[HAI-O ENTERPRISE BHD：新成员招募和销售消费品的数量减少]
在考虑到2018年上一个财政年度的末期股息3190万令吉和2018年12月宣布的1160万令吉的中期股息后，母公司股东应占权益为2.998亿令吉，较截至2018年4月30日的上一个财政年度的3.079亿令吉减少2.6％。
截至2019年1月31日，海鸥的总资产为3.681亿令吉（FYE 30.4.2018：3.96亿令吉）。总资产减少2790万令吉主要是由于截至2019年1月31日止期间支付的股息扣除4090万令吉后现金及现金等价物及短期投资减少所致。每股净资产为RM1.03，而截至2018年4月30日止的上一个财政年度为1.06马币。
3Q19 vs 3Q18：
这第三季度，海鸥录得较低的收入及税前利润分别为8,620万令吉及1,690万令吉，而去年同季则为1.031亿令吉及2300万令吉，较去年同期减少16.4％和26.5％。剔除MFRS产生的调整，收入和税前利润分别为8900万令吉和1750万令吉。
（i）传销部门：
收入和税前利润分别下降约25.5％和16.5％至5630万令吉和1210万令吉，而去年同期分别为7550万令吉和1450万令吉。新成员招募和销售消费品的数量减少影响了该部门在本季度的财务表现。尽管国内经济温和增长，整体消费情绪仍然疲弱，影响了会员的消费能力。因此，经销商在维持销售方面面临挑战。
（ii）批发部门：
尽管专利药物和CNY礼篮的销售产生了额外的销售额，但其他产品的销售额下降抵销了这一销售额。 2019财年第三季度录得的税前利润较低，为300万令吉，主要是由于部门间销售的贡献减少。
（iii）零售部门：
随着收入增加，税前利润增加至50万令吉。
YTD19 vs YTD18：
截至2019年1月31日止九个月期间，海鸥的收入及税前利润分别为2.584亿令吉和4960万令吉，而相应前一年分别为3.511亿令吉及7,400万令吉，分别减少26.4％及32.9％。撇除MFRS产生的调整，收入及税前利润分别为2.66亿令吉及4930万令吉。海鸥收入减少主要是由于传销部门的销售额下降所致。
（i）传销部门：
该部门在此期间不断面临挑战，新成员招聘和业务活动的放缓影响了该部门的财务业绩。与去年同期的2.734亿令吉相比，收入减少到1.775亿令吉，减少了35.1％。剔除MFRS产生的调整，收入为1.845亿令吉。
传销部门的税前利润较上年同期的5350万令吉减少到3700万令吉，主要是由于收入减少所致。在取消商品及服务税前，向成员提供额外6％退款的销售促销金额约为90万令吉，由该部门承担。此外，新成立的“Infinence”品牌的品牌支出增加约120万令吉，进一步降低了税前利润。
（ii）批发部门：
尽管通过现代贸易渠道的销售CNY礼篮产生的额外销售以及优质专利药品的销售增长，但被老式茶叶和其他产品的销售下降所抵消。税前利润下降45.8％至900万令吉，主要是由于部门间销售贡献减少及期内产生的企业社会责任成本增加至140万令吉。
（iii）零售部门：
尽管期间产生的A＆P成本较高，但由于销售活动产生的收入增加，该部门的税前利润较上年同期的20万令吉高，为50万令吉。
（iv）其他部门：
与前一年同期相比，其外部收入总额维持在约310万令吉，其他部门的税前利润下降约17.7％至320万令吉，主要是由于制造业的部门间销售额下降所致。
3Q19 vs 2Q19:
这第三季度，海鸥录得较低的收入及税前利润分别为8,620万令吉及1,690万令吉，较上一季度的9,220万令吉及1,830万令吉分别减少6.5％及7.3％。
（i）传销部门：
与上一季度相比，收入和税前利润分别下降10.9％和15.0％至5630万令吉和1210万令吉。此外，新成员招聘人数减少及年终假期较长，进一步影响了本季度的业务活动。
（ii）批发部门：
CNY礼篮销售产生的额外销售额被中药补品和专利药销售额下降所抵消。
（iii）零售部门：
税前利润维持在约50万令吉，主要是由于CNY推广活动期间产生的A＆P费用较高。
前景：
由于中美贸易战未解决和英国脱欧问题，全球经济前景黯淡，已经蔓延到国内经济。注意到充满挑战的商业环境将继续存在，海鸥将重新评估其业务策略，并将实施各种措施以减轻对业务的负面影响。董事会预计，在下一季度充满挑战的环境下，海鸥将继续盈利。
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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 RM1.38 (dividend RM0.015) in 10 months, total return is 95.1%
b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.38 in 5 months 27 days, total return is 72.5%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.28 (dividend RM0.04) in 11 months 11 days, total return is 66%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.76 in 4 months 23 days, total return is 32.2%
e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.40 (dividend RM0.0825) in 7 months 29 days, total return is 31.3%
f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.24 (dividend RM0.008) in 5 months 20 days, total return is 29.3%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.75 (dividends RM0.03) in 8 months 13 day, total return is 24.5%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 5 months 13 day, total return is 15.3%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 6 months 25 days, total return is 13%
j) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.75 in 2 months 19 days, total return is 12.9%
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
1)【股票-实际操作班】课程：
