[UEM SUNRISE BHD：有效税率提高了9％，联营公司和合资企业的贡献减少，对UEM阳光合资公司Malaysian Bio XCell Sdn Bhd的投资的进一步减值，净利润仍低于上一财政年度]

4Q19 vs 3Q19:
税后利润与收入增加相符，加上联营公司和合资公司的良好业绩。

YoY：
本季度录得较高的利润（与收入的增长一致），这在很大程度上是由于卖掉St Kilda Road site而获得的收益。

尽管本年度收入增长了42％，但由于2018财年卖掉土地的确认毛利率很高，有效税率提高了9％，联营公司和合资企业的贡献减少，对UEM阳光合资公司Malaysian Bio XCell Sdn Bhd的投资的进一步减值，净利润仍低于上一财政年度。

前景：
由于商品行业的供应中断，私人部门支出增加，马来西亚经济在2019年第四季度增长了3.6％（2019年第三季度为4.4％）。对于整个2019年，经济增长4.3％（2018年为4.7％）。面对不利因素，包括国际贸易的不确定性，地缘政治风险以及Covid 19爆发的影响，将利率降低至2.75％是一项维持市场增长至2020年的先发措施。鉴于可负担性问题，经济增长放缓以及未售出物业的悬而未决，房地产行业的前景仍然充满挑战。

他们完全了解当前的市场状况，尤其是商业和家庭气氛。鉴于澳大利亚项目带来的余额贡献，以及卖掉非战略性土地和资产，新项目的推出以及将要达成的销售目标，UEM阳光有望在来年度过艰难的房地产市场环境。
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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 RM1.89 (dividend RM0.025) in 1 year 6 months 29 days, total return is 167.8%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.77 (dividend RM0.04) in 1 year 8 months 11 days, total return is 127.7%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.47 (adjusted)(dividend RM0.055) in 9 months 10 days, total return is 111.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.87 in 1 year 1 month 21 days, total return is 51.3%

e) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.01 (dividend RM0.015) in 1 Year 2 months 25 days, total return is 28.1%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.89 (dividends RM0.113) in 1 Year 5 months 5 days, total return is 26%

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

4月25日星期六：Silka Johor Bahru Hotel, Johor Bahru 7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28日星期六：Hotel Sri Petaling, KL

4月18日星期六：AG Hotel Penang, George Town

4月26日星期日：Silka Johor Bahru Hotel, Johor Bahru

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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[UEM SUNRISE BHD: net profit is lower than prior financial year due to higher gross margins recognised for the land disposals in FY 2018, higher effective tax rate by 9%, lower contribution from associates and joint ventures and further impairment of investment in a joint venture company of the Group, Malaysian Bio XCell Sdn Bhd]

4Q19 vs 3Q19:
Profit after tax increased in line with higher revenue, coupled with favourable results from associates and joint ventures.

YoY:
The higher profit was recorded in the current quarter in line with higher revenue, largely due to the gain from the divestment of the St Kilda Road site.

Despite recording higher revenue by 42% in the current year, the net profit is lower than prior financial year due to higher gross margins recognised for the land disposals in FY 2018, higher effective tax rate by 9%, lower contribution from associates and joint ventures and further impairment of investment in a joint venture company of the Group, Malaysian Bio XCell Sdn Bhd.

Prospects:
The Malaysian economy expanded by 3.6% in 4Q 2019 (3Q 2019 4.4%) supported by higher private sector spending amidst supply disruptions in the commodities sector. For 2019 as a whole, the economy registered growth of 4.3% (2018 4.7%). The cut in interest rate to 2.75% is a pre emptive measure to sustain growth into 2020 in the face of headwinds including uncertainties in international trade, geopolitical risks and the impact of the Covid 19 outbreak. The outlook for the property sector remains challenging given affordability issues, slower economic growth and the overhang of unsold properties.

They are fully cognisant of the prevailing market conditions, particularly business and household sentiment. In view of the balance contribution from the Australian projects coupled with the divestment of non strategic lands and assets, new project launches and sales target to be achieved, the Group is on track to weather the challenging property market environment in the year ahead.
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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