[MEGA FIRST CORP BHD：Don Sahong Power项目预计到今年年底将实现约79％的实际完工，截至2018年9月底，该厂的土建工程已完成80％，挖掘工程占88％，堤防占72％]

3Q18 vs 3Q17:
持续经营业务的集团收入从一年前的2.093亿令吉增加4.6%至2018年第三季度的2.191亿令吉。增加的主要原因是资源部业绩改善，收入增加850万令吉至3,640万令吉，而Don Sahong水电项目建筑收入则略微增加1百万令吉至1.64亿令吉。

持续经营业务的税前利润增加5.1％或250万令吉至5160万令吉，主要是由于物业部的利润贡献增加720万令吉至820万令吉，及资源部的利润增加100万令吉而贡献了460万令吉，部分被外汇收益减少到60万令吉所抵消，而2017年第三季的外汇收益为360万令吉，而投资的损失为200万令吉，但去年同期投资的利润是90万令吉。

电力部门（Don Sahong）：
Don Sahong于本季度的实际完成率为8％，而2017年第3季度则为7.6％。这使得2018年9月30日的累计实际完成率达到71％。尽管实际完成比例较高，马来西亚令吉的建筑收入仍然较高，因为马来西亚令吉兑美元升值8.4％，因此小幅改善0.6％至1.64亿令吉。因此，建筑业利润仅略微上升1.2％至4,370万令吉。

资源部：
资源部录得收入增长30.4％至3,640万令吉，其中石灰产品销售额增加37.4％或910万令吉至3,360万令吉。由于出口和国内市场需求强劲，石灰产品销量同比增长37.8％。平均销售价格同比稳定。由于更高的包装和运输成本抵消了由于更高的销量和更低的生产成本（主要是由于更高的工厂产能利用率），导致税前利润只增长28.3％，至460万令吉。

物业部门：
由于投资物业公允价值增加650万令吉及开发成本回拨，税前利润大幅增加720万令吉至820万令吉。

YTD18 vs YTD17：
截至2018年9月30日止9个月期间，集团收入不包括已终止业务，集团收入同比增加4,240万令吉或6.9％至6亿5,320万令吉。该增长主要归因于资源部门收入增加34.1％至1亿1070万令吉（9M2017：8,250万令吉）及Don Sahong的收入增加（+ 980万令吉至4亿8910万令吉）。

持续经营业务的集团税前利润从1.355亿令吉增加8.2％至1.466亿令吉。美佳第一三个部门的税前利润总额增长5.2％至1.56亿令吉。具体而言，建筑业利润增长1.5％至1.296亿令吉，资源部门增长9.5％至1,530万令吉，物业部门实现利润增长70％至1,100万令吉。 “投资控股及其他”亏损下跌26.1％至930万令吉，主要是由于ESOS费用减少40万令吉（9M2017：1,400万令吉）及投资物业公平值收益较高（640万令吉 vs 280万令吉），部分被投资损失150万令吉所抵消，相比之下，9M2017的收益为130万令吉，外汇亏损为50万令吉，而去年相应的外汇收益为620万令吉。

电力部门（Don Sahong）：
在截至2018年9月30日的9个月期间，Don Sahong完成了24.5％的实际完工，而上一期间为22％。这使累计实际完成率达到71.0％，符合管理层的指引。然而，在此期间完成的较高百分比部分被强劲的马来西亚令吉所抵消。建筑收入和税前利润分别小幅上升2.0％至4.891亿令吉和2.6％至1.304亿令吉。

资源部：
资源部门收入增长34.1％至1.107亿令吉（9M2017：8,250万令吉），石灰产品销售收入增长39.1％至1.016亿令吉（9M2017：7,300万令吉）。石灰产品销量增长41.5％，因为出口和国内需求增加。

然而，由于马来西亚令吉兑美元汇率走强，包装材料和运输成本上升以及高燃料和高生产成本，维修和保养费用增加，部门的税前利润以9.5％的放缓速度提高至1530万令吉。

物业部门：
税前利润提高了450万令吉到1,100万令吉（9M2017：650万），主要是由于投资物业的公允价值收益为640万令吉（9M2017：280万）及本期开发成本回拨所致。

3Q18 vs 2Q18：
美佳第一三个部门的税前利润总额增长13.7％至5610万令吉。增加的原因是资源部的利润贡献增加15.1％至460万令吉，物业部的利润贡献增加369％至820万令吉。

电力部门（Don Sahong）：
建筑收入和利润持平，分别为1.64亿令吉和4,370万令吉，有马来西亚令吉兑美元汇率下跌所带来的收益。

资源部：
销售量下降，由于马来西亚令吉兑出口货币走软，部分被平均销售价格上涨2.5％的影响抵消。然而，税前利润上升8.8％至510万令吉，原因是上一季度确认的开发成本为50万令吉。

