[AXIATA GROUP BERHAD：数据强劲增长]

2Q19 vs 2Q18:
与前一年的相应季度（Q2’19 vs Q2’18）相比，由于除了在马来西亚和尼泊尔的移动业务以外所有运营公司的业绩表现更好，集团的收入增长了4.9％。集团EBITDA环比增长30.7％至26.705亿令吉。剔除MFRS 16影响和Q2’18的固定货币，由于收入增加，集团EBITDA增长13.1％。由于业绩改善以及与集团在印度的投资相关的亏损中断，PAT和PATAMI分别从损失状况大幅改善至净利润2.875亿令吉和2.041亿令吉。

马来西亚：EBITDA增长43.5％至7.101亿令吉，EBITDA毛利率为42.7％。剔除MFRS 16影响，EBITDA因运营成本下降而增加13.2％。本季度PAT增长39.1％至2.182亿令吉。

印度尼西亚：由于数据强劲增长，收入增长16.2％至18.24亿令吉。本季度EBITDA增长54.1％至9.414亿令吉。剔除MFRS 16影响和Q2’18的固定货币，EBITDA增长了19.1％，但部份被更高的营业成本抵消。本季度的PAT大幅增加至净利润4,300万令吉，而不是Q2’18的净亏损2870万令吉。

孟加拉国：由于所有部门的强劲增长，收入录得​​稳健增长17.7％至9.144亿令吉。由于收入增加以及运营支出减少，EBITDA从1.475亿令吉大幅上升至4.148亿令吉。

斯里兰卡：收入增长2.9％至6.864亿令吉。

尼泊尔：PAT环比下降18.4％至1.54亿令吉。

柬埔寨：收入录得强劲增长，增长15.1％至3.264亿令吉，而数据仍然是主要的增长动力。因此，息税折旧摊销前利润增长33.1％至1.709亿令吉。较高的收入部分被较高的折旧和摊销以及税收支出所抵消，PAT增长13.3％至7,390万令吉。

马来西亚（基础设施）：收入和EBITDA继续分别录得16.9％和51.2％的强劲增长，达到4.362亿令吉和2.473亿令吉。剔除MFRS 16影响，EBITDA因收入增加而环比增长32.8％，部分被运营成本上升所抵消。

YTD19 vs YTD18：
与去年同期相比，由于数据收入强劲增长，集团收入增长4.2％至121.031亿令吉。 EBITDA增长24.8％至50.923亿令吉。由于除尼泊尔以外的所有运营公司的业绩改善，集团EBITDA按YTD’18的不变货币计算且不包括MFRS 16影响，实现了10.4％的强劲增长。集团的PAT和PATAMI分别从亏损状况增加至利润10.712亿令吉和9.131亿令吉，分别受到更好的基本表现，停止与其在印度投资有关的亏损，出售非战略投资和卖掉印度的投资权的收益。

马来西亚：EBITDA增长34.6％至12.805亿令吉。剔除MFRS 16影响，EBITDA录得4.7％的增长归因于较低的营运开支。因此，PAT上涨5.9％至3.516亿令吉。

印度尼西亚：由于强劲的数据增长，收入增长了12.5％，达到35.545亿令吉，占服务收入的87％，而去年同期为79％。由于采用MFRS 16及收入增加，息税折旧摊销前利润增加45.9％至17.71亿令吉。剔除MFRS 16影响和YTD’18的固定货币，EBITDA同比增长16.2％。PAT以3980万令吉回归赚钱，而YTD’18的净损失为2520万令吉。

孟加拉国：收入录得强劲增长16.9％至18.068亿令吉，主要是由于数据增长所致。 EBITDA同比增长超过100％，从3亿3千万令吉增至7亿6,340万令吉。剔除MFRS 16影响和YTD’18的固定汇率，EBITDA增长69.6％，主要来自收入增加。由于从2018年1月1日起收入的最低税率从0.75％变为2.0％以及采用MFRS 16，税收增加部分抵消了更高的收入，与去年同期相比，净亏损从8,740万令吉收窄至2,780万令吉。不计MFRS 16影响，运营公司的净利润将达到620万令吉。

