[IOI CORP BHD：原油棕榈油价格已从2018年11月的三年低点改善至目前的每公吨2,200令吉至2,300令吉，目前的价格预计将持续，2019年第二季度可能会进一步提价，届时棕榈油库存预计将下降至300万吨以下]
2Q19 vs 2Q18:
IOI集团报告的PBT为4.342亿令吉，而二零一八年财政年度第二季度的报告则为10.73亿令吉。
种植：
Q2 FY2019的种植部门利润为2.668亿令吉，比Q2 FY2018的利润（6.465亿令吉）低59％。
资源制造：
基于资源的制造业部门于二零一九年财政年度第二季度的利润为2.685亿令吉，高于二零一八年财政年度第二季度的利润2.349亿令吉。撇除衍生金融工具的公允价值收益，资源制造业务的二零一九年财政年度第二季度的基本盈利为2.305亿令吉，比二零一八年财政年度第二季度的利润1.903亿令吉高出21％。利润增加主要是由于较高的销售量和来自油脂化学子部门的较高利润以及来自Bunge Loders Croklaan Group B.V.（“Loders”）的合作伙伴的份额。
2Q19 vs 1Q19：
IOI集团于二零一九年财政年度第二季度报告的PBT为2.39亿令吉，而二零一九年财政年度第一季的PBT则为1.952亿令吉。不包括外币计价借款和存款的净外币换算亏损2280万令吉（Q1 FY2019--6110万令吉），以及来自资源制造业务的衍生金融工具的公允价值收益RM1780万（Q1 FY2019--2020万令吉），2019财年第二季度的基础PBT为2.44亿令吉，略高于Q1 FY2019的PBT，即2.361亿令吉，主要原因是资源制造业的贡献较高但被种植业部门的贡献减少所抵消。
种植：
Q2 FY2019的种植业部门利润为1.173亿令吉，比Q1 FY2019的1.495亿令吉的利润低22％。
资源制造：
基于资源的制造业部门报告的Q2 FY2019的利润为1.393亿令吉，而Q1 FY2019则为1.292亿令吉。撇除衍生金融工具的公允价值收益，基于资源的制造业务于二零一九年财政年度第二季度的基本盈利为1.215亿令吉，较二零一九年财政年度第一季的基本盈利1.09亿令吉高出11％，主要由于销量增加及精炼市场的利润率提高。
前景：
原油棕榈油价格已从2018年11月的三年低点改善至目前的每公吨2,200令吉至2,300令吉。目前的价格预计将持续，2019年第二季度可能会进一步提价，届时棕榈油库存预计将下降至300万吨以下。
随着前面提到的毛棕榈油价格的上涨，他们预计在Q3 FY2019，种植业务部门的财务业绩会略有改善。作为其油脂化学业务的关键原料，棕榈仁油的价格并没有随着棕榈油价格的上涨而增加。加上对脂肪酸的持续需求，他们预计其油脂化学品部门将在下一季继续表现良好。
他们拥有30％股权的专业脂肪联营公司Bunge Loders Croklaan预计将在糖果和营养品类别的销量增加，以及公司整合到Bunge食用油组织中产生的协同效应方面表现良好。因此，基于资源的制造业部门预计将表现良好。
美元 - 令吉和欧元 - 令吉汇率的变动将继续导致他们的美元和欧元计价借款的非现金外汇换算收益或损失。总体而言，预计IOI集团将在FY2019的未来两个季度内表现令人满意。
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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 RM1.22 (dividend RM0.015) in 7 months 29 days, total return is 72.7%
b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.35 in 3 months 25 days, total return is 68.8%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.25 in 9 months 9 day, total return is 57.2%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.85 in 2 months 21 days, total return is 47.8%
e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.28 in 3 months 18 days, total return is 32.6%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.35 (dividend RM0.0825) in 5 months 27 days, total return is 28.7%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.80 (dividends RM0.02) in 6 months 10 days, total return is 27.3%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 3 months 10 days, total return is 18.8%
i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.19 in 2 months 21 days, total return is 14.4%
j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.41 (dividend RM0.035) in 4 months 23 days, total return is 13.8%
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 https://web.facebook.com/jamesshareinvest/ 与我联系
【看懂年报和季报】课程
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James Ng
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[IOI CORP BHD: CPO price has improved from the three-year low in November 2018 to the current RM2,200 to RM2,300 per metric ton range, the current price is expected to be sustained with the possibility of further price increase during the second quarter of year 2019, when palm oil stock is expected to decline to below three million metric tons]
2Q19 vs 2Q18:
The Group reported a PBT of RM434.2 million as compared to RM1,073.0 million reported for Q2 FY2018.
