[S P SETIA BHD：销售目标从56.5亿令吉下调至45.5亿令吉，以符合当前的市场状况]

2Q19 vs 2Q18:
物业发展：
2019年第二季度的PBT低于去年同期的PBT，因为去年有一次性临时公允价值收益为3.438亿令吉。

施工：
建造利润对实达集团而言并不重要，因为它们是土地和开发权交换安排的一部分。

其他业务：
其他业务2019年第二季度为亏损，这主要是由于完成投资物业的建造后，财务费用被支出了费用，这与MFRS 123借贷成本相符。

YTD19 vs YTD18：
物业发展：
实达集团的房地产开发业务的税前利润为3.384亿令吉，低于前一时期的税前利润，这主要是由于去年重新计量了Setia Federal Hill Sdn Bhd的现有股权而产生的一次性临时公允价值收益。

施工：
建设利润对实达集团而言并不重要，因为它们是土地和开发权交换安排的一部分。

其他业务：
其他业务2019年PTD为亏损，这主要是由于完成投资物业的建造后，财务费用被支出了费用，这与MFRS 123借贷成本相符。

2Q19 vs 1Q19：
集团在2019年第二季度的PBT为2.037亿令吉，高于2019年第一季度的1.261亿令吉，主要是由于出售前英国大使馆土地的收益为3580万令吉，以及以英镑计价的贷款的货币换算产生的外汇差额。

前景：
持续的中美贸易紧张局势和欧洲脱欧谈判旷日持久，继续给全球经济带来压力，而在本地方面，由于购买者仍持续对购买大宗商品持“观望”的保留态度。这些进一步抑制了市场的疲软情绪，并延长了房地产市场的疲软。因此，集团将2019财年的销售目标从56.5亿令吉下调至45.5亿令吉，以符合当前的市场状况。

鉴于不确定的宏观经济形势和本地房地产市场的低迷，实达集团对项目的启动仍然保持审慎态度，并专注于选择合适的产品以迎合市场条件，推出了大约15.5亿令吉的发展总值（“ GDV”）。
-----------------------------
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 RM1.92 (dividend RM0.025) in 1 year 2 months 25 days, total return is 172%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.975 in 2 months 12 days, total return is 114.3%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.16 in 9 months 17 days, total return is 101.7%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.40 (dividend RM0.04) in 1 year 4 months 7 days, total return is 81.1%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.26 in 10 months 21 days, total return is 57.5%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.45 (dividend RM0.01) in 5 months 6 days, total return is 47.3%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.40 (dividend RM0.018) in 10 months 14 days, total return is 46.9%

h) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.16 (dividends RM0.083) in 1 Year 30 days, total return is 41.1%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.68 (dividend RM0.07) in 11 months 19 days, total return is 37.8%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.22) in 1 Year 23 days, total return is 28%

k) DESTINI (DESTINI BHD), recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.245 in 1 months 13 days, total return is 22.5%

l) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.26 in 5 months 6 days, total return is 21.2%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.26 (dividends RM0.111) in 1 Year 3 months 8 days, total return is 10.4%

n) STRAITS (STRAITS INTER LOGISTICS BHD), recommended on 28 Jul 19, initial price was RM0.21, rose to RM0.23 in 3 months 8 days, total return is 9.5%

o) KAREX (KAREX BHD), recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.475 in 21 days, total return is 6.7%

p) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM0.955 in 4 months 8 days, total return is 6.1%

q) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.50 (dividend RM0.0225) in 1 year 1 month 16 days, total return is 5.6%

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。

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

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

2020年2月22日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心

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

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

12月28日星期六：Hotel Sri Petaling, KL

2020年2月23日星期日：Silka Johor Bahru Hotel, Johor Bahru

3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

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

2020年2月21日星期五：Silka Johor Bahru Hotel, Johor Bahru 7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
-----------------------
[S P SETIA BHD: sales target for FY2019 is revised from RM5.65 billion to RM4.55 billion, which is aligned to the present market conditions]

2Q19 vs 2Q18:
Property Development:
The PBT of Q2 2019 is lower than the PBT of the same quarter in preceding year as they had a one-off provisional fair value gain of RM343.8 million.

Construction:
The construction profit is not significant to the Group as they are carried out as part of land and development right exchange arrangement.

Other Operations:
Other operations reported a loss for Q2 2019 mainly due to finance costs being expensed off following the completion of construction of investment properties which is in line with MFRS 123 Borrowing Costs.

YTD19 vs YTD18:
Property Development:
The Group’s property development segment PBT of RM338.4 million is lower than the PBT for the preceding period-to-date, largely due to there was a one-off provisional fair value gain arising from remeasurement of existing equity stake in Setia Federal Hill Sdn Bhd.

Construction:
The construction profit is not significant to the Group as they are carried out as part of land and development right exchange arrangement.

Other Operations:
Other operations reported a loss for PTD 2019 mainly due to finance costs being expensed off following the completion of construction of investment properties which is in line with MFRS 123 Borrowing Costs.

2Q19 vs 1Q19:
The Group’s PBT of RM203.7 million for Q2 2019 is higher than the PBT of Q1 2019 of RM126.1 million mainly due to RM35.8 million gain from the sale of former British Embassy Land and foreign exchange difference arising from the translation of certain Pound Sterling denominated loan facilities.

Prospects:
The on-going US-China trade tensions and the protracted negotiation of Brexit in Europe continue to weigh on the global economy while on the local front, the “wait-and-see” attitude lingers on as purchasers are still having reservation on purchasing big ticket items. These have further dampened the soft sentiment and prolonged the subdued property market. Hence, the Group sales target for FY2019 is revised from RM5.65 billion to RM4.55 billion, which is aligned to the present market conditions.

In view of the uncertain macro-economic situation and lacklustre local property market, the Group remains prudent with its project launches and focuses on the right products to cater for the market conditions where approximately RM1.55 billion Gross Development Value (“GDV”) were launched.
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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