[MALAYAN FLOUR MILLS BHD：面粉和谷物售价提高以缓解大宗商品成本以保护利润率，有净额外汇收益；面粉和谷物的需求保持健康；活禽价格上涨和生产成本降低导致活禽销售利润增加]

截至2019年9月30日的季度（2019年第三季度），集团录得收入7.012亿令吉，比截至2018年9月30日的同一季度（2018年第三季度）的6.427亿令吉增长9.1％。这归因于面粉和谷物贸易部门的销售额增长了11.7％，禽肉综合部门的销售额增长了2.5％。

营业利润从2018年第三季度的440万令吉增加至2019年第三季度的3260万令吉。面粉和谷物贸易部门在2019年第三季度的营业利润为2520万令吉，而2018年第3季度的营业利润为1750万令吉。家禽整合业务在2019年第3季度实现营业利润750万令吉，而去年同期为运营亏损1320万令吉。集团在2019年第三季度录得2940万令吉的税前盈利（PBT），而2018年第三季度的税前亏损（LBT）为370万令吉。归因于：-

（1）面粉和谷物贸易部门的营业利润从2018年第三季度的1,750万令吉增长43.4％，至2019年第三季度的2,520万令吉，这是由于售价提高以缓解大宗商品成本以保护利润率，以及已实现和未实现的2019年第三季度的净额外汇收益为110万令吉，而2018年第三季度的已实现和未实现的外汇净亏损为550万令吉。面粉和谷物的需求保持健康。

（2）家禽整合业务在2019年第三季录得750万令吉营业利润，而2018年第三季度则录得1320万令吉营业亏损，这归因于以下关键因素：

（a）与2018年第三季度相比，2019年第三季度活禽价格上涨和生产成本降低导致活禽销售利润增加，加上应收贸易账款减值损失减少，抵消了2019年第三季度不动产，厂场和设备的较高折旧。

（b）由于2019年第三季度的day-old-chicks（DOC）产量增加​​，2019年第三季度的肉鸡产量略高于2018年第三季度。因此，2019年第三季度的活禽和家禽加工产品的销量更高;和

（c）2019年第三季度生物资产的公允价值上调520万令吉，而2018年第三季度生物资产的公允价值损失为780万令吉。2019年第三季度的影响是更高的1300万令吉公允价值收益;

（3）在2019年第三季度，马面粉应占合资企业在印度尼西亚的股权权益为160万令吉，而2018年第三季度则为亏损290万令吉。2019年第三季度的较高利润份额为归因于较高的售价产生的更高利润率以及2019年第三季度印尼盾对美元汇率走强带来的外汇收益。

截至2019年9月30日止财政期间，营业额增加11.8％至19.619亿令吉，而去年同期为17.542亿令吉。在截至2019年9月30日的财政期间，面粉和谷物贸易及禽类整合部门均录得更高的收入，分别增长14.2％和6.1％。在截至2019年9月30日的财政期间，PBT增长757.5％至5870万令吉，而上一年为680万令吉。盈利能力的提高主要归因于：

（1）面粉和谷物贸易部门的营业利润增长98.4％，在截至2019年9月30日的财政期间达到6960万令吉，而2018年同期为3510万令吉。截至2019年9月30日的财政期间，由于售价上涨抵消了较高的消费成本以及期货和期权合约及外汇的已变现和未变现净收益总计970万令吉的影响，导致更高的利润率，而前一年的期货和期权合约以及外汇的已变现和未变现净亏损总计390万令吉;

（2）截至2019年9月30日的财政期间，马面粉在权益投资合营企业中录得的较高利润份额为1,170万令吉，而2018年同期则应占亏损790万令吉，原因是在截至2019年9月30日的财政期间，较高的售价产生了更高的利润率，以及印尼盾兑美元走强导致外汇收益增加。

面粉和谷物贸易：
面粉和谷物贸易部门在2019年第三季度的收入录得11.7％的增长，从2018年第三季度的4.615亿令吉增加至5.155亿令吉，这归因于其产品的质量一致性带来更高的售价和销量。该部门的营业利润从2018年第三季度的1,750万令吉增长43.4％至2019年第三季度的2,520万令吉，这归因于售价上涨带来的更高利润率，减轻了原材料成本的增长以及2019年第三季度的已实现和未实现的净收益外汇交易额为110万令吉，而2018年第三季度的已实现和未实现的外汇交易净亏损为550万令吉。

