[SUNWAY BHD：房地产开发，房地产投资和建筑部门的贡献减少]

本季度：
双威截至31 December 2018的本季度收入为13.702亿令吉，税前利润为2.536亿令吉，相比上一个财政年度相应季度的收入为16.271亿令吉，税前利润为2.615亿令吉，收入减少15.8％，税前利润减少3.0％。本季度收入较低主要是由于房地产开发，房地产投资和建筑部门的贡献减少，而税前利润下降主要是由于房地产开发，建设，制造业和交易的贡献减少。

物业发展部门于本季度录得收入为2.038亿令吉及税前利润为4,750万令吉，相比之前相应季度的收入为3.983亿令吉和税前利润为1亿零70万令吉，收入减少48.8％，税前利润减少52.8％。目前季度的表现较低主要是由于本地开发项目的进度收入减少。

物业投资部门于本季度录得收入1.403亿令吉及税前利润7,860万令吉，相比之前相应季度的收入为1.645亿令吉和税前利润为6430万令吉，收入减少14.7％，税前利润增加22.3％。目前季度收入较低主要是由于集团对Sunway Velocity Mall Sdn. Bhd.和Sunway Velocity Hotel Sdn. Bhd.的投资重新分类，从投资子公司变成合资企业投资。

该建筑部门于本季度录得收入4.891亿令吉及税前利润为5,070万令吉，相比之前相应季度的收入为5.833亿令吉和税前利润为5580万令吉，收入减少16.1％，税前利润减少9.2％。本季度收入较低主要由于本地建设项目进度减少，而当前季度税前利润下降主要是由于较高集团内部抵销。

贸易及制造业务录得收入为2.418亿令吉及当前税前利润为920万令吉，相比之前季度的相应营收为2.324亿令吉和税前利润为1,150万令吉，收入增加4.1％，税前利润减少20.3％。虽然收入是由于本地和海外销售额增加，本季度略微走高，但税前利润下降主要是由于营业利润率降低。

采石场部门报告本季度收入为5,920万令吉，税前利润为220万令吉，而上一财政年度相应季度的收入为5290万令吉，税前亏损为80万令吉，收入增长11.9％，税前利润增长381.7％。

其他部门于本季度录得收入为2.359亿令吉及税前利润为6,540万令吉，而上一财政年度相应季度的收入为1.956亿令吉及税前利润为3,000万令吉，收入增加20.6％，税前利润增长117.9％。

12个月期间：
双威截至目前的12个月期间录得收入54.103亿令吉及税前利润8.506亿令吉，相比截至2017年12月31日止12个月期间的收入为52.393亿令吉，税前利润为8亿7220万令吉，收入增加3.3％，税前利润减少2.5％。现时阶段税前利润下降主要是由于房地产开发和建筑材料的利润贡献减少。房地产开发部门的利润贡献也受到MFRS 15的采用影响（集团的新加坡和中国房地产开发项目）。

房地产开发部门截至2018年12月31日止12个月期间收入为6.196亿令吉，税前利润为1.586亿令吉，而截至2017年12月31日止12个月期间收入为9.353亿令吉及税前利润为2.353亿令吉，收入及税前利润减少了33.8％及32.6％。本期业绩较低主要是由于本地销售额和发展的进度减少，以及在2018年完成和移交几个项目所致。采用MFRS 15后，双威新加坡和中国房地产开发项目之一的累计利润总额为1.037亿令吉，只能在项目完成后才能确认。

物业投资部门截至2018年12月31日止期间收入为8.148亿令吉，税前利润为2.914亿令吉，而截至2017年12月31日止的相应12个月期间收入为7.842亿令吉及税前利润为2.553亿令吉，收入增加3.9％及税前利润增加14.1％。

建筑部门于截至2018年12月31日止12个月期间录得收入18.479亿令吉及税前利润1.901亿令吉，而截至2017年12月31日止的相应12个月期间收入为16.277亿令吉及税前利润为1.874亿令吉，收入增加13.5％及税前利润增加1.4％。