10a.m. – 9p.m.，免费午餐和晚餐
6月23日星期日：AG Hotel Penang, George Town
7月28日星期日：Silka Johor Bahru Hotel, Johor Bahru
9月7日星期六：Hotel Sri Petaling, KL
2)【看懂年报和季报】课程:
11a.m. – 7p.m.，免费茶和咖啡
7月27日星期六：Silka Johor Bahru Hotel, Johor Bahru 5份点心
8月11日星期日：AG Hotel Penang, George Town 4份点心
9月8日星期日：Hotel Sri Petaling, KL 3份点心
3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡
6月22日星期六：AG Hotel Penang, George Town 4份点心
7月21日星期日：Hotel Sri Petaling, KL 3份点心
7月26日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心
有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043
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James Ng
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[HAI-O ENTERPRISE BHD: Lower number of new members’ recruitment and sales of consumer products]
The equity attributable to equity holders of the parent stood at RM 299.8 million, a reduction of 2.6% as compared to previous financial year ended 30 April 2018 of RM 307.9 million, after taking into account the final dividend in respect of previous financial year 2018 of RM 31.9 million and an interim dividend of RM 11.6 million which was declared in December 2018.
The Group’s total assets as at 31 January 2019 stood at RM 368.1 million (FYE 30.4.2018: RM396.0 million). The reduction in total assets by RM 27.9 million was mainly due to the decrease in cash and cash equivalents and short term investment after net of dividend paid out amounting to RM 40.9 million during the period ended 31 January 2019. The net assets per share was RM 1.03 against previous financial year ended 30 April 2018 of RM 1.06.
3Q19 vs 3Q18:
For the 3rd quarter under review, the Group registered lower revenue and pre-tax profit of RM86.2 million and RM 16.9 million as compared to RM 103.1 million and RM 23.0 million recorded in the preceding year’s corresponding quarter, representing a decrease by 16.4% and 26.5% respectively. Excluding the adjustment arising from MFRS, the revenue and pre-tax profit were RM 89.0 million and RM 17.5 million respectively.
(i) MLM division:
The revenue and pre-tax profit decreased by about 25.5% and 16.5% to RM 56.3 million and RM 12.1 million as compared to the preceding year’s corresponding quarter of RM75.5 million and RM 14.5 million, respectively. Lower number of new members’ recruitment and sales of consumer products had affected the financial performance of the division in the quarter under review. Despite the moderate growth in domestic economy, the overall consumer sentiment remains weak which has affected the spending power of the members. Hence, distributors are facing challenges in sustaining the sales.
(ii) Wholesale division:
Despite additional sales generated from patented medicine and CNY hamper’s sales, it was offset by the drop in sales of other products. The lower pre-tax profit of RM 3.0 million recorded in Q3 FY 2019 was mainly attributable to lower contribution from inter-segment sales.
(iii) Retail division:
In tandem with the higher revenue achieved, the pre-tax profit increased to RM 0.5 million.
