[CARLSBERG BREWERY MALAYSIA BHD：专注于SAIL'22战略的产品创新和质量执行]

4Q18 vs 4Q17:
与去年同期相比，集团的收入增长25.6％至5.257亿令吉，而营运利润则增加27.3％至8,400万令吉。马来西亚对外收入总额增长30.4％至3.782亿令吉，而经营利润增加3.1％至5500万令吉，主要由于本季度销售额增加所致。收入增加30.4％，部分原因是由于实施销售和服务税（“SST”）导致价格上涨;如果排除SST影响，收入增长率为23.0％。尽管本季度商业相关投资增加，但主要产品的市场（尤其是高端品牌）的两位数增长推动了马来西亚业务的增长势头。 Carlsberg Smooth Draft通过POP Cap创新和成功执行消费者促销活动继续保持强劲增长。

新加坡报告收入增长14.9％至1.475亿令吉，而营业利润较去年同期增长130.2％至2900万令吉。营业利润的显着改善部分是由于去年第四季度业绩的各种负面贸易报价调整金额为1,380万令吉。剔除这些贸易报价调整的影响，新加坡的营业利润将比去年同期增加9.9％。

皇帽的联营公司Lion Brewery（Ceylon）PLC（「LBCP」）的利润额较高，为620万令吉，而去年同期的利润为270万令吉。这得益于改善的经营业绩和更高的销售增长，因为LBCP已从2016年的洪水中（这对2017年的销售业绩产生了影响）完全恢复。比起去年同一季度，皇帽本季度的净利润增长34.9％至6,740万令吉，是因为受到马来西亚业务的强劲业绩，LBCP业绩改善以及新加坡业务利润增加的推动。

YTD18 vs YTD17:
截至2018年12月31日止年度，皇帽录得收入为19.823亿令吉，较去年增长14.6％。皇帽营运利润增加16.1％至3.47亿令吉。马来西亚本财政年度的对外收入总额增加21.9％至14.132亿令吉。运营利润增加了3770万令吉或17.4％至2.541亿令吉，这主要得益于大多数产品的两位数增长。集团通过其旗舰品牌Carlsberg Green Label和Carlsberg Smooth Draft以及Kronenbourg 1664 Blanc，Somersby Cider，Asahi和Connor's Stout Porter等优质品牌的主流增长战略继续为销售和盈利能力的强劲改善做出贡献，虽然有更高的商业投资。

在新加坡，本财政年度的收入略微下降-0.3％至5.691亿令吉，而经营利润则增长12.4％至9,290万令吉。营业利润的增加是由于没有去年财政年度一次性的负贸易报价调整1,720万令吉，部分被不利的外汇变动所抵消。

截至2018年12月31日止年度，皇帽的联营公司股份LBCP的利润为2100万令吉，而去年则为亏损20万令吉。这主要得益于经营业绩的改善，销售增长，收到的净保险回收以及没有2016年洪水带来的对2017年业绩的影响。

由于马来西亚业务的利润贡献增加，新加坡的利润增加归因于缺乏贸易要约调整以及LBCP的转变，皇帽的净利润增长25.3％至2.772亿令吉。

4Q18 vs 3Q18：
皇帽的收入较上一季度增加3,290万令吉或6.7％，主要由于马来西亚的销售增加所致。与上一季度相比，马来西亚和新加坡的收入分别增长了2760万令吉或7.9％和530万令吉或3.7％。

皇帽的经营利润较上一季度增加100万令吉或1.1％，主要是由于马来西亚和新加坡的收入增加，抵消了商业投资的增长。皇帽的净利润较上一季度增加250万令吉或3.8％，主要是由于收入增加。

前景：
他们赞扬马来西亚皇家海关和其他执法机构继续努力加强打击违禁品啤酒的执法活动。他们将继续专注于SAIL'22战略的产品创新和质量执行，以在2019年实现令人满意的业绩。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.41 (dividend RM0.015) in 8 months 26 days, total return is 99.3%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.39 in 4 months 22 day, total return is 73.8%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 9 days, total return is 68.6%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.78 in 3 months 18 days, total return is 35.7%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 in 4 months 16 days, total return is 31.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.34 (dividend RM0.0825) in 6 months 24 day, total return is 28.2%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.04 in 4 months 10 days, total return is 22.4%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.70 (dividends RM0.03) in 7 months 10 days, total return is 21%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 20 day, total return is 13%

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

1)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐

5月25日星期六：Hotel Sri Petaling, KL

6月15日星期六：Silka Johor Bahru Hotel, Johor Bahru

6月23日星期日：AG Hotel Penang, George Town

2)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

5月26日星期日：Hotel Sri Petaling, KL 3份点心

7月27日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心

8月11日星期日：AG Hotel Penang, George Town 4份点心

3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

6月9日星期日：Hotel Sri Petaling, KL 3份点心

6月16日星期日：Silka Johor Bahru Hotel, Johor Bahru 5份点心

6月22日星期六：AG Hotel Penang, George Town 4份点心

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

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/2254929048107170 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

