[PHARMANIAGA BHD：从卫生部得到的新合同将于2019年12月1日至2021年12月31日向卫生部设施提供药品和医疗用品，并为卫生部提供截至2024年12月31日的五年的物流和分销服务，这将会是集团收益的主要贡献]

4Q19 vs 4Q18:
截至2019年12月31日的第四季度，集团的收入增加到7.16亿令吉，较去年同期的5.97亿令吉增长20.0％。这主要归因于特许经营，非特许经营和印尼业务的强劲需求。发马录得2亿3千800万令吉的税前亏损（LBT）。

YTD19 vs YTD18：
截至2019年12月31日止财政年，发马的收入为28亿令吉，高于上一年的24亿令吉。这是在特许经营，非特许经营和印度尼西亚业务取得良好业绩的基础上实现的。该集团的LBT为1.92亿令吉。集团的利息，税项，折旧及摊销前盈利为1.31亿令吉，较2018年的1.53亿令吉减少14.9％。

物流及分销部在本年度的LBT为2亿2千万令吉，较上一年度的zakat税前利润（PBT）的1200万令吉有所减少，这是由于供应权的使用年限的修订。根据政府部门的订单趋势，制造部门在收入2.9亿令吉的基础上录得3,800万令吉的PBT。尽管如此，该部门在加速新产品的发布，扩大国际市场占有率以及通过合同制造业务提高产能利用率方面拥有巨大的增长机会。印尼部门录得180万令吉的赤字，而去年同期的PBT为40万令吉。这年度，经营现金流量的改善是由于实现了更高的销售并改善了收款。

4Q19 vs 3Q19：
发马在这财政期间录得1亿7千900万令吉的亏损，而前一季的盈利为40万令吉。

前景：
必须注意的是，集团的财务业绩将不会受到PhIS摊销的负担。集团收入持续增长的事实确实令人鼓舞，并预示着未来的前景。在短期内，医疗保健部门正处于最前沿，努力控制冠状病毒的爆发。

从长远来看，发马对前景保持乐观。从卫生部得到的新合同将于2019年12月1日至2021年12月31日向卫生部设施提供药品和医疗用品，并为卫生部提供截至2024年12月31日的五年的物流和分销服务，这将会是集团收益的主要贡献。

同时，Pharmaniaga一直致力于不断提供优质产品和服务，并提高制造和运营效率，并建立研发能力以在制药业中寻求新机遇。这将使发马能够发展其各种业务以及以印尼业务为首的海外业务，并继续取得良好进展。
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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 RM2.42 (dividend RM0.025) in 1 year 6 months 9 days, total return is 242%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM2.15 (dividend RM0.04) in 1 year 7 months 20 days, total return is 175.5%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.54 in 1 year 1 month 1 day, total return is 167.8%

d) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.04 (adjusted)(dividend RM0.01) in 8 months 19 days, total return is 142.5%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.80 in 5 months 27 days, total return is 75.8%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.37 (dividends RM0.113) in 1 Year 4 months 14 days, total return is 56.2%

g) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.33 in 7 months 22 days, total return is 47.8%

h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.33 (dividend RM0.018) in 1 Year 1 months 29 days, total return is 39.7%

i) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.10 (dividend RM0.015) in 1 Year 2 months 5 days, total return is 39.4%

j) 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 3 months 3 days, total return is 39%

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

3月21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

3月22日星期日：Silka Johor Bahru Hotel, Johor Bahru

3月28日星期六：Hotel Sri Petaling, KL

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
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[PHARMANIAGA BHD: new contract secured with MOH for the provision of medicines and medical supplies to MOH facilities from 1 December 2019 to 31 December 2021, as well as logistics and distribution services to MOH for five years ending 31 December 2024, are set to be key contributors to the Group’s earnings]

4Q19 vs 4Q18:
For the fourth quarter ended 31 December 2019, the Group delivered an improved revenue of RM716 million, up by 20.0% compared with RM597 million in the previous year’s corresponding quarter. This was mainly attributable to stronger demand from the concession, non-concession and Indonesia businesses. The Group recorded a loss before zakat and taxation (LBT) of RM238 million.

YTD19 vs YTD18:
For the financial year ended 31 December 2019, the Group registered a higher revenue of RM2.8 billion compared with RM2.4 billion in previous year. This was achieved on the back of solid performances from concession, non-concession and Indonesia businesses. The Group posted a LBT of RM192 million. The earnings before interest, taxation, depreciation and amortisation of the Group stood at RM131 million, a decrease of 14.9% as compared to 2018 of RM153 million.

The Logistics and Distribution Division posted a LBT of RM220 million for the year, a decrease compared with profit before zakat and taxation (PBT) of RM12 million in previous year as a result of the revision in useful life of the rights to supply. The Manufacturing Division recorded a PBT of RM38 million on the back of revenue of RM290 million, in line with order trends from the Government sector. Nevertheless, the Division has tremendous growth opportunities as it accelerates launches of new products, expands international market presence and increases capacity utilisation via the contract manufacturing business. The Indonesia Division recorded a deficit of RM1.8 million compared with a PBT of RM0.4 million in the same period last year. For the year under review, the improved operating cash flows was due to higher sales achieved coupled with improved collections.

4Q19 vs 3Q19:
The Group posted a loss for the financial period under review of RM179 million compared with profit of RM0.4 million in the immediate preceding quarter.

Prospects:
It is imperative to note that the Group's financial performance will not be burdened by the PhIS amortisation moving forward. The fact that the Group continued to register solid growth in revenue is indeed encouraging and bodes well for prospects ahead. In the short-term, the ongoing coronavirus outbreak remains at the forefront as the healthcare sector strives to contain the disease.

From a long-term perspective, the Group remains positive on its outlook. The new contract secured with MOH for the provision of medicines and medical supplies to MOH facilities from 1 December 2019 to 31 December 2021, as well as logistics and distribution services to MOH for five years ending 31 December 2024, are set to be key contributors to the Group’s earnings.

In tandem, Pharmaniaga is strongly focused on its continuous drive to provide quality products and services as well as enhance its manufacturing and operational efficiencies and build up research and development capabilities to tap into new opportunities in the pharmaceutical industry. This will enable the Group to grow its various business streams as well as overseas operations led by the Indonesian business, which continues to see good progress.
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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