集团的毛利率从33％增至40％，这得益于Skypark @ Cyberjaya的建筑成本节省，该成本已于2018年完成。集团还完成了4,700万令吉的Cyberbaya开发土地的出售，录得本季度的5百万令吉的出售收益。得益于最终控股公司的2亿令吉贷款，集团在2019年第三季度录得200万令吉未实现的汇兑损失。因此，集团在本季度录得1,800万令吉的税后利润。
YTD19 vs YTD18：
SkyPark @ Cyberjaya带来的节省以及施工进度的改善为这期间的收入和利润确认做出了贡献。毛利率保持在34％的健康水平，而总支出则占收入的28％。 28％的有效税率高于24％的法定税率，这主要是由于确认了往年税收的不足。
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 RM2.46 (dividend RM0.025) in 1 year 5 months 29 days, total return is 247.6%
b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.44 in 1 year 21 days, total return is 150.4%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.94 (dividend RM0.04) in 1 year 7 months 9 days, total return is 149.1%
d) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.93 (adjusted)(dividend RM0.01) in 8 months 8 days, total return is 76%
e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.76 in 5 months 16 days, total return is 67%
f) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.36 in 7 months 11 days, total return is 51.1%
g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.23 (dividends RM0.113) in 1 Year 4 months 3 days, total return is 47.4%
h) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.63 (dividend RM0.105) in 1 Year 2 months 23 days, total return is 36.6%
i) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM5.04 (adjusted) (dividend RM0.13431) in 1 Year 6 months 12 days, total return is 30.7%
j) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.02 (dividend RM0.015) in 1 Year 1 month 25 days, total return is 29.4%
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[MCT BHD: the outlook for the Group is positive given that the Group is planning several key launches at the Cybersouth project by the first quarter of 2020; the focus will remain at residential properties that are priced between RM250,000 and RM750,000, with some commercial units to complement the completed projects]
The Group’s gross profit margin improved from 33% to 40% arising from savings in construction cost for Skypark @ Cyberjaya which was completed in 2018. The Group also completed the RM47 million disposal of land for development in Cyberjaya which recorded a gain on disposal of RM5 million for the current quarter under review. Due to the loan from the Company’s ultimate holding company of RM200 million, the Group recorded unrealised foreign exchange loss of RM2 million for Q3 2019. Consequently, the Group recorded profit after tax of RM18 million for the current quarter under review.
YTD19 vs YTD18:
Savings realised from SkyPark @ Cyberjaya coupled with the improvement of construction progress has contributed to the revenue and profit recognition for the period. Gross profit margin remained healthy at 34% whilst total expenses stood at 28% of revenue. The effective tax rate of 28% is higher than the statutory tax rate of 24% is mainly due to recognition of under-provision of taxes from prior years.
Under the recent Budget, it was announced that foreigners can now purchase overhang properties priced from RM600,000 onwards, which was reduced from the RM1 million threshold previously. Whilst such measures served to stimulate the property market, it would not affect the Group materially as the Group’s inventory of completed properties priced above RM600,000 is minimal.
Nonetheless, with the Group’s experience in residential development, the outlook for the Group is positive given that the Group is planning several key launches at the Cybersouth project by the first quarter of 2020. The focus will remain at residential properties that are priced between RM250,000 and RM750,000, with some commercial units to complement the completed projects. The Group’s landbanking efforts in 2018 will also bear fruit in 2020 as the Group is targeting to launch the first phase of the newly acquired land in Subang Jaya by the first half of 2020.
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