[IJM PLANTATIONS BHD：继续受到启动产量的影响，同时产生种植园维护成本和管理费用，IJM种植亦面临外汇汇率的波动，特别是Rupiah对美元的汇率波动和对日元的汇率波动以及较高的借贷成本]

3Q19 vs 3Q18:
由于商品价格大幅下跌及销量下降，IJM种植于二零一九年第三季度与Q3–FY2018相比录得较低的收入。本季度净外汇收益或亏损分别以其他收入和融资成本来报告，收益为2857.2万令吉（Q3-FY2018：收益为17.2万令吉）和亏损1055.3万令吉（Q3-FY2018：亏损372.5万令吉）。由于商品价格大幅下跌，本季度整体集团的EBITDA和财务表现受到不利影响。

（a）由于销量下降及商品价格大幅下跌，马来西亚业务录得收入减少。再加上年轻成熟再植地区增加的生产成本压力，燃料价格上涨以及收获高大棕榈树的工资增加，本季度的财务业绩显着降低;和

（b）尽管随着棕榈成熟，印度尼西亚业务的FFB产量增加，但收入不足是由于商品价格下跌。

YTD19 vs YTD18：
由于商品价格较低，IJM种植的期间收入低于上一期间。由于马来西亚业务的生产成本压力，以及在印度尼西亚业务中产生种植园维护和开销以抵消开始有收益的年轻成熟地区，美元计算的印尼业务借款的净外汇损失显着增加，导至较低的EBITDA和税前亏损。

IJM种植以美元计值的借款产生的外汇损失，作为其他损失和融资净额报告，分别损失为238.1万令吉（2018财年：损失31万令吉）和损失3313.4万令吉（2018财年：亏损1284.1万令吉）。

（a）由于商品价格和销售量下降，马来西亚业务收入下降。由于较低的FFB产量和马来西亚业务中年轻成熟的重新种植面积增加，导致全面的种植园维护和开销的间接费用，显着降低了EBITDA和税前利润;和

（b）印尼业务收入下降主要是由于商品价格下跌。尽管由于较大种植面积成熟而导致FFB产量较高，但EBITDA和税前亏损均显着下降。较低的财务表现是由于印尼盾对美元的疲软，导致美元计值借款的净汇兑损失和利息成本上升。来自增加的年轻成熟区域的生产成本压力继续导致种植园维护成本和开销。

3Q19 vs 2Q19:
IJM种植于本季度录得较高的EBITDA及较低的除税前亏损，主要由于以美元计值的借贷产生的外汇收益，其报告为其他净额收入及融资成本，总额为收益2,857.2万令吉（Q2-FY2019：亏损1,183.1万令吉）和损失1055.3万令吉（Q2-FY2019：损失1,082.5万令吉）。

（a）本季度马来西亚业务的FFB产量有所回升。因此，尽管商品价格较低，但报告的EBITDA和税前利润仍然较高;和

（b）印度尼西亚：FFB产量下降主要是由于收获业务中断，因为本季度CPO货运的交通限制。尽管生产和商品价格下降，但美元计价借款的净外汇收益导致EBITDA和盈利能力有所改善。

前景：
尽管预计2015/2016年长期干旱天气和年轻成熟地区的滞后效应将使作物产量恢复，但IJM种植继续受到启动产量的影响，同时产生种植园维护成本和管理费用。IJM种植亦面临外汇汇率的波动，特别是Rupiah对美元的汇率波动和对日元的汇率波动以及较高的借贷成本。由于上述因素及商品价格疲弱，IJM种植预期本财政年度的表现较上一财政年度有所下降。
---------------------------------------------------------------
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 RM1.40 in 3 months 21 days, total return is 75%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.30 in 9 months 5 day, total return is 63.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.15 (dividend RM0.015) in 7 months 25 days, total return is 62.9%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.855 in 2 months 17 days, total return is 48.7%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 3 months 14 days, total return is 30.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.37 (dividend RM0.0825) in 5 months 23 days, total return is 29.8%

g) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.23 in 2 months 17 days, total return is 18.3%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.64 (dividends RM0.02) in 6 months 6 days, total return is 16.1%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.975 in 3 months 6 days, total return is 14.7%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 19 days, total return is 12.2%

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
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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/2229034960696579 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

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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
--------------------------------
[IJM PLANTATIONS BHD: continues to be affected by the start-up yields whilst incurring full plantation maintenance costs and overheads, the Group is also exposed to the volatility of the foreign exchange rates particularly that of the Rupiah against the US Dollar and the Japanese Yen as well as higher borrowing costs]

3Q19 vs 3Q18:
The Group recorded lower revenue in Q3-FY2019 as compared to Q3–FY2018 due to significantly lower commodity prices and lower sales volume. The net foreign exchange gains or losses which are reported as net other income and finance costs amounted to gains of RM28.572 million (Q3-FY2018: Gains of RM0.172 million) and loss of RM10.553 million (Q3-FY2018: Loss of RM3.725 million) respectively during the quarter. As a result of the significantly lower commodity prices, the overall Group’s EBITDA and financial performance during the quarter was adversely impacted.