Plantation:
The plantation segment profit for Q2 FY2019 of RM266.8 million is 59% lower than the profit for Q2 FY2018 of RM646.5 million.
Resource-based Manufacturing:
The resource-based manufacturing segment profit of RM268.5 million for Q2 FY2019 is higher than profit of RM234.9 million reported for Q2 FY2018. Excluding the fair value gain on derivative financial instruments, the underlying profit for resource-based manufacturing segment of RM230.5 million for Q2 FY2019 is 21% higher than the profit of RM190.3 million for Q2 FY2018. The higher profit is mainly due to higher sales volume and margins from oleochemical sub-segment and share of associate result from Bunge Loders Croklaan Group B.V. (“Loders”).
2Q19 vs 1Q19:
The Group reported a PBT of RM239.0 million for Q2 FY2019 as compared to PBT of RM195.2 million for Q1 FY2019. Excluding the total net foreign currency translation loss of RM22.8 million (Q1 FY2019 – RM61.1 million) on foreign currency denominated borrowings and deposits as well as fair value gain on derivative financial instruments from the resource-based manufacturing segment of RM17.8 million (Q1 FY2019 – RM20.2 million), the underlying PBT of RM244.0 million for Q2 FY2019 is marginally higher than the underlying PBT of RM236.1 million for Q1 FY2019, due mainly to higher contribution from the resource-based manufacturing segment, offset by lower contribution from plantation segment.
Plantation:
The plantation segment profit for Q2 FY2019 of RM117.3 million is 22% lower than the profit for Q1 FY2019 of RM149.5 million.
Resource-based Manufacturing:
The resource-based manufacturing segment reported a profit of RM139.3 million for Q2 FY2019 as compared to RM129.2 million reported for Q1 FY2019. Excluding the fair value gain on derivative financial instruments, the underlying profit for resource-based manufacturing segment of RM121.5 million for Q2 FY2019 is 11% higher than the underlying profit of RM109.0 million for Q1 FY2019 mainly due to higher sales volume and margins from refining sub-segment.
Prospects:
Crude palm oil (“CPO”) price has improved from the three-year low in November 2018 to the current RM2,200 to RM2,300 per metric ton range. The current price is expected to be sustained with the possibility of further price increase during the second quarter of year 2019, when palm oil stock is expected to decline to below three million metric tons.
With the increase in CPO price as mentioned earlier, they foresee a slight improvement in financial performance from the plantation segment during Q3 FY2019. Price of palm kernel oil, a key raw material for their oleochemical business, has not increased in line with the increase in palm oil price. Coupled with the consistent demand for fatty acids and fatty esters, they expect their oleochemical sub-segment to continue to perform well in the coming quarter.
Their 30%-owned specialty fats associate company, Bunge Loders Croklaan, is expected to perform well with higher sales volume in the confectionery and nutrition categories, coupled with synergies arising from the integration of the company into the Bunge edible oils organisation. As a result, the resource-based manufacturing segment is expected to perform well.
Movements in the US Dollar–Ringgit and Euro–Ringgit exchange rates will continue to result in non-cash forex translation gain or loss on their USD and Euro–denominated borrowings. Overall, the Group is expected to perform satisfactorily during the next two quarters in FY2019.
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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 RM1.22 (dividend RM0.015) in 7 months 29 days, total return is 72.7%
b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.35 in 3 months 25 days, total return is 68.8%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.25 in 9 months 9 day, total return is 57.2%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.85 in 2 months 21 days, total return is 47.8%
e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.28 in 3 months 18 days, total return is 32.6%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.35 (dividend RM0.0825) in 5 months 27 days, total return is 28.7%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.80 (dividends RM0.02) in 6 months 10 days, total return is 27.3%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 3 months 10 days, total return is 18.8%
i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.19 in 2 months 21 days, total return is 14.4%
j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.41 (dividend RM0.035) in 4 months 23 days, total return is 13.8%
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 https://web.facebook.com/jamesshareinvest/
In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://web.facebook.com/jamesshareinvest/posts/2233928256873916 by date.
James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/
James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp
Facebook Group: https://www.facebook.com/groups/jamesinvesting
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/202188.jsp
