[SIME DARBY PROPERTY BERHAD：房地产行业持续疲软，现有的房屋过剩，经济不确定性和紧缩的贷款条件，加上购买率低，导致房地产开发商极具竞争力的营销推广和价格折扣]

与去年同期相比，森那美产业的税前利润和净利润分别为5300万令吉和2880万令吉，分别大幅下降87.6％和93.2％。剔除其他收益，森那美产业的部门业绩下滑62.5％，主要是由于来自巴特西业绩较低所致。

a）房地产开发：
房地产开发业绩较上年下降67.8％，原因是巴特西亏损570万令吉，而去年同期则为利润8680万令吉。剔除合资企业和联营公司业绩的份额，房地产开发业绩显着增长69.6％，主要是由于Serenia City和Denai Alam townships，Cantara Residences和Melawati企业中心的销售和开发活动增加，尽管Bukit Jelutong，Bandar Bukit Raja，Elmina和Bandar Universiti Pagoh townships的贡献较低。

b）物业投资：
物业投资部门录得溢利1,040万令吉，而去年则亏损450万令吉。

c）休闲和招待：
与去年的660万令吉相比，休闲及酒店业务的亏损增加至980万令吉。损失较高的主要原因是某些酒店单位运营结束后入住率下降。

d）特许经营安排：
设施和资产管理服务的贡献在本季度略有改善，为1.4％。

截至2018年9月30日止的第一季度集团收入较上一季度下降22.2％。森那美产业的税前利润和净利润分别下降28.2％和38.2％，主要是由于特许安排部门的贡献减少。

a）房地产开发：
贡献的改善主要是由于Elmina，Denai Alam，Putra Heights和Serenia City townships的贡献增加，但部分受到Bandar Bukit Raja，Cantara Residences和The Glades的贡献减少的影响。

b）物业投资：
物业投资部门录得溢利1,040万令吉，而上一季度亏损为RM50万，主要是由于投资物业确认的租金收入及在英国出售投资物业的收益为260万令吉。

c）休闲和招待：
休闲和接待产生的损失为980万令吉，而上一季度的损失为790万令吉。本季度录得的较高亏损主要是由于入住率下降所致。

d）特许经营安排：
特许经营安排与上一季度相比，利润大幅下降94.3％，主要是由于本季度缺乏与上一季度相比的教学设备供应。

前景：
尽管房地产行业持续疲软，但马来西亚经济前景依然乐观，预计GDP增长率为4.8％。对于首次购房者而言，对于每单位价值在300,001令吉至RM100万之间的住宅物业的印花税豁免将刺激首次置业的需求，并在一定程度上解决现有的房屋过剩的国家问题。

尽管房地产市场疲弱，但截至2018年9月30日止的第一季度，森那美产业共推出284个单位，总发展价值为3亿零1050万令吉，由旗舰城市Bandar Bukit Raja，Serenia City及Nilai Impian推动。

由于目前的经济不确定性和紧缩的贷款条件，房地产市场面临挑战，未售出的库存量较高，加上购买率低，导致房地产开发商极具竞争力的营销推广和价格折扣。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 in 2 months 10 days, total return is 13.2%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 5 months 23 days, total return is 13.2%

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。

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
时间：11a.m. – 7p.m

日期：1月27日星期日
地点：Tropical Inn, Johor Bahru (包括茶点)

日期：2月24日星期日
地点：Hotel Sri Petaling, KL (包括茶点)

日期：3月3日星期日
地点：G Inn Hotel, George Town (Penang)

有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

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James Ng
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[SIME DARBY PROPERTY BERHAD: continued softness in the real estate sector, existing property overhang in the country, low absorption rates, attributable to the current economic uncertainties and tight lending conditions, have resulted in very competitive marketing promotion and price discounting by property developers]

Profit before tax and net earnings of the Group at RM53.0 million and RM28.8 million declined sharply by 87.6% and 93.2% respectively compared to a year ago. Excluding Other Gains, the Group’s segment results slide by 62.5% primarily due to lower share of results from Battersea.

a) Property development:
Property development performance dropped by 67.8% compared to the previous year due to the share of loss of Battersea of RM5.7 million against a profit of RM86.8 million in the similar quarter of the previous year. Excluding the share of results of joint ventures and associates, property development performance registered a marked increase of 69.6% mainly contributed by higher sales and development activities at Serenia City and Denai Alam townships, Cantara Residences and Melawati Corporate Centre in spite of the lower contribution from Bukit Jelutong, Bandar Bukit Raja, Elmina and Bandar Universiti Pagoh townships.

b) Property investment:
Property investment segment recorded profit of RM10.4 million compared to a loss of RM4.5 million the previous year.

c) Leisure and hospitality:
Leisure and hospitality increased its loss to RM9.8 million compared to RM6.6 million last year. The higher loss was mainly due to lower occupancy rate achieved following the winding down of the operations of certain hospitality units.

d) Concession arrangement:
Contribution from facility and asset management services recorded slight improvement of 1.4% during the current quarter.

Group revenue for the first quarter ended 30 September 2018 declined by 22.2% as compared to the preceding quarter. Profit before tax and net earnings of the Group dropped by 28.2% and 38.2%, respectively, mainly due to lower contribution from Concession arrangement segment.

a) Property development:
The improvement of contribution was mainly due to higher contribution from Elmina, Denai Alam, Putra Heights and Serenia City townships but partially affected by lower contribution from Bandar Bukit Raja, Cantara Residences and The Glades.

b) Property investment:
Property investment segment registered a profit of RM10.4 million against a loss of RM0.5 million in the preceding quarter, substantially attributable to rental income recognised from an investment property and a gain on disposal of an investment property in the United Kingdom of RM2.6 million.

c) Leisure and hospitality:
Leisure and hospitality incurred loss of RM9.8 million as compared to a lower loss of RM7.9 million in the preceding quarter. The higher loss recorded in the current quarter was mainly due to lower occupancy rate achieved.

d) Concession arrangement:
Concession arrangement registered a sharp decline in profit of 94.3% as compared to the preceding quarter primarily due to the absence of the supply of teaching equipment in current quarter as compared to the preceding quarter.

Prospects:
The Malaysian economic outlook remains positive with GDP growth forecasted at 4.8%, albeit the continued softness in the real estate sector. The waiver of stamp duties for residential properties valued between RM300,001 to RM1.0 million per unit, for first-time home buyers would spur the demand of first-time home ownerships and, to an extent, address the existing property overhang in the country.

Notwithstanding the subdued property market, for the first quarter ended 30 September 2018, the Group launched a total of 284 units, with a combined gross development value of RM310.5 million driven by flagship townships namely Bandar Bukit Raja, Serenia City and Nilai Impian.

The key challenges in the property market, with high unsold inventory units, coupled with low absorption rates, attributable to the current economic uncertainties and tight lending conditions, have resulted in very competitive marketing promotion and price discounting by property developers.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 in 2 months 10 days, total return is 13.2%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 5 months 23 days, total return is 13.2%

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/

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/187134.jsp by date.

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

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

Facebook Group: https://www.facebook.com/groups/jamesinvesting

If you want to join my WhatsApp group (there will be no James Ng's stock pick inside), please PM or email me your handphone number.

Please Like and Share this post. Final decision is always yours, thank you.

James Ng