(a) the Malaysian operations recorded lower revenue due to lower sales volumes and significantly lower commodity prices. Compounded by the production cost pressure from the increase in young mature replanted areas, increased fuel prices and higher wages for harvesting tall palms, the financial performance for the quarter was significantly lower; and

(b) despite the higher FFB production in the Indonesian operations as palms mature, the shortfall in revenue was due to the lower commodity prices.

YTD19 vs YTD18:
The period revenue of the Group was lower than that of the previous period due to the lower commodity prices. The significantly higher net foreign exchange losses on the US Dollar denominated borrowings in the Indonesian operations, compounded by the production cost pressure in the Malaysian operations, and the young mature areas incurring full plantation maintenance and overheads against a startup yield in the Indonesian operations, resulted in a lower EBITDA and a loss before taxation.

The Group’s foreign exchange losses on the US Dollar denominated borrowings which are reported as net other loss and finance costs amounted to loss of RM2.381 million (Period FY2018: Loss of RM0.310 million) and loss of RM33.134 million (Period FY2018: Loss of RM12.841 million) respectively.

(a) Revenue for the Malaysian operations was lower due to lower commodity prices and sales volume. Compounded by the lower FFB production and the increased young mature replanting area in the Malaysian operations incurring full plantation maintenance and overheads against a startup yield, a significantly lower EBITDA and profit before tax was reported; and

(b) Revenue for the Indonesian operations was lower mainly due to lower commodity prices. Despite the higher FFB production as a result of a larger area attaining maturity, a significantly lower EBITDA and a loss before taxation were recorded. The lower financial performance was due to the weakening of the Rupiah against the US Dollar, resulting in significantly higher net foreign exchange losses on the US Dollar denominated borrowings and higher interest costs. Production cost pressures from the increased young mature areas incurring full plantation maintenance costs and overheads against a startup yield continued.

3Q19 vs 2Q19:
The Group recorded a higher EBITDA and a lower loss before taxation during the quarter mainly due to the foreign exchange gains on the US Dollar denominated borrowings which are reported as net other income and finance costs amounting to gains of RM28.572 million (Q2-FY2019: Loss of RM11.831 million) and loss of RM10.553 million (Q2-FY2019: Loss of RM10.825 million) respectively.

(a) FFB production in the Malaysian operations recovered during the quarter. As a result, higher EBITDA and profit before taxation were reported in spite of lower commodity price; and

(b) Indonesian: The lower FFB production was mainly due to disruption in harvesting operations as logistical constraints in CPO shipments were experienced during the quarter. Despite the lower production and commodity prices, the net foreign exchange gains on the US Dollar denominated borrowings resulted in an improvement to the EBITDA and profitability.

Prospects:
Notwithstanding the anticipated recovery of crop production from the lag effects of the 2015/2016 prolonged dry weather and increased young mature areas, the Group continues to be affected by the start-up yields whilst incurring full plantation maintenance costs and overheads. The Group is also exposed to the volatility of the foreign exchange rates particularly that of the Rupiah against the US Dollar and the Japanese Yen as well as higher borrowing costs. As a result of the above factors and given the weak commodity prices, the Group expects a lower performance for the current financial year as compared to the previous financial year.
--------------------------------------------------------------------------
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 RM1.40 in 3 months 21 days, total return is 75%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.30 in 9 months 5 day, total return is 63.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.15 (dividend RM0.015) in 7 months 25 days, total return is 62.9%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.855 in 2 months 17 days, total return is 48.7%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 3 months 14 days, total return is 30.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.37 (dividend RM0.0825) in 5 months 23 days, total return is 29.8%

g) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.23 in 2 months 17 days, total return is 18.3%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.64 (dividends RM0.02) in 6 months 6 days, total return is 16.1%

i) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.975 in 3 months 6 days, total return is 14.7%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 19 days, total return is 12.2%

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://web.facebook.com/jamesshareinvest/posts/2229034960696579 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