[CHIN HIN GROUP BHD：位于柔佛州哥打丁宜的新型蒸压加气混凝土（“AAC”）生产线，其装机容量为600,000立方米，已于2018年6月初开始测试和调试，截至2018年10月底，其生产能力已提升至25％]
3Q18 vs 3Q17:
这季度而言，振兴录得收入为2.7871亿令吉，较去年同期的2亿6,090万令吉增加1,781万令吉或6.83％。本季度收入的增加主要来自于蒸压加气混凝土（“AAC”）块，预制混凝土产品，Starken干混产品，绿色水泥，批发建筑材料和预拌混凝土部门的收入增加，尽管他们制造防火门业务和网状产品部门的收入减少。制造蒸压加气混凝土（“AAC”）区块的收入增加是由于面板市场需求的增长，而预制混凝土产品的收入增加是由于来自Rawang工厂的box culvert和U-shape drain pipe，来自Serendah工厂的顶管，来自Bidor工厂的ogee管，旋转龙头和套管接头管的销量激增，以及聚合物管出口到新加坡市场的增加所致。建材分销收入增长主要是由于进口胶合板销售扩大至本地市场，尽管水泥销售下降，但瓷砖及钢筋贸易增加。振兴的毛利从上一年度的2017年同一季度的2,498万令吉增加了62万令吉或2.50％至2018年这季的2,561万令吉。本季度的毛利率较高主要是由于来自哥打丁宜工厂的AAC区块和今年开始生产的Bidor工厂的干混产品的额外销售以及通过绿色材料计划优化混凝土设计组合，降低了原材料成本。
AAC部门和预制混凝土，预拌混凝土部门和金属丝网制造业的改善表现部分抵消了毛利率的下降。 AAC产品的毛利率改善是由于出售较高比例的墙板，其比AAC区块的利润率更高。预拌混凝土部门的表现更好是因为中部地区销售了更高等级的混凝土和冰混凝土。作为比较，如果新的初创公司总损失为185万令吉被排除在当前季度毛利之外，其集团的毛利率将达到9.85％，而去年同季为9.57％。
其他营业收入从上年同季的156万令吉增加约26万令吉或16.58％至本季度的181万令吉，原因是TNB可再生能源计量系统故障问题得到解决后，太阳能相关的收入已在本季度恢复。
本季度联营公司的利润为252万令吉，主要是由于手头两大项目的加速，即Gambang, Pahang的62MWp大型太阳能光伏（“LSSPV”）项目和Kedah的Kuala Kertih的58.5MWp的LSSPV项目已分别达到85％和39％的完成阶段。此外，较高的利润来自Net Energy Metering（“NEM”）屋顶项目确认的利润以及运营和维护合同产生的服务收入。
2018年第三季度PBT较低的主要原因是新创公司的初始生产成本，管理费用以及总计1125万令吉的财务费用。扣除上述成本后，2018年第三季度的PBT将录得3235万令吉，远高于2017年第三季度的PBT 2,846万令吉。
3Q18 vs 2Q18：
第三季度收入减少的主要原因是由于Metex Modular Sdn Bhd在工地上的进展较慢，等待开发商修改建筑平面布局。然而，其余业务部门的收入高于上一季度，除了制造防火门和金属丝网段外。
振兴本季度的税前利润较上一季度高出108万令吉，主要是由于他们的太阳能业务联营公司业绩较高，建筑材料批发和物流配送服务以及防火门的制造业绩较好。
前景：
位于柔佛州哥打丁宜的新型蒸压加气混凝土（“AAC”）生产线，其装机容量为600,000立方米，已于2018年6月初开始测试和调试，截至2018年10月底，其生产能力已提升至25％。该工厂计划生产更高利润的墙板，以满足新加坡不断增长的需求。位于Bidor的Starken Drymix Solutions Sdn Bhd专业生产薄粘合剂基材，抹灰，脱脂涂层，瓷砖粘合剂，面板灰泥和基础脱脂剂，继续保持其生产能力在2018年10月底的40％水平，因为工厂把注意力集中在新的机器人手臂安装上。
这公司透过其全资附属公司Midah Industries Sdn Bhd于2018年10月23日订立股份销售协议（「SSA」）以收购Kempurna的所有股份，该公司专门生产金属门及窗框。总代价为4,144,668.60令吉。此次收购将有助于集团的防火门业务，同时使Chin Hin能够加强其在门制造业务中的参与和市场份额。
对于超高性能混凝土（UHPC）业务，公司已于2018年11月成功拿到一些规模较大的项目的订单，合同总价值约为RM1000万。预计这些项目将在2019年启动并为集团的底线做出积极贡献。
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James Ng Stock Pick Performance:
Since Recommended Return:
a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.06 in 28 days, total return is 32.5%
b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.0375) in 2 months 25 days, total return is 18.4%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.13 in 19 days, total return is 17.1%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 6 months 10 days, total return is 11.9%
e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.92 in 14 days, total return is 8.2%
f) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.75 (dividend RM0.007) in 4 months 30 days, total return is 5.9%
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。
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[CHIN HIN GROUP BHD: new autoclaved aerated concrete (“AAC”) production line with 600,000 m3 installed capacity located at Kota Tinggi, Johor which has started its testing and commissioning in early June 2018 has ramped up to 25% capacity as of end October 2018]
3Q18 vs 3Q17:
For the current financial quarter under review, the Group reported a revenue of RM278.71 million, an increase of RM17.81 million or 6.83% as compared to RM260.90 million in the preceding year corresponding quarter. The increase in revenue for the current quarter were mainly derived from the higher revenue from the autoclaved aerated concrete (“AAC”) block, precast concrete products, Starken drymix products, green cement, distribution of building materials and ready-mixed concrete sector despite the decrease in revenue from their manufacturing of fire rated door business and the mesh products segment. The higher revenue from the manufacturing of autoclaved aerated concrete (“AAC”) block was driven by the growth in market demand for panel whereas the increase in revenue from the precast concrete products were due to the surge in sales volume for box culvert and U-shape drain pipe from Rawang plant, jacking pipe from Serendah plant, ogee pipes, spun spigot and socket joint pipe from Bidor plant and the increase in export of polymer pipes to Singapore market. Growth in the revenue for the distribution of building materials segment was mainly due to the expansion of imported plywood sales to the local market, increase in the trading of tiles and steel bar despite the drop in the cement sales. The Group’s gross profit was increased by RM0.62 million or 2.50% from RM24.98 million in the preceding year corresponding quarter of 2017 to RM25.61 million in the current quarter of 2018. The higher gross profit for the current quarter were mainly due to the additional sales generated from AAC block from Kota Tinggi plant and drymix products from Bidor plant which had started their production this year and the concrete design mix optimisation through green material initiatives which has lower down the raw material cost.
