[INARI AMERTRON BHD：工厂产量的需求减少，产品结构有变化，折旧成本增加以及不利的汇率]

2Q20 vs 2Q19:
与截至2018年12月31日的季度相比，集团的税前利润从5950万令吉减少28.3％至4270万令吉，税后利润从5520万令吉减少32.0％至3750万令吉。

2Q20 vs 1Q20：
集团的税前利润从5490万令吉减少22.3％至4270万令吉，税后利润从上一季度的4770万令吉减少21.5％至3750万令吉。

YTD20 vs YTD19：
截至目前的财政年度，集团的税前利润从1.244亿令吉减少21.6％至9750万令吉，税后利润从去年同期的1.153亿令吉减少26.1％至8520万令吉，因他们工厂产量的需求减少，产品结构有变化，折旧成本增加以及不利的汇率。

前景：
国际货币基金组织（IMF）在2020年1月的《世界经济展望》中报告称，全球经济增长预计将从2019年的2.9％增长至2020年的3.3％和2021年的3.4％，与2019年10月《世界经济展望》发布的数据相比，向下修正0.1%（2019年和2020年），而2021年为0.2%。

到2020年，预计所有地区都将增长，整体半导体市场将增长5.9％，达到4,330亿美元，其中光电增长最快，其次是逻辑，传感器，模拟，集成电路等。根据Gartner于2020年1月28日发布的报告的最新预测，智能手机的全球销量有望在2020年达到15.7亿部，同比增长3％。 Gartner预测，到2020年，5G手机的销量将达到2.21亿部，占手机总销量的12％，到2021年将翻一番以上，达到4.89亿部。 5G手机的商业化将在2020年加速，预计12个月内5G手机的销售增长将超过4G手机。他们期望在新手机中更高的芯片复杂性的推动下，RF部门会持续增长。

到目前为止，他们在马来西亚和菲律宾的业务并未受到该病毒的影响，该集团会保持警惕并采取措施减轻由于该病毒问题而造成的供应链中断。鉴于中国政府和其他国家/地区政府的强有力行动，益纳利美昌对2020财年的业绩保持谨慎乐观。鉴于新的5G推动，益纳利美昌将继续扩大RF的产能以实现手机的持续增长，提高光电部门的现有产能利用率，并在一些能改善的领域进行自动化投资以提高利润率和收入。
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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 RM2.20 (dividend RM0.025) in 1 year 6 months 23 days, total return is 211.1%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM2.22 (dividend RM0.04) in 1 year 8 months 5 days, total return is 184.3%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.20 (adjusted)(dividend RM0.055) in 9 months 4 days, total return is 154.8%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.22 in 1 year 1 month 15 days, total return is 112.2%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.685 in 6 months 10 days, total return is 50.5%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.15 (dividends RM0.113) in 1 Year 4 months 28 days, total return is 42.3%

g) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.06 (dividend RM0.015) in 1 Year 2 months 19 days, total return is 34.4%

h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.58 (dividend RM0.105) in 1 Year 3 months 17 days, total return is 32.7%

i) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 July 18, initial price was RM3.96, rose to RM4.97 (dividend RM0.13431) in 1 Year 7 months 7 days, total return is 28.9%

j) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.14 in 8 months 6 days, total return is 26.7%

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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[INARI AMERTRON BHD: decrease in demand of their factory output, changes in product mix, higher depreciation cost and less favorable foreign exchange rate]

2Q20 vs 2Q19:
The Group’s profit before tax decreased by 28.3% to RM42.7 million from RM59.5 million and profit after tax decreased by 32.0% to RM37.5 million from RM55.2 million compared to the corresponding quarter ended 31 December 2018.

2Q20 vs 1Q20:
The decreased in Group’s profit before tax by 22.3% to RM42.7 million from RM54.9 million and profit after tax decreased by 21.5% to RM37.5 million from RM47.7 million in the immediate preceding quarter.

YTD20 vs YTD19:
The Group’s profit before tax decreased by 21.6% to RM97.5 million from RM124.4 million and profit after tax decreased by 26.1% to RM85.2 million from RM115.3 million in the preceding year corresponding financial period are mainly due to decrease in demand of their factory output, changes in product mix, higher depreciation cost and less favorable foreign exchange rate in the current financial year todate.

Prospects:
The International Monetary Fund (IMF) in its January 2020 World Economic Outlook (“WEO”) reported that global growth is projected to rise from an estimated 2.9% in 2019 to 3.3% in 2020 and 3.4% for 2021, a downward revision of 0.1 percentage point for 2019 and 2020 and 0.2 for 2021 compared to those published in October 2019 WEO.

For 2020, all regions are forecasted to grow with the overall semi-con market up 5.9% to USD 433 billion, with optoelectronics contributing the highest growth followed by logic, sensors, analog, integrated circuits and others. According to the latest forecast from Gartner’s report published on 28 January 2020, worldwide sales of smartphones are on track to reach 1.57 billion units in 2020, an increase of 3% year over year. Gartner forecasts the sales of 5G mobile phones will total 221 million units in 2020, which will account for 12% of overall mobile phone sales, and more than double in 2021, to 489 million units. The commercialization of 5G phones will accelerate in 2020, sales growth of 5G phones is expected to exceed that of 4G phones over twelve months. They look forward to continued growth in their RF division driven by higher chip complexity in the new phones.

Thus far, their Malaysian and Philippines operations are unaffected by the virus, and the Group is vigilant and taking steps to mitigate any disruption in their supply chain resulting from the virus issue. Given the strong action by the government in China and those of other countries, the Group remain cautiously optimistic on earnings for FY2020. The Group will continue to expand production capacity in RF targeting the continued growth in mobile phones in view of the new 5G push, improve utilization of existing capacity in opto-electronics and invest in automation in areas of improvement to drive better margins and revenue.
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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