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 [SIME DARBY BHD:工业部门的表现继续受到澳大利亚采矿业复苏和中国强劲设备销售的支撑,预计提高效率的举措也将有助于提高未来几年的利润率]

4Q18 vs 4Q17:
a)工业:
本季度利润增长174.0%至1.42亿令吉。这主要是由于澳大利亚和中国的采矿和建筑行业的设备和零件销售额增加。

b)电机:
利润增长14.1%主要是由于2018年6月商品及服务税零税后马来西亚销售额增加以及越南业务亏损减少,其中包括商誉减值1900万令吉和上一期间的库存准备金1800万令吉。

c)物流:
由于人民币兑港元贬值,本季度盈利减少53.6%,原因为汇兑损失900万令吉,而上一个同期则包括出售Weifang Sime Darby West Port 50%股权的收益1,000万令吉。不计这些项目,运营贡献从1,800万令吉增加22.2%至2,200万令吉,主要是由于潍坊水务的利润增加。潍坊水务的较高利润主要是由于在分类为处置集团后停止折旧及摊销。

d)医疗保健:
Ramsay Sime Darby Healthcare合资企业的利润份额较高,主要是由于马来西亚业务的利润增加以及本季度的额外税务费用调整。

e)其他:
财务表现包括森那美对Eastern & Oriental Berhad(“E&O”)的投资拨备1.03亿令吉。

f)公司费用:
包括出售物业1千万令吉的收益。

g)Yayasan Sime Darby(“YSD”):
作为YSD捐赠协议的一部分,YSD成员资格和YSD管理委员会于2018年1月更改后,YSD不再合并。

h)财务费用:
融资成本减少的主要原因是2017年5月8亿美元的多元货币sukuk的回购和更新,以及2017年8月提前赎回7亿令吉的IMTN。

i)税收:
本季度的税务费用包括与印度Oil and Natural Gas Corporation Ltd(“ONGC”)项目相关的印度预扣税可获得的7,100万令吉拨备。

j)Perpetual sukuk:
永久的sukuk已于2017年6月更新至已终止的业务。

k)停止运营:
于二零一七年十一月二十九日完成向本公司股东分派SD Plantation及SD Property的股份后,已终止经营业务的业绩不再合并。

YTD18 vs YTD17:
a)工业:
该部门在本财政年度录得盈利6.12亿令吉,而上一期间录得亏损4百万令吉。本年度的利润包括出售物业的收益为1.78亿令吉。

b)电机:
中国土地补偿收益为4,100万令吉,马来西亚分支机构补偿收益为900万令吉,部分缓解了利润下降。剥离亏损业务后,澳大利亚业务录得更高利润。

c)物流:
该部门的利润增长了15.6%,主要是由于潍坊港的吞吐量提高以及潍坊水务的利润增加,正如2018年6月30日结束的季度分析所述。

d)其他:
财务表现包括遗留石油和天然气业务的合同资产减值2800万令吉,以及E&O的股权拨备1.03亿令吉。

e)Yayasan Sime Darby:
本年度业绩包括拆分亏损6,100万令吉。

f)停止运营:
利润下降主要是由于SD Plantation和SD Property在本年度只有5个月的业绩,而去年是12个月。

4Q18 vs 3Q18:
a)工业:
本季度利润增长84.4%至1.42亿令吉,主要是由于中国设备销售增加所致。

b)电机:
利润增加106.8%,主要是由于2018年6月因消费税零税率让马来西亚的销售增加和收到的股息为1.21亿令吉。

c)物流:
利润下降27.8%,主要是由于汇兑亏损900万令吉而上一季度汇兑利润500万令吉。撇除汇兑亏损,经营业务贡献由1,300万令吉增加69.2%至2,200万令吉,主要由于潍坊水务于本季度停止折旧及摊销后利润增加所致。

前景:
在森那美经营的某些亚洲经济体中,预计经济增长仍将保持强劲。工业部门的表现继续受到澳大利亚采矿业复苏和中国强劲设备销售的支撑。预计提高效率的举措也将有助于提高未来几年的利润率。

汽车部门将不断提高效率,以减轻不利影响。

港口业务继续面临来自其他港口的竞争,而较弱的中国人民币也将影响物流部门的盈利能力。

在全球经济不确定的背景下,董事会预计森那美于2019年6月30日止财政年度的表现将令人满意。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.845 in 2 months 24 day, total return is 18.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 4 months 4 day, total return is 10.7%

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 https://web.facebook.com/jamesshareinvest/ 与我联系

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地点:Tropical Inn, Johor Bahru (包括茶点)

日期:12月16日星期日
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日期:12月23日星期日
地点:Kuching

有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
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最终决定永远是你的,谢谢。

James Ng
-------------------------------
[SIME DARBY BHD: Industrial division’s performance continues to be supported by the recovery of the mining industry in Australia and strong equipment sales in China, initiatives to improve efficiency is expected to also contribute to improved margins in the coming years]

