[MALAYSIA AIRPORTS HOLDINGS BHD：集团PBT较去年同期下降11.6％或2150万令吉，原因是支出增加，主要是由于2018年7月生效的关税增加以及期内维持的公用事业成本]

1Q19 vs 1Q18:
由于整体乘客增长3.7％，大马机场本季度收入较去年同期增长3.0％至12.523亿令吉。与去年同期相比，非航空业务略微下降0.6％至5亿2560万令吉。由于项目部门的收入增加，非机场运营增加了10.4％或750万令吉。

大马机场这季的PBT为1.646亿令吉，而由于去年同期对GMR Hyderabad International Airport Limited (GHIAL)投资的公平估值所录得的一次性收益金额为2.584亿令吉以及出售GMR Male Private Limited (GMIAL)的投资收益达2820万令吉，去年同期则为4亿7,270万令吉。

剔除一次性收益，集团PBT较去年同期下降11.6％或2150万令吉，原因是支出增加，主要是由于2018年7月生效的关税增加以及期内维持的公用事业成本。马来西亚业务的PBT下跌60.8％至2.127亿令吉，但在扣除相应季度的一次性收益后，PBT下跌17.0％或4350万令吉。土耳其业务的税前亏损（LBT）为5170万令吉，较去年同期的7,660万令吉录得亏损改善32.5％，而卡塔尔业务录得较低的PBT，下跌44.6％至360万令吉。

由于MFMA Development Sdn. Bhd. (MFMA)和Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (KAF)的贡献增加，本季度联营公司的利润为240万令吉，而去年同期的损失为40万令吉。JV本季度的利润份额为470万令吉，而去年同期的利润为290万令吉，主要是由于Segi Astana Sdn. Bhd. (SASB)的贡献增加。

本季度息税前利润的不利差异部分是由于去年同期录得的GHIAL投资公允价值未实现收益达2.584亿令吉。大马机场于本季度录得的经济亏损为2.014亿令吉，低于去年同季录得的7,010万令吉的盈利。

1Q19 vs 4Q18：
由于非机场营运业务收入增加，大马机场于本季度的收入轻微上升60万令吉或0.1％至12.523亿令吉，而上一季度则为12.517亿令吉。非机场运营收入较前一季度增加4.0％至8,020万令吉，主要是由于项目部门的贡献较大。

机场运营收入略微下降0.2％至11.721亿令吉。收入减少的原因是非航空收入下降1.2％，主要来自土耳其业务，而这季度航空收入较上一季度增加0.2％。总体而言，马来西亚和卡塔尔的业务收入分别下降0.5％至9.317亿令吉和5.3％至4,090万令吉，而土耳其业务收入则增加2.7％至2.797亿令吉。

大马机场本季度的PBT为1.646亿令吉，较上一季度录得的2750万令吉的PBT高出1.371亿令吉，原因是本季度成本低了11.2％或1.462亿令吉。

马来西亚业务的PBT增长241.9％至2.127亿令吉。卡塔尔业务的PBT增加150万令吉至360万令吉，而土耳其业务的LBT则较上一季度高出1,490万令吉至5170万令吉。

本季度联营公司的利润份额为240万令吉，而上一季度则为730万令吉。不利的差异是由于MFMA的贡献减少了580万令吉。合营公司本季度的利润总额为470万令吉，而上一季度则为580万令吉。不利的差异是由于SASB的贡献减少了90万令吉。

前景：
马来西亚业务：
在2018年10月狮子航空坠毁事件之后，印度尼西亚航空公司也减少飞行频率，这也与波音737MAX有关。最近波音737MAX的停飞可能会对印尼航空公司对马来西亚的运力产生进一步的负面影响。展望未来，航空公司未来的座位容量预订仍然高于预期，MAHB仍然乐观地预计2019年将实现4.9％的增长。

海外业务：
ISGIA的表现可能会在2019年保持其增长势头，特别是对于国际客运量。
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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 RM1.57 (dividend RM0.015) in 11 months 24 days, total return is 121.7%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.47 (dividend RM0.04) in 1 year 1 month 5 day, total return is 89.9%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.36 in 7 months 21 days, total return is 70%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.46 (dividend RM0.1875) in 9 months 22 days, total return is 40.1%

e) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.42 in 2 months 4 days, total return is 36.5%

f) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.66 (dividend RM0.035) in 8 months 19 days, total return is 33.5%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 (dividend RM0.008) in 7 months 14 days, total return is 32.4%

h) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.76 in 6 months 17 days, total return is 32.2%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.79 (dividends RM0.063) in 9 months 29 days, total return is 16.5%

j) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.62 (dividends RM0.04) in 10 months 6 days, total return is 16.1%

k) HUAYANG (HUA YANG BHD), recommended on 17 Feb 19, initial price was RM0.40, rose to RM0.45 in 5 months 20 days, total return is 12.5%

l) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.93 in 7 months 6 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）：

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我想说服读者学习基本面分析FA以便能从股市赚钱。

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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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James Ng
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[MALAYSIA AIRPORTS HOLDINGS BHD: Group PBT decreased by 11.6% or RM21.5 million as compared to the corresponding quarter last year due to higher expenditure, mainly on utilities due to increase in tariff effective July 2018 and maintenance recorded during the period]

1Q19 vs 1Q18:
The Group’s revenue for the current quarter grew 3.0% over the corresponding quarter last year to RM1,252.3 million on the back of increased overall passenger growth of 3.7%. Non-aeronautical segment decreased slightly by 0.6% to RM525.6 million as compared to the corresponding quarter last year. Non-airport operations increased by 10.4% or RM7.5 million due to higher revenue from the project segment.

