[PETRONAS DAGANGAN BHD，市场充满竞争]

总资产减少5.668亿令吉，主要是由于本季度股息支付较高导致现金和现金等价物减少6.648亿令吉，部分被增加准备的库存（为了应付炼油厂周转）的1.413亿令吉所抵消。国油贸易录得总权益减少2.757亿令吉，主要由于本季度的净利润为2.203亿令吉，而被已向股东支付的股息4.868亿令吉所抵销。

零售及商业部门的营业利润较去年同期减少3,060万令吉，主要由于经营开支增加2,420万令吉，毛利率减少1,300万令吉但被其他收入增加750万令吉所抵销 。除营业利润下降外，税前利润减少3千万令吉。

零售部门：
零售部门收入减少3860万令吉，原因是由于平均泵价较高且市场环境充满挑战，Mogas和Diesel的销量下降2％。营业利润减少2830万令吉主要来自：

-由于产品成本上升导致成本增加以及汽缸产量增加导致销量增加，导致零售液化石油气的利润率降低1860万令吉，部分被Mogas的利润率增加670万令吉（产品成本降低）所抵消;和

-更高的工资和福利开支后，运营支出增加了1,770万令吉。

商业部门：
经营支出增加主要由薪金，工资和福利支出所致，营业利润略微减少220万令吉。

截至2018年3月31日止季度的集团收入较上一季度轻微下降1％，主要是由于平均销售价格上升3％导致销量下降4％。集团营业利润为2.909亿令吉，较上一季度减少8,190万令吉，主要原因是：

由于产品成本上升，销量下降以及上一季度Mean of Platts Singapore（“MOPS”）增加，零售和商业部门的利润率较低，分别为1.024亿令吉;和

较低的其他收入1740万令吉（主要来自Mesra的收入和利息收入）。

前景：
2018年第一季度消费者信心指数升至91.0，但仍低于100点乐观的门槛。

零售部门：
预计零售市场将充满竞争，因为自2015年以来汽车销量持续下降，加上节能汽车数量不断增加以及公共交通和电子服务的使用量增加。

商业部门：
制造业活动的增长可能会导致对石油产品的需求增加，这为商业部门提供了机会。
--------------------------------
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
---------------------
Total assets decreased by RM566.8 million mainly due to lower cash and cash equivalents by RM664.8 million resulting from higher dividend payment during the quarter, partially offset by higher inventories of RM141.3 million due to inventory build-up in preparation for scheduled refinery turnaround. Group recorded a decrease in total equity of RM275.7 million mainly attributable to net profit registered for the quarter of RM220.3 million being offset with dividend paid to shareholders amounting to RM486.8 million.

Operating profit decreased by RM30.6 million against corresponding quarter last year contributed by both Retail and Commercial Segments mainly attributable to higher operating expenses by RM24.2 million, lower margin by RM13.0 million and negated by higher other income of RM7.5 million. Profit before tax decreased by RM30.0 million in line with lower operating profit.

Retail Segment:
Retail Segment revenue decreased by RM38.6 million attributable to lower volume by 2% from Mogas and Diesel arising from higher average pump prices and challenging market conditions. Operating profit decreased by RM28.3 million mainly contributed by:

-increase in cost due to higher product cost as well as higher production of cylinders to grow sales volume, which have led to the lower margin of Retail LPG by RM18.6 million, partially offset by higher margin for Mogas by RM6.7 million following lower product cost; and

-higher operating expenditure of RM17.7 million following higher salaries, wages and benefit expenses.

Commercial Segment:
Operating profit has marginally decreased by RM2.2 million following higher operating expenditure mainly contributed by salaries, wages and benefit expenses.

Group revenue for the quarter ended 31 March 2018 marginally decreased by 1% compared to the preceding quarter mainly attributable to lower sales volume by 4% despite increase in average selling price by 3%. Group operating profit stood at RM290.9 million, a decrease of RM81.9 million compared to the preceding quarter mainly due to:

-lower margin of RM102.4 million attributable to both Retail and Commercial Segments contributed by higher product cost, lower volume and increasing Mean of Platts Singapore ("MOPS") trend in preceding quarter; and

-lower other income of RM17.4 million mainly contributed by Mesra income and interest income.

Prospects:
Consumer Sentiment Index in Q1 2018 improved to 91.0 but remained below the 100-point optimism threshold.

Retail Segment:
Retail market is anticipated to be competitive as car sales have continued to decline since 2015, coupled with increasing number of energy efficient vehicles as well as the rise in usage of public transportation and e-hailing services.

Commercial Segment:
Growth in manufacturing activities may lead to stronger demand for petroleum products, which provides an opportunity to the Commercial Segment.
--------------------------------
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