贸易及制造业务截至2018年12月31日止12个月期间收入为11.034亿令吉，税前利润为4,830万令吉，而截至2017年12月31日止12个月期间收入为9.965亿令吉及税前利润为4880万令吉，收入增加10.7％及税前利润减少0.9％。税前利润略微下降主要是由于经营利润率下降。

采石场部门截至2018年12月31日止12个月的收入为2.234亿令吉，税前利润为860万令吉，而截至2017年12月31日止期间收入为2.021亿令吉，税前利润为700万令吉，收入增加10.5％，税前利润增加22.3％。

其他部门于截至2018年12月31日止12个月期间录得收入8.013亿令吉及税前利润为1.536亿令吉，而截至2017年12月31日止收入为6亿9360万令吉，而税前利润则为1.384亿令吉，收入增加15.5％，税前利润增加11.0％。

与上一季度相比：
双威本季度的收入为13.702亿令吉，税前利润为2.536亿令吉，而上一季度收入为14.446亿令吉，税前利润为1.94亿令吉，相当于收入减少5.1％，税前利润增加30.7％。本季度收入较低主要是由于该公司房地产投资和贸易及制造业部门的贡献较低。

物业发展部门报告收入为2.038亿令吉及当前的税前利润为4,750万令吉，而上季度收入为1.948亿令吉，税前利润为4,090万令吉，相当于收入增长4.7％，税前利润增长16.2％。

物业投资部门报告本季度收入为1.403亿令吉，税前利润为7,860万令吉，相比之前一季度的收入为2.378亿令吉和税前利润为5460万令吉，相当于收入减少41.0％，税前利润增加44.0％。本季度收入较低主要是由于双威对Sunway Velocity Mall Sdn. Bhd.和Sunway Velocity Hotel Sdn. Bhd.的投资重新分类，从投资在子公司变成投资合资企业。

建筑部门于本季度录得收入4.891亿令吉及税前利润为5,070万令吉，相比之前一季度的收入为4.654亿令吉和税前利润为4,980万令吉，相当于收入增长5.1％，税前利润增长1.8％。

贸易及制造业务录得收入为2.418亿令吉，而税前利润为920万令吉，而上季度收入为2.969亿令吉和税前利润为1,420万令吉，相当于收入减少18.5％，税前利润减少35.3％。本季度财务业绩较低主要是由于本地销售额降低。

采石场部门报告本季度收入为5920万令吉，税前利润为220万令吉，而上一季度收入为5,630万令吉，税前利润为170万令吉，相当于收入增加5.2％和税前利润增加30.4％。

其他部门于本季度录得收入为2.359亿令吉及税前利润为6,540万令吉，而上一季度的收入为1.935亿令吉，税前利润为3,280万令吉，相当于收入增加21.9％和税前利润增加99.4％。

前景：
虽然美国和中国之间的贸易战紧张局势以及不稳定的油价等全球不确定因素仍然令人担忧，但预计国内经济将保持弹性。除非出现任何不可预见的情况，否则双威将于2019年继续表现令人满意。
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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 RM1.24 in 3 months 4 days, total return is 55%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.23 in 8 months 19 days, total return is 54.7%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 1 month 26 days, total return is 34.8%

d) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.93 (dividend RM0.015) in 7 months 8 days, total return is 32.2%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 2 months 25 days, total return is 30.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.33 (dividend RM0.0375) in 5 months 6 days, total return is 25.3%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.64 (dividends RM0.02) in 5 months 19 days, total return is 16.1%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.97 in 2 months 21 day, total return is 14.1%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 3 months 29 days, total return is 12.2%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.16 in 1 month 28 days, total return is 11.5%

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：4月21日星期日
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日期：4月28日星期日
地点：Silka Johor Bahru Hotel, Johor Bahru (包括免费点心，茶和咖啡)

日期：5月26日星期日
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有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
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为了方便大家查询我写过的公司和选股文章以及视频，制作了索引。大家只要依照日期，就能从这 
https://web.facebook.com/jamesshareinvest/posts/2218984575034951 找到公司和选股文章以及视频。

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

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[SUNWAY BHD: lower contributions from the property development, property investment and construction segments]

For the quarter:
The Group recorded revenue of RM1,370.2 million and profit before tax of RM253.6 million for the current quarter ended 31 December 2018 compared to revenue of RM1,627.1 million and profit before tax of RM261.5 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 15.8% and profit before tax of 3.0%. Revenue was lower in the current quarter primarily due to lower contributions from the property development, property investment and construction segments, while profit before tax was lower mainly due to lower contributions from the property development, construction, and trading and manufacturing segments.

