[BOUSTEAD HOLDINGS BHD：由于预期作物产量降低和全球需求增加，预计CPO价格将在2020年上半年提高；在此之后，价格预计将放缓，但仍将比2019年更有利]

在考虑分配给非控股权益和永久回教债券持有人的情况下，莫实得控股本季度净亏损11.3亿令吉（18财年第4季度：5.4亿令吉）。在2019财年，考虑到分配给非控股权益和永久回教债券持有人的情况，该集团录得净亏损12.8亿令吉（2018财年：5.543亿令吉），抵消了出售种植园地的收益1.195亿令吉。在2019财年，集团录得103亿令吉的较高收入，较2018财年的102亿令吉增长1％。

种植部：虽然棕榈产品的平均价格较低，但这被棕榈油和棕榈仁产量的增加而减缓。在2019财年，种植部门遭受了更高的赤字1.354亿令吉（2018财年：5100万令吉），因为底线受到了种植业资产的一次性减值1.760亿令吉的影响。这抵消了1.195亿令吉的出售种植土地收益。与2018财年的966,134MT相比，这年度FFB的产量更高，达到979,972MT（或1％）。采油率提高到21.6％（2018财年：21.2％）。

财务与投资部：更高的收入2.064亿令吉（2018财年：2.045亿令吉）。诺丁汉大学马来西亚分校的收入因学费上涨而增长了8％。在2019财年，财务与投资部的PBT改善到1.58亿令吉（2018财年：8050万令吉），这主要归因于合资公司的利润分成以及马来西亚诺丁汉大学的更好贡献。在这一年中，Affin Bank的业绩略有改善，这是因为金融工具和伊斯兰银行业务收入的净额增加，但被净利息和非利息收入的减少所抵消。合资企业Irat Properties在这年度中贡献了积极的贡献。

贸易及工业部：由于平均燃料价格下跌，收入51亿令吉比2018财年的53亿令吉低4％。这年度，贸易与工业部门的PBT增加到1.544亿令吉（或增加36％），而2018财年的PBT为1.135亿令吉。这主要得益于Boustead Petroleum Marketing的业绩改善，这得益于更高的stockholding收益，有利的营业利润率以及更好的销量。

制药事业部：截至年底，营业额增长了18％，达到28亿令吉（2018财年：24亿令吉）。这是在特许经营和非特许经营业务以及印尼业务的贡献增加的背景下实现的。在2019财年，制药部门产生了2.086亿令吉的赤字（2018财年：盈余5180万令吉）。

物业部门：柔佛州Taman Mutiara Rini从事开发活动的工程进度增加，弥补了酒店业务收入的下降。在2019财年，物业部门产生了9960万令吉的赤字（2018财年：1.005亿令吉），因为盈利受到了酒店财产的减值以及房地产开发活动的较低销售和进度费用的影响，部分被降低的投资物业的公允价值损失抵消。

重工业部：这年度结束时的收入为11亿令吉，与2018财年持平。这年度，重工业部门录得更高的亏损12亿令吉（2018财年：5.928亿令吉）。

QoQ：
该季度的税后亏损为12.9亿令吉（19财年第三季度：1.875亿令吉），而净亏损为11.3亿令吉（19财年第三季度：1.550亿令吉）。

种植部门：在种植资产的一次性减值1.760亿令吉后，种植部门在19财年第4季度录得更高的赤字1亿7770万令吉（19财年第3季度：2780万令吉）。然而，就营运而言，该部门录得780万令吉的营运利润（19财年第3季度：1170万令吉的营运亏损）。这是由于获得了更高的平均价格以及更低的折旧费用，和获得了更高的收入。

物业部门：由于上一季度的业绩受到酒店物业减值的影响，因此在19财年第四季度，该部门的亏损减少到3,200万令吉（19财年第三季度：4,560万令吉）。

财务与投资部：在19财年第4季度，财务与投资部录得较高的PBT达7970万令吉（19财年第3季度：910万令吉），这是由于底线因合资企业和联营公司的业绩而改善。

制药部门：在该季度，制药部门录得2亿4210万令吉的亏损（19财年第3季度：40万令吉）。

贸易与工业部门：在19财政年度第四季度，贸易与工业部门的税前利润较低，为3,430万令吉（3QFY19：3,790万令吉）。

重工业部：在当前季度，重工业部产生了更高的赤字10亿令吉（19财年第三季度：1.296亿令吉）。

前景：
种植部门：由于预期作物产量降低和全球需求增加，预计CPO价格将在2020年上半年提高。在此之后，价格预计将放缓，但仍将比2019年更有利。该部门乐观地认为，侧重于提高产量，审慎的成本管理和高运营效率以及更高的棕榈油价格的转型计划将导致表现的改善。

