[HAI-O ENTERPRISE BHD：更多新产品开发，推出更广泛的护肤品和食品补充品，通过数字营销平台扩大分销商的基础，针对年轻一代客户群的A＆P计划]
截至2018年4月30日止年度，海鸥的收入较上一财政年度的4.042亿令吉增加到4.618亿令吉，增幅为14.2％。增加的主要原因是所有主要部门的收入增加，即批发，多层次营销（“MLM”）和零售部门。批发部门的表现优于其他部门，收入增加20.9％至6,370万令吉，而去年则为5260万令吉，主要是由于药膳补品的销售额增加。 MLM部门的收入增长了14.1％，达到3.525亿令吉，这主要得益于其大部分产品的销售额增长。零售部门的收入增长8.7％至4150万令吉。
海鸥的税前利润为1.016亿令吉，但在确认员工的购股权（ESOS）开支为260万令吉后，税前利润相应调整为9900万令吉，而去年同期为7830万令吉，增长26.5％。税前利润的增加主要来自传销和批发部门。转售库存股份的收益约为200万令吉，亦在这财政年度带来更高的利润。海鸥的净利率上升1.6％至16.3％，主要是由于其优质产品销售额增加及产品利润率改善所致。
归属于母公司股东的权益为3.083亿令吉，较截至2017年4月30日的上一财政年度的2.848亿令吉增加8.3％，考虑到该公司拥有人应占的利润为7480万令吉和收购子公司的额外权益。截至2018年4月30日止的当前财政年度拟议的第二次中期股息为870万令吉，作为本季度未分配利润的拨款。
截至2018年4月30日，海鸥的总资产为3.968亿令吉（FYE 30.4.2017：3.643亿令吉）。总资产增加3250万令吉包括额外物业，厂房及设备及投资物业，总额达1,700万令吉，包括升级和重新移位两个现有的零售部门和翻新巴生的新仓库，以及吉隆坡其中一处物业的外观改造。由于海鸥需要有足够的库存以满足其较高的销售需求，库存从7170万令吉增加至9150万令吉，与销售增加同步。每股净资产增加至1.06令吉，截至2017年4月30日止的上一财政年度为0.98令吉。
本季度与上一年度相应的季度相比：
传销部门：
税前利润下调13.8％至1,680万令吉，主要是由于收入减少。
批发部门：
与去年同季相比，对外收入和税前利润分别增长34.6％和61.3％至1,700万令吉和360万令吉。税前利润增加的主要原因是中药补品的销售额增加。部门间销售的贡献增加也进一步促进了税前利润的增加。
零售部门：
收入增加46.2％至1,370万令吉，而去年同期则为940万令吉。该部门的税前利润较去年同期增加140万令吉。
本财政年度与上一财政年度相比：
这财政年度，海鸥较高的收入及税前利润分别为4.618亿令吉及9,900万令吉，而去年同期则为4.042亿令吉及7,830万令吉，较去年相应的时期分别增加14.2％及26.5％。
传销部门：
该部门的收入和税前利润分别为3.525亿令吉和7030万令吉，较去年的3.089亿令吉和6260万令吉分别增长14.1％和12.3％。收入增加主要来自大部分产品的销售增加。在本财政年度，该部门推出了几种新产品，包括食品和饮料，化妆品和护肤品，个人护理和生活方式相关的产品系列。这些新产品进一步促进了收入和利润的增长。本财政年度25周年大促销活动进一步推动了销售额增长（与上年相比）。
尽管本财政年度确认ESOS费用为60万令吉，营销成本增加约450万令吉，但税前利润从6260万令吉增加12.3％至7030万令吉，这是由于收入增加和本财政年度推出更广泛的产品系列所致。
批发部门：
该部门的收入为6370万令吉，较去年的5260万令吉增加，增幅为20.9％。举办的大型活动以及对其主要产品的大力推广获得了极大的响应，为该部门带来了更高的收入和利润。
尽管在本财政年度确认ESOS费用为140万令吉，但税前利润增加1,350万令吉至2220万令吉，主要是由于优质中药补品，专利药和复古普洱茶的销售贡献较高。此外，通过销售给传销和零售部门产生的更高利润也有助于其盈利。此外，转售库存股份的收益约为200万令吉，增加了利润。
零售部门：
在财政年度开展的积极推广活动，加上所有网点实施有效的销售奖励计划，有助于提升该部门的销售额。与去年相比，收入和税前利润分别增长8.7％和12.1％至4150万令吉和160万令吉。
其他部门：
税前利润下调约10.1％，由560万令吉降至510万令吉，原因是制造部门的部门间销售额下降以及ESOS费用为10万令吉的一次性确认。
本季度与前一季度相比：
第四季度，海鸥录得较高的收入1.106亿令吉，较前一季的1.031亿令吉增加7.4％，主要由于传销及零售部门的收入增加所致。
传销部门：
收入增加4.7％至7910万令吉，而前一季度为7550万令吉，主要是由于第四季度开展的年末海外奖励旅游销售活动与25周年大促销，且前一季度的基数较低。税前利润为1680万令吉，增长15.9％，主要是由于本季度销售额增加所致。
批发部门：
税前利润由890万令吉减少约59.3％至360万令吉，主要是由于来自部门间销售的贡献减少所致。
零售部门：
与上一季度相比，收入和税前利润分别增加440万令吉和130万令吉至1,370万令吉和140万令吉。本季度较高的收入和税前利润主要来源于年终会员的促销活动以及第四季度CNY销售额的额外贡献。
前景：
尽管财政部宣布从2018年6月1日生效的商品及服务税为零巴仙，并有3个月免税假期，海鸥仍保持谨慎态度，并采取积极措施，以减轻营运环境的业务风险。
MLM部门将继续开展更多新产品开发，并计划推出更广泛的护肤品和食品补充品，以及集团努力渗透时尚和生活方式相关系列产品。此外，该部门将继续通过数字营销平台扩大其分销商的基础。对于批发部门，它将继续对其主要产品 - 中药补品进行A＆P计划，并针对年轻一代扩大其客户群。此外，它将继续确保更多新的海外代理来扩大其产品基础。对于零售部门，与其中一家知名大型超市合作开设特许经营柜台正在筹备中。此外，该部门正在努力开发更多新的自有品牌产品，以扩大其产品组合并提高利润率。鉴于上述情况，董事会对海鸥将于下一个财政年度继续盈利保持谨慎乐观态度。
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James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.895 in 1 month 2 day, total return is 25.2%
2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months 6 days, total return is 19.8%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 13 days, total return is 10.1%
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。
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James Ng
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[HAI-O ENTERPRISE BHD: more new product development and plan to roll out wider range of skin care and food supplements, widen distributors’ base through digital marketing platform, carry out A&P program to target on younger generation]
