[VS (6963) 威城 V.S INDUSTRY BHD：由于行动控制令（“ MCO” ）(由政府从2020年3月18日起开始)，再加上在印尼蒙受的损失，导致威铖蒙受2690万令吉的税前亏损] - James的股票投资James Share Investing
在本季度的回顾中，威铖的营业额为5.057亿令吉，比去年同期减少3亿8260万令吉，主要是由于行动控制令（“ MCO” ），由政府从2020年3月18日起开始。再加上在印尼蒙受的损失，导致威铖蒙受2690万令吉的税前亏损，而上一财政年度相应的季度的税前盈利为3820万令吉。
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 RM2.50 (dividend RM0.04) in 1 year 10 months 11 days, total return is 255.2%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM31.20 (adjusted)(dividend RM0.32) in 1 Year 11 months 22 days, total return is 159.6%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.87 (adjusted)(dividend RM0.055) in 1 Year 21 days, total return is 135%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.68 (dividend RM0.04) in 1 year 11 months 22 days, total return is 116.4%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.885 in 1 year 5 months 3 days, total return is 53.9%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.25 (dividend RM0.188) in 1 Year 8 months 16 days, total return is 53.3%
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[V.S INDUSTRY BHD: due to temporary closure of factories following the Movement Control Order (“MCO”) imposed by the Government from 18 March 2020, coupled with losses incurred in Indonesia, had consequently resulted in the Group suffering a loss before tax of RM26.9 million]
For the current quarter under review, the Group recorded a revenue of RM505.7 million, a decrease of RM382.6 million as compared to the previous year corresponding quarter, largely due to temporary closure of factories following the Movement Control Order (“MCO”) imposed by the Government from 18 March 2020. This, coupled with losses incurred in Indonesia, had consequently resulted in the Group suffering a loss before tax of RM26.9 million as compared to a profit before tax of RM38.2 million in the previous corresponding quarter.
For the nine months period ended 30 April 2020, the Group recorded a revenue of RM2,360.6 million, a decrease of RM579.6 million or 19.7% when compared to the corresponding period of the preceding year of RM2,940.2 million. Profit before tax stood at RM80.3 million, having dropped by RM52.7 million or 39.6% over the same period.
For the current quarter and cumulative quarters, Malaysia segment recorded a 51.3% and 22.2% decrease in revenue respectively owing to the temporary closure of factories following the MCO. Meanwhile, although production was halted during this period, fixed operating costs such as, amongst others, depreciation, staff and production workers’ salaries, as well as financing costs continued to incur. With the
substantial decrease in revenue during the temporary production halt, it was insufficient to cover the fixed overheads and financing costs. As a result, a loss before tax of RM19.7 million was incurred for the current quarter whereas profit before tax declined by 43.7%
for the cumulative quarters.
Despite achieving higher revenue, Indonesia segment recorded a loss before tax of RM4.5 million for the quarter under review as compared to a profit before tax of RM0.3 million in the preceding year corresponding quarter, mainly due to less favourable sales mix and inventories written off that amounted to RM3.0 million. For the cumulative quarters, Indonesia segment continued to incur loss largely owing to under-utilization of production capacity and inventories written off.
For the current quarter and cumulative quarters, China segment recorded lower revenue as a result of lower sale orders completed. In addition, turnover for the current quarter was further affected considering that operations only resumed on 17 Feb 2020 instead of immediately after the Chinese New Year holiday due to lockdown imposed by the Chinese Government to battle the Novel Coronavirus (“Covid-19”) pandemic.
For the current quarter under review, the Group incurred a loss before tax of RM26.9 million as compared to a profit before tax of RM43.5 million in the preceding quarter mainly due to temporary closure of factories following the MCO imposed.
The operating environment has been very difficult during the current financial year. Amidst a decelerating global economy plagued by uncertainties arising from the ongoing US-China trade tension, the world was thrown into chaos by the unprecedented challenges brought forth by the Covid-19 pandemic.
The Group’s production in Malaysia was halted from 18 March 2020 in adherence to the MCO imposed by our Government in combating the spread of the virus. With the resumption of operations, the Group expects to return to profitability in the coming quarter. Nevertheless, it is without doubt that the situation remains challenging and demanding. With consumer spending across the world affected by the impact of economic loss arising from the Covid-19 pandemic as well as the resultant strict movement control measures, the overall order flow from customers during the current financial year is expected to be lower than the previous year. At present, visibility of order flow is also shorter as compared to previously.
Meanwhile, the discussions with prospective customers continued to be hindered by the restriction on international travels. Meaningful progress may only be achieved as and when the international travel restriction is lifted. On balance, given the aforementioned factors and considering the performance thus far, the overall results of the Group for the current year is expected to be lower than the previous year, although the longer term prospects of the Group remain intact.
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