请大家来Follow James的Instagram，获取最新的资讯： https://www.instagram.com/p/BxTq_NYAj0P

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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[CARLSBERG BREWERY MALAYSIA BHD: focus in product innovation and quality execution of their SAIL’22 strategy]

4Q18 vs 4Q17:
The Group’s revenue grew 25.6% to RM525.7 million as compared to the same quarter last year, whilst profit from operations increased by 27.3% to RM84.0 million. Malaysia total external revenue grew by 30.4% to RM378.2 million whilst profit from operations increased by 3.1% to RM55.0 million primarily due to higher sales in the current quarter. The revenue increase of 30.4% is partly attributable to price escalation as a result of the implementation of the Sales and Services Tax (“SST”); if the SST impact is excluded, revenue growth is 23.0%. Malaysia operations sustained its growth momentum driven by double-digit improvements across its main product segments particularly its premium brands, despite higher commercial related investments during this quarter. Carlsberg Smooth Draught continued its robust growth riding on the POP Cap innovation and successful execution of consumer promotions.

Singapore reported an increase of 14.9% in revenue to RM147.5 million whilst its profit from operations grew by 130.2% to RM29.0 million as compared to the same quarter last year. The significant improvement in operating profits was partly due to various negative trade offer adjustments amounting to RM13.8m in last year’s forth quarter results. Excluding the effect of these trade offer adjustments, the operating profit in Singapore would have increased by 9.9% compared to the same quarter last year.

The Group also registered a higher share of profit in its associate company, Lion Brewery (Ceylon) PLC (“LBCP”) of RM6.2 million compared to a share of profit of RM2.7 million in the corresponding quarter last year. This was driven by improved operational performance and higher sales growth as LBCP has fully recovered from the floods in 2016 which had impacted its sales performance in 2017. The Group’s net profit for the quarter grew by 34.9% to RM67.4 million as compared to the same quarter last year driven by strong results from Malaysia operations, better performance in LBCP and higher profits from Singapore operations.

YTD18 vs YTD17:
For the year ended 31 December 2018, the Group reported a revenue of RM1,982.3 million, which represented a growth of 14.6% versus last year. Profit from operations of the Group increased by 16.1% to RM347.0 million. Malaysia total external revenue for the financial year increased by 21.9% to RM1,413.2 million. Profit from operations improved by RM37.7 million or 17.4% to RM254.1 million contributed by double-digit growth across most product segments. The Group’s strategies to grow in mainstream through its flagship brands Carlsberg Green Label and Carlsberg Smooth Draught, as well as in premium brands like Kronenbourg 1664 Blanc, Somersby Cider, Asahi and Connor’s Stout Porter continued to contribute to strong improvement in both sales and profitability despite higher commercial investments.

In Singapore, revenue for the financial year marginally declined by -0.3% to RM569.1 million whilst profit from operations grew by 12.4% to RM92.9 million. The increase in operating profits was due to the absence of one-off negative trade offer adjustments of RM17.2 million in last year’s financial year results partially offset by an unfavourable foreign exchange movement.

The Group also recorded a turnaround in its share of associated company, LBCP’s profits of RM21.0 million for the year ended 31 December 2018 versus a loss of RM0.2 million last year. This was driven by improved operational performance, higher sales growth, net insurance recoveries received and the absence of charges relating to the 2016 floods which impacted its 2017 results.

The Group’s net profit recorded a 25.3% increase to RM277.2 million versus last year driven by higher profit contribution from Malaysia operations, higher profits in Singapore attributed to the absence of trade offer adjustments and the turnaround in LBCP.

4Q18 vs 3Q18:
The Group’s revenue increased by RM32.9 million or 6.7%, against the preceding quarter mainly due to higher sales in Malaysia. Revenues for Malaysia and Singapore grew by RM27.6 million or 7.9% and RM5.3 million or 3.7% respectively, against the preceding quarter.

The Group’s profit from operations increased by RM1.0 million or 1.1% against the preceding quarter mainly due to higher revenues in both Malaysia and Singapore which mitigated the increase in commercial investments. The Group’s net profit increased by RM2.5 million or 3.8% against the preceding quarter mainly due to the higher revenues.

Prospects:
They would like to compliment the Royal Malaysian Customs and other law enforcement agencies for their ongoing efforts in steeping up enforcement activities against contraband beer. They will continue their focus in product innovation and quality execution of their SAIL’22 strategy to deliver satisfactory performance in 2019.
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.41 (dividend RM0.015) in 8 months 26 days, total return is 99.3%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.39 in 4 months 22 day, total return is 73.8%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 9 days, total return is 68.6%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.78 in 3 months 18 days, total return is 35.7%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 in 4 months 16 days, total return is 31.6%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.34 (dividend RM0.0825) in 6 months 24 day, total return is 28.2%

g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.04 in 4 months 10 days, total return is 22.4%

h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.70 (dividends RM0.03) in 7 months 10 days, total return is 21%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 20 day, total return is 13%

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/2254929048107170 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