[DKSH HOLDINGS MALAYSIA BHD：销售和服务税（SST）以及特定客户一次性负面影响的合同]

这季：
与2017年第二季度相比，本季度收入从13.9亿令吉增长3.5％至14.4亿令吉，但从2018年第一季度的14.6亿令吉同比减少0.9％。与去年同期相比增长是由于现有客户的有机增长，而与上一季度相比的收入减少是由于从2018年6月1日起商品和服务税（GST）率从6％转变为0％而导致的消费者需求的变化。

本季度的运营成本从2017年第二季度13.7亿令吉增加3.7％至14.2亿令吉，而相应成本增长主要与上述收入增长一致。与2017年同期相比，本季度的税前利润下降了15.1％。

今年迄今为止：
与2017年相比，经营成本从27.3亿令吉增加5.0％至28.7亿令吉。这些成本增长与上述收入增长基本一致。然而，由于产品组合的变化导致相应的销售成本小幅增加以及支持未来增长的成本基础略有增加，因此该期间的成本增长略高于收入增长。与2017年相比，税前利润下降6.7％。税前利润下降是产品组合变化和成本基数略有增加的结果。

营销和分销部门：
这季：
本季度的经营业绩为950万令吉，较2017年第二季度下降40.4％，但高于2018年第一季度的81.3％。2017年第二季度经营业绩的下降反映了产品结构的变化，支持未来增长的成本基础增加，而2018年第一季度的轻微改善是由于有利的销售组合以及节日销售的增加和稳定的成本。

今年迄今为止：
2018年的经营业绩为1470万令吉，比2017年下降40.2％。经营业绩的下降反映了第二季度产品结构的变化以及相对于前一时期的成本基础增加以支持未来增长。

物流部门：
这季：
本季度的收入为7.332亿令吉，比2017年第二季度的6.916亿令吉收入高6.0％，比2018年第一季度的7.514亿令吉收入低2.4％。比起2018年第一季度，由于自2018年6月1日起商品及服务税率从6％转为0％生效，需求发生变化。与2018年第一季度相比，经营业绩减少了9.8％，是由于2018年第一季度一次性坏账回收。

今年迄今为止：
2018年的经营业绩为2350万令吉，较2017年增长59.2％。

其他部门：
这季：
2018年第二季度的经营业绩为30万令吉，对比2017年第二季度改善了30万令吉和2018年第一季度改善了170万令吉。

今年迄今为止：
2018年第二季度的经营业绩比去年减少了80万令吉。减少反映出销售增长相对较低，费用增加。

前景：
由于从2018年9月1日引入销售和服务税（SST）以及特定客户一次性负面影响的合同的相关短期波动，营销和分销部门的前景不太乐观。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.92 in 26 days, total return is 28.7%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months, total return is 19.8%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 6 days, total return is 10.1%

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
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有兴趣的，可以电邮或PM报名
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James Ng
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[DKSH HOLDINGS MALAYSIA BHD: introduction of Sales and Services Tax (SST) and negative impact from a specific client contract]

Quarterly:
Revenues for the quarter grew by 3.5% from RM 1.39 billion to RM 1.44 billion as compared to the corresponding second quarter of 2017, while decreasing by 0.9% from RM 1.46 billion in the first quarter of 2018. The increase in comparison to the prior year is due to organic growth in existing clients while the revenue reduction in comparison to the preceding first quarter is due to a shift in consumer demand due to the transition of the Goods and Services Tax (GST) rate from 6% to 0% which was effective from June 1, 2018.

Operating costs for the quarter increased by 3.7% from RM 1.37 billion to RM 1.42 billion as compared to corresponding second quarter of 2017, which the increase was largely in line with the revenue growth listed above. Profit before tax for the quarter declined by 15.1% compared to the similar quarter of 2017.

Year-to-date:
Operating costs increased by 5.0% from RM 2.73 billion to RM 2.87 billion as compared to 2017. These cost increases were largely in line with the revenue growth listed above. However, the cost increase for the period were slightly higher than the growth in revenue due to a change in product mix which led to a corresponding small increase in cost of goods sold and slight increase in cost base to support future growth. Profit before tax declined by 6.7% as compared to 2017. The lower profit before tax performance is a result of the change in product mix and slight increase in cost base.

Marketing and Distribution segment:
Quarterly:
The operating result for the quarter was RM 9.5 million, which was 40.4% below the same second quarter of 2017 but was above the preceding first quarter of 2018 by 81.3%. The reduction in operating result against the second quarter of 2017 reflects a product mix shift, increased cost base to support future growth whereas the slight improvement over the preceding first quarter of 2018 due to favorable sales mix with the onset of festive period sales and stable costs.

Year-to-date:
The operating result for 2018 was RM 14.7 million, which was 40.2% below 2017. The reduction in operating result reflects a product mix shift in the second quarter and increased cost base relative to the prior period to support future growth.

Logistics segment:
Quarterly:
Revenues for the quarter were RM 733.2 million, which were 6.0% higher than the RM 691.6 million revenues in the corresponding second quarter of 2017, and 2.4% below revenues of RM 751.4 million of the preceding first quarter of 2018. The downturn compared to the preceding first quarter of 2018 was due to altered demand due to the transition of the GST rate from 6% to 0% which was effective from June 1, 2018. As compared to preceding first quarter of 2018, there was a 9.8% decrease in operating result due to a one-off bad debt recovery in first quarter of 2018.

Year-to-date:
The operating result for 2018 was RM 23.5 million, which is an 59.2% increase on 2017.

Others segment:
Quarterly:
The operating result for the second quarter of 2018 was RM 0.3 million, which represents a RM0.3 million improvement on the corresponding second quarter of 2017 and a RM 1.7 million improvement on the preceding first quarter of 2018.

Year-to-date:
The operating result for the second quarter of 2018 was RM 0.8 million lower than prior year. The reductions reflect relatively low sales growth with increased expenses.

Prospects:
Prospects for the Marketing and Distribution Segment are less positive due to short-term volatility relating to the introduction of Sales and Services Tax (SST) on September 01, 2018 and a one-off negative impact from a specific client contract.
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James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.92 in 26 days, total return is 28.7%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months, total return is 19.8%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 6 days, total return is 10.1%

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/

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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

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Final decision is always yours, thank you.

James Ng