The decline of gross profit margin has been partially off-set by the improved performance of the manufacturing of AAC block and precast concrete, ready-mixed concrete segment and manufacturing of wire mesh. The improved gross profit margin for AAC products was due to selling of higher proportion of wall panel which can fetch a higher margin than AAC block. The better performance for ready-mixed concrete segment was due to the selling of higher grade concrete and ice concrete in the central region. For comparative purposes if the new start-up companies gross losses of RM1.85 million were excluded from current quarter gross profit, their Group’s gross profit margin would worked out to be 9.85% as compared to 9.57% of the corresponding quarter of last year.
Other operating income has increased by approximately RM0.26 million or 16.58% from RM1.56 million in the preceding year corresponding quarter to RM1.81 million in the current quarter was due the recovery of solar related income after the TNB renewable energy meter malfunction issue has been resolved in the current quarter.
Share of profit of associate companies of RM2.52 million for the current quarter were mainly contributed by the speeding up of the two big projects on hand i.e. 62MWp large scale solar photovoltaic (“LSSPV”) project in Gambang, Pahang and the 58.5MWp LSSPV project in Kuala Kertih, Kedah which has reached the stage of completion of 85% and 39% respectively. Besides, the higher profit were contributed from the profit recognised on the Net Energy Metering (“NEM”) roof-top projects and the service income derived from the operations and maintenance contracts.
The lower PBT for Q3 2018 is due mainly to new start-up companies’ initial production cost, administration expenses and the finance cost charged out of totalling RM11.25 million. Excluding those said costs, the underlying PBT for Q3 2018 shall recorded at RM32.35 million which is much higher than the underlying PBT of RM28.46 million for Q3 2017.
3Q18 vs 2Q18:
The main reason for the lower revenue recorded in the third quarter primarily due to Metex Modular Sdn Bhd’s slower progress work at site pending revision of building plan layout by the Developer. However the rest of the business segments’ revenue were higher than
the preceding quarter except for manufacturing of fire-rated door and wire mesh segment.
The Group’s profit before tax was higher by RM1.08 million in the current quarter as compared to the preceding quarter primarily due to the higher share of results from their associates companies involved in the solar business, better performance from the distribution of building materials and logistics services as well as the manufacturing of fire-rated door.
Prospects:
Their new autoclaved aerated concrete (“AAC”) production line with 600,000 m3 installed capacity located at Kota Tinggi, Johor which has started its testing and commissioning in early June 2018 has ramped up to 25% capacity as of end October 2018. This plant has been scheduled to produce higher margin wall panel to meet the growing demand from Siangapore. Starken Drymix Solutions Sdn Bhd which is located at Bidor, specialising in the production of thin adhesive base, render, skim coat, tile adhesive, panel plaster and basic skim continue to maintain its production capacity at 40% level as at end October 2018 due to the factory had focus its attention on the new robotic arms installation.
The Company via its wholly-owned subsidiary, Midah Industries Sdn Bhd has entered into Share Sale Agreement (“SSA”) on 23 October 2018 to acquire all the shares in Kempurna, a company specialises in the manufacturing of metal doors and window frames for a total consideration of RM4,144,668.60. The new acquisition would able to complement the Group’s fire-rated door business besides enabling Chin Hin to enhance its involvement and market share in the door manufacturing business.
For the Ultra High Performance Concrete (UHPC) business, the Company has managed to secure some sizeable projects in November 2018 with the total contract value of approximately RM10.00 million. These projects are expected to kick start and contribute positively to the bottom line of the Group in 2019.
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James Ng Stock Pick Performance:
Since Recommended Return:
a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.06 in 28 days, total return is 32.5%
b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.0375) in 2 months 25 days, total return is 18.4%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.13 in 19 days, total return is 17.1%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 6 months 10 days, total return is 11.9%
e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.92 in 14 days, total return is 8.2%
f) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.75 (dividend RM0.007) in 4 months 30 days, total return is 5.9%
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.
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