制药事业部：必须注意，该部的财务业绩不会受到未来摊销权的负担。收入继续保持稳定增长的事实确实令人鼓舞，并预示着未来的前景。在短期内，随着医疗保健部门努力面对正在爆发的COVID-19病毒，部门仍处于最前沿。

从长远来看，该部门的前景仍然乐观。由卫生部担保的新合同会在2019年12月1日至2021年12月31日向卫生部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，卫生部将是该部门的主要收入贡献者。同时，该部门非常注重持续不断地提供优质的产品和服务，并提高其制造和运营效率，并建立研发能力以在制药业中寻求新的机会。这将使该部门能够发展其各种业务流以及以印尼业务为首的海外业务，并继续取得良好进展。

物业部门：即将进行的住房项目的进度帐单有望为物业部门的盈利做出积极贡献。随着时间的推移，该部门的投资物业组合将继续产生良好的租金和价值升值。另一方面，虽然预计该部门的酒店活动将继续在入住率和价格方面面临挑战，但预计未来的表现将保持稳定。

其他部门：LMS项目以及与国防相关的维护，修理和大修活动将为重工业部的未来发展做出贡献。
-----------------------------
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 RM2.05 (dividend RM0.04) in 1 year 7 months 22 days, total return is 192.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.48 (dividend RM0.04) in 1 year 9 months 2 days, total return is 91.2%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.87 (adjusted)(dividend RM0.055) in 10 months 1 day, total return is 75.1%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.85 in 1 year 2 months 14 days, total return is 47.8%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.90 (dividend RM0.148) in 1 Year 5 months 27 days, total return is 28.8%

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

7月5日星期日：Espira Sri Petaling, KL 3份点心

7月11日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心

7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

7月4日星期六：Espira Sri Petaling, KL

7月12日星期日：Silka Johor Bahru Hotel, Johor Bahru

7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

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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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[BOUSTEAD HOLDINGS BHD: CPO price is expected to improve in the first half of 2020 arising from expected lower crop production and higher global demand; beyond that period, prices are expected to moderate but remain more favourable than 2019]

This quarter, after taking into account the allocation to non-controlling interests and perpetual sukuk holders, the Group registered a net loss of RM1.13 billion (4QFY18: RM540.0 million). For FY2019, after taking into account the allocation to non-controlling interests and perpetual sukuk holders, the Group registered a net loss of RM1.28 billion (FY2018: RM554.3 million), negated the gain on disposal of plantation land of RM119.5 million. For FY2019, the Group posted a higher revenue of RM10.3 billion, an increase of 1% from RM10.2 billion in FY2018.

Plantation Division: Whilst the average prices attained for palm products was lower, this was mostly moderated by the increase in palm oil and palm kernel productions. For FY2019, the Plantation Division incurred a higher deficit of RM135.4 million (FY2018: RM51.0 million) as the bottom line was impacted by the one-off impairment on plantation assets of RM176.0 million. This had negated the gain on disposal of plantation land of RM119.5 million. During the year, FFB production was higher at 979,972MT (or 1%) as compared to FY2018's crop of 966,134MT. Oil extraction rate increased to 21.6% (FY2018: 21.2%).

Finance & Investment Division: Higher revenue of RM206.4 million (FY2018: RM204.5 million). Revenue from University of Nottingham Malaysia Campus increased by 8% on higher tuition fees. For FY2019, the Finance & Investment Division registered an improved PBT RM158.0 million (FY2018: RM80.5 million) mainly due to a share of profit in a joint venture as well as better contribution from the University of Nottingham in Malaysia. For the year, Affin Bank posted a slightly better performance as the higher net gain on financial instruments and Islamic banking income was offset by lower net interest and non-interest income. Irat Properties, a joint venture, posted a positive contribution for the year under review.

