[IJM CORP BHD：房地产开发，制造及采石部门的收入减少]

在本季度，由于房地产开发，制造及采石部门的收入减少，该集团实现营业收入14.4036亿令吉，较上年同期下降4.4％。集团在本季也录得税前利润1.6359亿令吉，比上一季度减少7.7％；因今年该集团的建筑，房地产开发，制造，采石和基础设施部门的利润下降。

集团在本期间的税前利润总计为4.212亿令吉，比去年同期增加33.1％。

建筑业：本季度及本期间的税前利润分别比上年同期下降16.9％和4.3％，这主要是由于整体建筑利润率下降和财务成本增加所致。

房地产开发：本季度的收入和税前利润分别比去年同期下降了32.3％和2.6％。本季度收入的下降主要是由于完成了某些开发项目，以及上一年同期出售了商业用地，而由于产品调整，本季度的新产品发布也重新调整。按期间计算，收入和税前利润分别比上年同期增长8.7％和11.0％。

制造业和采石业：本季度的收入和税前利润均比去年同期下降了12.2％，这主要是由于桩和预拌混凝土的交付量减少。与上年同期相比，该期间的收入和税前利润分别下降了2.9％和4.6％。

种植：尽管毛棕榈油价格合约未实现公允价值损失2440万令吉，但FFB产量增加，商品价格提高，美元和日元计价借款的有利汇率变动，导致与上一年同期相比的期间，本季度财务表现有所改善。

基础设施：该部门本季度的税前利润与去年同期相比下降了56.6％，这主要是由于联营公司​​的贡献减少了。在当前期间，该部门的税前利润与去年同期相比增长了10.7％。这部分由于本期联营公司的贡献较弱而被抵消。

QoQ：
该集团的税前利润从前一季度的1.142亿令吉增至1.636亿令吉。集团种植部门的财务业绩也有所改善。

前景：
鉴于房地产市场疲软和政府减少的基础设施支出，该集团的建筑部门预计今年将是充满挑战的一年。随着本地市场上新建筑工作的减少以及更具竞争性的招标环境，该部门将保持警惕和谨慎。

尽管消费者信心有所改善，但预计本地房地产市场仍将充满挑战。价格负担能力，高层物业悬而未决，生活成本上升和融资紧缩等关键问题将继续产生抑制作用。

鉴于国内外竞争激烈的环境，集团工业部门预计将是充满挑战的一年。该集团的种植部门预计，由于种植方式趋于正常，本财政年度最后一个季度的产量将下降。尽管部门继续面临主要因工资上涨而引起的成本压力，但预计通货大宗商品价格和汇率会保持，特别是印尼盾兑美元和日元的汇率将继续改善本财政年度的业绩。

鉴于商业环境不断变化，怡保工程预计本财政年度将充满挑战。
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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 RM2.50 (dividend RM0.04) in 1 year 10 months 10 days, total return is 255.2%

b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM31.20 (adjusted)(dividend RM0.32) in 1 Year 11 months 21 days, total return is 159.6%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.77 (adjusted)(dividend RM0.055) in 1 Year 20 days, total return is 140.6%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.68 (dividend RM0.04) in 1 year 11 months 21 days, total return is 116.4%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.895 in 1 year 5 months 2 days, total return is 55.7%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.22 (dividend RM0.188) in 1 Year 8 months 15 days, total return is 51.4%

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预计公司每年的增长率必须> 14％

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James Ng
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[IJM CORP BHD: lower revenues contributed by the Group’s Property Development and Manufacturing & Quarrying divisions]

In the current quarter, the Group achieved an operating revenue of RM1,440.36 million, a decrease of 4.4% over the corresponding quarter of the preceding year, following lower revenues contributed by the Group’s Property Development and Manufacturing & Quarrying divisions. The Group also recorded a pre-tax profit for the current quarter of RM163.59 million, a decrease of 7.7% over the corresponding quarter of the preceding year, as the Group’s Construction, Property Development, Manufacturing & Quarrying and Infrastructure divisions posted lesser profits.

The Group’s pre-tax profit for the current period totalled RM421.20 million, an increase of 33.1% compared to the corresponding period of the preceding year.

Construction: Pre-tax profit for the current quarter and period decreased by 16.9% and 4.3% respectively compared to the corresponding period of the preceding year mainly attributable to the decrease in overall construction margin and increased finance cost.

Property development: Current quarter revenue and pre-tax profit decreased by 32.3% and 2.6% respectively compared to the previous year’s corresponding quarter. The decline in current quarter revenue was mainly due to the completion of certain development projects and sale of commercial land that took place during the previous year’s corresponding quarter whilst new launches for the current quarter are being realigned due to product adjustments. On a period basis, the revenue and pre-tax profit was 8.7% and 11.0% higher as compared to the corresponding period of the preceding year.

Manufacturing and quarrying: Both current quarter revenue and pre-tax profit decreased by 12.2% compared to the previous year’s corresponding quarter mainly due to lower deliveries of piles and ready-mixed concrete. Revenue and pre-tax profit for the period was lower by 2.9% and higher by 4.6% respectively compared to the previous year’s corresponding period.

Plantation: Despite the unrealised fair value losses of RM24.4 million on crude palm oil pricing contracts, the higher FFB production coupled with better commodity prices and favorable currency movements on US Dollar and Japanese Yen denominated borrowings resulted in improved financial performances for the current quarter and period compared to the corresponding period of the preceding year.

Infrastructure: The Division’s pretax profit for the current quarter decreased by 56.6% compared to the corresponding quarter of the preceding year mainly due to lower contribution from associates. Over the current period, the Division’s pre-tax profit climbed 10.7% compared to the corresponding period of the preceding year. These were partly dampened by the weaker contribution from associates in the current period.

QoQ:
The Group’s pre-tax profit increased to RM163.6 million compared to RM114.2 million posted in the immediate preceding quarter. The financial performance of the Group’s Plantation division also improved.

Prospects:
The Group’s Construction division expects a challenging year in view of the subdued property market and reduced infrastructure spending by the Government. With reduced availability of new construction jobs in the local market and a more competitive tender environment, the division will remain vigilant and cautious.

The local property market is expected to remain challenging although consumer sentiments have improved. The key issues of price affordability, the overhang of high-rise properties, rising cost of living and tight financing arrangements will continue to have a dampening effect.

The Group’s Industry division expects a challenging year given the competitive domestic and overseas operating environment. The Group's Plantation division expects crop production in the final quarter of the financial year to reduce as the cropping pattern moves to the normal trough. Notwithstanding the division continuing to face cost pressures arising mainly from wage increases, the continuation of the prevailing commodity prices and foreign exchange rates particularly that of the Rupiah against the US Dollar and the Japanese Yen are expected to contribute to an improved performance for the financial year.

Given the constantly changing business environment, the Group expects the current financial year to be challenging.
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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

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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