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 [D&O GREEN TECHNOLOGIES BHD:全球汽车销售放缓,特别是在中国,2019年上半年乘用车和商用轻型汽车的销售同比收缩14%]

2Q19 vs 2Q18:
尽管全球汽车销售放缓,特别是在中国,2019年上半年乘用车和商用轻型汽车的销售同比收缩14%,但本季度汽车收入增长5.8%,至1.131亿令吉。然而,由于全球市场疲软,非汽车和OEM销售额下跌69.7%,至190万令吉,导致集团整体收入增长1.6%,至1.15亿令吉。

由于产能利用率下降,毛利率从27.5%小幅下降至27.2%。 ESOS支出增加,加上本季度缺乏政府拨款(2018年第二季度:220万令吉)和诉讼和解收益(2018年第二季度:320万令吉),导致税前利润下降30.9%至820万令吉(2018年第2季度:1,180万令吉)。净利下跌26.4%至670万令吉。

YTD19 vs YTD18:
尽管全球汽车业疲软,但汽车收入在2019年前六个月增长了4.3%,达到2.228亿令吉,这意味着Dominant的市场地位与去年同期相比有所改善。然而,集团的营业额仅微增0.8%至2.281亿令吉,非汽车及OEM营业额下跌58.1%。非汽车和OEM销售受到汽车和消费电子行业市场疲软的不利影响。

由于产能利用率降低,毛利率从27.4%降至27.1%,毛利润持平于6200万令吉。由于行政费用增加,扣除其他收入/支出和财务成本前的营业利润下跌5.0%至2310万令吉,部分被较低的研发开支所抵消。税前利润以24.3%的较快速度下降,至1640万令吉,这是由于ESOS支出增加以及缺乏政府拨款(2018年上半年:220万令吉)以及诉讼和解收益(2018年上半年:320万令吉),部分被60万令吉的外汇收益(2018年上半年:外汇亏损120万令吉)所抵消。净利下跌19.6%至1,350万令吉。

2Q19 vs 1Q19:
与上一季度相比,汽车收入增长3.1%,至1.131亿令吉,而非汽车和OEM销售额则下降43.2%,至190万令吉。然而,由于外汇收益减少和存货减值增加,税前盈利下跌1.3%至820万令吉。净利下跌1.1%至670万令吉。

前景:
经过十多年的持续增长,全球乘用车和商用轻型车销量在2018年首次出现0.5%的下降。在2019年上半年,所有主要市场的下降速度都加快了,这主要是由于消费者信心减弱和全球经济放缓所致。值得注意的是,2019年前六个月,中国(最大汽车市场)的乘用车和商用轻型汽车销售萎缩了14%,而欧盟和美国的同期则下降了2-3%。最近的经济指标表明,全球汽车行业的快速复苏仍然遥遥无期,这意味着该行业下半年还是挑战性的环境。

在一年的剩余月份中利润可见度很差。由于地缘政治紧张局势的加剧,进一步的下行风险已经增加,这可能会破坏世界经济。在不确定的市场前景中,管理层将继续谨慎行事并巩固其行业地位。尽管短期市场疲软和不确定性,但这集团仍专注于为未来开发创新产品,并扩展其产品范围以便有更广泛的应用。
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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 RM1.80 (dividend RM0.025) in 1 year 2 months 4 days, total return is 155.2%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.855 in 1 month 20 days, total return is 87.9%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.38 (dividend RM0.04) in 1 year 3 months 14 days, total return is 78.6%

d) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.33 in 9 months 30 days, total return is 66.3%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.935 in 8 months 26 days, total return is 62.6%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.16 (dividends RM0.083) in 1 Year 9 days, total return is 41.1%

g) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.32 (dividend RM0.018) in 9 months 22 days, total return is 38.7%

h) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.29 (dividend RM0.01) in 4 months 13 days, total return is 37.7%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 28 days, total return is 34.6%

j) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.22) in 1 Year 2 days, total return is 28%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.33 in 4 months 13 days, total return is 27.9%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.35 (dividends RM0.111) in 1 Year 2 months 16 days, total return is 12.7%

