[MALAYSIA AIRPORTS HOLDINGS BHD：马来西亚业务录得收入9.403亿令吉，增长6.4％，而土耳其和卡塔尔业务则分别增长21.2％至3亿7480万令吉和9.0％至4010万令吉]

3Q19 vs 3Q18:
总体而言，马来西亚业务录得收入9.403亿令吉，增长6.4％，而土耳其和卡塔尔业务则分别增长21.2％至3亿7480万令吉和9.0％至4010万令吉。该集团的PBT为2.468亿令吉，而去年同期为1.548亿令吉，主要是由于收入增加了10.2％。

本季度应占联营公司业绩为140万令吉，比去年同期的亏损20万令吉增加160万令吉，这是由于Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (KAFS)的贡献增加。

在本季度回顾中，合营企业的业绩达410万令吉，比去年同期的400万令吉的利润增加了10万令吉，这主要是由于Segi Astana Sdn. Bhd. (SASB)的贡献增加。

YTD19与YTD18：
总体而言，马来西亚业务录得收入27.763亿令吉，增长6.3％，而土耳其和卡塔尔业务分别录得收入增长10.3％至9.727亿令吉和12.9％至1.197亿令吉。大马机场的PBT为6亿1千300万令吉，比去年同期的7亿5千310万令吉低，这是由于去年同期录得的一笔有关GMR Hyderabad International Airport Limited (GHIAL)投资公平估值的一次性收益达2.584亿令吉，和出售GMR Male Private Limited（GMIAL）的投资收益达2,820万令吉。

截至本财政期间为止，应占联营公司的业绩为670万令吉，比去年同期的550万令吉增加120万令吉。截至本财政期间，合营企业的业绩达1390万令吉，比去年同期的1150万令吉增加了240万令吉。

3Q19 vs 2Q19：
总体而言，马来西亚，土耳其和卡塔尔业务的收入分别增长4.0％至9.403亿令吉，17.8％至3.748亿令吉和3.6％至4010万令吉。集团在本季录得2亿4680万令吉的PBT，较上一个季度的2亿160万令吉的PBT上升4520万令吉，这是由于营业额在这季度增长了7.5％或9400万令吉。马来西亚业务的PBT下跌1.1％至2.155亿令吉，而卡塔尔业务的PBT则上升310万令吉至320万令吉。

本季度应占联营公司业绩为140万令吉，较上一季度的300万令吉减少160万令吉。不利的差异是由于MFMA的贡献较低。本季度的合资企业业绩达410万令吉，比上一季度的510万令吉减少了100万令吉。不利的差异是由于SASB的贡献较低。

前景：
马来西亚业务：
国际航空运输协会（IATA）在其2019年6月的报告中预计，由于经济增长疲软和燃油价格上涨，旅客增长将放缓。因此，国际航协已将2019年全球旅客增长预测下调1.0％至5.0％，将亚太地区下调1.2％至6.3％。马来西亚经济研究所（MIER）在其4月份的报告中指出，由于全球需求和国内需求的放缓，马来西亚的经济在2019年的增长将放缓。国际货币基金组织（IMF）在4月还将2019年全球国内生产总值（GDP）从2018年10月宣布的3.9％下调至3.3％。

预计国内航空交通的调整和整合将持续到2020年第一季度，而国际部门可能会进一步改善。然而，航空公司业绩的挑战和不确定性仍在继续，因国内环境竞争以及本地和全球宏观经济前景方面有挑战。

海外业务：
国际客运量增长19.5％，而国内客运量下降5.8％。 ISGIA的表现将可能在2019年保持增长势头，尤其是在国际旅客运输方面。
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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 RM2.35 (dividend RM0.025) in 1 year 4 months 21 days, total return is 232.2%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.29 in 11 months 13 days, total return is 124.3%

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 6 months 1 day, total return is 87.4%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.825 in 4 months 8 days, total return is 81.3%

e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.85 (adjusted)(dividend RM0.01) in 7 months, total return is 71.3%

f) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.53 in 6 months 3 days, total return is 70%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.35 (dividends RM0.113) in 1 Year 2 months 26 days, total return is 54.9%

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 17 days, total return is 49.4%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.66 (dividend RM0.105) in 1 Year 1 month 15 days, total return is 39%

j) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM2.03 (dividend RM0.05) in 9 months 9 days, total return is 34.2%