截至2019年9月30日的财政期间，面粉和谷物贸易部门的收入为14.257亿令吉，较2018年同期的12.489亿令吉增长了14.2％，因为售价较好和销量更高。该部门的营业利润增长98.4％，在截至2019年9月30日的财政期间达到6,960万令吉，而2018年同期为3,510万令吉，这主要是由于售价的提高抵消了影响，和截至2019年9月30日的财政期间，较高的消费成本加上期货和期权合约以及外汇的已实现和未实现净收益总计970万令吉，而前一年的期货和期权合约以及外汇的已实现和未实现净亏损总额为390万令吉。

家禽整合：
由于2019年第三季度的活禽价格提高以及活禽和家禽加工产品的销量增加，家禽整合部门在2019年第三季度的收入增长了2.5％，从2018年第三季度的1.812亿令吉增加至1.857亿令吉。

在2019年第3季度，家禽整合部门的营业利润为750万令吉，而2018年第3季度的营业亏损为1,320万令吉。活禽销售价格提高，生产成本降低导致利润率提高；2019年第三季度的贸易应收账款减值亏损降低抵销了2019年第三季度较高的物业，厂房和设备的折旧。此外，2019年第三季度录得生物资产公允价值的上调，达520万令吉；而2018年第三季度的价值损失为780万令吉。

截至2019年9月30日的财政期间，家禽整合部门的收入增长6.1％，达到5.362亿令吉，而2018年同期为5.054亿令吉，这是由于活禽和家禽加工产品的销量增加但部分被2019年活禽价格下跌所抵消。该部门在截至2019年9月30日的财政期间录得720万令吉营业亏损，而2018年同期为920万令吉。

3Q19 vs 2Q19：
在2019年第三季度，马面粉录得的收入为7.012亿令吉，较截至2019年6月30日（2019年第二季度）的6亿2550万令吉增长12.1％，这归因于面粉和谷物贸易以及家禽整合部门的收入增加。由于销量增加，面粉和谷物贸易部门的收入在2019年第三季度增长了13.2％，而家禽整合部门的收入则增长了9.2％，这归因于2019年第三季度的活禽价格上涨。

马面粉于2019年第三季录得2,940万令吉的PBT，而2019年第二季录得的340万令吉。2019年第三季度的PBT较高，主要是由于面粉和谷物贸易及家禽整合部门的运营利润增加。

面粉和谷物贸易的营业利润在2019年第三季度增长了12.4％，从2019年第二季度的2240万令吉增加到2019年第三季度的2520万令吉，这主要是由于2019年第三季度销量增加以及小麦成本降低所致，抵消了2019年第三季度的期货和期权合约以及外汇的已实现和未实现的净收益较低。家禽整合业务在2019年第三季度产生了750万令吉的营业利润，而在2019年第二季度则产生了1,660万令吉的营业亏损，因为2019年第三季度活禽价格上涨。生物资产的公允价值收益在2019年第三季度达到520万令吉，而2019年第二季度则为290万令吉。

前景：
董事会预期马面粉于2019年的表现将保持良好。
-----------------------------
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 RM1.91 (dividend RM0.025) in 1 year 2 months 30 days, total return is 170.6%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM1.00 in 2 months 17 days, total return is 119.8%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.16 in 9 months 22 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 12 days, total return is 81.1%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.25 in 10 months 26 days, total return is 56.3%

f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.42 (dividend RM0.018) in 10 months 19 days, total return is 49%

g) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.39 (dividend RM0.01) in 5 months 11 days, total return is 43.7%

h) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.17 (dividends RM0.083) in 1 Year 1 month 6 days, total return is 41.7%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.69 (dividend RM0.07) in 11 months 24 days, total return is 38.6%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.23 (dividend RM0.22) in 1 Year 28 days, total return is 29.6%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.30 in 5 months 11 days, total return is 25%

l) DESTINI (DESTINI BHD), recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.235 in 1 months 18 days, total return is 17.5%

m) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.24 (dividends RM0.111) in 1 Year 3 months 13 days, total return is 9.9%

n) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.52 (dividend RM0.0225) in 1 year 1 month 21 days, total return is 9.6%

o) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM0.95 in 4 months 13 days, total return is 5.6%

p) STRAITS (STRAITS INTER LOGISTICS BHD), recommended on 28 Jul 19, initial price was RM0.21, rose to RM0.22 in 3 months 13 days, total return is 4.8%

