[KIAN JOO CAN FACTORY BHD：锡板，铝板和纸卷等直接材料的成本不断上升，生产成本增加，包括人工成本，马来西亚政府提议将最低工资提高10％，从每月RM1,000增加到RM1,100]

Q318 vs Q317:
这集团于二零一八年第三季录得总收入4亿6360万令吉，较2017年第3季的4亿7,190万令吉减少。收入减少乃由于锡及铝罐及合约制造产品需求减少所致。由于收入减少以及锡板，铝和纸卷成本增加，毛利从2017年第三季度的5340万令吉下降至4050万令吉。因此，税前利润从2017年第3季度的1,380万令吉减少至2018年第3季度的380万令吉。于本季度，这集团亦录得缅甸的营运亏损约440万令吉。

（i）罐子部门：
Q3, 2018，罐头部门的营业总收入为2.894亿令吉，较2017年第三季度的3.043亿令吉减少。收入减少主要是由于越南铝罐和锡罐的销售减少（客户需求减缓）所致。该部门的税前利润从2017年第三季度的1210万令吉减少了260万令吉，而2018年第三季度则为950万令吉。收入减少以及锡板和铝的成本增加是导致利润下降的主要原因。

（ii）纸箱部门：
随着毛利润的改善，该部门在本季度的税前利润为100万令吉，而2017年第三季度的税前亏损为420万令吉。

（iii）合约制造部门：
2018年第三季度合约制造部门的收入由2017年第三季度的3780万令吉减少至1,080万令吉。减少的原因是本季度饮料制造部门的出口销售额下降。这季度内，本部门录得税前亏损330万令吉，同时收入减少，而2017年第3季除税前溢利为270万令吉。

（iv）贸易部门：
交易部门的收入从2017年第三季度的1.479亿令吉略微下降至2018年第三季度的1.176亿令吉。2018年第三季度的税前利润为340万令吉，而2017年第3季度的税前利润为RM420万。

YTD18 vs YTD17：
这集团的收入减少680万令吉，由2017财年的13.445亿令吉减少至2018财年的13.377亿令吉。收入减少的原因是越南的锡罐，铝罐和合约制造部门销售量减少。由于销售组合的变化和收入减少，毛利润从2017财年的1.677亿令吉下降21.6％至2018财年的1.314亿令吉。下降的原因还在于锡板，铝和纸卷的成本不断上升。

此外，这集团亦录得2018财年的衍生金融亏损为90万令吉，而2017财年的衍生金融工具的盈利则为380万令吉。缅甸的营业前支出为940万令吉，也导致利润下降。因此，这集团录得税前利润从2017财年的5,370万令吉下降至2018年的870万令吉。

（i）罐子部门：
据Cans部门报告，收入减少了6510万令吉，从2017财年的9.121亿令吉减少到2018财年的8.47亿令吉。收入减少的主要原因是越南对锡罐和铝罐的需求减少。由于锡板和铝的成本较高，税前利润从2017财年的7520万令吉下降至2018财年的3220万令吉，减少了4300万令吉。此外，该部门的衍生金融工具损失较高，从2017财年的RM130万令吉至2018财年的310万令吉。

（ii）纸箱部门：
该部门在YTD2018中记录了税前亏损740万令吉，而2017财年的税前亏损为1,330万令吉。

（iii）合约制造部门：
合约制造部门的收入从2017财年的7920万令吉减少至YTD2018的5920万令吉，主要原因是饮料制造部门的出口销售减少。 YTD2018报告的税前亏损为440万令吉，而2017财年的税前利润为180万令吉。这是由于销售额下降。

（iv）贸易部门：
交易部门的收入从2017财年的4亿3130万令吉略微下降至2018年的4亿3020万令吉。YTD2018税前利润为1,240万令吉，而2017财年的税前利润为1,250万令吉。

Q318 vs Q218：
税前利润从2018年第二季度的520万令吉降至2018年第三季度的380万令吉。2018年第三季度的税前利润受衍生金融工具亏损120万令吉和财务成本较高的影响，相比在2018年第二季度，衍生金融工具收益为130万令吉。

（i）罐子部门：
2018年第三季度的税前利润为950万令吉，而2018年第二季度则为1,120万令吉。该部门在2018年第二季度对冲工具的未实现收益为140万令吉，而2018年第三季度未实现套期工具亏损则为160万令吉。