The Group recorded a PBT of RM164.6 million as compared to RM472.7 million in the corresponding quarter last year, due to the one-off gains recorded in the corresponding quarter last year in relation to the fair valuation of investment in GMR Hyderabad International Airport Limited (GHIAL) amounting to RM258.4 million and gain on disposal of investment in GMR Male Private Limited (GMIAL) amounting to RM28.2 million.

Excluding the one-off gains, the Group PBT decreased by 11.6% or RM21.5 million as compared to the corresponding quarter last year due to higher expenditure, mainly on utilities due to increase in tariff effective July 2018 and maintenance recorded during the period. PBT of the Malaysian operations decreased by 60.8% to RM212.7 million, however after excluding the one-off gains in the corresponding quarter, the PBT decreased by 17.0% or RM43.5 million. Turkey operations registered a loss before tax (LBT) of RM51.7 million, an improvement by 32.5% from the loss recorded in the corresponding quarter last year of RM76.6 million while the Qatar operations recorded a lower PBT by 44.6% to RM3.6 million.

Share of associate’s profits in the current quarter under review amounted to RM2.4 million as compared to the losses of RM0.4 million for the corresponding quarter last year, due to higher contribution from MFMA Development Sdn. Bhd. (MFMA) and Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (KAF). Share of JV’s profits in the current quarter under review amounted to RM4.7 million as compared to the profits of RM2.9 million for the corresponding quarter last year, mainly due to higher contribution from Segi Astana Sdn. Bhd. (SASB).

The unfavourable variance in EBIT for the current quarter under review was in part due to unrealised gain on the fair value of investment in GHIAL amounting to RM258.4 million that was recorded in the corresponding quarter last year. The Group recorded economic loss of RM201.4 million for the current quarter under review lower than profit of RM70.1 million recorded in the corresponding quarter last year.

1Q19 vs 4Q18:
The Group’s revenue for the current quarter under review increased slightly by RM0.6 million or 0.1% to RM1,252.3 million against RM1,251.7 million in the immediate preceding quarter contributed by higher revenue from non-airport operations business. Non-airport operations revenue had increased by 4.0% over the immediate preceding quarter to RM80.2 million, mainly due to stronger contributions from the project segment.

Airport operations’s revenue decreased slightly by 0.2% to RM1,172.1 million. The decrease in revenue was due to lower non-aeronautical revenue by 1.2% mainly from the Turkey operations, cushioned by higher aeronautical revenue by 0.2% over the immediate preceding quarter. Overall, Malaysia and Qatar operations have recorded decrease in revenue by 0.5% to RM931.7 million and 5.3% to RM40.9 million respectively, whilst revenue for Turkey operations was higher by 2.7% to RM279.7 million.

The Group recorded a PBT of RM164.6 million in the current quarter, higher by RM137.1 million as compared to the PBT of RM27.5 million recorded in the immediate preceding quarter due to lower cost by 11.2% or RM146.2 million being recorded in the current quarter under review.

The PBT for Malaysia operations was higher by 241.9% to RM212.7 million. Qatar operations recorded higher PBT by RM1.5 million to RM3.6 million whilst Turkey operations recorded a higher LBT by RM14.9 million to RM51.7 million as compared to the immediate preceding quarter.

Share of associate’s profits in the current quarter amounted to RM2.4 million as compared to RM7.3 million for the immediate preceding quarter. The unfavourable variance was due to lower contribution from MFMA by RM5.8 million. Share of JV’s profits in the current quarter amounted to RM4.7 million as compared to RM5.8 million in the immediate preceding quarter. The unfavourable variance was due to lower contribution from SASB by RM0.9 million.

Prospects:
Malaysia Operations:
The Indonesian carriers were also seen to reduce flight frequencies after the Lion Air crash in October 2018 which was also related to the Boeing 737MAX. The recent grounding of the Boeing 737MAX may have further negative impact on Indonesian carriers’ capacity to Malaysia. Moving forward, the future seat capacity filings by airlines remain above expectations and MAHB remains optimistic that the projected 4.9% growth for 2019 will be achieved.

Overseas Operations:
ISGIA performance will likely maintain its growth momentum in 2019 especially for international passenger traffic.
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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.

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