[AMWAY MALAYSIA HOLDINGS BHD：销售额下降及进口成本上升]

截至2018年6月30日止六个月的集团收入较去年同期下降5.3％。收入受到Malaysian Financial Reporting Standard 15（MFRS 15）与客户合约收入的影响，于2018年1月1日或之后生效。不包括MFRS 15产生的调整，集团收入为4.722亿令吉，即比去年同期下降3.5％。

收入较低的原因是营销促销的时间导致与去年同期的比较较高，以及在2018年5月16日宣布6月1日后，商品和服务税（GST）将会是零税率后ABO拒绝购买的反应。6％的销售折扣已经提出，以减轻购买的阻碍。截至2018年6月30日止六个月，这集团的税前利润较去年同期减少36.0％，原因是销售额下降及进口成本上升（主要归因于较弱的令吉），部分被营运开支减少所抵销。

截至2018年6月30日止三个月，集团收入较去年同期下降9.6％。剔除MFRS 15产生的调整，收入为2.314亿令吉，即比去年同期下降8.2％。减少主要是上面提到的类似因素。由于销售额下降以及进口成本上升（主要归因于较弱的令吉），这集团的除税前溢利较去年同期减少48.2％。

截至2018年6月30日止三个月，集团收入较上一季度下降3.2％，因为ABO在政府宣布商品及服务税零税率后宣布停止采购，并已提供6％的销售折扣以减轻购买阻力。由于销售额下降以及ABO活动带来的营业费用增加，税前利润较上一季度下降6.0％。

前景：
由于持续关注有效管理营运成本的策略，预期这集团的利润率将有所改善。
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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 RM0.88 in 2 months 3 day, total return is 23.1%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 3 months 14 day, total return is 13.2%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.44 in 3 months 7 day, total return is 12.4%

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。

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James Ng
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[AMWAY MALAYSIA HOLDINGS BHD: lower sales and higher import costs]

Group revenue for the six months ended 30 June 2018 was 5.3% lower than the same period last year. Revenue for the period under review was impacted by the adoption of Malaysian Financial Reporting Standard 15 (MFRS 15) Revenue from Contracts with Customers, which was effective for annual period beginning on or after 1 January 2018. Excluding the adjustment arising from MFRS 15, group revenue was RM472.2 million i.e. 3.5% lower than the same period last year.

The lower revenue for the period under review was due to timing of marketing promotions which resulted in higher comparison for the same period last year, as well as ABOs’ reaction on holding back purchases post 16th May’s announcement on zero-rating of Goods and Services Tax (GST) to be effective 1st June 2018. In addition, 6% sales discount had been offered to mitigate the holding back of purchases. The Group’s profit before tax for the six months ended 30 June 2018 decreased by 36.0% as compared to the same period last year due to lower sales and higher import costs (primarily attributed to the weaker Ringgit), partially offset by lower operating expenses.

For the three months ended 30 June 2018, group revenue was 9.6% lower than the same period last year. Excluding the adjustment arising from MFRS 15, revenue was RM231.4 million i.e. 8.2% lower than the same period last year. The decrease was mainly due to similar drivers mentioned in the year-to-date comparative above. The Group’s profit before tax for the period under review decreased by 48.2% as compared to the same period last year due to lower sales as well as higher import costs (primarily attributed to the weaker Ringgit).

For the three months ended 30 June 2018, Group revenue decreased by 3.2% compared to the preceding quarter as ABOs held back purchases after the government’s announcement on the zero-rating of the GST, as well as 6% sales discount had been offered to mitigate the holding back of purchases. Profit before tax decreased by 6.0% as compared to the preceding quarter due to lower sales and higher operating expenses driven by ABO events held in the period under review.

Prospects:
The Group’s profit margin is expected to improve as a result of continued focus on strategies to effectively manage operating costs.
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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 RM0.88 in 2 months 3 day, total return is 23.1%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 3 months 14 day, total return is 13.2%

3) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.44 in 3 months 7 day, total return is 12.4%

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/

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Final decision is always yours, thank you.

James Ng