For the year ended 30 April 2018, the Group recorded a higher revenue of RM 461.8 million as compared to the previous financial year of RM 404.2 million, an increase of 14.2%. The increase was mainly attributed to the increase in revenue across all main divisions namely the Wholesale, Multi-level marketing (“MLM”) and Retail divisions. The Wholesale division outperformed other divisions with revenue increased by 20.9% to RM 63.7 million as compared to previous year of RM 52.6 million mainly attributable to higher sales generated from medicated tonic. The MLM division’s revenue increased by 14.1% to RM 352.5 million which was driven by higher sales for most of its products. Revenue from Retail division increased by 8.7% to RM 41.5 million.
The Group’s pre-tax profit recorded at RM 101.6 million, however after recognizing employees’ share option (“ESOS”) expenses of RM 2.6 million, the profit before tax adjusted accordingly to RM 99.0 million as compared to previous year corresponding period of RM 78.3 million, increased by 26.5%. The increase in pre-tax profit was mainly contributed by the MLM and Wholesale divisions. The gain from resale of treasury shares amounting to approximately RM 2.0 million also contributed higher profit in the financial year under review. The Group’s net margin improved by 1.6% to 16.3% mainly due from the higher sales of its premium products and improvement in product margin.
The equity attributable to equity holders of the parent stood at RM 308.3 million, an increase of 8.3% as compared to previous financial year ended 30 April 2017 of RM 284.8 million, after taking into account the profit attributable to owners of the company of RM 74.8 million and acquisition of additional interest in a subsidiary. The proposed 2nd single tier interim dividend of RM8.7 million in respect of current financial year ended 30 April 2018 was accounted for as an appropriation of retained earnings in the quarter under review.
The Group’s total assets as at 30 April 2018 stood at RM 396.8 million (FYE 30.4.2017: RM364.3 million). The increase in total assets by RM 32.5 million included additional property, plant and equipment and investment properties amounting to RM 17.0 million in respect of upgrading and re-location of two existing outlets for Retail division and refurbishing of a new warehouse in Klang coupled with façade enhancement of one of the property in Kuala Lumpur. The increase in inventories from RM 71.7 million to RM 91.5 million was in tandem with the increase in sales as the Group required to have sufficient stocks to meet its higher sales requirement. The net assets per share increased to RM 1.06 against previous financial year ended 30 April 2017 of RM 0.98.
Current quarter compared to the preceding year’s corresponding quarter:
MLM division:
The pre-tax profit was lowered by 13.8% to RM 16.8 million mainly due to lower revenue achieved.
Wholesale division:
The external revenue and pre-tax profit increased by 34.6% and 61.3% to RM 17.0 million and RM 3.6 million respectively as compared to the preceding year’s corresponding quarter. The increase in pre-tax profit were mainly contributed by higher sales generated from Chinese medicated tonic. Higher contribution from inter-segment sales had also further contributed to the increased in the pre-tax profit.
