production costs and increasingly intense competition in the international market during the quarter as crude oil prices declined to the year low in December 2018, this brought down the prices of substitute products and hampered margins, CPO inventories rose 38.5% to 3.2m tonnes in that period amidst higher output but overall subdued demand]

3Q19 vs 3Q18:
Current quarter, the Group recorded a profit before tax of RM9.9m compared with a PBT of RM17.3m in the preceding year. Excluding the impact of MFRS framework, the Group would have a higher PBT by RM0.02m to RM9.9m compared with a PBT of RM17.8m in the preceding quarter. Revenue declined 26.2% to RM146.6m from RM198.8m reported in the preceding quarter. This was due to a decrease in revenue from the Oleochemical and Milling & Estate segments by declines in the volume and average selling price (ASP) of fatty acids, crude palm oil (CPO) and palm kernel (PK).

Group PBT decreased 42.7% to RM9.9m from RM17.3m in the preceding quarter. This was due to a loss before tax reported in the Oleochemical segment and lower PBT contribution from the Milling & Estate segment by lower sales volume and depressed ASPs.

Oleocheical segment:
LBT of RM2.7m was recorded in current quarter compared with a PBT of RM4.6m in the preceding quarter. Excluding the impact of MFRS framework, this segment would have a higher LBT by RM0.04m in current quarter whereas there was no impact on the PBT of the preceding quarter. Revenue decreased 24.1% to RM72.8m compared to RM95.9m in the preceding quarter. This was due to a 15.5% decrease in the ASP of fatty acids (about 90% of segment revenue) compounded by a drop in sales volume for fatty acids and glycerin, which decreased by 10.4% in the quarter. Production capacity utilization rate was lower at 86.5% from 94.5% in the preceding quarter in line with the decline in sales volume. LBT of RM2.7m in the quarter comprised core LBT of RM3.7m and non-core PBT of RM1.0m.

Milling & Estate segment:
PBT of RM6.0m was recorded in current quarter compared with a PBT of RM8.0m in the preceding quarter. Excluding the impact of MFRS framework, the segment would have a PBT of RM6.3m in current quarter compared to a PBT of RM8.5m in the preceding quarter.

Revenue fell 39.7% to RM47.5m from RM78.7m in the preceding quarter. The decline was due to lower sales volume and lower ASPs of CPO and PK, which declined 30.2% and 46% respectively. Fresh fruit bunch (FFB) production experienced an 8.7% uptick during the quarter whilst FFB processed declined by 32.2% to 84077 metric tons (MT) from 123929 MT in the preceding quarter. PBT decreased by 25.2% to RM6m in the quarter. This comprised core PBT of RM5.1m and non-core PBT of RM0.9m.

Healthcare segment:
PBT of RM6.2m was recorded in current quarter compared with a PBT of RM4.9m in the preceding quarter.

YTD19 vs YTD18:
The Group recorded a PBT of RM33.5m compared with a PBT of RM37.8m in the preceding period. Excluding the impact of MFRS framework, the PBT in current YTD would have a PBT of RM33.3m in current YTD compared with a PBT of RM37.9m in the preceding period.

Revenue decreased 19.2% to RM457.6m from RM566.5m in the preceding period. This was due to declines in revenue from the Oleochemical and Milling & Estate segments. In-line with the decline in revenue, PBT declined 11.4% to RM33.5m from RM37.8m in the preceding period. This was due to decline in contributions from the Oleochemical and Milling & Estate segments as a result of lower ASPs and a drop in production volumes.

Oleochemical segment:
This segment recorded a LBT of RM2.3m compared with a PBT of RM6.2m in the preceding period. Revenue decreased 22.2% to RM224.3m from RM288.3m in the preceding period. This was due to a decline in sales volume of fatty acids and glycerin, which decreased by 12.3% and a 12.8% decline in the ASP of fatty acids. Production capacity utilization rate declined to 84% from 94.6% in the preceding period. This segment reported a LBT of RM2.3m during the period, which comprised core LBT of RM6.2m and non-core PBT of RM3.9m.

Milling & Estate segment:
Revenue decreased 23.6% to RM155.3m from RM203.2m in the preceding period despite largely unchanged sales volume. This was due to significantly lower ASP of CPO and PK, which declined 21.7% and 30.3% respectively.

Healthcare segment:
This segment recorded a PBT of RM16.8m compared with a PBT of RM14.8m in the preceding period.

3Q19 vs 2Q19:
The Group recorded a PBT of RM9.9m compared with a PBT of RM13.1m in the preceding quarter. Excluding the impact of MFRS framework, the PBT in current quarter would be RM10m compared with a PBT of RM13.3m in the preceding quarter. Revenue declined to RM146.6m from RM153m in the preceding quarter. This was due to decreased contributions from the Oleochemical and Milling & Estate segments as a result of declines in the ASPs of fatty acids, glycerin, CPO and PK. PBT decreased 24.4% to RM9.9m from RM13.1m in the preceding quarter. This was due to industry wide headwinds and a challenging operating environment in the Oleochemical segment resulting in a higher LBT of RM2.7m in the quarter.

Prospects:
Oleochemical segment:
Continued to be hampered by escalating production costs and increasingly intense competition in the international market during the quarter as crude oil prices declined to the year low in December 2018. This brought down the prices of substitute products and hampered margins. Volatility of the USD/MYR continues to be a cause for concern going forward as the US-China trade war continues to rattle global trade.

Milling & Estate segment:
CPO prices fell to a low of RM1795/MT in December 2018 from RM2427/MT as a March 2018. CPO inventories rose 38.5% to 3.2m tonnes in that period amidst higher output but overall subdued demand. This has impacted their YTD performance. Near term they remain cautious overall.

Healthcare segment:
This segment is expected to remain stable in FY2019, underpinned by growing healthcare awareness, rising medical insurance coverage, expanding middle income group and an ageing population.

Overall:
The Board is cautiously optimistic and will endeavor to achieve an optimal performance in operations.
--------------------------------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.31 in 8 months 14 days, total return is 64.8%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 2 months 26 days, total return is 53.8%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.96 (dividend RM0.015) in 6 months 30 days, total return is 36.4%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 1 month 21 days, total return is 34.8%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.25 in 2 months 20 days, total return is 29.5%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.35 (dividend RM0.0375) in 4 months 28 days, total return is 26.3%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 2 months 16 day, total return is 15.3%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.60 (dividends RM0.02) in 5 months 14 days, total return is 13.3%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.38 (dividend RM0.035) in 3 months 24 days, total return is 11.4%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.14 in 1 month 23 days, total return is 9.6%

k) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.48 (dividend RM0.01) in 8 months 14 days, total return is 6.4%

l) HUAYANG (HUA YANG BHD), recommended on 17 Feb 19, initial price was RM0.40, rose to RM0.42 in 28 days, total return is 5%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/

In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://web.facebook.com/jamesshareinvest/posts/2214228515510557 by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng

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