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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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[MALAYAN FLOUR MILLS BHD: higher flour and grains selling price to mitigate increased commodities cost to protect margin coupled with gain on foreign exchange; demand for flour and grains remained healthy; higher margin arising from improved live birds prices and lower production costs]

For the quarter ended 30 September 2019 (Q3 2019), the Group recorded a revenue of RM701.2 million, an increase of 9.1% from RM642.7 million registered in the same quarter ended 30 September 2018 (Q3 2018). This was attributed to higher sales recorded in flour and grains trading segment by 11.7% and the poultry integration segment by 2.5%.

Operating profit increased to RM32.6 million in Q3 2019 from RM4.4 million in Q3 2018. The flour and grains trading segment recorded a higher operating profit of RM25.2 million in Q3 2019 as compared to an operating profit of RM17.5 million recorded in Q3 2018. Poultry integration segment turned around with an operating profit of RM7.5 million in Q3 2019 as compared to an operating loss of RM13.2 million in the same quarter last year. The Group recorded a profit before tax (PBT) of RM29.4 million in Q3 2019 as compared to the loss before tax (LBT) of RM3.7 million in Q3 2018. This was attributable to:-

(1) Flour and grains trading segment's operating profit increased by 43.4% from RM17.5 million in Q3 2018 to RM25.2 million in Q3 2019, driven by higher selling price to mitigate increased commodities cost to protect margin coupled with net realised and unrealised gain on foreign exchange amounting to RM1.1 million in Q3 2019 as compared to net realised and unrealised loss on foreign exchange amounting to RM5.5 million in Q3 2018. Demand for flour and grains remained healthy.

(2) Poultry integration segment recorded an operating profit of RM7.5 million in Q3 2019 as compared to an operating loss of RM13.2 million in Q3 2018, attributable to key factors below:-

(a) Higher margin arising from the sales of live birds due to improved live birds prices and lower production costs in Q3 2019 as compared to Q3 2018 coupled with lower impairment loss on trade receivables which offset the higher depreciation of property, plant and equipment in Q3 2019.

(b) Broiler production volume was slightly higher in Q3 2019 as compared to that of Q3 2018 as a result of higher day-old-chicks (DOC) production volume in Q3 2019. Consequently, higher sales volume of live bird and poultry processed products was recorded in Q3 2019; and

(c) Upward adjustment of fair value on biological assets in Q3 2019 which amounted to RM5.2 million as compared to a fair value loss on biological assets of RM7.8 million in Q3 2018. Impact is higher fair value gain of RM13.0 million in Q3 2019;

(3) In Q3 2019, the Group's share of profit of equity accounted joint venture in Indonesia amounted to RM1.6 million as compared to a share of loss of RM2.9 million in Q3 2018. The higher share of profit in Q3 2019 was attributable to higher margins arising from higher selling prices and forex gains resulting from a stronger Indonesian Rupiah against the US Dollar during Q3 2019.

Revenue increased by 11.8% to RM1,961.9 million for the financial period ended 30 September 2019 as compared to RM1,754.2 million posted in the preceding year. Both flour and grains trading and poultry integration segments recorded higher revenue in the financial period ended 30 September 2019, by 14.2% and 6.1% respectively. For the financial period ended 30 September 2019, PBT increased by 757.5% to RM58.7 million as compared to RM6.8 million recorded in the preceding year. The improvement in profitability was predominantly attributable to:-

(1) Flour and grains trading segment recorded a 98.4% increase in its operating profit, amounting to RM69.6 million in the financial period ended 30 September 2019 against RM35.1 million in the corresponding period in 2018. The increase was mainly attributable to higher margins recorded in the financial period ended 30 September 2019 as a result of higher selling price which offset the impact of higher consumption costs coupled with net realised and unrealised gain on future and option contracts and foreign exchange totalling RM9.7 million in the financial period ended 30 September 2019 as compared to net realised and unrealised loss on future and option contracts and foreign exchange totalling RM3.9 million in the preceding year;

(2) Higher share of profit was recorded in the Group's equity accounted joint venture amounting to RM11.7 million in the financial period ended 30 September 2019 as compared to a share of loss of RM7.9 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 September 2019.