YTD19 vs YTD18:
For the nine month period ended 31 January 2019, the Group posted lower revenue and pre-tax profit of RM 258.4 million and RM 49.6 million as compared to RM 351.1 million and RM74.0 million, representing a decrease of 26.4% and 32.9% respectively for the corresponding quarter of the preceding year. Excluding the adjustment arising from MFRS, the revenue and pre-tax profit were RM 266.0 million and RM 49.3 million respectively. The decrease in the Group’s revenue was mainly attributable to lower sales from MLM division.
(i) MLM division:
The division is continuously facing challenges during the period, the slow-down in new members’ recruitment and business activities had affected the financial performance of the division. It recorded lower revenue of RM 177.5 million as compared to the previous year’s corresponding quarter of RM 273.4 million, a decrease of 35.1%. Excluding the adjustment arising from MFRSs, the revenue was RM 184.5 million.
MLM division recorded lower pre-tax profit of RM 37.0 million as compared to the previous year’s corresponding quarter of RM 53.5 million, mainly attributable to lower revenue achieved. The sales promotion with an additional 6% rebate given to members prior to the abolishment of GST amounting to approximately RM 0.9 million was absorbed by the division. Furthermore, higher branding expenditures incurred for the newly established “Infinence” brand amounting to approximately RM 1.2 million had further lowered the pre-tax profit.
(ii) Wholesale division:
Despite additional sales generated from CNY hampers sales via modern trade channels and higher sales from premium patented medicine, it was offset by the drop in sales of vintage tea and other products. The pre-tax profit was lower by 45.8% to RM 9.0 million mainly due to lower contribution from inter-segment sales and higher CSR costs amounting to RM 1.4 million incurred during the period.
(iii) Retail division:
Despite higher A&P costs incurred during the CNY period, the division recorded higher pre-tax profit of RM 0.5 million as compared to preceding year’s corresponding period of RM 0.2 million due to higher revenue generated from CNY sales campaign.
(iv) Others division:
With its total external revenue maintained at about RM 3.1 million as compared to the preceding year’s corresponding quarter, the pre-tax profit of Others division was lower by about 17.7%, to RM 3.2 million mainly due to lower inter-segment sales in the manufacturing division.
3Q19 vs 2Q19:
For the 3rd quarter under review, the Group recorded lower revenue and pre-tax profit of RM86.2 million and RM 16.9 million, decreased by 6.5% and 7.3% as compared with the immediate preceding quarter of RM 92.2 million and RM 18.3 million, respectively.
(i) MLM division:
The revenue and pre-tax profit were lower by 10.9% and 15.0% to RM 56.3 million and RM 12.1 million respectively as compared with the immediate preceding quarter. Furthermore, lower number of new members’ recruitment and long year-end holiday had further affected the business activities during the quarter under review.
(ii) Wholesale division:
The additional sales generated from CNY hamper’s sales was offset by the drop in sales of Chinese medicate tonic and patented medicine in the current 3rd quarter under review.
(iii) Retail division:
The pre-tax profit maintained at about RM 0.5 million mainly due to higher A&P expenses incurred during CNY promotion campaign.
Prospects:
The gloomy outlook of the global economy with the unresolved US-China Trade War and Brexit issues has spilt over to the domestic economy. Noting that the challenging business environment will continue to persist, the Group will re-assess its business strategies and will implement various measures to mitigate the negative impact to the business. The Board of Directors expects the Group will continue to be profitable amidst the challenging environment in the next quarter.
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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 RM1.38 (dividend RM0.015) in 10 months, total return is 95.1%
b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.38 in 5 months 27 days, total return is 72.5%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.28 (dividend RM0.04) in 11 months 11 days, total return is 66%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.76 in 4 months 23 days, total return is 32.2%
e) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.40 (dividend RM0.0825) in 7 months 29 days, total return is 31.3%
f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.24 (dividend RM0.008) in 5 months 20 days, total return is 29.3%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.75 (dividends RM0.03) in 8 months 13 day, total return is 24.5%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.98 in 5 months 13 day, total return is 15.3%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 6 months 25 days, total return is 13%
j) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.75 in 2 months 19 days, total return is 12.9%
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/2292806867652721 by date.
James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/
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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
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