[SIME DARBY BHD，激烈竞争和谨慎消费者情绪的影响]

截至二零一八年三月三十一日止季度（对比二零一七年三月三十一日止季度）的业绩分析如下：

工业：
尽管收入增长21.6％，但盈利减少了6.1％，主要是由于澳大利亚不再可以恢复的服务业部分的收费。

汽车：
盈利增长5.6％，主要是由于宝马在中国和香港的业务收入增加。

物流：
该部门的利润增长38.5％，主要是由于本季度的汇兑收益为500万令吉。

卫生保健：
Ramsay Sime Darby Healthcare合资企业的利润份额较高，主要是由于马来西亚业务的利润增加以及本季度的税收支出调整。

其他：
包括对传统石油和天然气业务的应计账单减值2800万令吉。

Yayasan Sime Darby（“YSD”）：
作为YSD捐赠协议的一部分，YSD成员资格和YSD管理委员会于2018年1月更改后，YSD不再合并。

财务费用：
融资成本减少的主要原因是2017年5月多元货币回购和8亿美元的回购和更新，以及2017年8月提前赎回7亿令吉的IMTN。

Perpetual sukuk：
Perpetual sukuk于2017年6月已终止业务，并且是本季度已终止业务的一部分。

截至二零一八年三月三十一日止三个季度（对比截至二零一七年三月三十一日止三个季度）的业绩分析如下：

工业：
利润增加150.0％主要是由于出售物业的收益（澳大利亚和马来西亚分别为1.56亿令吉和900万令吉）以及澳大利亚和中国建筑和采矿业的设备交付和产品支持销售额增加。

汽车：
该部门的利润下降31.6％，主要是由于越南损失1.93亿令吉，而上一期间的利润为400万令吉。

物流：
该部门的利润增长69.4％，主要是由于潍坊港的吞吐量增加以及汇兑收益1100万令吉（对比上一期间汇兑损失400万令吉）。

其他：
包括对传统石油和天然气业务的应计账单减值2800万令吉。

Yayasan Sime Darby：
本期业绩包括在拆分前扣除YSD的净资产6,100万令吉。

截至二零一八年三月三十一日止季度（对比截至二零一七年十二月三十一日止季度）业绩分析如下：

工业：
尽管收入增加2.0％，但盈利下降了47.3％，主要是由于澳大利亚不再可以恢复的服务业零件的收费以及本季度Yayasan Sime Darby的500万令吉。

汽车：
盈利增加478.3％，主要是由于越南业务亏损从上一季度的1.09亿令吉减少至本季度的900万令吉，主要是由于上一季度的减值和库存减记。

物流：
利润减少28.0％主要是由于农历新年假期导致收入减少以及地方当局采取的环境控制措施减少了本季度济宁港口的运营时间。

其他：
包括对传统石油和天然气业务的应计账单减值2800万令吉。

前景：
由于对贸易保护主义抬头​​的担忧，近几个月全球经济的不确定性增加。但是，尽管主要经济体增长缓慢，但受国内外需求的推动，亚洲国家的增长继续强劲。然而，通胀上升和进一步加息的预期导致了股票，外汇和商品市场的波动。

汽车业务继续受到激烈竞争和谨慎消费者情绪的影响。港口业务继续面临来自其他港口的竞争以及地方当局实施的环境控制，限制了港口的运营时间。在全球经济不确定的背景下，董事会预计森那美于2018年6月30日止财政年度的表现令人满意。
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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

最终决定永远是你的，谢谢。

James Ng
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An analysis of the results for the Quarter ended 31 March 2018 against the Quarter ended 31 March 2017 is as follows:

Industrial:
Profit decreased by 6.1% despite a 21.6% increase in revenue mainly due to the charge-out of parts for service jobs which are no longer recoverable in Australia.

Motors:
Profit increased by 5.6% mainly due to higher revenue from the BMW operations in China and Hong Kong.

Logistics:
The division registered a 38.5% increase in profit mainly due to an exchange gain of RM5 million in the current quarter.

Healthcare:
The higher share of profit from the Ramsay Sime Darby Healthcare joint venture was mainly attributable to higher profit of the Malaysian operations and tax expense adjustments taken up in the current quarter.

Others:
The results include an impairment of accrued billings of the legacy oil & gas operations of RM28 million.

Yayasan Sime Darby (“YSD”):
YSD is no longer consolidated following the change in its membership and Governing Council of YSD in January 2018 as part of the YSD Donation Agreement.

Finance costs:
The reduction in finance costs was mainly due to the repurchase and novation of the multi-currency sukuk of USD800 million in May 2017 and early redemption of the RM700 million IMTN in August 2017.

Perpetual sukuk:
The perpetual sukuk was novated to the discontinued operations in June 2017 and is part of the discontinued operations in the current quarter.

An analysis of the results for the three quarters ended 31 March 2018 against the three quarters ended 31 March 2017 is as follows:

Industrial:
Profit increased by 150.0% mainly due to the gain on disposal of properties (RM156 million and RM9 million in Australia and Malaysia respectively) and higher equipment deliveries and product support sales to the construction and mining sectors in Australia and China.

Motors:
The division recorded a decline in profit by 31.6% mainly due to losses incurred in Vietnam of RM193 million as compared to profit of RM4 million in the previous period.

Logistics:
The division registered an 69.4% increase in profit mainly due to higher throughput at Weifang Port and an exchange gain of RM11 million against an exchange loss of RM4 million in the previous period.

Others:
The results include an impairment of accrued billings of the legacy oil & gas operations of RM28 million.

Yayasan Sime Darby:
The current period results include the write down of YSD’s net assets prior to deconsolidation of RM61 million.

An analysis of the results for the quarter ended 31 March 2018 against the quarter ended 31 December 2017 is as follows:

Industrial:
Profit declined by 47.3% despite a 2.0% increase in revenue mainly due to the charge-out of parts for service jobs which are no longer recoverable in Australia and RM5 million contribution to Yayasan Sime Darby in the current quarter.

Motors:
Profit increased by 478.3% mainly due to the reduction in losses of the Vietnam operations from RM109 million in the previous quarter to RM9 million in the current quarter mainly due to the impairments and inventory writedowns in the previous quarter.

Logistics:
Profit decreased by 28.0% mainly due to lower revenue as a result of the Chinese New Year holidays and environmental controls undertaken by local authorities which reduced the operating time of the Jining ports in the current quarter.

Others:
The results include an impairment of accrued billings of the legacy oil & gas operations of RM28 million.

Prospects:
There is increased uncertainty in the global economy in recent months on concerns of increased trade protectionism. But despite the subdued growth in major economies, strong growth continues to be seen in Asian countries, driven by the domestic and external demand. However, the expectation of higher inflation and further interest rate hikes has led to volatility in the equity, foreign exchange and commodity markets.

The Motors operations continue to be impacted by strong competition and cautious consumer sentiment. The Port operations continue to face competition from other ports as well as environmental controls implemented by local authorities limiting the operating time of the ports. Against the backdrop of uncertainty in the global economy, the Board expects the Group’s performance for the financial year ending 30 June 2018 to be satisfactory.
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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/

Final decision is always yours, thank you.

James Ng