[TAN CHONG MOTOR HOLDINGS BHD：推出全新本地组装车型，例如全新日产Serena S-Hybrid及日产Urvan NV350，以提升其在国内市场的竞争力]

尽管集团的收入下降3.2％至21.229亿令吉，但2018年上半年的盈利为1,200万令吉，而去年同期则为亏损6,350万令吉。随着净债务减少至10.905亿令吉（同比下跌17.1％）及库存减少至10.441亿令吉（同比下跌10.5％），陈唱摩多的财务状况继续明显改善。陈唱摩多继续采取措施改善库存管理，以确保可持续的财务状况。

a）车辆装配，制造，分销和售后服务（汽车）：
尽管汽车部门的收入较低，为20.699亿令吉（同比下降3.9％），但部门息税前利润为1.018亿令吉（同比增长225.3％）。尽管由于期内销售车辆数量减少导致收入减少，但录得EBITDA较高。较高的EBITDA来自有利的销售组合和更好的利润率，因为与美元相比，令吉走强。

b）金融服务（租购和保险）：
金融服务部门的收入较高，为4,740万令吉（同比增长38.2％），EBITDA为1240万令吉（同比增长20.5％）。收入增加是由于截至2018年6月30日的贷款账面规模较上一年有所增加。

c）其他业务（投资和房产）：
其他业务的收入较上一年的430万令吉高，达到570万令吉，EBITDA为890万令吉，而去年则为150万令吉。收入增加的原因是联络中心运营的收入贡献增加。 EBITDA的改善是由于2017年上半年确认的净外汇损失为840万令吉，这是由以外币计价的海外实体融资所致。

2Q18 vs 1Q18：
收入增加5.2％至11亿令吉。税前利润为2480万令吉（+ 84.3％），净利润为990万令吉（+ 372.8％），EBITDA为6,910万令吉（+ 28.1％）。由于销售组合良好，陈唱摩多销售车辆数量增加及利润率改善。

a）车辆装配，制造，分销和售后服务（汽车）：
在本季度，汽车部门的收入为10.627亿令吉（环比增长5.5％），部门EBITDA为5360万令吉（环比增长11.3％）。 EBITDA的改善是由于以庆祝活动为主导的销售活动，推出的新车型以及马来西亚“免税期”销售带来的客户需求增加所带来的有利销售组合。

b）金融服务（租购和保险）：
2018年第二季度的EBITDA为450万令吉（环比下降43.2％）。

c）其他业务（投资和房产）：
2018年第二季度其他业务的收入为300万令吉，而上一季度则为270万令吉。 2018年第二季度的EBITDA为1,100万令吉，而上一季度的LBITDA为210万令吉。这是由于以外币计价的海外实体融资所产生的外汇净收益。

前景：
陈唱摩多已推出全新本地组装车型，例如全新日产Serena S-Hybrid及日产Urvan NV350，以提升其在国内市场的竞争力。陈唱摩多将继续致力于通过全面的销售和售后服务中心网络提高客户满意度。

就海外业务而言，陈唱摩多将继续贯彻其业务策略，将销售及售后网络扩展至柬埔寨，老挝，缅甸及越南。作为加强集团在区域汽车领域地位的长期战略的一部分，他们还将通过越南的商用车工厂扩展到商用车领域。尽管预计商业环境仍将面临挑战，但陈唱摩多预计今年的表现将令人满意。
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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 RM0.83 in 2 months 26 day, total return is 16.1%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 4 months 6 day, total return is 10.7%

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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有兴趣的朋友，可以电邮或PM FB page联络我
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James Ng
------------------------------
[TAN CHONG MOTOR HOLDINGS BHD: launched new locally assembled models such as all-new Nissan Serena S-Hybrid and Nissan Urvan NV350 to improve its competitiveness in the domestic market]

Although the Group’s revenue was 3.2% lower at RM2,122.9 million, they recorded a profit of RM12.0 million for the first half of 2018 compared with a loss of RM63.5 million in corresponding period in previous year. The financial position of the Group continued to show improvement as the net debt has been reduced to RM1,090.5 million (-17.1% YoY) and the inventory has reduced to RM1,044.1 million (-10.5% YoY). The Group continue to undertake measures to improve inventory holding management to ensure a sustainable financial position.

a) Vehicles Assembly, Manufacturing, Distribution & After Sales Service (automotive):
Although the automotive division recorded a lower revenue of RM2,069.9 million (-3.9% YoY), there is an improvement in the segment EBITDA of RM101.8 million (+225.3% YoY). Despite the lower revenue due to lower number of vehicles sold during the period, higher EBITDA was recorded. The higher EBITDA was contributed by favourable sales mix and better profit margins due to stronger Ringgit compared to USD.

b) Financial Services (hire purchase and insurance):
The financial services division recorded a higher revenue of RM47.4 million (+38.2% YoY) and EBITDA of RM12.4 million (+20.5% YoY). The increase in revenue was due to higher loan book size sustained as of 30 June 2018 compared to previous year.

c) Other Operations (investments and properties):
Revenue from other operations was higher at RM5.7 million compared to RM4.3 million in the previous year and EBITDA was at RM8.9 million compared to RM1.5 million in the previous year. The higher revenue was due to more revenue contribution from contact centre operations. The improvement in EBITDA was due to net foreign exchange loss of RM8.4 million recognised in first half of 2017 arising from financing overseas entities denominated in foreign currencies.

2Q18 vs 1Q18:
Revenue increased by 5.2% at RM1.1 billion. Profit before taxation was at RM24.8 million (+84.3%) with net profit of RM9.9 million (+372.8%) and EBITDA at RM69.1 million (+28.1%). The Group recorded higher number of vehicles sold and improvement in the margins with the favourable sales mix.

a) Vehicles Assembly, Manufacturing, Distribution & After Sales Service (automotive):
For the quarter under review, automotive division recorded RM1,062.7 million in revenue (+5.5% QoQ) and RM53.6 million in segment EBITDA (+11.3% QoQ). The improvement in EBITDA was due to favourable sales mix arising from festivities-driven sales campaigns, new models launched and increased customers demand arising from “tax holiday” sales in Malaysia.

b) Financial Services (hire purchase and insurance):
EBITDA for Q2 2018 was RM4.5 million (-43.2% QoQ).

c) Other Operations (investments and properties):
Revenue from other operations for Q2 2018 was RM3.0 million compared to RM2.7 million in preceding quarter. EBITDA for Q2 2018 was RM11.0 million compared to preceding quarter LBITDA of RM2.1 million. This was due to the net foreign exchange gain arising from financing overseas entities denominated in foreign currencies.

Prospects:
The Group had launched new locally assembled models such as all-new Nissan Serena S-Hybrid and Nissan Urvan NV350 to improve its competitiveness in the domestic market. The Group will continue to maintain its commitment to improving customers satisfaction backed by the comprehensive network of sales and after-sales service centres.

For overseas operations, the Group will continue to follow through on its business strategy of expansion of sales and after-sales network into Cambodia, Laos, Myanmar and Vietnam. As part of the long term strategy to strengthen the Group’s position in the regional automotive sector, they will also expand into the commercial vehicles sector with the commercial vehicle plant in Vietnam. Although the business environment is anticipated to remain challenging, the Group expects to perform satisfactorily this year.
------------------------------------------------
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 RM0.83 in 2 months 26 day, total return is 16.1%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 4 months 6 day, total return is 10.7%

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/181439.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