Retail division:
The revenue increased by 46.2% to RM 13.7 million as compared to the preceding year’s corresponding quarter of RM 9.4 million. The division recorded higher pre-tax profit of RM 1.4 million as compared to the preceding year’s corresponding quarter.
Current financial year compared to the preceding financial year:
For the financial year under review, the Group recorded higher revenue and pre-tax profit of RM 461.8 million and RM 99.0 million as compared to RM 404.2 million and RM 78.3 million, representing an increase of 14.2% and 26.5% respectively for the preceding year’s corresponding period.
MLM division:
The division recorded higher revenue and pre-tax profit of RM 352.5 million and RM70.3 million as compared to previous year of RM 308.9 million and RM 62.6 million, increased by 14.1% and 12.3% respectively. The increase in revenue was mainly derived from higher sales for most of the products. During the financial year, the division had introduced several new products under food & beverage, cosmetic & skincare, personal care and lifestyle related range of products. These new products had further contributed to the increase in revenue and profit. The 25th year anniversary grand sales promotion during the financial year had further boost up sales as compared to the preceding year.
Despite the ESOS expenses of RM 0.6 million being recognised in the current financial year and increased in marketing development costs by about RM 4.5 million, the pre-tax profit increased by 12.3% from RM 62.6 million to RM 70.3 million which was driven by higher revenue and wider product range introduced during the financial year.
Wholesale division:
The division registered higher revenue of RM 63.7 million as compared to previous year of RM 52.6 million, representing an increase of 20.9%. The mega event held together with the grand promotion of its key products received an over-whelming response which contributed higher revenue and profit to the division.
Despite the ESOS expenses of RM 1.4 million being recognised in the current financial year, the pre-tax profit increased by RM 13.5 million to RM 22.2 million mainly attributed to higher contribution from sales of premium Chinese medicated tonic, patented medicine and vintage Puer tea. Furthermore, higher profit generated from intersegment sales to MLM and Retail divisions also helped to contribute to its bottom line. Besides, gain from the resale of treasury shares amounting to approximately RM 2.0 million was added on to the profit.
Retail division:
The aggressive promotion campaigns carried out during the financial year coupled with the implementation of effective sales incentive scheme across all outlets had helped to boost up the sales for the division. The revenue and pre-tax profit registered an increase of 8.7% and 12.1% to RM 41.5 million and RM 1.6 million respectively as compared to previous year.
Other division:
The pre-tax profit was lowered by about 10.1%, from RM 5.6 million to RM 5.1 million due to lower intersegment sales in the manufacturing division and after the recognition of the one off ESOS expenses of RM 0.1 million.
current quarter compared with immediate preceding quarter:
For the fourth quarter under review, the Group recorded higher revenue of RM 110.6 million, increased by 7.4% as compared with the immediate preceding quarter of RM 103.1 million, mainly attributable to higher revenue generated from the MLM and Retail divisions.
MLM division:
The revenue increased by 4.7% to RM 79.1 million as compared with the immediate preceding quarter of RM 75.5 million mainly attributable to the year-end overseas incentive trip sales campaign carried out in the 4th quarter against lower based in the immediate preceding quarter post 25th anniversary grand sales promotion. The pre-tax profit was posted at RM 16.8 million, increased by 15.9% mainly due to higher sales generated during the quarter.
Wholesale division:
The pre-tax profit decreased by about 59.3% from RM 8.9 million to RM 3.6 million mainly attributable to lower contribution from inter-segment sales.
Retail division:
The revenue and pre-tax profit increased by RM 4.4 million and RM 1.3 million to RM13.7 million and RM 1.4 million respectively as compared with the immediate preceding quarter. The higher revenue and pre-tax profit in the current quarter were mainly derived from year end members’ sales promotion coupled with additional contribution from CNY sales in the fourth quarter.
Prospects:
Despite the announcement made by the Ministry of Finance on zero-rating the GST effective 1 June 2018 and the 3-months tax free holiday, the Group remains cautious and will take proactive measures to mitigate the business risks surrounding the operating environment.
The MLM division will continue to carry out more new product development and plan to roll out wider range of skin care and food supplements, in addition to the Group’s effort to penetrate into fashion & lifestyle related range of products. Besides, the division will continue to widen its distributors’ base through digital marketing platform. For Wholesale division, it will continue to carry out A&P program on its key products - Chinese medicate tonic and is targeting on the younger generation to widen its customer based. Besides, it will continue to secure more new overseas agencies to widen its product base. For the Retail division, the collaboration with one of the well-known hypermarkets to open concession counter is in the pipeline. In addition, the division is working to develop more new house-brand products to widen its product portfolio and enhance the margin. In view of the above, the Board of Directors remains cautiously optimistic that the Group will continue to be profitable in the next financial year.
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James Ng Stock Pick Performance:
Since Recommended Return:
1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.895 in 1 month 2 day, total return is 25.2%
2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months 6 days, total return is 19.8%
3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 13 days, total return is 10.1%
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.
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https://klse.i3investor.com/blogs/general/174212.jsp