Flour and grains trading:
The flour and grains trading segment recorded a 11.7% increase in revenue to RM515.5 million in Q3 2019 as compared to RM461.5 million in Q3 2018, due to higher selling price and volume, attributable to quality consistency of their products. The operating profit of this segment increased by 43.4% from RM17.5 million in Q3 2018 to RM25.2 million in Q3 2019 attributable to higher margins led by higher selling price, mitigating the increase in raw materials cost coupled with net realised and unrealised gain on foreign exchange amounting to RM1.1 million in Q3 2019 as compared to net realised and unrealised loss on foreign exchange amounting to RM5.5 million in Q3 2018.

The flour and grains trading segment registered a revenue of RM1,425.7 million for the financial period ended 30 September 2019, a 14.2% increase from the revenue of RM1,248.9 million posted in the corresponding period in 2018 as a result of better pricing and higher volume. The segment registered a 98.4% increase in its operating profit, amounting to RM69.6 million in the financial period ended 30 September 2019 as compared to RM35.1 million posted in the corresponding period in 2018 mainly attributable to higher selling price which offset the impact of higher consumption costs coupled with net realised and unrealised gain on future and option contracts and foreign exchange totalling RM9.7 million in the financial period ended 30 September 2019 as compared to net realised and unrealised loss on future and option contracts and foreign exchange totalling RM3.9 million in the preceding year.

Poultry integration:
The poultry integration segment recorded an increase of 2.5% in revenue to RM185.7 million in Q3 2019 as compared to RM181.2 million in Q3 2018, as a result of improved live birds prices as well as higher sales volume of live birds and poultry processed products in Q3 2019.

In Q3 2019, the poultry integration segment posted an operating profit of RM7.5 million as compared to an operating loss of RM13.2 million in Q3 2018. The higher margins arising from the improved live birds selling prices and lower production costs coupled with lower impairment loss on trade receivables in Q3 2019 offset the higher depreciation of property, plant and equipment in Q3 2019. Furthermore, an upward adjustment of fair value on biological assets was recorded in Q3 2019, amounting to RM5.2 million as compared to a fair value loss of RM7.8 million in Q3 2018.

The poultry integration segment recorded an increase of 6.1% in revenue to RM536.2 million in the financial period ended 30 September 2019 as compared to RM505.4 million in the corresponding period in 2018 due to higher sales volume of live birds and poultry processed products but partially offset by the lower live birds prices in 2019. The segment registered an operating loss of RM7.2 million in the financial period ended 30 September 2019 as compared to an operating loss of RM9.2 million posted in the corresponding period in 2018.

3Q19 vs 2Q19:
In Q3 2019, the Group recorded a revenue of RM701.2 million which represented a 12.1% increase from RM625.5 million registered in the quarter ended 30 June 2019 (Q2 2019), attributable to higher revenue recorded in both flour and grains trading and poultry integration segments. Revenue from flour and grains trading segment increased by 13.2% in Q3 2019, driven by higher sales volume whilst revenue from the poultry integration segment grew by 9.2%, driven by higher live birds prices in Q3 2019.

The Group recorded a PBT of RM29.4 million in Q3 2019 as compared to a PBT of RM3.4 million registered in Q2 2019. The higher PBT in Q3 2019 was mainly due to the higher operating profits recorded in both flour and grains trading and poultry integration segments in Q3 2019.

Flour and grains trading's operating profit increased by 12.4% in Q3 2019, from RM22.4 million in Q2 2019 to RM25.2 million in Q3 2019, mainly led by the higher sales volume as well as lower wheat costs in Q3 2019, which offset the lower net realised and unrealised gain on future and options contracts and foreign exchange in Q3 2019. Poultry integration segment generated an operating profit of RM7.5 million in Q3 2019 as compared to an operating loss of RM16.6 million in Q2 2019, resulting from higher live birds prices in Q3 2019. The fair value gain on biological assets amounted to RM5.2 million in Q3 2019 as compared to fair value gain of RM2.9 million in Q2 2019.

Prospects:
The Board expects the Group's performance in 2019 to remain favourable.
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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