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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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

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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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[MALAYSIA AIRPORTS HOLDINGS BHD: Malaysia operations recorded revenue of RM940.3 million with a growth of 6.4%, whilst Turkey and Qatar operations recorded revenue growth of 21.2% to RM374.8 million and 9.0% to RM40.1 million respectively]

3Q19 vs 3Q18:
Overall, Malaysia operations recorded revenue of RM940.3 million with a growth of 6.4%, whilst Turkey and Qatar operations recorded revenue growth of 21.2% to RM374.8 million and 9.0% to RM40.1 million respectively. The Group recorded a PBT of RM246.8 million as compared to RM154.8 million in the corresponding quarter last year mainly due to the increase in revenue by 10.2%.

Share of results of associates in the current quarter under review amounted to RM1.4 million, higher by RM1.6 million as compared to losses of RM0.2 million for the corresponding quarter last year, due to higher contribution from Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (KAFS).

Share of results of joint ventures in the current quarter under review amounted to RM4.1 million, higher by RM0.1 million as compared to the profits of RM4.0 million for the corresponding quarter last year, mainly due to higher contribution from Segi Astana Sdn. Bhd. (SASB).

YTD19 vs YTD18:
Overall, Malaysia operations recorded revenue of RM2,776.3 million with growth of 6.3%, whilst Turkey and Qatar operations recorded revenue growth of 10.3% to RM972.7 million and 12.9% to RM119.7 million, respectively. The Group recorded a lower PBT of RM613.0 million as compared to RM753.1 million in the corresponding period last year, due to the one-off gains recorded in the corresponding period last year in relation to the fair valuation of investment in GMR Hyderabad International Airport Limited (GHIAL) amounting to RM258.4 million and gain on disposal of investment in GMR Male Private Limited (GMIAL) amounting to RM28.2 million.

Share of results of associates in the financial period-to-date amounted to RM6.7 million, higher by RM1.2 million as compared to RM5.5 million recorded in the corresponding period last year. Share of results of joint ventures in the financial period-to-date amounted to RM13.9 million, higher by RM2.4 million as compared to RM11.5 million recorded in the corresponding period last year.

3Q19 vs 2Q19:
Overall, Malaysia, Turkey and Qatar operations have recorded an increase in revenue by 4.0% to RM940.3 million, 17.8% to RM374.8 million and 3.6% to RM40.1 million respectively. The Group recorded a PBT of RM246.8 million in the current quarter, higher by RM45.2 million as compared to the PBT of RM201.6 million recorded in the immediate preceding quarter due to higher revenue by 7.5% or RM94.0 million recorded in the current quarter. The PBT for Malaysia operations was lower by 1.1% to RM215.5 million whilst Qatar operations recorded higher PBT by RM3.1 million to RM3.2 million.

Share of results of associates in the current quarter amounted to RM1.4 million, lower by RM1.6 million as compared to RM3.0 million for the immediate preceding quarter. The unfavourable variance was due to lower contribution from MFMA. Share of results of joint ventures in the current quarter amounted to RM4.1 million, lower by RM1.0 million as compared to RM5.1 million in the immediate preceding quarter. The unfavourable variance was due to lower contribution from SASB.

Prospects:
Malaysia Operations:
International Air Transport Association (IATA) in its June 2019 report foresees a lower passenger growth due to economic growth weaknesses and fuel price increases. Consequently, IATA has revised downwards the forecasted 2019 global passenger growth by 1.0% to 5.0% and Asia Pacific by 1.2% to 6.3%. Malaysian Institute of Economic Research (MIER) in its April report stated that the Malaysian economy is set to grow at a slower pace for 2019 due to the slowdown in global demand as well as in domestic demand. International Monetary Fund (IMF) in April has also revised the global Gross Domestic Product (GDP) downwards for 2019 to 3.3% from 3.9% as announced in October 2018.

The domestic traffic correction and consolidation are expected to continue until 1Q 2020 while the international sector could see further improvement. Nevertheless, challenges and uncertainties continue with respect to airlines performance, competition in the domestic environment as well as the local and global macro-economic outlook.

Overseas Operations:
International passenger traffic increased by 19.5% while domestic passenger traffic decreased by 5.8%. ISGIA performance will likely maintain its growth momentum in 2019 especially for international passenger traffic.
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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