[MALAYAN FLOUR MILLS BHD：面粉和谷物交易部门营业利润增加92.0％，原因是销售价格上涨以抵销商品成本增加来保护利润率，以及在2019年第二季度净实现和未实现未来期权合约收益提高了780万令吉]

截至2019年6月30日止的季度（二零一九年第二季度），马面粉厂录得收入6亿2550万令吉，较截至2018年6月30日（二零一八年第二季度）的同一季度的5.477亿令吉增加14.2％。这是由于面粉和谷物交易部门的销售额增长了19.5％，家禽整合部门的销售额增长了2.2％。

面粉和谷物交易部门于Q22019录得较高的营业利润2,240万令吉，而二零一八年第二季的经营溢利则为1,170万令吉。然而，这些利润被家禽整合部门的亏损所抵消，该部门于Q22019录得经营亏损1,660万令吉，而去年同季则录得营运溢利250万令吉。

面粉和谷物交易部门的营业利润从2018年第二季度的1,170万令吉增加92.0％至二零一九年第二季的2240万令吉，原因是销售价格上涨以抵销商品成本增加来保护利润率，以及在2019年第二季度净实现和未实现未来期权合约收益提高了780万令吉。在销售价格上涨的情况下，对面粉和谷物的需求保持健康。

Q22019，马面粉厂在印尼的JV利润占比为310万令吉，而二零一八年第二季则为亏损360万令吉。Q22019的利润份额较高是由于2019年第二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导致利润率上升。

截至2019年6月30日止财政期间收入增加13.4％至12.607亿令吉，而去年则为11.115亿令吉。面粉及谷物贸易及家禽整合部门于2019年6月30日止财政期间录得较高收入，分别为15.6％及8.1％。截至2019年6月30日止财政期间，PBT较去年录得的1,060万令吉增加177.2％至2,930万令吉。盈利能力的改善主要归因于： -

1）面粉及谷物贸易部门的营业利润增加153.5％，截至2019年6月30日止财政期间为4,440万令吉，而2018年同期为1,750万令吉。增加的原因是截至2019年6月30日止财政期间录得的销售价格较高导致利润率上升，抵销了较高消费成本的影响，加上未来及期权合约的已实现和未实现净收益较高，提高了550万令吉，外汇实现净亏损较低，低了180万令吉;

2）2019年6月30日止财政期间，家禽一体化部门产生经营亏损1,480万令吉，而2018年同期经营溢利为400万令吉。

3）截至2019年6月30日止财政期间，马面粉厂的权益会计合资企业的利润份额较高，为1,010万令吉，而2018年同期的亏损为510万令吉，因为在2019年6月30日结束的财政期间，印尼盾对美元走强导致的销售价格上涨和外汇收益导致利润率提高。

面粉和谷物交易：
面粉和谷物交易部门于Q22019录得收入增长19.5％至4.555亿令吉，而二零一八年第二季则为3.813亿令吉，主要由于销售价格上升及需求保持健康，主要由于其产品的素质稳定。该部门的营业利润由2018年第二季度的1,170万令吉增加92.0％至二零一九年第二季的2,240万令吉，原因是销售价格上升导致利润率上升，抵消原材料成本的增加，及2019年第二季度未来及期权合约的已实现和未实现净收益较高，提高了780万令吉。

截至2019年6月30日止财政期间，面粉及谷物贸易部门录得收入9.102亿令吉，较2018年同期收入的7.873亿令吉增加15.6％，原因是定价更高及更高销量。截至2019年6月30日止财政期间，该部门的营业利润增加153.5％，达到4440万令吉，相比2018年同期的1,750万令吉，主要是由于较高的销售价格抵销更高的消费成本的影响，加上未来及期权合约的已实现和未实现净收益较高，提高了550万令吉，外汇实现净亏损较低，低了180万令吉。

家禽整合：
家禽整合部门录得收入增加2.2％至二零一九年第二季的1.7亿令吉，而二零一八年第二季则为1.664亿令吉，原因是活禽及家禽加工产品的销量增加，但被低迷的2019年第二季度的鸟类价格部分抵销。生物资产的公允价值在Q22019出现上调，相当于290万令吉，而2018年的公允价值亏损为160万令吉。