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页面与我联系。

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10月19日星期六:Silka Johor Bahru Hotel, Johor Bahru 5份点心

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10月20日星期日:Silka Johor Bahru Hotel, Johor Bahru

12月21日星期六:AG Hotel Penang, George Town

12月28日星期六:Hotel Sri Petaling, KL

3) 【公司业绩分享会】:
2p.m. – 7p.m.,免费茶和咖啡

10月18日星期五:Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月20日星期五:AG Hotel Penang, George Town 2份点心

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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

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

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[D&O GREEN TECHNOLOGIES BHD: slowing global car sales, notably in China where passenger car and commercial light vehicle sales contracted 14% year-on-year in the first half of 2019]

2Q19 vs 2Q18:
Despite slowing global car sales, notably in China where passenger car and commercial light vehicle sales contracted 14% year-on-year in the first half of 2019, automotive revenue rose 5.8% to RM113.1 million in the current quarter. Non-automotive and OEM sales however fell 69.7% to RM1.9 million due to global market weakness, resulting in overall Group revenue posting a 1.6% increase to RM115.0 million.

Gross profit margin declined marginally from 27.5% to 27.2% on lower capacity utilisation. Higher ESOS expense, coupled with the absence of government grant (2Q 2018: RM2.2 million) and litigation settlement gain (2Q 2018: RM3.2 million) in the current quarter resulted in pre-tax profit coming in 30.9% lower at RM8.2 million (2Q 2018: RM11.8 million). Net profit was 26.4% lower at RM6.7 million.

YTD19 vs YTD18:
Despite a softening global automotive industry, automotive revenue grew 4.3% to RM222.8 million in the first six months of 2019, implying Dominant’s market position has improved compared to a year ago. Group revenue however grew only marginally by 0.8% to RM228.1 million, weighed down by a 58.1% decline in non-automotive and OEM sales. Non-automotive and OEM sales were adversely affected by market weakness in the automotive and consumer electronic industries.

Gross profit was flat at RM62 million as gross profit margin came in slightly lower from 27.4% to 27.1% on lower capacity utilisation. Operating profit before other income/expense and finance costs fell 5.0% to RM23.1 million on higher administrative expenses, partially offset by lower R&D spending. Pre-tax profit decreased at a faster pace of 24.3% to RM16.4 million due to higher ESOS expense and the absence of government grant (1H 2018: RM2.2 million) and gain from litigation settlement (1H 2018: RM3.2 million), partially offset by RM0.6 million forex gain (1H 2018: forex loss RM1.2 million). Net profit declined 19.6% to RM13.5 million.

2Q19 vs 1Q19:
When compared to the preceding quarter, automotive revenue increased 3.1% to RM113.1 million, while non-automotive and OEM sales weakened 43.2% sequentially to 1.9 million. Pre-tax profit however declined 1.3% to RM8.2 million as a result of lower forex gain and higher inventory impairment. Net profit declined 1.1% to RM6.7 million.

Prospects:
Global passenger car and commercial light vehicle sales registered its first decline of 0.5% in 2018 after more than a decade of continuous growth. The pace of decline accelerated in the first half of 2019 across all major markets due mainly to weakened consumer sentiment and a slowing global economy. Notably, passenger and commercial light vehicle sales in the largest automotive market in China contracted 14% in the first six months of 2019, while those in the EU and the US fell 2-3% during the same period. Recent economic indicators suggest a quick recovery in the global automotive industry remains remote, implying a challenging environment for the remaining part of the year for industry players.

Visibility in the remaining months of the year is poor. Further downside risk has increased due to rising geopolitical tension which could potentially derail the world economy. Amidst an uncertain market outlook, management will continue to exercise prudence and strengthen its industry position. Despite the short term market weakness and uncertainty, the Group remains focused on developing innovative products for the future and expanding its product offering to capture a wider range of applications.
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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.

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.

https://www.facebook.com/jamesshareinvest/posts/2389898264610247

James Ng
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