[TELEKOM MALAYSIA BHD，监管挑战和市场环境产生了重大影响，零售和批发市场将面临挑战]

集团收入由去年同季的29.802亿令吉减少1.5％（4,380万令吉）至29.364亿令吉，原因是语音和数据服务减少，受到公认的收入减少拨备的影响（法规规定的定价）。

这导致融资成本前的营业利润从2017年第二季度的2.582亿令吉减少3.7％（950万令吉）至2.487亿令吉。因此，由于马电讯本季度借款的外汇损失，集团税后和非控股权益后利润（PATAMI）从2.105亿令吉减少至1.02亿令吉，减少了51.5％（1.085亿令吉），对比2017年相应季度的净收益。

UNIFI：
本季度利润增加100.0％（2600万令吉）至5200万令吉，去年相应之季则为2600万令吉。

TM ONE：
尽管来自其他电信业务，互联网和多媒体服务的收入增长，但由于语音和数据服务的收入减少，TM ONE的收入从11.847亿令吉减少到11.516亿令吉，收入减少2.8％（3310万令吉）。这导致本季度利润减少30.2％（6,780万令吉），从去年同期的2.243亿令吉减少至1.565亿令吉。

TM GLOBAL：
本季度的收入从去年第二季度的5.553亿令吉下降4.0％（2210万令吉）至5.332亿令吉，主要受数据服务的影响，受到监管规定的定价影响。

这期内，集团收入减少2.7％（1亿6,040万令吉）至57.844亿令吉，而去年则为59.448亿令吉，主要由于语音，数据及其他电讯相关服务收入减少所致。数据服务受到法规规定的定价的影响。

融资成本前的营业利润减少20.6％（1.147亿令吉）至4.426亿令吉，而去年则录得5.573亿令吉，主要是由于营业收入减少及在去年同期没有任何重大的其他经营收入记录。因此，集团的税后和非控股权益后利润（PATAMI）从去年同期的4亿4,090万令吉减少41.2％（1.818亿令吉）至2.591亿令吉。

UNIFI：
本财政期间的利润从去年的4,150万令吉增加56.1％（2,330万令吉）至6,480万令吉。

TM ONE：
TM ONE录得收入减少6.7％（1.572亿令吉），由本期财政期间的23.429亿令吉减少至21.857亿令吉，主要由于语音，数据及其他电讯服务下降，尽管互联网及多媒体业务增长。由于收入减少及营运成本增加，本财政期间利润由4.271亿令吉减少31.9％（1.364亿令吉）至2.907亿令吉。

TM GLOBAL：
TM GLOBAL在本财政期间的收入为10.879亿令吉，较去年同期的11.074亿令吉减少1.8％（1,950万令吉）。这主要是由于较低的数据收入以及其他电信服务。

由于平均投资资本（AIC）较高，TM集团在2018年第二季度及截至财务期间的经济损失较高，原因是税后净营业利润（NOPLAT）和经济费用增加。 AIC的增加是由于较高的物业，厂房及设备以及贸易及其他应收款项所致。由于较高的无风险利率和较高的股权成本，加权平均资本成本显着增加。本季度和财务期间的NOPLAT下降是由于税前和利息前收益减少以及收入减少。

由于马电讯本季度借款的外汇损失，集团PATAMI由上一季度的1.571亿令吉减少35.1％（5510万令吉）至1.02亿令吉。

前景：
最近的监管挑战和市场环境对马电讯本季度的整体收入和盈利产生了重大影响。 TM预计零售和批发市场将面临充满挑战的环境。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.82 in 1 month 22 days, total return is 30%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.86 in 18 days, total return is 20.3%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 1 month 29 days, total return is 10.1%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.98 in 4 days, total return (including dividend RM0.015) is 4.5%

5) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.11 in 1 month 8 days, total return is 3.4%

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

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【看懂年报和季报】课程
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James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

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最终决定永远是你的，谢谢。

James Ng
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[TELEKOM MALAYSIA BHD, regulatory challenges and market environment have major impact, challenging environment will persist for retail and wholesale segments]

Group revenue decreased by 1.5% (RM43.8 million) to RM2,936.4 million from RM2,980.2 million in the same quarter last year due to decrease in voice and data services which was affected by the provision recognised for reduction in revenue in view of regulatory mandated access pricing.