The property development segment reported revenue of RM203.8 million and profit before tax of RM47.5 million in the current quarter compared to revenue of RM398.3 million and profit before tax of RM100.7 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 48.8% and profit before tax of 52.8%. The lower performance in the current
quarter was mainly due to lower progress billings from local development projects.

The property investment segment reported revenue of RM140.3 million and profit before tax of RM78.6 million in the current quarter compared to revenue of RM164.5 million and profit before tax of RM64.3 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 14.7% and increase in profit before tax of 22.3%. The lower revenue in the current quarter was mainly due to the reclassification of the Group’s investment in Sunway Velocity Mall Sdn. Bhd. and Sunway Velocity Hotel Sdn. Bhd. from investments in subsidiaries to investments in joint ventures.

The construction segment recorded revenue of RM489.1 million and profit before tax of RM50.7 million in the current quarter compared to revenue of RM583.3 million and profit before tax of RM55.8 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 16.1% and profit before tax of 9.2%. Revenue in the current quarter was lower mainly due to lower progress billings from local construction projects, while current quarter profit before tax was lower mainly due to higher intra-group eliminations.

The trading and manufacturing segment recorded revenue of RM241.8 million and profit before tax of RM9.2 million in the current quarter compared to revenue of RM232.4 million and profit before tax of RM11.5 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 4.1% and decrease in profit before tax of 20.3%. Although revenue was
marginally higher in the current quarter due to higher sales both locally and overseas, profit before tax was lower mainly due to lower operating margins.

The quarry segment reported revenue of RM59.2 million and profit before tax of RM2.2 million in the current quarter compared to revenue of RM52.9 million and loss before tax of RM0.8 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 11.9% and profit before tax of 381.7%.

The other segments recorded revenue of RM235.9 million and profit before tax of RM65.4 million in the current quarter compared to revenue of RM195.6 million and profit before tax of RM30.0 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 20.6% and profit before tax of 117.9%.

For 12 months period:
The Group recorded revenue of RM5,410.3 million and profit before tax of RM850.6 million for the current 12 months period ended 31 December 2018 compared to revenue of RM5,239.3 million and profit before tax of RM872.2 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 3.3% and decrease in profit before tax of 2.5%. Current period profit before tax was lower mainly due to lower profit contribution from the property development and building materials segments. Profit contribution from the property development segment was also impacted by the adoption of MFRS 15 on one of the Group’s Singapore and China property development projects.

The property development segment reported revenue of RM619.6 million and profit before tax of RM158.6 million for the current 12 months period ended 31 December 2018 compared to revenue of RM935.3 million and profit before tax of RM235.3 million in the corresponding 12 months period ended 31 December 2017, representing a decrease in revenue of 33.8% and profit before tax of 32.6%. The performance for the current period was lower mainly due to lower sales and progress billings from local development
projects, and the completion and handover of fewer projects in 2018. Further, following the adoption of MFRS 15, the progressive profits from one of the Group’s Singapore and China property development projects totaling RM103.7 million in the current period can only be recognised upon completion.

The property investment segment reported revenue of RM814.8 million and profit before tax of RM291.4 million for the current 12 months period ended 31 December 2018 compared to revenue of RM784.2 million and profit before tax of RM255.3 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 3.9% and profit before tax of
14.1%.

The construction segment recorded revenue of RM1,847.9 million and profit before tax of RM190.1 million for the current 12 months period ended 31 December 2018 compared to revenue of RM1,627.7 million and profit before tax of RM187.4 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 13.5% and profit before tax of
1.4%.

