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[MALAYAN FLOUR MILLS BHD:家禽加工产品需求减少,禽类加工产品的平均售价和销量受到了抑制]

本季度收入的增长被家禽整合部门销售额下降17.1%所部分抵消。集团在2020年第二季度录得营运盈利510万令吉,而2019年第二季度则录得580万令吉的营运利润。集团在2020年第二季度录得税前利润(PBT)为200万令吉,而2019年第二季度则为340万令吉。

家禽整合业务在2020年第二季度录得2800万令吉的经营亏损,而2019年第二季度则为1660万令吉的经营亏损:

a. 家禽加工产品类别在2020年第二季度经历了缓慢的增长,这是由于2020年3月开始并一直持续到2020年5月初的行动控制令(MCO)导致的。零售渠道的需求增加,但food service channel的需求下跌更严重。由于2020年第二季度需求减少,禽类加工产品的平均售价和销量受到了抑制。

b. 在马来西亚市场,活禽价格下跌是因为活禽供应过多,这是由于市场供应中断,特别是在2020年3月MCO期间向邻国的活禽出口放缓以及活禽的消费者需求下降这种情况一直持续到2020年5月上旬。结果,由于平均活禽价格降低,每单位生产固定成本提高以及2020年第二季度销量下降而蒙受了损失。

C. 由于新的主要家禽加工厂已建成并自2020年第一季度开始投入运营,因此与第二季度2019年相比,家禽整合部门的利息支出更高。

d. 2020年第二季度生物资产的公允价值收益为260万令吉,而2019年第二季度生物资产的公允价值收益为290万令吉。

在2020年第2季度,这集团应占合资企业在印度尼西亚的权益收益为210万令吉,而在2019年第2季度则为310万令吉。

年初至今,家禽整合部门销售额下降了11.7%,部分抵消了收入增长。这集团在截至2020年6月30日的财政期间录得2百万令吉的经营亏损,而上一年则为2960万令吉的经营利润。集团在2020年的税前亏损(LBT)为1,160万令吉,而2019年的PBT为2,930万令吉。

家禽整合业务在截至2020年6月30日的财政期间录得营业亏损5千710万令吉,上一年度则为营业亏损1480万令吉:

a. MCO于2020年3月开始运营时,家禽加工产品类别的销量增长缓慢且平均售价较低。

b. 截至2020年6月30日的财政期间,活禽价格下降,单位固定生产成本增加和销量下降导致利润率下降。

C. 由于新的主要家禽加工厂已建成并自2020年第一季度开始运营,在截至2020年6月30日的财政期间,家禽整合部门的折旧和利息支出比上年同期更高。

d. 截至2020年6月30日的财政期间,生物资产的公允价值损失为540万令吉,而上一年的生物资产的公允价值收益为200万令吉。

在截至2020年6月30日的财政期间,在印尼的权益会计合资企业的利润份额较低,为100万令吉,而上一年度的利润为1,010万令吉。尽管面粉需求仍然旺盛,但由于COVID-19大流行,平均售价下降。

QoQ:
与2020年第一季度相比,2020年第二季度的收入小幅下降了0.9%,主要是由于家禽整合部门的收入下降。由于我国进入MCO和有条件MCO阶段,活禽销售量下降以及活禽和家禽加工产品的销售价格降低,家禽整合部门的收入在2020年第二季度下降了16.5%。

前景:
尽管COVID-19大流行对世界和国内经济环境,大宗商品价格波动和外汇产生不确定性影响,但董事会预计该集团在2020年剩余时间内的业绩将有所改善。
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James Ng Stock Pick Performance:
Since Recommended Return:

a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.47, dividend RM0.052, in 2 years 1 month 2 days, total return is 392.6%

b. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM51.48 adjusted, dividend RM0.52, in 2 Years 2 months 13 days, total return is 328.3%

c. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM6.00 adjusted, dividend RM0.055, in 1 Year 3 months 12 days, total return is 262.6%

d. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM0.905, dividend RM0.005, in 3 months 21 days, total return is 156.3%

e. CHIN HIN GROUP BHD, recommended on 2 Feb 20, initial price was RM0.57, rose to RM1.38, dividend RM0.01, in 7 months 12 days, total return is 143.9%

f. INTA BINA GROUP BHD, recommended on 26 Apr 20, initial price was RM0.19, rose to RM0.375, in 4 months 19 days, total return is 97.4%

g. KAREX BHD, recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.805, dividend RM0.015, in 10 months 25 days, total return is 84.3%

h. DESTINI BHD, recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.31, in 11 months 21 days, total return is 55%

i. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.66, dividend RM0.003, in 1 Year 20 days, total return is 45.7%

j. UNISEM (M) BHD, recommended on 19 May 19, initial price was RM2.58, rose to RM3.62, dividend RM0.08, in 1 Year 3 months 26 days, total return is 43.4%