This led to 3.7% (RM9.5 million) decrease in operating profit before finance cost from RM258.2 million in the 2nd quarter of 2017 to RM248.7 million. Consequently, Group profit after tax and non-controlling interests (PATAMI) decreased by 51.5% (RM108.5 million) from RM210.5 million to RM102.0 million further magnified due to foreign exchange loss on the Group’s borrowings in the current quarter compared to a net gain in corresponding quarter of 2017.

unifi:
Profit increased by 100.0% (RM26.0 million) to RM52.0 million in the current quarter compared to RM26.0 million in the corresponding quarter last year.

TM ONE:
TM ONE recorded 2.8% (RM33.1 million) decrease in revenue from RM1,184.7 million to RM1,151.6 million in the 2nd quarter of 2018 due to lower revenue from voice and data services, despite growth in revenue from other telecommunication, as well as Internet and multimedia services. This led to 30.2% (RM67.8 million) decrease in profits to RM156.5 million in the current quarter from RM224.3 million in the corresponding quarter last year.

TM GLOBAL:
Revenue for the current quarter decreased by 4.0% (RM22.1 million) from RM555.3 million in 2nd quarter last year to RM533.2 million mainly contributed by data services which was affected by estimated impact of regulatory mandated access pricing.

For the period under review, Group revenue decreased by 2.7% (RM160.4 million) to RM5,784.4 million as compared to RM5,944.8 million last year, mainly due to lower revenue from voice, data and other telecommunication related services. Data service was affected by provision made on estimated impact of regulatory mandated access pricing.

Operating profit before finance cost decreased by 20.6% (RM114.7 million) to RM442.6 million as compared to RM557.3 million recorded in the preceding year mainly due to the lower operating revenue and absence of any significant other operating income that was recorded in corresponding period last year. Consequently, Group profit after tax and non-controlling interests (PATAMI) decreased by 41.2% (RM181.8 million) to RM259.1 million from RM440.9 million in corresponding period last year.

unifi:
Profit for the current financial period increased by 56.1% (RM23.3 million) to RM64.8 million from RM41.5 million last year.

TM ONE:
TM ONE recorded a decrease in revenue by 6.7% (RM157.2 million) from RM2,342.9 million to RM2,185.7 million in the current financial period mainly due to decline in voice, data and other telecommunication services despite growth in Internet and multimedia. Profit for the current financial period decreased by 31.9% (RM136.4 million) from RM427.1 million to RM290.7 million from the decrease in revenue and increase in operating costs.

TM GLOBAL:
TM GLOBAL registered revenue of RM1,087.9 million for the current financial period, registering a 1.8% (RM19.5 million) decrease from RM1,107.4 million reported in the corresponding period last year. This was mainly due to lower data revenue as well as other telecommunication services.

TM Group recorded higher Economic Loss in second quarter 2018 and financial period to date due to lower Net Operating Profit after Tax (NOPLAT) and higher economic charge, attributed by higher Average Invested Capital (AIC). The increase in AIC was due to higher property, plant and equipment and trade and other receivables. Weighted Average Cost of Capital increased significantly as a result of higher risk free rates and higher cost of equity. Lower NOPLAT in current quarter and financial period to date was due to lower Earnings before Interest & Taxes and lower revenue.

Group PATAMI decreased by 35.1% (RM55.1 million) from RM157.1 million in the preceding quarter to RM102.0 million due to foreign exchange losses on the Group’s borrowings in the current quarter.

Prospects:
The recent regulatory challenges and market environment have had major impact to the overall revenue estimates and earnings of TM Group in the current quarter. TM anticipates that the challenging environment will persist for both their retail and wholesale segments.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.82 in 1 month 22 days, total return is 30%

2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.86 in 18 days, total return is 20.3%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 1 month 29 days, total return is 10.1%

4) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.98 in 4 days, total return (including dividend RM0.015) is 4.5%

5) MATRIX (MATRIX CONCEPTS HOLDINGS BHD), recommended on 22 Jul 18, initial price was RM2.04, rose to RM2.11 in 1 month 8 days, total return is 3.4%

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://klse.i3investor.com/blogs/general/170872.jsp 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

If you want to join my WhatsApp group (there will be no James Ng's stock pick inside), please PM or email me your handphone number.

Final decision is always yours, thank you.

James Ng