The trading and manufacturing segment recorded revenue of RM1,103.4 million and profit before tax of RM48.3 million for the current 12 months period ended 31 December 2018 compared to revenue of RM996.5 million and profit before tax of RM48.8 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 10.7% and decrease in profit before tax of 0.9%. Profit before tax was marginally lower mainly due to lower operating margins.

The quarry segment reported revenue of RM223.4 million and profit before tax of RM8.6 million for the current 12 months period ended 31 December 2018 compared to revenue of RM202.1 million and profit before tax of RM7.0 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 10.5% and profit before tax of 22.3%.

The other segments recorded revenue of RM801.3 million and profit before tax of RM153.6 million for the current 12 months period ended 31 December 2018 compared to revenue of RM693.6 million and profit before tax of RM138.4 million in the corresponding 12 months period ended 31 December 2017, representing an increase in revenue of 15.5% and profit before tax of 11.0%.

Compared with preceding quarter:
The Group recorded revenue of RM1,370.2 million and profit before tax of RM253.6 million for the current quarter compared to revenue of RM1,444.6 million and profit before tax of RM194.0 million in the preceding quarter, representing a decrease in revenue of 5.1% and increase in profit before tax of 30.7%. Revenue was lower in the current quarter mainly due to lower contributions from the
property investment and trading and manufacturing segments.

The property development segment reported revenue of RM203.8 million and profit before tax of RM47.5 million for the current quarter compared to revenue of RM194.8 million and profit before tax of RM40.9 million in the preceding quarter, representing an increase in revenue of 4.7% and profit before tax of 16.2%.

The property investment segment reported revenue of RM140.3 million and profit before tax of RM78.6 million for the current quarter compared to revenue of RM237.8 million and profit before tax of RM54.6 million in the preceding quarter, representing a decrease in revenue of 41.0% and increase in profit before tax of 44.0%. The lower revenue in the current quarter was mainly due to the
reclassification of the Group’s investment in Sunway Velocity Mall Sdn. Bhd. and Sunway Velocity Hotel Sdn. Bhd. from investments
in subsidiaries to investments in joint ventures.

The construction segment recorded revenue of RM489.1 million and profit before tax of RM50.7 million for the current quarter compared to revenue of RM465.4 million and profit before tax of RM49.8 million in the preceding quarter, representing an increase in revenue of 5.1% and profit before tax of 1.8%.

The trading and manufacturing segment recorded revenue of RM241.8 million and profit before tax of RM9.2 million for the current quarter compared to revenue of RM296.9 million and profit before tax of RM14.2 million in the preceding quarter, representing a decrease in revenue of 18.5% and profit before tax of 35.3%. Financial performance was lower in the current quarter mainly due to
lower sales locally.

The quarry segment reported revenue of RM59.2 million and profit before tax of RM2.2 million for the current quarter compared to revenue of RM56.3 million and profit before tax of RM1.7 million in the preceding quarter, representing an increase in revenue of 5.2% and profit before tax of 30.4%.

The other segments recorded revenue of RM235.9 million and profit before tax of RM65.4 million for the current quarter compared to revenue of RM193.5 million and profit before tax of RM32.8 million in the preceding quarter, representing an increase in revenue of 21.9% and profit before tax of 99.4%.

Prospects:
While global uncertainties such as trade war tensions between the United States and China, and unstable oil prices are still areas of concern, the domestic economy is expected to remain resilient. Barring any unforeseen circumstances, the Group will continue to perform satisfactorily in 2019.
--------------------------------------------------------------------------
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 RM1.24 in 3 months 4 days, total return is 55%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.23 in 8 months 19 days, total return is 54.7%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.775 in 1 month 26 days, total return is 34.8%

d) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.93 (dividend RM0.015) in 7 months 8 days, total return is 32.2%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 2 months 25 days, total return is 30.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.33 (dividend RM0.0375) in 5 months 6 days, total return is 25.3%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.64 (dividends RM0.02) in 5 months 19 days, total return is 16.1%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.97 in 2 months 21 day, total return is 14.1%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 3 months 29 days, total return is 12.2%

j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.16 in 1 month 28 days, total return is 11.5%

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://web.facebook.com/jamesshareinvest/posts/2218984575034951 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

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng