[APM AUTOMOTIVE HOLDINGS BHD：内饰和塑料事业部的OEM客户需求增加]

集团的财务稳定体现在其每股净资产上，从2018年的6.31令吉增至今年第二季度的6.36令吉。同样，这集团的流动比率从2.8倍提高至3.1倍（流动比率=流动资产/短期负债），因为贸易及其他应付款项较2018年12月31日减少了18.3％或4,630万令吉。比起2018年6月30日的6个月，今年6个月的现金流进为5,160万令吉或增加67.7％。经营活动的现金盈余投资于单位信托。

2Q19 vs 2Q18：
与18年第2季度相比，19年第2季度的Total Industry Production（TIP）从124,733辆增长了12.8％，至140,645辆。 （来源：马来西亚汽车协会（“ MAA”））这集团的收入在第二季度从2亿9550万令吉增至3亿5840万令吉，增长21.3％，这主要是由于内饰和塑料事业部的OEM客户需求增加。随着收入的增长，该集团的税前利润（PBT）在19年第二季度增长了67.4％，达到1770万令吉。

YTD19 vs YTD18：
从年初至今，收入从一年前的6.158亿令吉增长17.9％至7.26亿令吉。内饰和塑料部门仍然是最大的收入来源，某些OEM客户的需求持续强劲。

悬架事业部：
不利的产品结构，较高的进口原材料（主要是钢铁）和能源成本，较低的收入和产量是导致该部门的税前亏损（“ LBT”）为20万令吉的因素，而去年同一季度的PBT为120万令吉。

内饰和塑料部门：
自今年年初以来，内饰和塑料事业部继续实现两位数的收入和PBT增长。它的收入从去年同期的1.948亿令吉增长34.5％至2.621亿令吉，而其Q2’19的PBT为1930万令吉，相比Q2’18的970万令吉增长了99.0％。自2018年底以来，由于本地化的新零件供应和新型号的推出，某些OEM客户的需求增加导致了销量的增长。上半年的TIP增长了4,081辆，至285,028辆（来源：MAA ）。因此，该部门的收入和PBT分别从4.127亿令吉增至5.446亿令吉和2640万令吉增至4330万令吉。

电气与热交换部：
该部门的PBT保持相对稳定（Q2’19：RM373,000; Q2’18：RM285,000），主要是由于本季度的产品组合有利。

市场部：
该部门的税前利润从310万令吉降至150万令吉。

马来西亚市场：
本季度的部门的收入从2,010万令吉增长8.5％至2,180万令吉。汽车零售额的改善仍然是收入增长的主要驱动力。随着收入增长的改善，该部门的亏损从18年第二季度的120万令吉收窄至10万令吉。机动车贸易是收入增长的主要贡献者。 2019年前六个月的收入从3,630万令吉增至4,110万令吉。随着收入的增长，该部门的亏损改善了11.4％。

印尼业务：
在本季度，印尼业务的收入从18年第二季度的1,130万令吉微升3.5％至1,170万令吉，这主要是由于从2019年1月和5月开始向OEM客户供应钢板弹簧。联营公司较高的利润份额（归因于OEM客户索赔的收回）改善了该部门的底线，在18年第二季度由于销售低迷蒙受了损失。因此，印尼业务录得亏损减少29.0％至220万令吉，而去年同期则为310万令吉。

所有其他部门：
所有其他部门的收入增长了5.8％（19年第二季度：3,300万令吉； 18年第二季度：3,120万令吉），这主要归功于在美国，澳大利亚和越南的销售增长。

QoQ：
与上一季度相比，这集团的收入和PBT分别下降了2.5％和13.4％。内饰，塑料和电气与热交换部门的PBT有所下降。市场部的PBT从第一季度的250万令吉下降了40.2％至150万令吉。

他们在印尼的合资企业产生了更高的利润份额，这导致印尼业务的LBT降低。

其他所有部门（马来西亚以外的业务）均录得更高的收入，这主要归功于澳大利亚和越南业务的销售增长。与上一季度相比，该部门的亏损减少了19.6％。

前景：
根据MAA在2019年7月18日发布的市场报告，马来西亚新汽车的Total Industry Volume（TIV）增加了2.3％，与MAA在2019年初的最初预期增长仅为0.21％略有偏离。乘用车部门对此增长做出了贡献。

Frost和Sullivan认为，MAA的看法与他们相同，因为他们认为汽车行业的增长预计将在2019年余下时间保持温和，而商用车市场将受到外国直接投资增长，银行贷款改善，和关键贡献领域的增长而获得更好的推动增长（《星报》，2019年6月10日）。

从好的方面来说，马来西亚国家银行预测马来西亚经济的增长将在4.3％至4.8％之间。这一预测为原本令人沮丧的市场提供了适时的提振。与往常一样，APM将继续积极寻求其他市场和业务，以缓解和对冲下滑。

APM旨在谨慎地继续其5年扩展计划，因此已采取措施减轻此类下降趋势带来的风险。展望未来，APM仍然乐观，并相信其扩张计划可以为集团带来积极的成果。
-----------------------------
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 RM1.77 (dividend RM0.025) in 1 year 1 month 20 days, total return is 151%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.86 in 1 month 9 days, total return is 89%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.45 (dividend RM0.04) in 1 year 3 months 3 days, total return is 87.4%

d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.25 in 9 months 19 days, total return is 56.3%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.12 (dividends RM0.083) in 11 months 25 days, total return is 38.6%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.30 (dividend RM0.01) in 3 months 30 days, total return is 38.3%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.31 (dividend RM0.018) in 9 months 11 days, total return is 37.6%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 17 days, total return is 34.6%

i) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.765 in 8 months 15 days, total return is 33%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.25 (dividend RM0.1875) in 11 months 21 days, total return is 29%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.23 in 3 months 30 days, total return is 18.3%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.25 (dividends RM0.111) in 1 Year 2 months 5 days, total return is 10.1%

m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.89 in 9 months 4 days, total return is 4.7%

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页面与我联系。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡

10月19日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月22日星期日：AG Hotel Penang, George Town 2份点心

12月29日星期日：Hotel Sri Petaling, KL 3份点心

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

10月20日星期日：Silka Johor Bahru Hotel, Johor Bahru

12月21日星期六：AG Hotel Penang, George Town

12月28日星期六：Hotel Sri Petaling, KL

3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

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

12月20日星期五：AG Hotel Penang, George Town 2份点心

12月27日星期五：Hotel Sri Petaling, KL 3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

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：jamesnginvest

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
----------------------------------------------
[APM AUTOMOTIVE HOLDINGS BHD: higher demands from OEM customers of the Interior and Plastic Division]

The Group’s financial stability is reflected in its net assets per share, which grew from RM6.31 in 2018 to RM6.36 in the second quarter of the year. Likewise, the Group’s Current Ratio improved from 2.8 times to 3.1 times (Current Ratio = Current Assets / Current Liabilities) as trade and other payables reduced by 18.3% or RM46.3 million compared to 31 December 2018. The Group’s operating activities generated a net cash of RM51.6 million or an increase of 67.7% compared to the corresponding 6-month period ended 30 June 2018. Cash surplus from the operating activities were invested in unit trust.

2Q19 vs 2Q18:
Total Industry Production (“TIP”) for the Q2’19 has increased by 12.8% from 124,733 units to 140,645 units compared to Q2’18. (Source : Malaysian Automotive Association (“MAA”)) The Group’s revenue rose 21.3% in the second quarter of the year, from RM295.5 million to RM358.4 million mainly due to higher demands from OEM customers of the Interior and Plastic Division. In tandem with the revenue growth, the Group’s Profit Before Tax (“PBT”) increased by 67.4% to RM17.7 million in the Q2’19.

YTD19 vs YTD18:
On a year-to-date basis, revenue increased by 17.9% to RM726.0 million from RM615.8 million a year ago. The Interior and Plastics Division remains as the top revenue contributor with continued strong demand from certain OEM customers.

Suspension Division:
Unfavourable product mix, higher imported raw material (mainly steel) and energy costs, lower revenue and production volume were factors that contributed to the Division’s loss before tax (“LBT”) of RM0.2 million compared to a PBT of RM1.2 million in the same quarter of last year.

