[MALAYAN FLOUR MILLS BHD：已经努力实现面粉和谷物贸易部门的价格上涨，以保护他们已被侵蚀的利润;通过提高饲料转化率和降低死亡率，努力提高饲料质量，DOC和肉鸡产量，降低生产成本]

截至2019年3月31日（Q12019），马面粉厂录得收入6亿3520万令吉，较截至2018年3月31日（2018年第一季度）的同期的5.638亿令吉增加12.7％。这是由于面粉和谷物交易部门的销售额增长了12.0％，家禽整合部门的销售额增长了14.4％。

面粉和谷物贸易和家禽一体化部门的营业利润均较去年同期高，分别达到2200万令吉和190万令吉。有鉴于此，马面粉厂于2019年第一季度实现税前利润（PBT）2590万令吉，超过2018年第一季度的250万令吉的PBT。

（1）面粉及谷物贸易部门的经营溢利由2018年第一季的590万令吉增加276.0％至二零一九年第一季的2,200万令吉，原因是售价上升以抵销商品成本增加来保障利润率。虽然价格上涨，但对面粉和谷物的需求还是保持健康。

（2）家禽一体化部门的营业利润由2018年第一季度的160万令吉增加19.7％至二零一九年第一季的190万令吉：
（a）由于二零一九年第一季的day-old-chicks（DOC）产量较高，Q12019的肉鸡产量较二零一八年第一季较高。因此，2019年第一季度的活禽和家禽加工产品销量增加

（b）Q12019生物资产公允价值下调，相比于2018年第一季度的500万令吉，这季达到100万令吉。影响是2019年第一季度公允价值亏损较低，为400万令吉

（3）（a）于Q12019，马面粉厂于印度尼西亚的合资企业所占利润比例为700万令吉，而二零一八年第一季则为亏损150万令吉。Q12019利润的较高份额归因于2019年第一季度印尼盾兑美元汇率走强导致的销售价格上涨和外汇收益带来的利润率上升。

（b）二零一九年第一季的净利息开支较Q12018高，但部分因使用供股筹集的所得款项（已于2019年1月28日完成）偿还循环信贷而产生的利息成本节余而减少。

面粉和谷物交易：
面粉和谷物交易部门的收入增长12.0％至Q12019的4.546亿令吉，而2018年第一季度则为4.06亿令吉，这主要是由于2019年第一季面粉和谷物销售价格上涨，而需求保持健康，这归功于在产品的质量的一致性改善。该部门的经营溢利由2018年第一季的590万令吉增加276.0％至2019年第一季的2,200万令吉，原因是销售价格上升导致利润率上升，但被原材料成本增加而减少。

家禽整合：
家禽整合部门的收入增长14.4％至Q12019的1.805亿令吉，而2018年第一季度则为1.578亿令吉，原因是活禽和家禽加工产品的销量增加归因于生产产能的恢复。

在Q12019，家禽一体化部门的营业利润为190万令吉，而2018年第一季度的利润为160万令吉。由于在Q12019出售的活禽价格较低，较低的利润率部分抵消了销量增加带来的收益。尽管如此，生物资产的公允价值损失较低，2019年第一季度金额为100万令吉，而2018年第一季度的亏损为500万令吉。

QoQ：
Q12019马面粉厂录得收入6亿3520万令吉，较截至2018年12月31日（Q42018）的季度的6.695亿令吉减少5.1％，原因是全面收入减少，主要是由于销量下降所致这抵消了2019年第一季度面粉和家禽加工产品的较高销售价格。在销售价格较高的情况下，活禽和家禽加工产品的利润率有所改善，抵消了利润的减少。

由于定价行动以及外汇净已实现和未实现的收益（印度尼西亚卢比在2019年第一季度兑美元汇率走强）导致利润率提高，他们的股权合资企业在2019年第一季度的利润为700万令吉，相比之下，Q42018利润只有100万令吉。

前景：
董事会预期马面粉厂于2019年的表现仍将保持良好：
（1）已经努力实现面粉和谷物贸易部门的价格上涨，以保护他们已被侵蚀的利润;

（2）通过提高饲料转化率和降低死亡率，努力提高饲料质量，DOC和肉鸡产量，降低生产成本。
-----------------------------
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 RM1.42 (dividend RM0.015) in 10 months 22 days, total return is 100.7%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.37 in 6 months 18 days, total return is 71.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.29 (dividend RM0.04) in 12 months 3 days, total return is 67.3%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.70 (dividend RM0.0825) in 8 months 20 days, total return is 47.2%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.82 in 5 months 14 days, total return is 42.6%

f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 (dividend RM0.008) in 6 months 11 days, total return is 31.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.50 (dividend RM0.035) in 7 months 16 days, total return is 20.9%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.00 in 6 months 4 days, total return is 17.6%

i) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.20 in 1 month 4 days, total return is 15.4%

j) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.62 (dividends RM0.03) in 9 months 4 days, total return is 15.4%

k) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.17 in 5 months 14 days, total return is 12.5%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.15 (dividends RM0.084) in 11 months 5 days, total return is 6.9%

m) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.63 in 3 months 10 days, total return is 5.2%

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

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

7月14日星期日：AG Hotel Penang, George Town

7月28日星期日：Silka Johor Bahru Hotel, Johor Bahru

9月7日星期六：Hotel Sri Petaling, KL

2)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

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

9月8日星期日：Hotel Sri Petaling, KL 3份点心

3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

7月13日星期六：AG Hotel Penang, George Town 4份点心

7月21日星期日：Hotel Sri Petaling, KL 3份点心

7月26日星期五：Silka Johor Bahru Hotel, Johor Bahru 5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/2316526075280800 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/BzhK2d-nh1q

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
-------------------------------------
[MALAYAN FLOUR MILLS BHD: Efforts are already in place to institute price increases in flour and grains trading segment to protect their margin that has been eroded; efforts are undertaken to improve feeds quality, DOC and broiler production volume, reduce production costs through better feed conversion ratio and lower mortality]

For the quarter ended 31 Mar 2019 (Q12019), the Group recorded a revenue of RM635.2 million, an increase of 12.7% from RM563.8 million registered in the same quarter ended 31 March 2018 (Q12018). This was attributed to higher sales recorded in flour and grains trading segment by 12.0% and the poultry integration segment by 14.4%.

