[GHL SYSTEMS BHD：净现金为9,170万令吉；在共享服务的租赁/维护收入增长以及硬件销售的推动下，马来西亚业务YoY增长10.1％；由于较高的交易费用，TPA部门贡献也YoY增长6.4％]

3Q19 vs 3Q18:
本季度集团收入YoY增长0.3％至8770万令吉，而去年同期为8740万令吉。税前利润为1,080万令吉，较去年的930万令吉增加16.1％。税后利润和少数股东权益增长了16.4％，达到730万令吉（去年为630万令吉）。收入由TPA部门推动。资产负债表保持健康，净现金为9,170万令吉。

共享服务：
由于泰国EDC硬件销售下降，本季度收入下降-13％至3240万令吉（去年为3720万令吉）。

解决方案服务：
由于马来西亚和菲律宾的网络硬件销售下降，本季度的总收入下降了-25.7％，至260万令吉（去年为350万令吉）。

Transaction Payment Acquisition（TPA）：
1.e-pay（充值和代收服务）：
由于产品组合的变化，交易额增长了7.8％。

2. GHL（电子支付服务）：
交易价值强劲增长61.8％，而毛利率稳定在0.3％，这归因于付款方式的产品组合变化以及MDR和每月租金的持续竞争。绝对毛利YoY增长51.8％至800万令吉（去年为530万令吉）。

由于付款的增长，TPA部门的收入YoY增长12.9％至5270万令吉（去年为4670万令吉）。付款TPA收入也YoY增长41.1％。 GHL电子支付TPA以更快的速度增长。

按地区划分：
在共享服务的租赁/维护收入增长以及硬件销售的推动下，马来西亚业务YoY增长10.1％。由于较高的交易费用，TPA部门贡献也YoY增长6.4％。菲律宾业务的收入YoY增长27.6％至1,140万令吉（去年为890万令吉），这得益于共享服务和TPA的增长。

由于EDC硬件销售下降，泰国业务的收入YoY下降-57.9％至620万令吉（去年为1,460万令吉），但被解决方案服务和TPA部门的增长所抵消。 TPA收入增加了交易费用，而解决方案服务有更高的软件销售。至于其他地域的业务，在澳大利亚解决方案服务部门的维护项目中取得32万令吉（去年为31万令吉）的收入。

3Q19 vs 2Q19：
该集团的营业额为8,770万令吉，比去年同期的8,590万令吉，QoQ 2.1％。改善归因于共享服务（马来西亚EDC硬件销售）和TPA（马来西亚，菲律宾和泰国）的表现更好。 TPA交易价值在所有三个国家/地区均显示QoQ改善。税前利润QoQ增长4.9％，与收入和毛利润的增长一致。

YTD19 vs YTD18:
9个月的收入YoY增长21.1％至2.601亿令吉（去年为2.149亿令吉），其中马来西亚和菲律宾实现了增长（共享服务YoY增长44.6％）。税前利润YoY增长29.5％至3,010万令吉，相比去年的2,320万令吉，税前利润率更高，达11.6％，而去年的利润率为10.8％。

税后及少数股东权益后的净利润YoY增长19.6％至2,080万令吉（去年为1,740万令吉）。由于更高的租金/维护和EDC硬件销售收入以及更高的TPA交易费用，共享服务和TPA的业绩有所改善。共享服务的表现提高归功于Paysys（M）Sdn Bhd的收入贡献。

YTD（按国家/地区）：
马来西亚业务YoY增长27.2％，这是由于租金和维护收入以及TPA收入的增长。 EBITDA利润率比去年的17.5％高，达到23.8％。菲律宾收入YoY增长37.3％，至3240万令吉（去年为2360万令吉），EBITDA利润率从去年的34％增长至40.8％。共享服务和TPA部门均录得YoY增长，与收入增长一致。在泰国，EBITDA利润率保持正增长，从去年的16.4％增至19.4％。

在过去的9个月中，由于对新的marchant touchpoints进行了投资，PATMI YoY增长19.6％，截至2019年9月，这一数字为383100点，YoY增长18％。这使该集团能够处理付款交易中的TPV为980亿令吉（同比增长35％）。

前景：
EDC硬件销售和支付网络基础设施中仍然有机会，而GHL仍处于利用这一增长领域的有利条件。 2019年及以后的前景仍然乐观。
-----------------------------
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 RM2.43 (dividend RM0.025) in 1 year 4 months 26 days, total return is 243.4%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.24 in 11 months 18 days, total return is 115.7%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.44 (dividend RM0.04) in 1 year 6 months 6 days, total return is 86.2%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.79 in 4 months 13 days, total return is 73.6%

e) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.53 in 6 months 8 days, total return is 70%

f) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.82 (adjusted)(dividend RM0.01) in 7 months 5 days, total return is 69.5%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.31 (dividends RM0.113) in 1 Year 3 months, total return is 52.4%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.20 (dividend RM0.015) in 1 Year 22 days, total return is 51.9%