（ii）纸箱部门：
该部门的税前利润为100万令吉，而2018年第二季度的税前亏损为280万令吉。

（iii）合约制造部门：
合约制造部门的收入由2018年第二季的1,770万令吉减少至2018年第三季的1,080万令吉。该减少的原因是本季度饮料制造部门的出口销售减少。税前亏损为330万令吉，同时收入减少，而2018年第二季的税前亏损为190万令吉。

（iv）贸易部门：
交易部门的收入从2018年第二季度的1.586亿令吉减少至2018年第三季度的1.176亿令吉。

前景：
这集团于2018财政年度面对的主要挑战包括：

（i）马来西亚消费市场的疲弱情绪对这集团的营运产生连锁反应;
（ii）外币汇率波动
（iii）锡板，铝板和纸卷等直接材料的成本不断上升;和
（iv）生产成本增加，包括人工成本。

在最近公布的预算中，马来西亚政府提议将最低工资提高10％，从每月RM1,000增加到RM1,100。越南国家工资委员会也宣布2019年越南最低工资增加5.3％。这可能会给集团增加额外的成本压力。缅甸新工厂的营运前费用将继续增加。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 in 2 months, total return is 14.8%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.825 in 5 months 13 days, total return is 3.8%

3) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.735 (dividend RM0.007) in 4 months 2 day, total return is 3.8%

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

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James Ng
--------------------------------
[KIAN JOO CAN FACTORY BHD: escalating costs of direct materials such as tin plate, aluminium and paper rolls, increase in production costs including labour cost, Malaysian Government proposed to increase minimum wage by 10%, from RM1,000 to RM1,100 per month]

Q318 vs Q317:
The Group recorded a total revenue of RM463.6 million in Q3, 2018, a decrease from RM471.9 million in Q3, 2017. The decrease in revenue was contributed by decrease in demand for tin and aluminium cans and contract manufacturing products. Gross profit declined from RM53.4 million in Q3, 2017 to RM40.5 million due to decrease in revenue and increased cost of tin plate, aluminium and paper rolls. Consequently, profit before tax decreased from RM13.8 million in Q3, 2017 to RM3.8 million in Q3, 2018. During the quarter, the Group also incurred pre-operating loss in Myanmar amounting to approximately RM4.4 million.

(i) Cans Division:
The Cans Division generated a total operating revenue of RM289.4 million in Q3, 2018, a decrease from RM304.3 million in Q3, 2017. The decrease in revenue was attributable mainly to decrease in sales of aluminium cans and tin cans in Vietnam due to slow demand from customers. Profit before taxation of this Division decreased by RM2.6 million from RM12.1 million in Q3, 2017 compared to RM9.5 million in Q3, 2018. Lower revenue and the increase in cost of tin plate and aluminium were the main contributing factors for the drop in profit.

(ii) Cartons Division:
With improvement in gross profit, the Division recorded a profit before taxation of RM1.0 million in the current quarter compared to a loss before taxation of RM4.2 million in Q3, 2017.

(iii) Contract Manufacturing Division:
Revenue from Contract Manufacturing Division in Q3, 2018 decreased to RM10.8 million from RM37.8 million in Q3, 2017. The decrease was attributable to lower export sales by beverage manufacturing section during the quarter under review. During the quarter under review, this Division recorded a loss before taxation of RM3.3 million as compared to profit before taxation of RM2.7 million in Q3, 2017 in tandem with the decrease in revenue.

(iv) Trading Division:
The revenue of Trading Division decreased slightly from RM147.9 million in Q3, 2017 to RM117.6 million in Q3, 2018. A profit before taxation of RM3.4 million was recorded in Q3, 2018 as compared to a profit before taxation of RM4.2 million in Q3, 2017.

YTD18 vs YTD17:
The Group registered a decrease in revenue by RM6.8 million, from RM1,344.5 million in YTD2017 to RM1,337.7 million in YTD2018. The decrease in revenue was contributed by decrease in sales quantity for tin cans in Vietnam, aluminium cans and Contract Manufacturing Division. Gross profit dropped by 21.6% from RM167.7 million in YTD2017 to RM131.4 million in YTD2018 due to changes in sales mix and lower revenue. The drop was also attributable to the escalating costs of tin plate, aluminium and paper rolls.

In addition, the Group also recorded a loss on derivative financial of RM0.9 million in YTD2018 as compared to gain on derivative financial instruments of RM3.8 million in YTD2017. Pre-operating expenses incurred in Myanmar amounting to RM9.4 million also contributed to the lower profit. Consequently, the Group recorded a drop in profit before taxation from RM53.7 million in YTD2017 to RM8.7 million in YTD2018.

(i) Cans Division:
The Cans Division reported a decrease in revenue of RM65.1 million, from RM912.1 million in YTD2017 to RM847.0 million in YTD2018. The decrease in revenue was mainly contributed by decrease in demand for tin cans in Vietnam and aluminiumcans. Profit before taxation declined by RM43.0 million from RM75.2 million in YTD2017 to RM32.2 million in YTD2018 due to higher costs of tin plate and aluminium. In addition, this Division incurred higher loss on derivative financial instruments from RM1.3 million in YTD2017 to RM3.1 million in YTD2018.

(ii) Cartons Division:
The Division recorded a loss before taxation of RM7.4 million in YTD2018 compared to a loss before taxation of RM13.3 million in YTD2017.

(iii) Contract Manufacturing Division:
Revenue of Contract Manufacturing Division decreased from RM79.2 million in YTD2017 to RM59.2 million in YTD2018 due mainly to decrease in export sales in beverage manufacturing section. A loss before taxation of RM4.4 million was reported in YTD2018 as opposed to a profit before taxation of RM1.8 million in YTD2017. This was attributable to lower sales.

(iv) Trading Division:
The revenue of Trading Division marginally decreased from RM431.3 million in YTD2017 to RM430.2 million in YTD2018. A profit before taxation of RM12.4 million was recorded in YTD2018 as compared to a profit before taxation of RM12.5 million in YTD2017.

Q318 vs Q218:
Profit before taxation decreased from RM5.2 million in Q2, 2018 to RM3.8 million in Q3, 2018. The profit before taxation for Q3, 2018 has been impacted by a derivative financial instruments loss of RM1.2 million compared to a derivative financial instruments gain of RM1.3 million in Q2, 2018 and higher finance cost.

(i) Cans Division:
Profit before taxation for Q3, 2018 was at RM9.5 million as compared to RM11.2 million in Q2, 2018. This division registered an unrealised gain on hedging instruments of from RM1.4 million in Q2, 2018 as compared to an unrealised loss on hedging instruments of RM1.6 million in Q3, 2018.

(ii) Cartons Division:
The Division recorded a profit before taxation of RM1.0 million as compared to a loss before taxation of RM2.8 million in Q2, 2018.

(iii) Contract Manufacturing Division:
Revenue in Contract Manufacturing Division decreased from RM17.7 million in Q2, 2018 to RM10.8 million in Q3, 2018. The decrease was attributable to decrease in export sales by beverage manufacturing section during the quarter. A loss before taxation of RM3.3 million was recorded as against a loss before taxation of RM1.9 million in Q2, 2018 in tandem with the decrease in revenue.

(iv) Trading Division:
The revenue of Trading Division decreased from RM158.6 million in Q2, 2018 to RM117.6 million in Q3, 2018.

Prospects:
The key challenges faced by the Group in financial year 2018 included:

(i) Weak sentiment in consumer market in Malaysia which had a knock-on effect on the Group's operations;
(ii) Volatility in foreign currency exchange rate
(iii) Escalating costs of direct materials such as tin plate, aluminium and paper rolls; and
(iv) Increase in production costs including labour cost.

In the recently announced budget, the Malaysian Government proposed to increase minimum wage by 10%, from RM1,000 to RM1,100 per month. The Vietnam's National Wage Council had also announced an increase in Vietnam minimum wage by 5.3% in 2019. These may add additional cost pressure to the Group. Pre-operating cost of new plants in Myanmar will continue to be incurred.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.17 in 2 months, total return is 14.8%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.825 in 5 months 13 days, total return is 3.8%

3) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.735 (dividend RM0.007) in 4 months 2 day, total return is 3.8%

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/

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James Ng