4Q18 vs 4Q17:
a) Industrial:
Profit increased by 174.0% to RM142 million in the current quarter. This was mainly due to higher equipment and parts sales to the mining and construction sectors in Australia and China.

b) Motors:
Profit increased by 14.1% mainly due to higher sales in Malaysia following the zero-rating of the Goods and Services Tax (“GST”) in June 2018 and lower losses from the Vietnam operations, which includes an impairment of goodwill of RM19 million and RM18 million provision for inventories in the previous period.

c) Logistics:
The division registered a 53.6% decrease in profit due to exchange loss of RM9 million in the current quarter due to the depreciation of the Renminbi (“RMB”) against the Hong Kong Dollar (“HKD”), while the previous corresponding period included the gain on disposal of 50% equity interest in Weifang Sime Darby West Port of RM10 million. Excluding these items, contribution from operations improved 22.2% from RM18 million to RM22 million mainly due to the higher profit from Weifang Water. The higher profit from Weifang Water was mainly due to cessation of depreciation and amortisation of the operations following its classification as a disposal group.

d) Healthcare:
The higher share of profit from the Ramsay Sime Darby Healthcare joint venture was mainly attributable to higher profit from the Malaysian operations and additional tax expense adjustments taken up in the current quarter.

e) Others:
The results include the impairment of the Group’s investment in Eastern & Oriental Berhad (“E&O”) of RM103 million.

f) Corporate expense:
Includes gain on disposal of properties of RM10 million.

g) Yayasan Sime Darby (“YSD”):
YSD is no longer consolidated following the change in its membership and Governing Council of YSD in January 2018 as part of the YSD Donation Agreement.

h) Finance costs:
The reduction in finance costs was mainly due to the repurchase and novation of the multi-currency sukuk of USD800 million in May 2017 and early redemption of the RM700 million IMTN in August 2017.

i) Taxation:
The tax expense for the current quarter includes RM71 million provision for the India withholding tax recoverable relating to the legacy Oil and Natural Gas Corporation Ltd (“ONGC”) projects.

j) Perpetual sukuk:
The perpetual sukuk was novated to the discontinued operations in June 2017.

k) Discontinued operations:
The results from the discontinued operations are no longer consolidated after the completion of the distribution of shares in SD Plantation and SD Property to shareholders of the Company on 29 November 2017.

YTD18 vs YTD17:
a) Industrial:
The division recorded a profit of RM612 million in the current financial year compared to a loss of RM4 million in the previous period. The profit for the current year includes a gain from disposal of properties of RM178 million.

b) Motors:
The decline in profit was partly mitigated by the gain from land compensation in China of RM41 million and a branch compensation in Malaysia of RM9 million. The Australian operations recorded higher profits following the divestment of its loss making operations.

c) Logistics:
The division registered a 15.6% increase in profit mainly due to higher throughput at Weifang Port and higher profit from Weifang Water as explained in analysis for the quarter ended 30 June 2018.

d) Others:
The results include an impairment of contract assets of the legacy oil & gas operations of RM28 million and impairment of equity interest in E&O of RM103 million.

e) Yayasan Sime Darby:
The current year results includes the loss on deconsolidation of RM61 million.

f) Discontinued Operations:
The lower profit was mainly due to the inclusion of 5 months results from SD Plantation and SD Property during the current year against 12 months in the previous year.

4Q18 vs 3Q18:
a) Industrial:
Profit increased by 84.4% to RM142 million in the current quarter mainly due to higher equipment sales in China.

b) Motors:
Profit increased by 106.8% mainly due to dividend received of RM121 million and increased sales in Malaysia due to zero rated GST in June 2018.

c) Logistics:
Profit decreased by 27.8% mainly due to exchange loss of RM9 million against exchange gain of RM5 million in the previous quarter. Excluding the exchange loss, contribution from operations improved 69.2% from RM13 million to RM22 million mainly due the higher profit from Weifang Water following the cessation of depreciation and amortisation in the current quarter.

Prospects:
Economic growth is still expected to remain strong in certain Asian economies in which the Group operates in. The Industrial division’s performance continues to be supported by the recovery of the mining industry in Australia and strong equipment sales in China. Initiatives to improve efficiency is expected to also contribute to improved margins in the coming years.

The Motors division would continuously improve efficiency to mitigate adverse effects.

The Port operations continue to face competition from other ports while a weaker Chinese renminbi would also impact profitability of the Logistics division.

Against the backdrop of uncertainty in the global economy, the Board expects the Group’s performance for the financial year ending 30 June 2019 to be satisfactory.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.845 in 2 months 24 day, total return is 18.2%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.88 in 4 months 4 day, total return is 10.7%

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 https://web.facebook.com/jamesshareinvest/


In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://klse.i3investor.com/blogs/general/180453.jsp by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

If you want to join my WhatsApp group (there will be no James Ng's stock pick inside), please PM or email me your handphone number.

Final decision is always yours, thank you.

James Ng

https://klse.i3investor.com/m/blog/general/181437.jsp
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