斯里兰卡：收入增长1.4％至13.472亿令吉，息税折旧摊销前利润增长2.1％至5.362亿令吉。不包括MFRS 16和YTD’18的固定货币，EBITDA增长5.0％归因于收入增加，部分被运营成本上升所抵消。由于折旧和摊销以及融资成本增加，EBITDA和外汇收益增加，运营公司的PAT增长11.0％至1.586亿令吉。

尼泊尔：PAT减少10.5％至3.292亿令吉，原因是收入减少，但是折旧和摊销也减少。

柬埔寨：由于数据收入强劲增长，收入增长17.6％至6.311亿令吉。 EBITDA增长33.8％至3亿3千30万令吉，原因是收入增加部分被营业费用增加所抵消。由于较高的收入，PAT增长14.2％至1.415亿令吉，部分被折旧和摊销以及税收支出所抵消。

马来西亚（基础设施）：收入继续增长21.0％至8.75亿令吉。因此，EBITDA增长48.6％至4.761亿令吉。剔除MFRS 16影响，EBITDA同比增长31.2％。

2Q19 vs 1Q19：
与上一季度（Q2’19 vs Q1’19）相比，由于大多数移动运营公司的业绩改善，集团收入增长3.4％至61.536亿令吉。 EBITDA从收入增加和管理良好的支出中增长了10.3％。

马来西亚：EBITDA增长24.5％至7.101亿令吉，EBITDA利润率为42.7％。与上一季度的1.333亿令吉相比，PAT增加63.7％至2.182亿令吉。

印度尼西亚：收入增长5.4％至18.24亿令吉。 EBITDA增长13.5％至9.414亿令吉。剔除MFRS 16影响并以Q1’19的固定货币计算，EBITDA提高了9.1％。由于较高的收入部分被外汇收益下降，财务成本和税收费用降低所抵消，运营公司已经以4300万令吉重返赚钱，而上一季度净亏损为320万令吉。

孟加拉国：收入增长2.5％，达到9.144亿令吉。由于收入增加以及运营支出减少，EBITDA增长19.0％至4.148亿令吉。

斯里兰卡：收入增长3.9％至6.864亿令吉。

尼泊尔：收入增长4.6％至5.208亿令吉，所有收入来源均有所改善。

柬埔寨：由于数据收入增长，收入增长7.1％至3.264亿令吉，而EBITDA与上一季度相比增长7.2％至1.709亿令吉。由于较高的折旧和摊销以及税收支出部分抵消了较高的EBITDA，本季度PAT增长9.2％至7,390万令吉。

马来西亚（基础设施）：本季度收入保持稳定在4.362亿令吉，而EBITDA增长8.1％至2.473亿令吉，原因是营运成本下降。本季度PAT增长2.1％至4,780万令吉，原因是较高的EBITDA部分被折旧和摊销以及税收支出所抵消。

前景：
董事会预计，亚通截至2019年12月31日止财政年度的业绩可能超过EBITDA增长和ROIC的总体关键绩效指标。
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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 RM1.61 (dividend RM0.025) in 1 year 25 days, total return is 128.7%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.40 (dividend RM0.04) in 1 year 2 months 5 days, total return is 81.1%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.25 in 8 months 21 days, total return is 56.3%

d) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.67 (dividend RM0.07) in 9 months 19 days, total return is 37%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.07 (dividends RM0.063) in 10 months 30 days, total return is 34.2%

f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 (dividend RM0.008) in 8 months 14 days, total return is 32.4%

g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.76 in 7 months 17 days, total return is 32.2%

h) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.29 (dividend RM0.1875) in 10 months 23 days, total return is 31.1%

i) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.29 in 3 months 4 days, total return is 24%

j) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM1.95 (dividend RM0.01) in 3 months 3 days, total return is 17.4%

k) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.35 (dividends RM0.084) in 1 Year 1 month 8 days, total return is 12%

l) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.56 (dividends RM0.04) in 11 months 6 days, total return is 11.9%

m) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.505 (dividends RM0.0225) in 11 months 14 days, total return is 6.6%