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超过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。

Whatsapp : 011 - 15852043

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

这个是我的TELEGRAM Group链接: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest

免责声明:
高波动性投资产品,你的交易存在风险。过往表现不能作为将来业绩指标。内容仅作为分享,讨论以及领域的分析,而非是一种投资建议,买或卖自负。请Like和Share。最终决定永远是你的,谢谢。

James Ng
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[MALAYAN FLOUR MILLS BHD: average selling prices and sales volume of the poultry processed products were dampened due to the lower demand in Q22020]

This quarter, increased of revenue was partially offset by a decline in the poultry integration segment's sales by 17.1%. The Group recorded an operating profit of RM5.1 million in Q22020 as compared to an operating profit of RM5.8 million in Q22019. The Group recorded a profit before tax (PBT) of RM2.0 million in Q22020 as compared to a PBT of RM3.4 million in Q22019.

Poultry integration segment recorded an operating loss of RM28.0 million in Q22020 as compared to an operating loss of RM16.6 million in Q2 2019:

a. The poultry processed product category experienced slow volume growth in Q22020, resulting from the Movement Control Order(MCO) which began in March 2020 and persisted till early May 2020. The decline in demand from food service channel which were closed for dine-in outweighed the higher demand from the retail channel. The average selling prices and sales volume of the poultry processed products were dampened due to the lower demand in Q22020.

b. In the Malaysian market, live birds prices fell as there was excessive live birds supply, caused by the market supply disruption especially in the slowdown of live birds export to neighbouring country and lower consumer demand for live birds in the midst of the MCO in March 2020 which persisted till early May 2020. As a result, losses were incurred due to the lower average live birds prices, higher production fixed cost per unit amidst the lower sales volume in Q2 2020.

c. Higher interest expenses were recorded in the poultry integration segment in Q22020 as compared to that of Q22019 as the new primary poultry processing plant was completed and became operational since Q12020.

d. Fair value gain on biological assets in Q22020 amounted to RM2.6 million as compared to a fair value gain on biological assets of RM2.9 million in Q2 2019.

In Q22020, the Group's share of profit of equity accounted joint venture in Indonesia amounted to RM2.1 million as compared to a share of profit of RM3.1 million in Q22019.

YTD, higher revenue was partially offset by a decline in the poultry integration segment's sales by 11.7%. The Group recorded an operating loss of RM2.0 million in the financial period ended 30 June 2020 as compared to an operating profit of RM29.6 million in the preceding year. The Group recorded a loss before tax (LBT) of RM11.6 million in 2020 as compared to a PBT of RM29.3 million in 2019.

Poultry integration segment recorded an operating loss of RM57.1 million in the financial period ended 30 June 2020 as compared to an operating loss of RM14.8 million in the preceding year:

a. The poultry processed product category suffered from slow volume growth and lower average selling prices when the MCO began in March 2020.

b. Lower live birds prices, higher production fixed cost per unit and lower sales volume in the financial period ended 30 June 2020 led to unfavourable margins.

c. Higher depreciation and interest expenses were recorded in the poultry integration segment in the financial period ended 30 June 2020 as compared to that of the preceding year as the new primary poultry processing plant was completed and became operational since Q12020.

d. Fair value loss on biological assets in the financial period ended 30 June 2020 amounted to RM5.4 million as compared to a fair value gain on biological assets of RM2.0 million in the preceding year.

Lower share of profit of equity accounted joint venture in Indonesia was recorded in the financial period ended 30 June 2020, amounting to RM1.0 million as compared to a share of profit of RM10.1 million in the preceding year. Whilst demand for flour remained strong, average selling prices declined due to the COVID-19 pandemic.

QoQ:
Revenue declined marginally by 0.9% in Q22020 as compared to that of Q12020, mainly attributed to lower revenue from the poultry integration segment. The poultry integration segment recorded a 16.5% decline in revenue in Q22020 due to lower sales volume of live birds and lower selling prices of both live birds and poultry processed products as the country entered into the MCO and Conditional MCO phases.

Prospects:
Despite the uncertain impact of the COVID-19 pandemic on the world and domestic economic environment, volatile commodities prices and foreign exchange, the Board expects an improvement in the Group’s performance for the remaining of year 2020.
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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 over 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.

James Ng

https://klse.i3investor.com/blogs/general/2020-09-15-story-h1513496963.jsp

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