[TASCO BHD：开始看到投资到冷链物流业务的回报，大力打造零售物流业务]

YTD19 vs YTD18:
泛亚综合物流于2018年6月30日的财务期（“FPE”）收入为1.816亿令吉，去年同期为1.569亿令吉，同比增加2,470万令吉（15.7％）。Domestics Business Solutions（“DBS”）部门的收入保持强劲，收入增长41.3％（3540万令吉），从8,590万令吉增加至1.215亿令吉。在IBS部门，Air Freight Forwarding（“AFF”）部门的增长为5.2万令吉（0.1％）。

新成立的Gold Cold Integrated Logistics Sdn Bhd（“GCIL”），前身为MILS Cold Chain Logistics Sdn Bhd（“MCCL”），自2018年6月起生效，Cold Supply Chain（“CSC”）通过收购后进一步贡献加强总收入为2110万令吉至DBS部门。同样，Contract Logistics（“CL”）部门表现强劲，收入增加1660万令吉（26.3％），从6,320万令吉增加至7,980万令吉。在CL业务中，custom clearance业务是CL部门的最大收入来源，收入增加了1,160万令吉（55.7％），从2080万令吉增加到3240万令吉，因为收入贡献来自太阳能电池板客户，纸产品制造商的进口货物增加以及project cargo的贡献。新的消费品零售和烟草客户加上现有E＆E和乐器客户的货运量增加，使仓储业务收入从2730万令吉增加至3110万令吉，增加了380万令吉（13.8％）。由于现有E＆E客户和北部地区新的聚酯薄膜制造商的生产线增加，in-plant业务收入增加了140万令吉（29.5％）。

截至2018年6月30日止年初至今的经营利润从1010万令吉轻微增加10万令吉（1.0％）至1020万令吉。在IBS内，AFF部门产生的PBT从140万令吉增加到230万令吉，增加了90万令吉（68.9％）。至于DBS部门，它的PBT增加了270万令吉（43.6％），由620万令吉增加至890万令吉。 PBT的增加主要来自CSC和Trucking部门。新的CSC部门为集团贡献了310万令吉的PBT。尽管Trucking部门的收入下降，但持续降低成本的措施使PBT上升了140万令吉（206.7％）。在CL业务中，运输业务的PBT略微下降了8万令吉（8％）是因为集装箱数量下降，custom clearance由于收入增加，PBT增加了220万令吉（227.6％）。

1Q19 vs 4Q18:
泛亚综合物流截至2018年6月30日止的第一季度（「2019财年第一季度」）的收入为1.816亿令吉，而截至2018年3月31日止的上一季度的收入为1.695亿令吉。此增加为1,210万令吉（7.2％）。IBS部门减少RM50万（0.9％），由6,070万令吉减少至6,020万令吉，而DBS更好的销售业绩则是增加了1,270万令吉（11.6％），由上一季度的RM1.088亿增加至1.215亿令吉。

在IBS市场中，AFF部门的收入从RM4020万增加至4,300万令吉，增加了280万令吉（7.1％），主要来自电子电容器和航空航天客户大幅增加的出货量支持。

在DBS市场中，CL部门的收入增加了1090万令吉（15.8％），从6,890万令吉增加至7,980万令吉。卡车运输部门的收入从1790万令吉增加到2050万令吉和260万令吉（14.1％），而CSC则下降了70万令吉（3.5％）。由于太阳能电池板和project cargo业务的收入增加，CL的收入增长主要来自海关清关业务。海关业务收入从2,330万令吉上升至3,240万令吉，增加910万令吉（39.3％）。由于E&E和塑料树脂制造商的产量增加，in-plant业务收入增加了540万令吉，达到630万令吉，增加了90万令吉（16.4％）。仓库业务收入增加了60万令吉（2.0％），从3050万令吉增加至3,110万令吉。增加的主要原因是新的消费零售业务。增加出口集装箱的运输推动了运输业务，使收入增加了20万令吉（2.0％）。卡车运输部门的收入增长主要来自烟草和E&E客户。

对于Q1FY2019，IBS部门的PBT从140万令吉增加到170万令吉，增加了RM30万（20.0％），而DBS部门则从1,480万令吉减少到860万令吉，减少620万令吉（41.8％）。然而，IBS及DBS经营部门的PBT减少被支持部门的一般开支减少及支持部门的180万令吉减少所抵销，主要是由于CSC业务的专业及法律开支减少所致。

