[CARLSBERG BREWERY MALAYSIA BHD：premiumisation的增加和2019年12月贸易销量的增加，以应对更早的2020年1月的农历新年（“ CNY”）节日促销活动的时间，比起2019年的CNY]

4Q19 vs 4Q18:
皇帽的收入较去年同期增长9.2％至5亿7390万令吉，而经营溢利则增加10.5％至9280万令吉，这归功于premiumisation的增加和2019年12月贸易销量的增加，以应对更早的2020年1月的农历新年（“ CNY”）节日促销活动的时间，比起2019年的CNY。

马来西亚的总收入增加了7.2％，达4.055亿令吉，而营业利润增长了13.0％，达6220万令吉，这主要是由于本季度的销售额增加。在持续的营销投资的推动下，马来西亚业务的所有主要产品领域的销量增长保持了增长势头。

新加坡的营业额增长了14.1％，达到1.684亿令吉，而营业利润则比去年同期增长了5.8％，达到3070万令吉。皇帽的净利较去年同季增长2.3％至6,900万令吉，这是由于营业额增长以及大马和新加坡业务的利润增加，但被LBCP的利润份额减少所抵消。

YTD19 vs YTD18：
截至2019年12月31日止年度，皇帽的收入为22.566亿令吉，比去年同期增长13.8％。在可比基础上，调整从商品和服务税（“ GST”）到销售和服务税（“ SST”）的变化之后，皇帽的organic收入增长达到10.2％。集团的营运盈利增长8.0％至3亿7490万令吉，这是由于销售增加，但被营销投资增加所抵消。

马来西亚在本财政年度的总收入增加了15.9％至16.385亿令吉。扣除SST的影响后，该季度的organic收入增长为10.8％。经营盈利增加了2,020万令吉或8.0％。在新加坡，本财政年度的收入增加了8.6％，达到6.181亿令吉，而经营利润增长了8.3％，达到1.005亿令吉。

集团在本财政年度的净利增长5.0％至2亿9千100万令吉，主要是由于马来西亚和新加坡业务的利润贡献增加，而集团的organic净利在不计入LBCP的一次性保险收入的情况下增长6.8％。

4Q19 vs 3Q19：
皇帽的收入较上季增加3170万令吉或5.8％，主要是由于马来西亚和新加坡的销售和premiumisation增加。集团的营业利润较上季增加540万令吉或6.2％。由于LBCP的利润份额减少，而马来西亚和新加坡的利润增加，集团的净利润小幅下降了0.3％。

前景：
他们将继续执行Sail'22的优先事项，并加强Fund the Journey成本优化计划，以提高效率并对其品牌进行再投资。他们继续承认马来西亚皇家海关和其他执法机构在打击违禁啤酒方面的良好努力。
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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 RM2.29 (dividend RM0.025) in 1 year 6 months 19 days, total return is 223.8%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.98 (dividend RM0.04) in 1 year 7 months 30 days, total return is 154.1%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.20 (adjusted)(dividend RM0.01) in 8 months 29 days, total return is 152.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.29 in 1 year 1 month 11 days, total return is 124.3%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.675 in 6 months 6 days, total return is 48.4%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.19 (dividends RM0.113) in 1 Year 4 months 24 days, total return is 44.8%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.62 (dividend RM0.105) in 1 Year 3 months 13 days, total return is 35.8%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.04 (dividend RM0.015) in 1 Year 2 months 15 days, total return is 31.9%

i) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.17 in 8 months 2 days, total return is 30%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.18 (dividend RM0.018) in 1 Year 2 months 8 days, total return is 24.1%

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

3月29日星期日：Hotel Sri Petaling, KL 3份点心

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

2)【股票-实际操作班】课程：
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

请大家来Follow James的Instagram，获取最新的资讯：jamesnginvest

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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[CARLSBERG BREWERY MALAYSIA BHD: increasing premiumisation and higher trade loading in December 2019 in response to the earlier timing of Chinese New Year (“CNY”) festive sales in January 2020 as compared to CNY 2019]

4Q19 vs 4Q18:
The Group’s revenue grew 9.2% to RM573.9 million compared to the same quarter last year, whilst profit from operations increased by 10.5% to RM92.8 million contributed by increasing premiumisation and higher trade loading in December 2019 in response to the earlier timing of Chinese New Year (“CNY”) festive sales in January 2020 as compared to CNY 2019.

Total revenue for Malaysia grew by 7.2% to RM405.5 million whilst profit from operations increased by 13.0% to RM62.2 million primarily due to higher sales in the current quarter. Malaysia operations sustained its growth momentum through volume growth across all major product segments driven by continuous marketing investments.

Singapore reported an increase of 14.1% in revenue to RM168.4 million whilst its profit from operations grew by 5.8% to RM30.7 million compared to the same quarter last year as a result of better sales performance. The Group’s net profit for the quarter grew by 2.3% to RM69.0 million compared to the same quarter last year, driven by top-line growth and higher profits in both the Malaysia and Singapore operations offset by the lower share of profit in LBCP.

YTD19 vs YTD18:
For the the year ended 31 December 2019, the Group reported revenue of RM2,256.6 million, which represented a growth of 13.8% over the same period last year. On a comparable basis, after adjusting for change from the Goods and Services Tax (“GST”) to a Sales and Services Tax (“SST”) regime, the Group’s organic revenue growth would be 10.2%. Profit from operations of the Group increased by 8.0% to RM374.9 million driven by the higher sales partially offset by higher marketing investments.

Malaysia total revenue for the financial year increased by 15.9% to RM1,638.5 million. The organic revenue growth for the quarter would be 10.8%, after adjusting for the SST impact. Profit from operations improved by RM20.2 million or 8.0%. In Singapore, revenue for the financial year increased by 8.6% to RM618.1 million whilst profit from operations grew by 8.3% to RM100.5 million.

The Group’s net profit grew by 5.0% to RM291.0 million for the financial year primarily driven by higher profit contributions from Malaysia and Singapore operations, whilst the Group’s organic net profit grew by 6.8% when excluding the one-off insurance income in LBCP last year.

4Q19 vs 3Q19:
The Group’s revenue increased by RM31.7 million or 5.8%, against the preceding quarter mainly due to higher sales and premiumisation in both Malaysia and Singapore. The Group’s profit from operations increasd by RM5.4 million or 6.2% against the preceding quarter. The Group’s net profit marginally decreased by 0.3% due to the lower share of profits in LBCP mitigated by higher profits in both Malaysia and Singapore.

Prospects:
They will continue to execute their Sail’22 priorities and intensify their Fund the Journey cost optimisation initiatives to deliver efficiencies and reinvest in their brands. They continue to acknowledge the good efforts of the Royal Malaysian Customs and other law enforcement agencies in their enforcement activities against contraband beer.
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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