截至2019年6月30日止财政期间，家禽整合部门录得收入增加8.1％至3亿零5050万令吉，而2018年同期则为3.242亿令吉，原因是活禽及家禽加工产品销售量增加但2019年的活禽价格下跌部分抵消了这一影响。截至2019年6月30日止财政期间，生物资产的公允价值上调，相当于200万令吉，在2018年的同期，相当于公允价值亏损660万令吉。

QoQ：
面粉和谷物交易的营业利润在2019年第二季度略微上升1.7％，从2019年第一季度的2200万令吉增加至二零二九年第二季的2240万令吉，主要是由于未来和期权合约的已实现和未实现净收益增加了980万令吉，但被较高的小麦成本和未实现的外汇损失260万令吉抵消。家禽一体化部门在Q22019产生了1,660万令吉的经营亏损，而二零一九年第一季的营业利润为190万令吉，原因是二零一九年第二季的活禽价格下跌。 2019年第二季度生物资产的公允价值收益为290万令吉，而2019年第一季度的公允价值损失为100万令吉。

前景：
董事会预期，由于管理层采取以下措施，马面粉厂于2019年的表现仍然有利：

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。
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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 RM1.56 (dividend RM0.015) in 1 year 3 days, total return is 120.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.43 (dividend RM0.04) in 1 year 1 month 12 day, total return is 84.9%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.30 in 7 months 28 days, total return is 62.5%

d) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.43 (dividend RM0.1875) in 9 months 29 days, total return is 38.5%

e) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.66 (dividend RM0.07) in 8 months 26 days, total return is 36.2%

f) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.39 in 2 months 11 days, total return is 33.7%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 (dividend RM0.008) in 7 months 21 days, total return is 31.4%

h) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.735 in 6 months 24 days, total return is 27.8%

i) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.84 (dividends RM0.063) in 10 months 8 days, total return is 19.7%

j) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.60 (dividends RM0.04) in 10 months 13 days, total return is 14.7%

k) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.15 (dividends RM0.084) in 1 Year 16 days, total return is 6.9%

l) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.89 in 7 months 13 days, total return is 4.7%

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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
电话/Whatsapp : 011 - 15852043

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
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[MALAYAN FLOUR MILLS BHD: Flour and grains trading segment's operating profit increased by 92.0% from RM11.7 million in Q22018 to RM22.4 million in Q22019, driven by higher selling price to offset increased commodities cost to protect margin coupled with higher net realised and unrealised gain on future and option contracts by RM7.8 million in Q22019]

For the quarter ended 30 June 2019 (Q22019), the Group recorded a revenue of RM625.5 million, an increase of 14.2% from RM547.7 million registered in the same quarter ended 30 June 2018 (Q22018). This was attributed to higher sales recorded in flour and grains trading segment by 19.5% and the poultry integration segment by 2.2%.

The flour and grains trading segment recorded a higher operating profit of RM22.4 million in Q22019 as compared to an operating profit of RM11.7 million recorded in Q22018. However, these profits were offset by the losses incurred in the poultry integration segment, which recorded an operating loss of RM16.6 million in Q22019 as compared to an operating profit of RM2.5 million in the same quarter last year.

Flour and grains trading segment's operating profit increased by 92.0% from RM11.7 million in Q22018 to RM22.4 million in Q22019, driven by higher selling price to offset increased commodities cost to protect margin coupled with higher net realised and unrealised gain on future and option contracts by RM7.8 million in Q22019. Amidst the selling price increase, demand for flour and grains remained healthy.

In Q22019, the Group's share of profit of equity accounted joint venture in Indonesia amounted to RM3.1 million as compared to a share of loss of RM3.6 million in Q22018. The higher share of profit in Q22019 was attributable to higher margins arising from higher selling prices and forex gains resulting from a stronger Indonesian Rupiah against the US Dollar during Q2 2019.

