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 [V.S INDUSTRY BHD:中国业务的负面贡献]

本季度的税前盈利较同期增长了35.1%或1,070万令吉,至4,100万令吉。截至2019年7月31日止财政年,集团录得39.784亿令吉的收入,而去年则为41.007亿令吉。税前盈利为1亿7千400万令吉,较上年同期减少220万令吉,跌幅为1.3%。

本季度收益的改善主要归因于马来西亚业务的可喜表现,部分抵消了中国业务的负面贡献。按累计季度计,海外业务(特别是中国业务)蒙受了损失,进一步影响了集团收益。

马来西亚部门:
本季度和累计季度的税前利润分别同比增长56.0%和31.0%。

印尼部门:
印尼部门于本季度录得除税前较高的利润,这主要是由于更好的产品销售组合。印尼部门在累计季度中的税前利润较低,与较低的收入相一致。

中国部门:
由于完成的销售订单减少,中国地区本季度和累计季度收入下降。由于没有大量的销售订单,导致本季度和累计季度的中国业务处于亏损状态,这导致规模经济性下降,因为设施仍未得到充分利用。在本财政年度,来自中国部门的业绩进一步受到卖掉厂房和设备的净亏损,厂房和设备的减值亏损以及给员工和雇员的解雇福利约3,500万令吉的影响。

QoQ:
在本季度的回顾中,这集团的税前利润为4100万令吉,较上一季度的3,820万令吉增加,主要是由于主要客户的销售订单增加,尽管中国的业务提供了工厂和设备的减值损失为2210万令吉。

前景:
尽管这集团经营所在的马来西亚,印度尼西亚和中国的经营环境艰难,但这集团在截至2019年7月31日的财政年度中仍取得了不错的业绩。在中美贸易中,总体消费者和商业情绪依然低迷,紧张局势保持以及对未来两年全球经济增长可能放缓的担忧。这导致不确定性,许多人采取观望态度。面对艰难的环境,这集团正集中精力控制成本,优化生产力并为客户创造价值。

在中国,集团的运营仍然充满挑战。美中贸易紧张局势虽然有利于马来西亚,但正在影响中国的商业气氛,给中国的业务增加了进一步的压力。成本上涨一直影响着业绩,而由于贸易战,对美国的出口销售额却下降了。产能利用不足的问题预计将普遍存在。

尽管存在短期挑战,但董事会在坚实的基本面,与现有客户的稳固关系,强大的执行能力,近期新增的新关键客户以及潜在的未来合同中标的基础上,仍对集团的长期前景持乐观态度。
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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 RM1.69 (dividend RM0.025) in 1 year 1 month 12 days, total return is 139.9%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.46 (dividend RM0.04) in 1 year 2 months 23 days, total return is 88.7%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.26 in 9 months 11 days, total return is 57.5%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.645 in 1 month 1 day, total return is 41.8%

e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.31 (dividend RM0.018) in 9 months 3 days, total return is 37.6%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.07 (dividends RM0.083) in 11 months 17 days, total return is 35.4%

g) 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 9 days, total return is 34.6%

h) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.28 (dividend RM0.1875) in 11 months 13 days, total return is 30.6%

i) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.75 in 8 months 7 days, total return is 30.4%

j) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.11 (dividend RM0.01) in 3 months 22 days, total return is 26.9%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.19 in 3 months 22 days, total return is 14.4%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.25 (dividends RM0.111) in 1 Year 1 month 26 days, total return is 10.1%

m) PMETAL (PRESS METAL ALUMINIUM HOLDINGS BHD), recommended on 26 Aug 18, initial price was RM4.78, rose to RM4.89 (dividends RM0.075) in 1 Year 29 days, total return is 3.9%

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

12月27日星期五:Hotel Sri Petaling, KL 3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

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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[V.S INDUSTRY BHD: negative contributions from the operations in China]

This quarter, profit before tax increased 35.1% or RM10.7 million to RM41.0 million over the same period. For the financial year ended 31 July 2019, the Group recorded a revenue of RM3,978.4 million as compared to RM4,100.7 million recorded in the preceding year. Profit before tax stood at RM174.0 million, dropped by 1.3% or RM2.2 million over the same period.

The improved earnings for the current quarter was mainly attributable to commendable performance from operations in Malaysia which partially offset the negative contributions from the operations in China. On cumulative quarters basis, the overseas operations, particularly China, had incurred losses that further affected the Group earnings.

Malaysia segment:
For the current quarter and cumulative quarters, profit before tax was up 56.0% and 31.0% respectively over the same period.

Indonesia segment:
Indonesia segment recorded higher profit before tax for the quarter under review mainly due to better product sales mix. Indonesia segment recorded a lower profit before tax for the cumulative quarters in line with the lower revenue.

China segment:
China segment recorded a lower revenue for the current quarter and cumulative quarters as a result of lower sales orders completed. Operations in China were loss-making for the current quarter and cumulative quarters in the absence of large sales orders which resulted in lack of economies of scale as the facilities remained under-utilized. During the financial year, results from China segment were further impacted by net loss on disposal of plant and equipment, impairment loss on plant and equipment and termination benefits to staff and employees amounting to approximately RM35.0 million.

QoQ:
For the current quarter under review, the Group recorded a higher profit before tax of RM41.0 million as compared to RM38.2 million in the preceding quarter, mainly attributable to higher sales orders from key customers despite the impairment loss on plant and equipment of RM22.1 million provided by the operations in China.

Prospects:
The Group managed to turn in a good set of results for the financial year ended 31 July 2019 despite the difficult operating environment across Malaysia, Indonesia and China where the Group operates in. The overall consumer and business sentiments remain subdued amidst the US-China trade tension and fear of potential global economic growth slowdown in the next two years. This led to uncertainties with many adopting a wait-and see attitude. With the tough environment expected to prevail, the Group is focusing its efforts to contain cost, optimize productivity and enhance value creation for its customers.

Over in China, the Group’s operations remains highly challenging. The US-China trade tension, while beneficial to Malaysia, is affecting business sentiment in China, adding further pressure to the operations there. Performance has been and continues to be impinged by rising cost while export sales to the US is declining due to the trade war. The issue of under-utilization of capacity is expected to prevail.

Despite the short-term challenges, the Board remains positive on the long-term prospects of the Group, underpinned by solid fundamentals, robust relationships with existing customers, strong execution skills, recent addition of new key customers and potential future contract wins.
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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://klse.i3investor.com/blogs/general/227104.jsp

James Ng
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