[LEONG HUP INTERNATIONAL BERHAD：印度尼西亚DOC的平均售价和销量较低]

畜禽相关产品：
本季度：
印度尼西亚的收入大幅下降，主要是由于平均价格和day-old-chicks (“DOC”)销量下降。新加坡的收入也有所下降，主要是由于新鲜鸡肉和鸭肉的销量下降。畜牧及其他禽类相关产品的息税折旧摊销前利润下降了35.9％，这主要是由于印度尼西亚DOC的平均售价和销量较低。

年初至今：
龙合国际的畜牧业相关产品销售收入从截至2019年6月30日的财政期间的16.6331亿令吉减少4.4％至2020年6月30日的FPE的15.899亿令吉。收入减少主要来自印度尼西亚和马来西亚。来自印度尼西亚的收入减少受到DOC的平均售价和销量下降的影响，而来自马来西亚的收入下降主要是由于鸡蛋的销量下降以及鸡蛋和DOC的平均售价下降。新加坡的收入也有所下降，主要是由于新鲜鸡肉和鸭肉的销量下降。畜牧及其他禽类相关产品的息税折旧摊销前利润下降了78.5％，这主要是由于印度尼西亚DOC的销量和售价不利。

饲料厂：
本季度：
集团的饲料厂收益从2019年6月30日的FQE的6.7127亿令吉减少8.4％至2020年6月30日的FQE的6.1469亿令吉。该下降主要是由于印尼牲畜饲料的销量减少。 EBITDA增加了15.6％。

YTD:
集团的饲料厂收入从2019年6月30日的FPE的13.149亿令吉减少4.0％至2020年6月30日的FPE的12.6284亿令吉。该减少主要是由于印尼牲畜饲料的销量减少。饲料厂的息税折旧摊销前利润增长了27.7％。

QoQ：
与上一个季度相比，该集团的收入从14.3413亿令吉减少0.6％至14.2543亿令吉。减少的主要原因是印尼牲畜饲料和肉鸡的销量下降。集团的除税前利润由2020年3月31日的3,509万令吉减少34.7％至2020年6月30日的2,292万令吉，主要是由于印尼的贡献减少。

前景：
为限制Covid-19大流行而采取的行动限制和社会疏远规则继续影响经济活动，收入和消费方式。需求的波动和供应的调整预计将在未来几个季度导致肉鸡和DOC的平均售价波动。
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James Ng Stock Pick Performance:
Since Recommended Return:

a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.38, dividend RM0.052, in 2 years 29 days, total return is 380%

b. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM5.85 adjusted, dividend RM0.055, in 1 Year 3 months 8 days, total return is 253.6%

c. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM38.70 adjusted, dividend RM0.52, in 2 Years 2 months 9 days, total return is 223.1%

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e. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM0.795, dividend RM0.0025, in 3 months 17 days, total return is 124.6%

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h. POWER ROOT BHD, recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.13, dividend RM0.188, in 1 Year 11 months 3 days, total return is 47%

i. PERAK TRANSIT BHD, recommended on 19 Jul 20, initial price was RM0.18, rose to RM0.255, dividend RM0.0025, in 1 month 22 days, total return is 43.1%

j. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.64, dividend RM0.003, in 1 Year 16 days, total return is 41.3%

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预计公司每年的增长率必须超过14％

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免责声明：
高波动性投资产品，你的交易存在风险。过往表现不能作为将来业绩指标。内容仅作为分享，讨论以及领域的分析，而非是一种投资建议，买或卖自负。请Like和Share。最终决定永远是你的，谢谢。

James Ng
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[LEONG HUP INTERNATIONAL BERHAD: low average selling price and sales volume of DOC in Indonesia]

Livestock and poultry related products:
This quarter:
Indonesia recorded a significant decrease in revenue mainly due to a decrease in average selling price and sales volume of day-old-chicks (“DOC”). Singapore also recorded a drop in revenue mainly due to a decrease in sales volume of fresh chickens and duck. The EBITDA from livestock and other poultry related products decreased by 35.9% due primarily to low average selling price and sales volume of DOC in Indonesia.

YTD:
The Group’s revenue from sales of livestock and poultry related products decreased by 4.4% from RM1,663.31 million in the financial period ended (“FPE”) 30 June 2019 to RM1,589.90 million in the FPE 30 June 2020. The decrease in revenue was mainly from Indonesia and Malaysia. The lower revenue from Indonesia was affected by lower average selling price and sales volume of DOC, while the reduction in revenue from Malaysia was mainly from decrease in sales volume of eggs and average selling price of eggs and DOC. Singapore also recorded a decrease in revenue mainly due to a decrease in sales volume of fresh chickens and duck. The EBITDA from livestock and other poultry related products decreased by 78.5% due primarily to unfavourable sales volume and selling price of DOC in Indonesia.

Feedmill:
This quarter:
The Group’s revenue from feedmill decreased by 8.4% from RM671.27 million in the FQE 30 June 2019 to RM614.69 million in the FQE 30 June 2020. The decrease was primarily due to a decrease in sales volume of livestock feed in Indonesia. EBITDA increased by 15.6%.

YTD:
The Group’s revenue from feedmill decreased by 4.0% from RM1,314.90 million in the FPE 30 June 2019 to RM1,262.84 million in the FPE 30 June 2020. The decrease was primarily due to a decrease in sales volume of livestock feed in Indonesia. The EBITDA from feedmill increased by 27.7%.

QoQ:
The Group’s revenue decreased by 0.6% from RM1,434.13 million to RM1,425.43 million as compared with the immediate preceding quarter. This decrease was mainly due to lower sales volume of livestock feed and broiler chickens in Indonesia. The Group’s profit before taxation decreased by 34.7% from RM35.09 million in FQE 31 March 2020 to RM22.92 million in FQE 30 June 2020, primarily due to lower contribution from Indonesia.

Prospects:
Restrictions on movements and social distancing rules imposed to contain the spread of Covid-19 pandemic continues to affect economic activities, incomes and consumption patterns. The fluctuations in demand and adjustments in supply are expected to result in volatile average selling prices of broilers and DOCs in the next few quarters.
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James Ng