Interior & Plastics Division:
The Interior & Plastics Division continued to achieve double digit revenue and PBT growth since beginning of the year. Its revenue rose by 34.5% to RM262.1 million from RM194.8 million same quarter last year, whilst its PBT of RM19.3 million in Q2’19 registered a growth rate of 99.0% compared to RM9.7 million in Q2’18. The higher sales were attributed to higher demands from certain OEM customers following the supply of new parts for localization content and new model launches since the end of 2018. TIP for the first half of the year increased by 4,081 units to 285,028 units (Source : MAA). Hence, the revenue and PBT of the Division had increased from RM412.7 million to RM544.6 million and RM26.4 million to RM43.3 million respectively.

Electrical & Heat Exchange Division:
The Division’s PBT remained relatively constant (Q2’19: RM373,000 ; Q2’18: RM285,000) largely due to favourable product mix in the current quarter.

Marketing Division:
The Division’s PBT decreased from RM3.1 million to RM1.5 million.

Non-reportable segment, Malaysia:
The Non-reportable segment’s revenue increased by 8.5% to RM21.8 million from RM20.1 million in the current quarter. Improved motor vehicle retail sales remained the key driver to the revenue growth. With the improved revenue growth, the Division’s loss narrowed to RM0.1 million against RM1.2 million in Q2’18. Trading of motor vehicles was the main contributor for the revenue increase. Revenue for the six-month period of 2019 increased from RM36.3 million to RM41.1 million. In line with the improved revenue, the Division’s loss improved by 11.4%.

Indonesia Operations:
For the current quarter, the Indonesia Operations’ revenue rose marginally by 3.5% to RM11.7 million from RM11.3 million recorded in Q2’18 mainly due to the supply of leaf spring to OEM customers which commenced in January and May 2019. While the share of the associate’s higher profit (caused by recovery of claims from OEM customers) improved the Division’s bottom-line, in Q2’18, the associate suffered losses due to low sales. Hence, the Indonesia Operations recorded lower loss by 29.0% to RM2.2 million from loss of RM3.1 million in corresponding quarter of last year.

All Other Segments:
The All Other Segments’ revenue grew by 5.8% (Q2’19: RM33.0 million ; Q2’18: RM31.2 million) mainly due to higher sales registered in the USA, Australia and Vietnam.

QoQ:
Revenue and PBT of the Group were lower by 2.5% and 13.4% respectively as compared to the preceding quarter. The Interior & Plastics and Electricals & Heat Exchange Divisions’ PBT had decreased. The Marketing Division’s PBT went down by 40.2% to RM1.5 million from RM2.5 million in the first quarter.

Their associate and joint venture business in Indonesia generated higher share of profits that contributed to a lower LBT for the Indonesia Operations.

All other Segment (Operations Outside Malaysia) recorded higher revenue mainly driven by higher sales in Australia and Vietnam operations. The division’s loss reduced correspondingly by 19.6% compared to immediate preceding quarter.

Prospects:
According to the MAA’s market report of 18 July 2019, the Total Industry Volume (TIV) for new motor vehicles in Malaysia increased by 2.3%, representing a slight departure from MAA’s initial anticipated growth of just 0.21% at the beginning of 2019. Growth in the Passenger Vehicles segment contributed towards such increase.

MAA’s sentiments is shared by Frost and Sullivan as they opine that growth in the automotive sector is expected to remain moderate for the rest of 2019, with the commercial vehicle segment expected to experience better traction driven by growth in foreign direct investments, improvements in bank lending rates and positive growth in the key contributing sectors (the Star, 10 June 2019).

On the bright side, Bank Negara Malaysia has projected growth of the Malaysian economy to be between the range of 4.3% and 4.8%. This projection provides a timely boost to an otherwise gloomy market. As always, APM will continue to pursue other markets and businesses aggressively to mitigate and hedge against the decline.

APM has put in place measures to mitigate the risks associated with such downtrend as it aims to continue with its 5-year expansion plan prudently and cautiously. Going forward, APM remains optimistic and believes that its expansion plan can and will yield positive results for the Group.
--------------------------------------------------------------------------
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