[S P SETIA BHD：由于集团预期经济活动将需要一些时间才能恢复，2020财年的销售目标从45.5亿令吉修订为38亿令吉，这与当前的市场状况相吻合]
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 RM3.38 (dividend RM0.04) in 1 year 11 months 12 days, total return is 378.3%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM50.88 (adjusted)(dividend RM0.52) in 2 Years 23 days, total return is 323.4%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM5.72 (adjusted)(dividend RM0.055) in 1 Year 1 month 22 days, total return is 245.8%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.65 (dividend RM0.04) in 2 Years 23 days, total return is 112.6%
e) OPENSYS (OPENSYS M BHD), recommended on 24 May 20, initial price was RM0.355, rose to RM0.745 (dividend RM0.0025) in 1 month 30 days , total return is 110.6%
f) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.665 (dividend RM0.003) in 10 months 29 days , total return is 46.8%
g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.10 (dividend RM0.188) in 1 Year 9 months 17 days, total return is 43.9%
h) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.805 in 1 year 6 months 4 days, total return is 40%
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[S P SETIA BHD: as the Group expects that economic activities will take some time to recover, the sales target for FY2020 is revised from RM4.55 billion to RM3.80 billion, which is aligned to the present market conditions]
The Group’s property development segment achieved revenue of RM651.5 million and PBT of RM106.0 million in Q1 2020. Both revenue and PBT for the current quarter is lower than the corresponding quarter in FY2019 partly due to the Movement Control Order (MCO) taken in response to the Covid-19 pandemic. Closure of sales offices, construction sites and social activities have disrupted the operations of their businesses, and hence the lower profit contribution in the current quarter.
The Group’s PBT for Q1 2020 of RM103.7 million is slightly lower than the PBT for Q4 2019 of RM116.3 million, partly due to the disruption of businesses from MCO.
The outbreak of the Covid-19 pandemic has led to the unprecedented implementation of the Movement Control Order (“MCO”) which resulted in most businesses and social activities being severely disrupted. The property industry is not spared and as a result, the anticipated recovery will not happen so soon.
Instead, the subdued sentiment is expected to worsen and be prolonged. Some form of contraction is expected but as the property industry has already been facing strong headwinds for the past few years, the contraction is more likely to be buffered rather than a steep decline.
The Group will have to be prepared for a very different operating landscape post Covid-19. The recovery of the property industry will largely depend on the improvement of the broader economy and also the buyers’ sentiment which for now, remains weak as many are adopting a wait-and-see attitude.
The MCO had hampered the signing of the Sale and Purchase Agreement and hence, delayed the conversion of these bookings into sales. The continued practice of social distancing over the extended conditional MCO period will impact on construction progress. Concerns on job security remain heightened and consumers will be more cautious on their spending, especially on purchasing ‘big ticket’ items such as properties. Hence, as the Group expects that economic activities will take some time to recover, the sales target for FY2020 is revised from RM4.55 billion to RM3.80 billion, which is aligned to the present market conditions. The outlook for FY2020 remains challenging and uncertain as the full impact of the Covid-19 pandemic has not been ascertained.
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