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 20 days, total return is 39%

j) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM5.28 (adjusted) (dividend RM0.13431) in 1 Year 5 months 8 days, total return is 36.6%

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。

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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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10a.m. – 9p.m.，免费午餐和晚餐

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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

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
----------------------------
[GHL SYSTEMS BHD: Balance sheet remains healthy with a net cash position of RM91.7m; Malaysia operations accounted 10.1% YoY growth driven by Shared Services' rental/maintenance revenue growth as well as hardware sales; TPA segment contribution also up by 6.4% YoY due to higher transaction fees]

3Q19 vs 3Q18:
This quarter group revenue increased 0.3% YoY to RM87.7m as compared to RM87.4m last year. Pre-tax profits were 16.1% higher at RM10.8m compared to RM9.3m last year. PAT and minority interest growth was 16.4% at RM7.3m (last year RM6.3m). Revenue was driven by TPA segment. Balance sheet remains healthy with a net cash position of RM91.7m.

Shared Services:
This quarter revenue declined by -13% to RM32.4M (last year RM37.2m) driven by lower EDC hardware sales in Thailand.

Solutions Services:
Gross revenue was down by -25.7% in this quarter to RM2.6m (last year RM3.5m) due to lower network hardware sales in Malaysia and Philippines.

Transaction Payment Acquisition (TPA):
1. e-pay (reload and collection services):
Transaction value grew by 7.8% due to the change in product mix.

2. GHL (e-payment services):
Transaction value grew strongly by 61.8% whilst Gross profit margins was stable at 0.3% due to product mix change of payment types, and ongoing competition of MDR and monthly rental. Absolute gross profit showed 51.8% YoY growth to RM8m (last year RM5.3m).

TPA division's revenues was up by 12.9% YoY to hit RM52.7m (last year RM46.7m) due to growth from payments. Payments TPA also showed a 41.1% YoY improvement in revenue earned. GHL electronic payments TPA are growing at a faster rate.

By geographical segment:
Malaysia operations accounted 10.1% YoY growth driven by Shared Services' rental/maintenance revenue growth as well as hardware sales. TPA segment contribution also up by 6.4% YoY due to higher transaction fees. Philippines operations saw revenues grew by 27.6% YoY to RM11.4m (last year RM8.9m) supported by growth in Shared Services and TPA.

Thailand operations' revenue declined -57.9% YoY to RM6.2m (last year RM14.6m) due to decline in EDC hardware sales, but offset by the growth in Solutions Services and TPA divisions. TPA revenues saw higher transaction fee whereas the Solutions Services saw higher software sales recorded. Other geographical operations recorded revenues of RM0.32m (last year RM0.31m) on an maintenance project in Australia in Solutions Service segment.

3Q19 vs 2Q19:
The group recorded revenues of RM87.7m, a 2.1% QoQ improvement over RM85.9m in last year. The improvement was due to better performing Shared Services (Malaysia EDC hardware sales) and TPA (Malaysia, Philippines and Thailand). TPA transaction value showed QoQ improvement in all 3 countries. Pre-tax profit grew by 4.9% QoQ in-line with the growth on the revenue and gross profit.

YTD19 vs YTD18:
Revenue for 9 months was up 21.1% YoY to RM260.1m (last year RM214.9m) with growth registered in Malaysia and Philippines (Shared Services 44.6% YoY). Pre-tax profit was up by 29.5% YoY to RM30.1m compared to RM23.2m last year and pre-tax margin was higher at 11.6%, compared to last year margin of 10.8%.

Net profit after tax and minority interest grew by 19.6% YoY to RM20.8m (last year RM17.4m). Shared Services and TPA recorded improved performance due to higher rental/maintenance and EDC hardware sales revenue and higher TPA transaction fees collected. Shared Services improved performance was due to the inclusion of revenue contribution from Paysys (M) Sdn Bhd.

YTD by country:
Malaysian operations 27.2% YoY increase was due to stronger rental and maintenance revenue as well as TPA revenues. EBITDA margin was higher at 23.8% compared last year 17.5%. Philippines revenue was 37.3% YoY higher at RM32.4m (last year RM23.6m) with EBITDA margins at 40.8% from 34% in last year. Both Shared Services and TPA segments registered YoY growth in line with the growth in the revenue. For Thailand, EBITDA margins remains positive and higher at 19.4% compared to 16.4% in last year.

Through the 9 months, PATMI grew 19.6% YoY due to investing in new marchant touchpoints which as at end September 2019, stood at 383100 points, a 18% YoY growth. This has enabled the group to process a TPV of RM9.8b in payment transactions (35% YoY growth).

Prospects:
Opportunities remain in the EDC hardware sales and payment network infrastructure and GHL remains well positioned to capitalise on this growth area. The outlook for 2019 and beyond remains optimistic.
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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