Both the flour and grains trading and poultry integration segments recorded higher operating profit, amounting to RM22.0 million and RM1.9 million respectively in Q12019 as compared to the same quarter last year. With this, the Group achieved a profit before tax (PBT) of RM25.9 million in Q1 2019, surpassing the PBT of RM2.5 million in Q1 2018.

(1) Flour and grains trading segment's operating profit increased by 276.0% from RM5.9 million in Q12018 to RM22.0 million in Q12019, driven by higher selling price to offset increased commodities cost to protect margin. Amidst the price increase, demand for flour and grains remained healthy.

(2) Poultry integration segment's operating profit increased by 19.7% from RM1.6 million in Q12018 to RM1.9 million in Q12019:
(a) Broiler production volume is higher in Q12019 as compared to that of Q12018 as a result of higher day-old-chicks (DOC) production volume in Q12019. Consequently, higher sales volume of live bird and poultry processed products is recorded in Q12019

(b) Downward adjustment of fair value on biological assets in Q12019 which amounted to RM1.0 million as compared to RM5.0 million in Q1 2018. Impact is lower fair value loss of RM4.0 million in Q1 2019

(3)(a) In Q12019, the Group's share of profit of equity accounted joint venture in Indonesia amounted to RM7.0 million as compared to a share of loss of RM1.5 million in Q12018. The higher share of profit in Q12019 is attributable to higher margins arising from higher selling prices and forex gains resulting from a stronger Indonesian Rupiah against the US Dollar in Q1 2019.

(b) Higher net interest expense in Q12019 amidst the higher interest rates environment in Q12019 as compared to Q12018 but was partially mitigated by the interest cost savings arising from the repayment of revolving credit loans using the proceeds raised from the Rights Issue, which was completed on 28 January 2019.

Flour and grains trading:
The flour and grains trading segment recorded a 12.0% increase in revenue to RM454.6 million in Q12019 as compared to RM406.0 million in Q12018 mainly due to higher selling price for flour and grains in Q12019 whilst the demand remained healthy, attributable to improvement in quality consistency of their products. The operating profit of this segment increased by 276.0% from RM5.9 million in Q12018 to RM22.0 million in Q1 2019 attributable to higher margins led by higher selling price, mitigating the increase in raw materials cost.

Poultry integration:
The poultry integration segment recorded an increase of 14.4% in revenue to RM180.5 million in Q12019 as compared to RM157.8 million in Q12018, as a result of higher sales volume of live bird and poultry processed products attributable to recovery from the production performance issues.

In Q12019, the poultry integration segment posted an operating profit of RM1.9 million as compared to a profit of RM1.6 million in Q12018. The lower margin arising from the lower live birds selling prices in Q12019 partially offset the gains arising from the higher sales volume. Nonetheless, a lower fair value loss on biological assets is recorded in Q12019, amounting to RM1.0 million as compared to a loss of RM5.0 million in Q1 2018.

QoQ:
In Q12019, the Group recorded a revenue of RM635.2 million which represented a 5.1% decrease from RM669.5 million registered in the quarter ended 31 December 2018 (Q42018), arising from lower revenue across the board, largely driven by lower sales volume which more than offset the higher selling prices in Q1 2019 for both flour and poultry processed products. Decreased of profit offset by improved margin of live birds and poultry processed products amidst the higher selling prices.

Their equity accounted joint venture registered a share of profit of RM7.0 million in Q12019 as compared to a share of profit of RM1.0 million in Q42018 due to higher margins as a result of pricing action and net realised and unrealised gain on foreign exchange in Q12019 as the Indonesian Rupiah gained strength against US Dollar in Q1 2019.

Prospects:
The Board expects the Group's performance in 2019 to remain favourable:
(1) Efforts are already in place to institute price increases in flour and grains trading segment to protect their margin that has been eroded;

(2) Efforts are undertaken to improve feeds quality, DOC and broiler production volume, reduce production costs through better feed conversion ratio and lower mortality.
--------------------------------------------------------------------------
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 RM1.42 (dividend RM0.015) in 10 months 22 days, total return is 100.7%

b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.37 in 6 months 18 days, total return is 71.3%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.29 (dividend RM0.04) in 12 months 3 days, total return is 67.3%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.70 (dividend RM0.0825) in 8 months 20 days, total return is 47.2%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.82 in 5 months 14 days, total return is 42.6%

f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 (dividend RM0.008) in 6 months 11 days, total return is 31.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.50 (dividend RM0.035) in 7 months 16 days, total return is 20.9%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.00 in 6 months 4 days, total return is 17.6%

i) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.20 in 1 month 4 days, total return is 15.4%

j) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.62 (dividends RM0.03) in 9 months 4 days, total return is 15.4%

k) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.17 in 5 months 14 days, total return is 12.5%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.15 (dividends RM0.084) in 11 months 5 days, total return is 6.9%

m) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.63 in 3 months 10 days, total return is 5.2%

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/2316526075280800 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