Trading & Industrial Division: Revenue of RM5.1 billion was 4% lower than RM5.3 billion recorded in FY2018 due to lower average fuel price. For the year, the Trading & Industrial Division registered an increased PBT of RM154.4 million (or 36% higher) as compared to FY2018's PBT of RM113.5 million. This was achieved mainly on the back of improved results from Boustead Petroleum Marketing, which benefitted from higher stockholding gains, favourable operating margin as well as better sales volume.

Pharmaceutical Division: Ended the year with a higher revenue of RM2.8 billion (FY2018: RM2.4 billion), an increase of 18%. This was achieved on the back of better contribution from both concession and non-concession businesses as well as Indonesian operation. For FY2019, the Pharmaceutical Division incurred a deficit of RM208.6 million (FY2018: surplus of RM51.8 million).

Properties Division: The weaker revenue from hotel segment was compensated by the higher progress of works for development activity at Taman Mutiara Rini, Johor. For FY2019, the Property Division incurred a deficit of RM99.6 million (FY2018: RM100.5 million) as the bottom line was impacted by impairment of hotel properties as well as lower sales and progress billing from property development activities which was partly compensated by lower fair value loss on investment properties.

Heavy Industries Division: Closed the year with a revenue of RM1.1 billion which was at par with FY2018. For the year under review, the Heavy Industries Division recorded a higher loss of RM1.2 billion (FY2018: RM592.8million).

QoQ:
Loss after tax for the quarter stood at RM1.29 billion (3QFY19: RM187.5 million) while net loss was RM1.13 billion (3QFY19: RM155.0 million).

Plantation Division: In 4QFY19, the Plantation Division posted a higher deficit of RM177.7 million (3QFY19: RM27.8 million) after taking into account the one-off impairment on plantation assets of RM176.0 million. Nevertheless, at the operating level, the Division registered an operating profit of RM7.8 million (3QFY19: operating loss of RM11.7 million). This was achieved on the back of higher revenue from better average price attained as well as lower depreciation charge.

Property Division: For 4QFY19, the Property Division incurred a lower deficit of RM32.0 million (3QFY19: RM45.6 million) as the preceding quarter result was impacted by impairment on hotel properties.

Finance & Investment Division: In 4QFY19, the Finance & Investment Division registered a higher PBT of RM79.7 million (3QFY19: RM9.1 million) as the bottom line was spurred by the better performance from the joint venture and associate companies.

Pharmaceutical Division: During the quarter, the Pharmaceutical Division recorded a deficit of RM242.1 million (3QFY19: RM0.4 million).

Trading & Industrial Division: For 4QFY19, the Trading & Industrial Division registered a lower PBT of RM34.3 million (3QFY19: RM37.9 million).

Heavy Industries Division: In the curent quarter, the Heavy Industries Division incurred a higher deficit of RM1.0 billion (3QFY19: RM129.6 million).

Prospects:
Plantation Division: CPO price is expected to improve in the first half of 2020 arising from expected lower crop production and higher global demand. Beyond that period, prices are expected to moderate but remain more favourable than 2019. The Division is optimistic that the transformation programme which focuses on yield improvement, prudent cost management and operational efficiency, together with the higher palm oil prices will result in improvement in the Division’s performance.

Pharmaceutical Division: It is imperative to note that the Division's financial performance will not be burdened by the rights to supply amortisation moving forward. The fact that the Division continued to register solid growth in revenue is indeed encouraging and bodes well for prospects ahead. In the short-term, the ongoing COVID-19 virus outbreak remains at the forefront as the healthcare sector strives to contain the disease.

From a long-term perspective, the Division 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 Division’s earnings. In tandem, the Division 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 Division to grow its various business streams as well as overseas operations led by the Indonesian business, which continues to see good progress.

Property Division: Progress billings from the upcoming housing projects is expected to contribute positively to the Property Division’s bottom line. The Division’s portfolio of well-located investment properties will continue to generate good rental as well as appreciation in value over time. On the other hand, whilst the Division’s hotel activities are expected to continue facing challenges in term of occupancies and rate, the performance going forward is envisaged to be stable.

Other Divisions: The LMS projects as well as defence related maintenance, repair and overhaul activities will contribute to Heavy Industries Division’s performance going forward.
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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