[APM AUTOMOTIVE HOLDINGS BHD：不确定的经济和政治环境，生活成本上升，令吉兑美元走弱，金融机构对车辆贷款申请的严格审查，缺乏可支配收入以及因美国对中国发动的贸易纠纷事件影响而增加的材料成本，在很大程度上导至消费者对购买大件物品的情绪下降]

截至2018年9月30日，这集团的每股净资产减少RM0.04至RM6.25，而2017年12月31日则为6.29令吉。减少主要是由于9个月期间外国子公司的外币换算损失为1,080万令吉，主要是由于印尼盾兑马来西亚令吉的减弱。

3Q18 vs 3Q17：
收入增加并没有转化为更好的税前利润（“PBT”）。这集团本季度的PBT从2,030万令吉下降至1,360万令吉，主要是由于材料成本上升以及Suspension部门对出口销售的外汇不利交换。由于印尼盾兑美元疲软，印尼业务的亏损进一步恶化，这对原材料价格产生了影响。

YTD18 vs YTD17：
由于OEM客户的需求增加以及有利的产品组合导致内部和塑料部门的利润率上升，集团的PBT在9个月内增长了7.1％至5300万令吉。

悬挂系统部门：
由于钢铁价格上涨和出口平均价格下降，该部门的PBT下跌了71.8％。由于令吉兑美元汇率走强，以美元计价的销售额变得不利。悬挂系统部门录得PBT为690万令吉，由于钢铁成本上升，出口价格不利以及去年同期产品保修索赔的拨回而减少56％。

内部及塑料部门：
2018年9个月的收入和PBT分别从5.608亿令吉增加至6.284亿令吉和2620万令吉至4040万令吉。

电气和热交换部门：
尽管本季度的TIP有所增加，但电气和热交换部门的收入却从之前的相应季度的3790万令吉下降了7.6％至3,500万令吉。减少主要是由于其主要产品之一已于2017年10月达到产品生命周期结束。因此，该部门的PBT较去年同期的150万令吉减少了RM30万令吉至120万令吉。

在前九个月，电气和热交换部门的收入为9,790万令吉，而一年前则为1.092亿令吉。减少的原因是两个主要客户购买率下降和其中一个产品自2017年10月以来已达到产品生命周期结束。

营销部门：
该部门的PBT已从去年同期的290万令吉减少至250万令吉。这主要是由于产品组合不利以及期内产生的促销和广告费用增加。

不可报告的部门，马来西亚：
较高的管理费用，尤其是员工成本和较低的服务费收费，影响了该部门的盈利能力。尽管收入增加，但该部门录得亏损130万令吉，而一年前的盈利则为90万令吉，主要原因是管理费用增加。

印尼业务：
印度尼西亚业务部门在本季度结束时亏损了390万令吉，而去年同期则损失了150万令吉。损失较高的原因是原材料成本增加以及印尼盾（“IDR”）兑美元汇率下跌。联营公司亏损的较高份额（由于收入减少以及IDR外汇汇率对美元的负面影响）导致印尼业务在本季度的亏损扩大。印尼业务2018年九个月的收入和亏损分别增加4.2％至4,120万令吉和12.2％至760万令吉。

所有其他部门：
马来西亚以外业务的收入略微下降2.5％（从3,380万令吉减少至3,290万令吉）。减少的主要原因是越南的OEM客户承担较少，特别是座椅工厂，因为该产品已达到产品生命周期的终点。相应地，该部门录得亏损120万令吉，而2017年第3季度的盈利为210万令吉。本季度的亏损也是由于越南运营的材料和运营成本上升，澳大利亚因布里斯班工厂搬迁而导致的运营成本增加（主要包括员工成本和泰国业务的折旧）。同样，今年迄今为止，该部门的收入略微下降1.5％至9,310万令吉和利润微不足道，而去年同期的利润为380万令吉。

3Q18 vs 2Q18：
尽管收入增加，但马来西亚和印度尼西亚业务以外的业务录得较高的亏损主要是由于当地货币对美元汇率相对于Q218减弱和材料价格上涨的影响。

前景：
政策和法规的变化以及经济和货币的不确定性是影响APM业绩的主要因素。不确定的经济和政治环境，生活成本上升，令吉兑美元走弱，金融机构对车辆贷款申请的严格审查，缺乏可支配收入以及因美国对中国发动的贸易纠纷事件影响而增加的材料成本，在很大程度上导至消费者对购买大件物品的情绪下降。

所有这些都导致马来西亚汽车协会（“MAA”）将其原始TIV预测从590,000下调至585,000，尽管截至2018年9月30日的TIV为454,971单位，比去年同期的425,678单位增加7％。

APM承认变化是不会改变的，为了保持可持续性，APM必须坚持不懈地实施其5年战略计划，该计划侧重于扩展，成本效益运营，研发和品牌提升活动。
------------------------------------------------
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 RM2.18 (dividend RM0.0375) in 2 months 16 days, total return is 17.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.87 in 6 months 1 day, total return is 9.4%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.04 in 10 days, total return is 7.8%

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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日期：1月27日星期日
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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
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James Ng
-------------------------------------------
[APM AUTOMOTIVE HOLDINGS BHD: uncertain economic and political environment, the rising cost of living, the weakening of the Ringgit versus the USD, the strict scrutiny of financial institutions on vehicle loan application, the lack of disposal income and the increase of materials due to the effect of the trade dispute waged by the US against China has largely attributed to the decline in consumer sentiments towards the acquisition of big-ticket items]

The Group’s net assets per share as at 30 September 2018 has reduced by RM0.04 to RM6.25 compared to 31 December 2017 of RM6.29. The decrease was mainly due to the foreign currency translation loss for foreign subsidiaries of RM10.8 million for the 9-month period, mainly caused by the weakening of Indonesia Rupiah against Malaysia Ringgit.

