[LAFARGE MALAYSIA BHD：预计2018年剩余时间的国内市场状况仍将充满挑战]
3Q18 vs 3Q17:
拉法基马的收入由去年同期的5.79亿令吉减少14.5％至本季度的4.95亿令吉。这一下降主要是由于市场需求疲软和国内价格持续压力导致水泥部门销售额下降，但部分被出口价格上涨抵消。
拉法基马于本季录得税前亏损为1.35亿令吉，而去年同期的税前亏损则为5,500万令吉。水泥业务的经营亏损增加是由于需求疲弱导致销量下降及环境竞争日趋激烈，销售价格下跌，但部分被出口贡献增加所抵消。由于较高的能源价格，较低的产量和预定的工厂维护时间，生产成本的增加进一步增加了损失。此外，本季度的亏损包括管理层发现与前期相关的库存差异导致的一次性库存冲销，即2,200万令吉。
YTD18 vs YTD17：
截至2018年9月30日止期间，拉法基马录得收入下跌5.9％，由去年同期录得的16.73亿令吉减少至今年的15.74亿令吉。这主要是由于市场疲软，水泥需求减少以及竞争环境对销售价格构成显着下行压力。此外，由于主要项目即将完工的预拌混凝土的采购量下降，集料和混凝土部门的销售额也下降。
拉法基马于今年录得税前亏损3.25亿令吉，而去年税前亏损则为1.76亿令吉。损失较大的主要原因是水泥部门的收入较低，原因是竞争激烈的环境以及由于产量较低和能源价格上涨而导致生产成本上升，但部分被SG＆A减少抵消。去年的业绩也得益于土地出售的一次性收益，而今年的其他开支包括重组成本，资产注销和外汇损失。
3Q18 vs 2Q18：
拉法基马本季度的收入低于上一季度，主要是由于水泥部门的国内销售下降但被出口价格上涨所弥补。与收入减少一致，拉法基马录得较高的税前亏损为1.345亿令吉，而上一季则为1.076亿令吉，主要由于竞争环境加上生产成本上升导致水泥部门的利润率下降所致（较低的熟料生产，较高的能源价格，定期工厂维护的时间，一次性的库存冲销和重组成本），但被较低的SG＆A补偿。
前景：
预计2018年剩余时间的国内市场状况仍将充满挑战。
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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 RM0.94 (dividend RM0.007) in 6 months 3 days, total return is 32.4%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.04 in 7 months 16 days, total return is 30.8%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 1 month 24 days, total return is 30.6%
d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.02 in 1 month 30 days, total return is 27.5%
e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.23 (dividend RM0.0375) in 4 months 1 day, total return is 20%
f) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 1 month 18 day, total return is 15.3%
g) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.52 (dividend RM0.01) in 7 months 14 days, total return is 9.3%
h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.31 (dividend RM0.035) in 2 months 29 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。
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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James Ng
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[LAFARGE MALAYSIA BHD: domestic market condition for the rest of 2018 is expected to remain challenging]
3Q18 vs 3Q17:
The Group’s revenue decreased by 14.5% to RM495 million in the current quarter from RM579 million recorded in the corresponding quarter last year. This decrease is mainly attributable to lower sales from the Cement segment caused by the soft market demand and continuing domestic pricing pressures but compensated partially by higher export prices.
The Group recorded a loss before tax for the current quarter of RM135 million compared to the loss before tax of RM55 million for the same period last year. Higher operating loss from the Cement segment is due to weaker demand which led to lower sales volume and a more competitive environment with a decline in selling prices but compensated partially by higher export contribution. The increase in production cost due to the higher energy prices, lower production output and timing of scheduled plant maintenance further added to the loss. In addition, the loss in the current quarter includes a one-off inventory write off of RM22 million resulting from management’s uncovering of inventory discrepancies relating to prior periods.
YTD18 vs YTD17:
For the period ended 30 September 2018, the Group registered a drop in revenue by 5.9% from RM1,673 million recorded in the same period last year to RM1,574 million this year. This is mainly due to the weak market conditions with lower cement demand and the competitive environment putting significant downward pressure on selling prices. In addition, Aggregates and Concrete segment also recorded lower sales due to declining offtake of ready-mixed concrete from major projects nearing completion.
The Group recorded a loss before tax of RM325 million compared to loss before tax of RM176 million in the corresponding period last year. The higher loss is mainly attributed to Cement segment’s lower revenue due to the highly competitive environment coupled with higher production cost due to lower production output and the increase in energy prices while partly compensated by SG&A reduction. Last year’s result also benefited from a one-off gain from disposal of land while this year’s other expenses include restructuring costs, asset write off and loss in foreign exchange.
3Q18 vs 2Q18:
The Group’s revenue in current quarter is lower than last quarter mainly due to lower domestic sales from Cement segment and compensated by higher export prices. In line with the lower revenue, the Group recorded a higher loss before tax of RM134.5 million compared to RM107.6 million in preceding quarter mainly attributed to the lower margin from cement segment due to the competitive environment coupled with the higher production cost arising mainly from lower clinker production, higher energy prices, timing of scheduled plant maintenance, one-off inventory write-off and restructuring costs but compensated by lower SG&A.
Prospects:
Domestic market condition for the rest of 2018 is expected to remain challenging.
------------------------------------------------
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 RM0.94 (dividend RM0.007) in 6 months 3 days, total return is 32.4%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.04 in 7 months 16 days, total return is 30.8%
c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 1 month 24 days, total return is 30.6%
d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.02 in 1 month 30 days, total return is 27.5%
e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.23 (dividend RM0.0375) in 4 months 1 day, total return is 20%
f) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 1 month 18 day, total return is 15.3%
g) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.52 (dividend RM0.01) in 7 months 14 days, total return is 9.3%
h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.31 (dividend RM0.035) in 2 months 29 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.
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://web.facebook.com/jamesshareinvest/posts/2197412517192157 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
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
https://klse.i3investor.com/blogs/general/193874.jsp