物业部门：
税前利润从2018年第二季度的180万令吉提升至820万令吉，主要是由于投资物业的公允价值收益为640万令吉及开发成本回拨，部分被发展收入缺乏利润所抵消。

前景：
Don Sahong Power（“项目”）：
该项目的总体建设进展顺利，预计到今年年底将实现约79％的实际完工。截至2018年9月底，该厂的土建工程已完成80％，挖掘工程占88％，堤防占72％。四个涡轮发电机和辅助部件正在逐步制造，测试并运送到现场进行组装，第一台涡轮机预计将于2Q2019进行试验。

输电线路的建设也按计划进行，预计将在第一台涡轮机调试前按时完成。预计到年底79％的实际完成将使2018年的实际完成率为32.5％，而2017年为30％。这将导致更高的以美元计算的建筑收入和利润。

资源部：
尽管该地区经济环境疲弱，但资源部门在本季度的产能占75％至80％，预计将在今年第四季度维持其销量。以令吉计算的石灰产品平均售价应该会改善，因为近期令吉兑美元疲软。为支持未来增长，目前正在建设Kiln 8和石灰破碎设施，估计成本为2920万令吉，预计将于2018年底完成。

物业部门：
预计2018年最后季度的租金收入将保持稳定。将继续营销其余已完成的未售出单位，账面价值约为1,100万令吉。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.07 in 1 month 2 days, total return is 33.8%

b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.16 (dividend RM0.0375) in 2 months 28 days, total return is 16.3%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.11 in 22 days, total return is 15%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.885 in 6 months 13 days, total return is 11.3%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.93 in 17 days, total return is 9.4%

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
-------------------------------
[MEGA FIRST CORP BHD: Don Sahong Power Project is now expected to achieve about 79% physical completion by the end of the year, at the end of September 2018, civil works of the powerhouse was 80% complete, excavation works at 88% and embankments at 72%]

3Q18 vs 3Q17:
Group revenue from continuing operations improved by 4.6% in 3Q 2018 to RM219.1 million in 3Q 2018 from RM209.3 million a year ago. The increase was mainly attributable to improved performance in the Resources Division which posted an RM8.5 million increase in revenue to RM36.4 million, and a marginal increase of RM1.0 million to RM164.0 million in construction revenue from Don Sahong Hydropower Project (“Don Sahong”) .

Pre-tax profit from continuing operations increased 5.1% or RM2.5 million to RM51.6 million mainly due to a RM7.2 million increase in profit contribution from the Property Division to RM8.2 million and a RM1.0 million increase in profit contribution from the Resources Division to RM4.6 million, partially offset by lower foreign exchange gain of RM0.6 million as compared to a RM3.6 million gain in 3Q 2017 and a RM2.0 million loss from quoted investments as compared to a RM0.9 million gain in the same period last year.

Power Division (Don Sahong):
Physical completion of Don Sahong for the quarter under review was 8% as compared to 7.6% in 3Q 2017. This brought the cumulative physical completion to 71% at 30 September 2018. Despite a higher percentage of physical completion, construction revenue in Malaysia Ringgit term improved marginally by 0.6% to RM164.0 million as a result of an 8.4% appreciation of the Malaysia Ringgit against the US Dollar. Consequently, construction profit rose only marginally by 1.2% to RM43.7 million.

Resources Division:
The Resources Division recorded a 30.4% increase in revenue to RM36.4 million, bolstered by a 37.4% or RM9.1 million increase in sales of lime products to RM33.6 million. Sales volume of lime products grew 37.8% year-on-year on stronger demand from both export and domestic markets. The average selling price was stable year-on-year. Pre-tax profit rose at slower pace of 28.3% to RM4.6 million as higher sales volume and lower production cost (resulting mainly from higher plant capacity utilisation) were offset by higher packaging and transportation costs.

Property Division:
Pre-tax profit increased significantly by RM7.2 million to RM8.2 million due to a RM6.5 million fair value gain on investment property and writeback of development cost.

YTD18 vs YTD17:
Excluding discontinued operations, Group revenue increased by RM42.4 million or 6.9% year-on-year to RM653.2 million for the 9-month period ended 30 September 2018. The increase was mainly attributable to a 34.1% increase in Resources Division’s revenue to RM110.7 million (9M2017: RM82.5 million) and higher revenue from Don Sahong (+RM9.8 million to RM489.1 million).