在IBS市场中，鉴于电容器客户贡献的收入和出货量增加，AFF的PBT增加了200万令吉（622.9％），而上一季度则为30万令吉。

在DBS市场中，Trucking部门PBT增加了30万令吉（74.8％），而CL业务的PBT则从1110万令吉下降至510万令吉，下降了600万令吉（54.2％）。custom clearance业务和project cargo的收入增加推动了清关业务的PBT增加150万令吉（86.5％）。

前景：
在2018年7月发布的最新“世界经济展望”报告（“WEO”）中，国际货币组织（“IMF”）维持2018年和2019年的全球增长预测3.9％。阿根廷，巴西，和印度的成长下调，而一些石油出口国的前景已经加强。

在马来西亚，MIER预计国内需求将继续成为增长的引擎，而出口需求的乐观进一步加强。反过来，国内需求的增长主要归因于私人消费，而预计今年的公共支出和投资增长将会放缓。不断增长的美中贸易战使前景略显模糊，短期内可能影响我们的对外贸易，无论是加强还是减弱。例如，在中国报复对美国大豆征收同等关税从而推高后者的价格后，马来西亚至少在短期内可能受益于棕榈油需求的增加。

无论是积极的还是消极的，他们都会受到不断增长的美中贸易战的影响。例如，马来西亚可能成为美国和中国公司重新安置投资的首选地点之一（至少在短期内）会产生积极影响。从结果来看，他们开始看到投资到冷链物流业务的回报。展望到2019财年，除了核心的传统物流和冷供应链业务外，他们预计将大力打造零售物流业务。他们将继续保持战略来专注于通过创新的物流解决方案为客户提供服务，并在有利于其股东价值的同时扩大其物流能力。
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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 RM0.835 in 1 month 27 day, total return is 16.8%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.46 in 3 months 1 day, total return is 13.4%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.86 in 3 months 8 day, total return is 8.2%

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。

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James Ng
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[TASCO BHD: beginning to see the returns from their investments in to cold-chain logistics business, build strongly into retail logistics business]

YTD19 vs YTD18:
The Group achieved revenue of RM181.6 million for the financial period ended ("FPE") 30 June 2018 as against RM156.9 million a year earlier, an increase of RM24.7 million (15.7 percent) year-on-year ("y-o-y"). Revenue from Domestics Business Solutions ("DBS") segment remained robust by recording a 41.3 percent (RM35.4 million) increase in revenue from RM85.9 million to RM121.5 million y-o-y. In the IBS segment, Air Freight Forwarding ("AFF") division posted marginal increase of RM0.052 million (0.1 percent).

With the newly on-board Gold Cold Integrated Logistics Sdn Bhd ("GCIL"), formerly known as MILS Cold Chain Logistics Sdn Bhd ("MCCL"), effective from June 2018, Cold Supply Chain ("CSC") further strengthened by contributing a total post-acquisition revenue of RM21.1 million to DBS segment. Similarly, Contract Logistics ("CL") division performed strongly to contribute an increase in revenue of RM16.6 million (26.3 percent), from RM63.2 million to RM79.8 million. Within CL business, custom clearance business was the largest revenue contributor to CL division, with an increase in revenue of RM11.6 million (55.7 percent), from RM20.8 million to RM32.4 million, on the back of revenue contribution from a solar panel customer, increased import shipments of a paper product manufacturer as well as contribution from project cargo. Newly secured consumer retailing and tobacco customers coupled with increased cargo volume from existing E&E and musical instruments customers boosted revenue of warehouse business from RM27.3 million to RM31.1 million, an increase of RM3.8 million (13.8 percent). Revenue of in-plant business rose by RM1.4 million (29.5 percent) as a result of increased production lines of existing E&E customer and a newly secured polyester film manufacturer in Northern Region.

Profit from operations for the year-to-date ended 30 June 2018 roses lightly by RM0.1 million (1.0 percent) from RM10.1 million to RM10.2 million y-o-y. Within IBS, PBT generated from AFF division increased from RM1.4 million to RM2.3 million, an increase of RM0.9 million (68.9 percent). As for DBS segment, it posted an increase in PBT of RM2.7 million (43.6 percent) from RM6.2 million to RM8.9 million y-o-y. The increase in PBT was largely contributed from CSC and Trucking divisions. The new CSC division contributed PBT of RM3.1 million to the Group. Despite Trucking division registering a drop in revenue, continuous cost-down measures lifted PBT by RM1.4 million (206.7 percent). In CL business, custom clearance reported an increase in PBT of RM2.2 million (227.6 percent) on the back of revenue surge where as PBT of haulage business dropped slightly by RM0.08 million (8 percent) which was attributable to lower container volume.

