[POH HUAT RESOURCES HOLDINGS BHD：家庭组成的长期放缓，尤其是年轻人，可能会对其产品的需求和定价产生不利影响，他们对原材料和劳动力成本加速以及美元对令吉的波动保持警惕]

这季他们录得略微低的1.45亿令吉的营业额，相比之下于截至2017年7月31日的相应期间记录的1.5148亿令吉。其马来西亚业务录得营业额6,658万令吉，比去年同期增长14.8％，因为他们继续获得针对美国市场的基于面板的卧室套装的强劲订单。

其越南业务的营业额由上一个相应期间的9,318万令吉减少至这期间的7841万令吉。如前所述，他们在越南的产品组合在最近几个季度转移到更低价的范围，导致销售额下降。随着越来越多的中国制造商将其生产设施从华南地区转移到越南，他们在越南的业务也面临来自越南制造商的激烈竞争。

他们的马来西亚业务在截至2018年7月31日的前9个月期间，毛利率较前一个相应期间的24.6％低，到18.6％。原材料和直接人工成本分别上升至总销售额的63.4％和8.6％，而上一个相应的报告期分别为55.2％和7.8％。

在越南，其毛利从上一个相应期间的1235万令吉下降至本期间的887万令吉。由于激烈的竞争导致产品的平均价格下降以及过去12个月原材料和劳动力成本的逐步增加，毛利率从16.8％下降至12.6％。截至2018年7月31日止的首9个月，原材料成本及直接劳工分别占总销售额的59.18％及16.41％，而去年同期则分别为57.24％及15.54％。

于本期间，他们录得较高的营业额1.45亿令吉，而截至2018年4月30日止的前一期间则为1.2553亿令吉。

在马来西亚，与毛利较高一致，税前利润从上一期的522万令吉提高在本期内达到752万令吉。

其越南子公司的税前利润从上一季度的400万令吉下降至本季度的357万令吉。利润率较低的主要原因是他们产品的平均售价较低，以及原材料价格和劳动力成本逐步上升。

前景：
在美国，供应紧张和加息预期上升导致房价上涨和抵押贷款利率上升，使房屋拥有权降低。还有企业警告美国与中国的贸易战造成的损失，这可能导致需求和商业前景变差。

家庭组成的长期放缓，尤其是年轻人，可能会对堡发资源的产品的需求和定价产生不利影响。他们对原材料和劳动力成本加速以及美元对令吉的波动保持警惕，这可能对其财务业绩产生不利影响。
------------------------------------------------
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 RM0.845 in 2 months 21 day, total return is 18.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.905 in 4 months 2 day, total return is 13.8%

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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地点：Tropical Inn, Johor Bahru (包括茶点)

日期：12月16日星期日
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日期：12月23日星期日
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有兴趣的朋友，可以电邮或PM FB page联络我
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James Ng
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[POH HUAT RESOURCES HOLDINGS BHD: prolonged slowdown on household formation, especially amongst the young, may have adverse impact on the demand and pricing for their products, they remain alert to the acceleration of the raw material and labour costs and the volatility of the USD against the Ringgit]

For the current reporting period, they recorded a marginally lower turnover of RM145.00 million compared to RM151.48 million recorded in the previous year corresponding reporting period ended 31 July 2017. Their Malaysian operations registered a turnover of RM66.58 million, an increase of 14.8% over the previous year’s corresponding period as they continued to receive strong orders for their panel-based bedroom sets for the US market.

Turnover from their Vietnamese operations moderated from RM93.18 million in the previous corresponding reporting period to RM78.41 million in the current reporting period. As mentioned previously, their product mix in Vietnam has, over the recent quarters, shifted to the more affordable ranges resulting in lower sales value. Their operations in Vietnam also faced stiffer competition from manufacturers in Vietnam as more Chinese owned manufacturers shifted their production facilities from Southern China to Vietnam.

Their Malaysian operations for the first 9-month period ended 31 July 2018, gross margin was lower at 18.6% against 24.6% in the previous corresponding reporting period. Raw material and direct labour costs rose to 63.4% and 8.6% of total sales respectively compared to 55.2% and 7.8% respectively in the previous corresponding reporting period.

In Vietnam, their gross profit declined from RM12.35 million in the previous corresponding reporting period to RM8.87 million in the current reporting period. Gross profit margin declined from 16.8% to 12.6% due to keener competition which has resulted in lower average prices of products shipped and the progressive increases in raw material and labour costs over the last 12 months. For the first 9-month period ended 31 July 2018, raw material costs and direct labour were 59.18% and 16.41% of total sales respectively against 57.24% and 15.54% respectively in the previous corresponding reporting period.

They recorded a higher turnover of RM145.00 million during the current reporting period compared to RM125.53 million in the preceding reporting period ended 30 April 2018.

In Malaysia, consistent with the higher gross profits, profit before tax improved from RM5.22 million in the preceding reporting period to RM7.52 million in the current reporting period.

Profit before tax for their Vietnamese subsidiary declined from RM4.00 million in the preceding quarter to a low of RM3.57 million in the current quarter under review. The lower margin was attributable mainly to lower average selling prices of their products as well as the progressive increase in raw material prices and labour costs.

Prospects:
In the US, tighter supply and higher expectation of interest rate hike have resulted in higher house prices and rising mortgage rate, making home ownership less affordable. There are also warnings from businesses of American losses from a trade war with China which could lead to poorer demand and business outlook.

A prolonged slowdown on household formation, especially amongst the young, may have adverse impact on the demand and pricing for their products. They remain alert to the acceleration of the raw material and labour costs and the volatility of the USD against the Ringgit which may have adverse impact on their financial performance.
------------------------------------------------
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 RM0.845 in 2 months 21 day, total return is 18.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.905 in 4 months 2 day, total return is 13.8%

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/180453.jsp by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

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Final decision is always yours, thank you.

James Ng