Group pre-tax profit from continuing operations expanded 8.2% from RM135.5 million to RM146.6 million. The combined pre-tax profit of the Group’s three divisions grew 5.2% to RM156.0 million. Specifically, construction profit rose 1.5% to RM129.6 million, Resources Division improved 9.5% to RM15.3 million and Property Division posted a 70% increase in profit to RM11.0 million. Loss from “Investment Holding and Others” declined 26.1% to RM9.3 million mainly as a result of lower ESOS expense of RM0.4 million (9M2017: RM14 million), and higher fair value gain on investment property (RM6.4 million versus RM2.8 million), partially offset by loss from quoted investments of RM1.5 million as compared to a RM1.3 million gain in 9M2017 and a RM0.5 million forex loss as compared to a RM6.2 million forex gain in the corresponding period last year.

Power Division (Don Sahong):
During the 9-month period ended 30 September 2018, Don Sahong achieved a 24.5% physical completion, compared to 22% in the previous period. This brought the cumulative physical completion to 71.0%, which was in line with management’s guidance. The higher percentage completion during the period was however partially offset by a stronger Malaysia Ringgit. Construction revenue and pre-tax profit rose marginally by 2.0% to RM489.1 million and by 2.6% to RM130.4 million, respectively.

Resources Division:
The Resources Division posted a 34.1% increase in revenue to RM110.7 million (9M2017: RM82.5 million), bolstered by a 39.1% growth in sales revenue of lime products to RM101.6 million (9M2017: RM73.0 million). Sales volume of lime products grew 41.5% on both higher export and domestic demand.

Division’s pre-tax profit however rose at a slower pace of 9.5% to RM15.3 million as margin was adversely affected by a stronger Malaysia Ringgit versus the US Dollar, higher packaging material and transportation costs, and higher production cost resulting from high fuel and repair and maintenance costs.

Property Division:
Pretax profit was RM4.5 million higher at RM11.0 million (9M2017: 6.5 million) mainly due to RM6.4 million (9M2017: 2.8 million) fair value gain of investment property and writeback of development cost in current period.

3Q18 vs 2Q18:
The combined pre-tax profit contribution from the Group’s three divisions rose 13.7% to RM56.1 million. The increase was attributable to a 15.1% increase in profit contribution from the Resources Division to RM4.6 million and a 369% increase in profit contribution from the Property Division to RM8.2 million.

Power Division (Don Sahong):
Both construction revenue and profit were flat quarter-on-quarter at RM164.0 million and RM43.7 million respectively, on translation gain resulting from a weaker Malaysia Ringgit versus the US Dollar.

Resources Division:
The decline in sales volume was partially offset by a 2.5% increase in average selling price due to a weaker Malaysia Ringgit against the export currency. Pre-tax profit however rose 8.8% to RM5.1 million due to the absence of a RM0.5 million write off of development cost recognised in the preceding quarter.

Property Division:
Pre-tax profit improved from RM1.8 million in 2Q 2018 to RM8.2 million mainly due to RM6.4 million fair value gain on investment property and writeback of development cost, partially offset by the absence of gain from development income.

Prospects:
Don Sahong Power Project (“Project”):
Overall construction of the Project is progressing well and is now expected to achieve about 79% physical completion by the end of the year. At the end of September 2018, civil works of the powerhouse was 80% complete, excavation works at 88% and embankments at 72%. The four turbine generators and ancillary parts are progressively being fabricated, tested and shipped to site for assembly with the first turbine expected to be ready for dry test by 2Q2019.

Construction of the transmission line is also on schedule and is expected to be completed on time before commissioning of the first turbine. The estimated 79% physical completion by year end would translate into a 32.5% physical completion for the year 2018 as compared to 30% recorded in 2017. This would result in higher construction revenue and profit in US Dollar terms.

Resources Division:
Despite a weak economic environment in the region, the Resources Division, which operated at 75% to 80% of kiln capacity in the current quarter, is expected to sustain its sales volume in the fourth quarter of this year. The average selling price of lime products in Ringgit terms should see some respite from the recent weakness in Ringgit against the US Dollar. To support future growth, construction of Kiln 8 and lime crushing facility at an estimated cost of RM29.2 million is currently underway and is expected to complete by the end of 2018.

Property Division:
Rental income is expected to remain stable in the last quarter of 2018. Efforts will continue to market the remaining completed unsold units with a book value of approximately RM11 million.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.07 in 1 month 2 days, total return is 33.8%

b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.16 (dividend RM0.0375) in 2 months 28 days, total return is 16.3%

c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.11 in 22 days, total return is 15%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.885 in 6 months 13 days, total return is 11.3%

e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.93 in 17 days, total return is 9.4%

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