Revenue increased by 13.4% to RM1,260.7 million for the financial period ended 30 June 2019 as compared to RM1,111.5 million posted in the preceding year. Both flour and grains trading and poultry integration segments recorded higher revenue in the financial period ended 30 June 2019, by 15.6% and 8.1% respectively. For the financial period ended 30 June 2019, PBT increased by 177.2% to RM29.3 million as compared to RM10.6 million recorded in the preceding year. The improvement in profitability was predominantly attributable to:-

1) Flour and grains trading segment recorded a 153.5% increase in its operating profit, amounting to RM44.4 million in the financial period ended 30 June 2019 against RM17.5 million in the corresponding period in 2018. The increase is attributable to higher margins recorded in the financial period ended 30 June 2019 as a result of higher selling price which offset the impact of higher consumption costs coupled with higher net realised and unrealised gain on future and option contracts by RM5.5 million and lower net realised loss on foreign exchange by RM1.8 million in the financial period ended 30 June 2019;

2) Poultry integration segment incurred an operating loss of RM14.8 million in the financial period ended 30 June 2019 as compared to an operating profit of RM4.0 million in the corresponding period in 2018.

3) Higher share of profit was recorded in the Group's equity accounted joint venture amounting to RM10.1 million in the financial period ended 30 June 2019 as compared to a share of loss of RM5.1 million in the corresponding period in 2018 due to higher margins arising from higher selling prices and forex gains resulting from a stronger Indonesian Rupiah against the US Dollar during the financial period ended 30 June 2019.

Flour and grains trading:
The flour and grains trading segment recorded a 19.5% increase in revenue to RM455.5 million in Q22019 as compared to RM381.3 million in Q22018, mainly as a result of higher selling price whilst the demand remained healthy, attributable to quality consistency of their products. The operating profit of this segment increased by 92.0% from RM11.7 million in Q22018 to RM22.4 million in Q22019 attributable to higher margins led by higher selling price, mitigating the increase in raw materials cost coupled with higher net realised and unrealised gain on future and option contracts by RM7.8 million in Q2 2019.

The flour and grains trading segment registered a revenue of RM910.2 million for the financial period ended 30 June 2019, a 15.6% increase from the revenue of RM787.3 million posted in the corresponding period in 2018 as a result of better pricing and higher volume. The segment registered a 153.5% increase in its operating profit, amounting to RM44.4 million in the financial period ended 30 June 2019 as compared to RM17.5 million posted in the corresponding period in 2018 mainly attributable to higher selling price which offset the impact of higher consumption costs coupled with higher net realised and unrealised gain on future and option contracts by RM5.5 million and lower net realised loss on foreign exchange by RM1.8 million in the financial period ended 30 June 2019.

Poultry integration:
The poultry integration segment recorded an increase of 2.2% in revenue to RM170.0 million in Q22019 as compared to RM166.4 million in Q22018, as a result of higher sales volume of live birds and poultry processed products but partially offset by the depressed live birds prices in Q2 2019. An upward adjustment of fair value on biological assets was recorded in Q22019, amounting to RM2.9 million as compared to a fair value loss of RM1.6 million in Q2 2018.

The poultry integration segment recorded an increase of 8.1% in revenue to RM350.5 million in the financial period ended 30 June 2019 as compared to RM324.2 million in the corresponding period in 2018 due to higher sales volume of live birds and poultry processed products but partially offset by the depressed live birds prices in 2019. An upward adjustment of fair value on biological assets was recorded in the financial period ended 30 June 2019, amounting to RM2.0 million as compared to a fair value loss of RM6.6 million in the corresponding period in 2018.

QoQ:
Flour and grains trading's operating profit increased marginally by 1.7% in Q22019, from RM22.0 million in Q12019 to RM22.4 million in Q22019 mainly attributable to higher net realised and unrealised gain on future and option contracts by RM9.8 million but offset by higher wheat costs and unrealised loss on foreign exchange by RM2.6 million. Poultry integration segment generated an operating loss of RM16.6 million in Q22019 as compared to an operating profit of RM1.9 million in Q12019, resulting from lower live birds prices in Q22019. The fair value gain on biological assets amounted to RM2.9 million in Q2 2019 as compared to fair value loss of RM1.0 million in Q1 2019.

Prospects:
The Board expects the Group's performance in 2019 to remain favourable due to the following measures undertaken by management:-

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.
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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