3Q18 vs 3Q17:
The higher revenue did not translate into better profit before tax (“PBT”). The Group’s PBT in the current quarter declined from RM20.3 million to RM13.6 million, mainly due to higher material costs and unfavorable exchange on export sales suffered by Suspension division. Indonesia Operations’ loss has worsened, caused by the weakening of Indonesia Rupiah against USD, which has impacted the raw material prices.

YTD18 vs YTD17:
The Group’s PBT increased by 7.1% to RM53.0 million in the 9-month period as a result of higher demand from OEM customers coupled with favorable products mix that generated higher margin recorded in Interior and Plastics division.

Suspension Division:
The Division’s PBT fell by 71.8% after suffering higher steel costs and lower average price for export. Sales denominated in US Dollar became unfavorable due to strengthening of Ringgit against US Dollar. The Suspension division recorded PBT of RM6.9 million, a decrease of 56% due to the rising steel cost, unfavorable export price and reversal of provision for product warranty claim in last year same period.

Interior & Plastics Division:
Revenue and PBT for the 9-month period of 2018 had increased from RM560.8 million to RM628.4 million and RM26.2 million to RM40.4 million respectively.

Electrical & Heat Exchange Division:
Despite an increase in the TIP for the current quarter, revenue of the Electrical & Heat Exchange division saw a drop of 7.6% from RM37.9 million in the previous corresponding quarter to RM35.0 million. The decrease was mainly due to one of its key products which had reached end of product lifecycle since October 2017. Hence, the division’s PBT decreased by RM0.3 million to RM1.2 million compared to the previous year same quarter of RM1.5 million.

In the first nine months, the Electrical & Heat Exchange posted RM97.9 million in revenue against RM109.2 million a year ago. The decrease was due to lower call-in for two major customers and one of its products which had reached end of product lifecycle since October 2017.

Marketing Division:
The segment’s PBT had decreased to RM2.5 million from RM2.9 million in the same quarter last year. This is mainly due to unfavorable product mix and higher promotional and advertising costs incurred for the period.

Non-reportable segment, Malaysia:
Higher administrative expenses especially staff costs and lower billing of service fee had impacted the division’s profitability. Despite the increased revenue, this segment recorded a loss of RM1.3 million compared to profit of RM0.9 million a year ago mainly due to higher administrative expenses.

Indonesia Operations:
The Indonesia Operations closed the quarter with a loss of RM3.9 million against a loss of RM1.5 million in the same quarter last year. The higher losses were due to increase in raw material cost and weakening of the Indonesia Rupiah (“IDR”) against USD. The higher share of associate’s loss (caused by lower revenue and adverse impact of forex rate of IDR to USD) has widened the loss of the Indonesia Operations for the current quarter. The revenue and loss for the Indonesia Operations for the nine months of 2018 increased by 4.2% to RM41.2 million and by 12.2% to RM7.6 million respectively.

All Other Segments:
The revenue for the Operations outside Malaysia had decreased marginally by 2.5% (from RM33.8 million to RM32.9 million). The decrease was mainly due to lower off-take from OEM customers in Vietnam, especially for seat plant as the product has achieved end of product life cycle. Correspondingly, the Division recorded loss of RM1.2 million compared to profit of RM2.1 million in 3Q17. The loss for the current quarter was also caused by the rising material and operating costs for Vietnam Operations, higher operating costs in Australia resulting from the relocation of plant at Brisbane and higher operating costs which comprised mainly staff costs and depreciation for Thailand operations. Likewise, for the year to date, revenue decreased marginally for this segment by 1.5% to RM93.1 million while registering negligible profit compared to a profit of RM3.8 million in the same period last year.

3Q18 vs. 2Q18:
Despite higher revenue, the Operations Outside Malaysia and Indonesia Operations recorded higher loss mainly caused by the effect of weakening of the local currency against USD compared to Q218 and higher material price.

Prospects:
Changes in policies and regulations as well as economic and currency uncertainties are the primary factors that could affect APM’s performance. Uncertain economic and political environment, the rising cost of living, the weakening of the Ringgit versus the USD, the strict scrutiny of financial institutions on vehicle loan application, the lack of disposal income and the increase of materials due to the effect of the trade dispute waged by the US against China has largely attributed to the decline in consumer sentiments towards the acquisition of big-ticket items.

All these have led the Malaysian Automotive Association (“MAA”) to revise its original TIV forecast downward from 590,000 to 585,000 even though TIV as of 30 September 2018 stood at 454,971 units, representing a 7% increase from the 425,678 units in the same period last year.

APM acknowledges that change is constant and in order to remain sustainable, APM must remain relentless in the implementation of its 5-year strategy plan, which focuses on expansion, cost effective operations, research and development and branding enhancement activities.
------------------------------------------------
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 RM2.18 (dividend RM0.0375) in 2 months 16 days, total return is 17.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.87 in 6 months 1 day, total return is 9.4%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.04 in 10 days, total return is 7.8%

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