[WTK HOLDINGS BHD：随着向森林管理认证（FMC）的迈进，这集团正在修订伐木作业的采伐周期，并预计在接下来的时期内将降低原木产量；这集团预期未来的经营环境仍将充满挑战]

这季度（“ 2019年第三季度”），这集团的收入为1.315亿令吉，较上年同期（“ 2018年第三季度”）的2.132亿令吉减少8170万令吉或38.0％。因此，集团在2019年第三季度录得税前亏损1,700万令吉，而2018年第三季度的税前利润则为660万令吉。这主要是由于木材部门在2019年第三季度录得税前亏损，而2018年第三季度则录得税前利润。

截至2019年9月30日止的9个月（“ 9M2019”），集团的收入为4.537亿令吉，较上年同期（“ 9M2018”）的6.032亿令吉减少1.496亿令吉或24.8％；税前亏损为3,570万令吉，而9M2018的税前亏损为1,190万令吉（不包括因终止合并业务而产生的一次性收益8,460万令吉）。

木材：
在2019年第三季及2019年首九个月，收入减少及除税前亏损增加，主要是由于国内外市场对木材产品的需求减弱。加上区域间贸易持续不确定性导致木材产品价格走软。

对于原木业务，由于价格竞争，原木收入比2018年第三季度下降了32％。近年来，原木生产成本在增加，这主要是由于木材royalties的修订和最低月工资的提高。因此，砂拉越的原木生产商正在失去与其他原木生产国的竞争力。同时，本季度的胶合板业务收入与2018年第三季度相比下降了47％。胶合板收入的下降归因于印尼胶合板出口商的价格竞争，以及集团最大的胶合板市场日本的国内供应增加。

种植：
于回顾中的2019年第3季度及9M2019，收入减少归因于原油棕榈油（“ CPO”）和棕榈仁（“ PK”）的平均售价下降。因此，该部门的2019年第三季度和9M2019税前亏损分别与2018年第三季度和9M2018相比有所扩大。

制造和贸易：
在2019年第三季度和2019年首九个月，收入下降主要是由于出口销售下降，出口市场贡献了该部门市场收入的70％以上。中美之间持续的贸易紧张局势导致全球经济增长放缓，在这期间，大多数外国买家减少了订单。因此，与2018年第3季度和9M2018相比，税前利润较低，同时销量下降。

其他：
2019年第3季度和9M2019年该部门的收入来自租金和利息收入，下降主要是由于与2018年第3季度和9M2018年相比，由于存款减少而从短期存款获得的利息收入减少。

QoQ：
在2019年第三季度，集团的收入为1.315亿令吉，较上一季度（“ 2019年第二季度”）的1.427亿令吉减少1120万令吉或7.9％。因此，集团在2019年第三季的税前亏损扩大至1,700万令吉，而2019年第二季度的税前亏损则为1,580万令吉。这主要归因于本季度木材部门的业绩疲软。

木材：
由于本季度木材产品需求疲软，该部门的销售收入减少，税前亏损增加。

种植：
种植业务部门收入增加，税前亏损减少，这主要是由于本季度CPO销量和售价的增加。

制造和贸易：
与上一季度相比，该部门的收入和税前利润更高。

前景：
木材：
整体而言，由于自修订最低月薪及木材特许权使用费以来，生产成本增加，这集团对木材部门的前景保持审慎。由于原木需求疲弱，这集团正放缓原木的生产。此外，随着向森林管理认证（FMC）的迈进，这集团正在修订伐木作业的采伐周期，并预计在接下来的时期内将降低原木产量。由于印尼和日本制造商的价格竞争，胶合板向日本市场的出口销售也面对竞争。

种植：
由于原棕油价格上涨以及未来几年成熟作物的增长，这集团预计种植业务将带来更大的贡献。

制造和贸易：
预计制造和贸易部门将继续面临国内外竞争对手的竞争。

这集团预期未来的经营环境仍将充满挑战。
-----------------------------
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 RM2.36 (dividend RM0.025) in 1 year 4 months 15 days, total return is 233.6%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.21 in 11 months 7 days, total return is 110.4%

c) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.86 in 4 months 2 days, total return is 89%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.45 (dividend RM0.04) in 1 year 5 months 26 days, total return is 87.4%

e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.84 (adjusted)(dividend RM0.01) in 6 months 25 days, total return is 70.7%

f) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.48 in 5 months 27 days, total return is 64.4%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.40 (dividends RM0.113) in 1 Year 2 months 20 days, total return is 58.1%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.18 (dividend RM0.015) in 1 Year 11 days, total return is 49.4%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.69 (dividend RM0.07) in 1 Year 1 month 9 days, total return is 38.6%

j) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM2.04 (dividend RM0.05) in 9 months 3 days, total return is 34.8%