1Q19 vs 4Q18:
The Group's revenue of the first quarter ended 30 June 2018 ("Q1FY2019") was registered at RM181.6 million, as against revenue of RM169.5 million of the preceding quarter ended 31 March 2018. This represents an increase of RM12.1 million (7.2 percent). IBS segment posted a decrease of RM0.5 million(0.9 percent), from RM60.7 million to RM60.2 million while DBS segment recorded better sales result by RM12.7 million (11.6 percent), from RM108.8 million to RM121.5 million as against preceding quarter.

Within the IBS segment, AFF division posted RM2.8 million (7.1 percent) increase in revenue from RM40.2 million to RM43.0 million, mainly contribution from significant increased shipments support from electronic capacitor and aerospace customers.

Within the DBS segment, revenue of CL division rose by RM10.9 million (15.8 percent), from RM68.9 million to RM79.8 million. Revenue of Trucking division rose from RM17.9 million to RM20.5 million and RM2.6 million (14.1 percent) while CSC showed a drop of RM0.7 million (3.5 percent). Revenue increase in CL was largely contributed from custom clearance business as a result of increase revenue from a solar panel and project cargo business. Revenue of custom clearance business rose from RM23.3 million to RM32.4 million, an increase of RM9.1 million (39.3 percent). Revenue of in-plant business rose by RM5.4 million to RM6.3 million, an increase of RM0.9 million (16.4 percent), resulting from increased production volume of E&E and plastic resin manufacturers. Warehouse business posted an increase of revenue by RM0.6 million(2.0 percent), from RM30.5 million to RM31.1 million. The increase was mainly contributed from a newly secured custom of consumer retailing business. Increase delivery of export containers boosted haulage business to record higher revenue by RM0.2 million (2.0 percent). Revenue increase in Trucking division was largely contributed from a tobacco and E&E customers.

For Q1FY2019, PBT of IBS segment recorded an increase of RM0.3 million (20.0 percent) from RM1.4 million to RM1.7 million while DBS segment recorded a decrease of RM6.2 million (41.8 percent) from RM14.8 million to RM8.6 million. However, decreases of PBT from operating segments of IBS and DBS were offset by reduction in general expenses incurred in support segment and reduction in expenses of RM1.8 million from support segment, largely attributable to drop in professional & legal expenses for CSC business.

Within IBS segment, in view of increase revenue and shipments contribution from capacitor customers, AFF posted an increase in PBT of RM2.0 million (622.9 percent) against last quarter of RM0.3 million.

Within the DBS segment, Trucking division reported an increase in PBT of RM0.3 million (74.8 percent) whereas PBT of CL business dropped from RM11.1 million to RM5.1 million, a drop of RM6.0 million (54.2 percent). Increase in revenue and project cargo in custom clearance business boosted PBT of custom clearance business to rise by RM1.5 million (86.5 percent).

Prospects:
In the latest World Economic Outlook report ("WEO") released in July 2018, the International Monetary Fun ("IMF") maintained its global growth projection of 3.9 percent for 2018 and 2019. Growth projections have been revised down for Argentina, Brazil, and India, while the outlook for some oil exporters has strengthened.

In Malaysia, the MIER expects domestic demand to continue to be the engine of growth, and further reinforced by upbeat export demand. The growth in domestic demand, in turn, is largely attributed to private consumption, while public spending as well as investment growth for this year are expected to moderate. A growing US-China trade war poses a somewhat fuzzy outlook, and in the near term could impact our external trade eitherway, upside or downside. For example, Malaysia could benefit from the increase in demand for palm oil at least in the near term following China's retaliation of imposing an equivalent tariff on US soy bean thus pushing up the latter's prices.

They would be susceptible to the impact of the growing US-China tradewar, either positively or negatively. For example, a positive impact (at least in the short term) would be Malaysia could be one of the preferred locations for US and Chinese companies to relocate their investments. Result-wise, they are beginning to see the returns from their investments in to cold-chain logistics business. Going forward into FY2019, other than their core traditional logistics and cold supply chain businesses, they anticipate to build strongly into retail logistics business. They will continue to maintain their strategy to focus on servicing their customers with innovative logistics solutions and expand their logistics capacity when it is beneficial to their shareholders' value.
------------------------------------------------
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 RM0.835 in 1 month 27 day, total return is 16.8%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.46 in 3 months 1 day, total return is 13.4%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.86 in 3 months 8 day, total return is 8.2%

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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