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。

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10月18日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心

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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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[AXIATA GROUP BERHAD: strong data growth]

2Q19 vs 2Q18:
Compared to the preceding year’s corresponding quarter (Q2’19 vs Q2’18), the Group registered a growth of 4.9% in revenue due to better performance from all operating companies apart from its mobile operations in Malaysia and Nepal. Group EBITDA increased 30.7% to RM2,670.5 million quarter-on-quarter. Excluding MFRS 16 impact and at constant currency of Q2’18, Group EBITDA grew 13.1%, as a result of higher revenue. PAT and PATAMI improved significantly from a loss position to net profit of RM287.5 million and RM204.1 million respectively, driven by better performance and the discontinuation of losses related to the Group’s investment in India.

Malaysia: EBITDA grew 43.5% to RM710.1 million and registered a strong EBITDA margin of 42.7%. Excluding MFRS 16 impact, EBITDA increased by 13.2% as a result of lower operating cost. PAT for the quarter increased 39.1% to RM218.2 million.

Indonesia: Revenue grew by 16.2% to RM1,824.0 million on the back of strong data growth. EBITDA grew 54.1% to RM941.4 million for the quarter. Excluding MFRS 16 impact and at constant currency of Q2’18, EBITDA grew 19.1% driven by higher revenue which was partly offset by higher operating cost. Flowing through, PAT for the quarter increased significantly to a net profit of RM43.0 million as opposed to net loss of RM28.7 million in Q2’18.

Bangladesh: Revenue registered a solid growth of 17.7% to RM914.4 million contributed by strong growth in all segments. EBITDA improved significantly from RM147.5 million to RM414.8 million quarter-on-quarter attributed to higher revenue coupled with lower operating expenses.

Sri Lanka: Revenue registered a growth of 2.9% to RM686.4 million.

Nepal: PAT decreased by 18.4% quarter-on-quarter to RM154.0 million.

Cambodia: Revenue registered strong growth of 15.1% to RM326.4 million underpinned by data which continues to be the main growth driver. As a result, EBITDA grew by 33.1% to RM170.9 million. With higher toplines partly being offset by higher depreciation and amortisation, and tax expense, PAT increased 13.3% to RM73.9 million.

Malaysia (Infrastructure): Revenue and EBITDA continued to register strong growth of 16.9% and 51.2% respectively to RM436.2 million and RM247.3 million. Excluding MFRS 16 impact, EBITDA grew 32.8% quarter-on-quarter contributed from higher revenue partly offset with higher operating cost.

YTD19 vs YTD18:
Compared to the corresponding period in the preceding year, Group revenue grew 4.2% to RM12,103.1 million on the back of strong growth of data revenue. EBITDA grew 24.8% to RM5,092.3 million. At constant currency of YTD’18 and excluding MFRS 16 impact, Group EBITDA registered a strong growth of 10.4% as a result of improved performance by all operating companies except in Nepal.
The Group’s PAT and PATAMI increased from a loss position to a profit of RM1,071.2 million and RM913.1 million respectively driven by better underlying performance, discontinuation of losses related to its investment in India, gain on disposal of non-strategic investments and gain on disposal of rights of investment in India.

Malaysia: EBITDA increased 34.6% to RM1,280.5 million. Excluding MFRS 16 impact, EBITDA registered growth of 4.7% attributed to lower operating expenses. As a result, PAT improved 5.9% to RM351.6 million.

Indonesia: Revenue grew by 12.5% to RM3,554.5 million underpinned by strong data growth which contributed 87% of service revenue as compared to 79% during the corresponding period in the preceding year. EBITDA increased by 45.9% to RM1,771.0 million driven by adoption of MFRS 16 and higher revenue. Excluding MFRS 16 impact and at constant currency of YTD’18, EBITDA grew 16.2% year-on-year. Flowing through, PAT returned to the black at RM39.8 million as opposed to net loss of RM25.2 million in YTD’18.