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

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

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4月19日星期日：AG Hotel Penang, George Town 2份点心

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10a.m. – 9p.m.，免费午餐和晚餐

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

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4月18日星期六：AG Hotel Penang, George Town

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
-------------------------------
[WTK HOLDINGS BHD: with the move toward Forest Management Certification (FMC), the Group is revising the harvesting cycle of the logging operation and anticipating lower production of log in the coming periods; the Group expects the operating environment to remain challenging going forward]

For the quarter (“3Q2019”) under review, the Group’s revenue was RM131.5 million, a decrease of RM81.7 million or 38.0% as compared to the preceding year corresponding quarter (“3Q2018”) of RM213.2 million. As a result, the Group recorded a loss before tax of RM17.0 million in 3Q2019 as opposed to 3Q2018’s profit before tax of RM6.6 million. This was mainly attributed to the timber segment recording a loss before tax in 3Q2019 as opposed to a profit before tax in 3Q2018.

For the nine months ended 30 September 2019 (“9M2019”), the Group’s revenue was RM453.7 million, a decrease of RM149.6 million or 24.8% as compared to the preceding year corresponding period (“9M2018”) of RM603.2 million, with a loss before tax of RM35.7 million as compared to 9M2018’s loss before tax of RM11.9 million (excluding the one-off gain of RM84.6 million on deconsolidation of discontinued operation).

Timber:
For 3Q2019 and 9M2019, the lower revenue and higher loss before tax were mainly attributed to weaker demand of timber products from both domestics and international markets. This is coupled with softening of timber products price as a result of continued inter-regional trade uncertainties.

For log business, the revenue of log has decreased by 32% as compared to 3Q2018 due to price competition. The log production costs are increasing in recent years, mainly due to the revision of timber royalties and increase of minimum monthly wages. Hence, the Sarawak’s log producers are losing its competitiveness to other log producing countries. Meanwhile, the revenue of plywood business during the quarter has decreased by 47% as compared 3Q2018. The decrease in plywood revenue is contributed by price competition from Indonesia plywood exporters and also increased of domestic supply in the Group’s largest plywood market, Japan.

Plantation:
For 3Q2019 and 9M2019 under review, the lower revenue recorded was attributed to the drop in average selling prices of crude palm oil (“CPO”) and palm kernel (“PK”). Consequently, the segment’s loss before tax in 3Q2019 and 9M2019 widened when compared with 3Q2018 and 9M2018, respectively.

Manufacturing and Trading:
For 3Q2019 and 9M2019, the decrease in revenue was mainly attributed to lower export sales, where export market contributed to more than 70% of the segment revenue. The on-going trade tension between US and China has resulted in moderation of global economic growth and most foreign buyers have reduced their orders during the period under review. Accordingly, a lower profit before tax was registered when compared to 3Q2018 and 9M2018, in tandem with decrease in sales volume.

Others:
For 3Q2019 and 9M2019, the segment’s revenue, which derived from rental and interest income, dropped mainly due to lower interest income received from short-term deposits due to less placements as compared to 3Q2018 and 9M2018.

QoQ:
For 3Q2019 under review, the Group’s revenue was RM131.5 million, a decrease of RM11.2 million or 7.9% as compared to the preceding quarter (“2Q2019”) of RM142.7 million. As a result, the Group’s loss before tax widened to RM17.0 million in 3Q2019 as compared to 2Q2019’s loss before tax of RM15.8 million. This was mainly attributed to the timber segment weaker performance during the quarter under review.

Timber:
The segment recorded a lower sales revenue and higher loss before tax attributed to weaker demand of timber products during the quarter.

Plantation:
Plantation segment registered a higher revenue and lower loss before tax mainly due to the increase in CPO sales volume and selling price during the quarter.

Manufacturing and Trading:
The segment recorded a higher revenue and profit before tax as compared with preceding quarter.

Prospects:
Timber:
Overall, the Group remained cautious of the outlook of timber segment as the cost of production has increased since the revision of minimum monthly wages and also the timber royalties. The Group is slowing down the production of log in response to weak demand of log. Also, with the move toward Forest Management Certification (FMC), the Group is revising the harvesting cycle of the logging operation and anticipating lower production of log in the coming periods. The export sales of plywood into Japan market also remained competitive as a result of price competition from Indonesia and Japan manufacturers.

Plantation:
The Group is anticipating higher contribution from the plantation segment, as a result of stronger CPO prices and increasing mature crop in the coming years.

Manufacturing and Trading:
The manufacturing and trading segments are expected to continue facing competition from domestic and foreign competitors.

The Group expects the operating environment to remain challenging going forward.
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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