Bangladesh: Revenue registered a strong growth of 16.9% to RM1,806.8 million contributed by growth in all segments mainly due to data upsurge. EBITDA increased more than 100% from RM330.0 million to RM763.4 million year-on-year. Excluding MFRS 16 impact and at constant currency of YTD’18, EBITDA improved 69.6% mainly flowing from higher revenue. With the higher toplines partly being offset by higher tax due to change in tax law for minimum tax rate from 0.75% to 2.0% on revenue effective 1 January 2018 and MFRS 16 adoption, net loss narrowed from RM87.4 million to RM27.8 million year-on-year. Excluding MFRS 16 impact, the operating company would have registered a net profit of RM6.2 million.

Sri Lanka: Revenue grew 1.4% to RM1,347.2 million and EBITDA grew 2.1% to RM536.2 million. Excluding MFRS 16 and at constant currency of YTD’18, EBITDA grew 5.0% attributed to higher revenue partly offset with higher operating cost. As higher EBITDA and forex gains were lessened by higher depreciation and amortisation, and finance cost, the operating company registered 11.0% growth in PAT to RM158.6 million.

Nepal: PAT decreased by 10.5% to RM329.2 million as a result of lower toplines cushioned by lower depreciation and amortisation.

Cambodia: Revenue grew by 17.6% to RM631.1 million attributed to strong growth in data revenue. EBITDA grew 33.8% to RM330.3 million as a result of higher revenue partly being offset with higher operating expenses. PAT grew 14.2% to RM141.5 million driven by higher toplines partly offset with higher depreciation and amortisation, and tax expense.

Malaysia (Infrastructure): Revenue continued to register a growth of 21.0% to RM875.0 million. Consequently, EBITDA grew 48.6% to RM476.1 million. Excluding MFRS 16 impact, EBITDA grew 31.2% year-on-year.

2Q19 vs 1Q19:
Compared to the preceding quarter (Q2’19 vs Q1’19), Group revenue grew 3.4% to RM6,153.6 million as a result of better performance from most of mobile operating companies. EBITDA grew 10.3% flowing from higher revenue coupled with well managed spending.

Malaysia: EBITDA increased 24.5% to RM710.1 million and delivered a strong EBITDA margin of 42.7%. Flowing through, PAT increased by 63.7% to RM218.2 million as compared to RM133.3 million in previous quarter.

Indonesia: Revenue grew 5.4% to RM1,824.0 million. EBITDA increased by 13.5% to RM941.4 million. Excluding MFRS 16 impact and at constant currency of Q1’19, EBITDA improved by 9.1%. With the higher toplines partly being offset with lower forex gain, higher finance cost and tax expense, the operating company has returned to the black at RM43.0 million as opposed to a net loss of RM3.2 million in previous quarter.

Bangladesh: Revenue registered a decent growth of 2.5% to RM914.4 million. EBITDA grew 19.0% to RM414.8 million as a result of higher revenue partly coupled with lower operating expenses.

Sri Lanka: Revenue grew 3.9% to RM686.4 million.

Nepal: Revenue grew by 4.6% to RM520.8 million with improvement from all revenue streams.

Cambodia: Revenue increased by 7.1% to RM326.4 million driven by data revenue growth, whilst EBITDA grew 7.2% to RM170.9 million against the preceding quarter. With higher EBITDA partly being offset by higher depreciation and amortisation, and tax expense, PAT for the quarter grew 9.2% to RM73.9 million.

Malaysia (Infrastructure): Revenue for the quarter remained stable at RM436.2 million whilst EBITDA grew 8.1% to RM247.3 million attributed to lower operating cost. PAT for the quarter grew 2.1% to RM47.8 million as a result of higher EBITDA partly being offset by higher depreciation and amortisation, and tax expense.

Prospects:
The Board of Directors expect the Group’s performance for the financial year ending 31 December 2019 likely to exceed Headline KPIs for EBITDA growth and ROIC.
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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