[KESM INDUSTRIES BHD：burn-in和测试服务的材料供应暂时受到影响]
KESM科技的收入较去年第一季的9070万令吉下降10％或920万令吉，至2018年10月31日止的当季度8,160万令吉（「1QFY2019」），主要由于用于burn-in和测试服务需求减少。其他收入减少89％或120万令吉，主要是由于交易的投资证券没有公允价值收益60万令吉，而且没有出售机器零件的收益50万令吉。
由于提供电子制造服务给新客户所产生的材料成本增加，所使用的原材料和消耗品以及成品库存和在制品的变化增加了10％或80万令吉，从790万令吉增加到880万令吉。其他费用增加4％或RM70万，主要是由于较高的费率导致公用事业成本增加了90万令吉。因此，KESM科技的税前利润减少72％或970万令吉，由1,350万令吉减少至1QFY2019的380万令吉。
物业，厂房及设备（「PPE」）较2018年7月31日（「2018财政年度」）的2.11亿令吉下跌4％或910万令吉，至2018年10月31日的2.02亿令吉。 PPE的下跌主要是由于折旧费用为1,960万令吉，被资本支出1010万令吉所抵消。
贸易及其他应付款项减少8％或290万令吉，由3700万令吉减至3410万令吉，主要归因于派发540万令吉股息，但被机器及测试设备的应付款项增加110万令吉，应计营业费用增加了60万令吉，而某些杂项应付款增加了110万令吉所抵消。KESM科技的贷款及借款较去年同期减少8％或720万令吉，由9,490万令吉减至8,770万令吉，主要由于偿还1,380万令吉，被额外借款650万令吉以资助扩张支出抵销。
KESM科技于1QFY2019实现税前利润380万令吉，而截至2018年7月31日止的上一季度则为1,000万令吉。税前利润减少620万令吉主要是由于（i）减少净收入为500万令吉; （ii）上一季度持作交易的投资证券的公允价值有产生收益，而1QFY2019持作买卖的投资证券因公平价值亏损而产生的差异为170万令吉。
前景：
根据2018年10月国际货币基金组织展望报告，随着主要经济体之间贸易战的持续升级，全球经济增长率已向下修正，预计2018年为3.7％。尽管他们的burn-in和测试服务的材料供应暂时受到影响，但董事会认为KESM科技将更具弹性和精简，以支持其客户调整生产计划的计划。
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James Ng Stock Pick Performance:
Since Recommended Return:
1) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 4 months 22 days, total return is 18.9%
2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.83 in 3 months 11 day, total return is 16.1%
3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.10 in 1 month 9 days, total return is 11.1%
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[KESM INDUSTRIES BHD: material supplies for their burn-in and test services are temporarily impacted]
The Group’s revenue was lower by 10% or RM9.2 million, from RM90.7 million in the preceding year’s first quarter, to RM81.6 million for the current quarter ended 31 October 2018 (“1QFY2019”), mainly due to lower demand for burn-in and testing services. Other income reduced by 89% or RM1.2 million, mainly due to the absence of a fair value gain on investment securities held for trading of RM0.6 million and absence of a gain on disposal of machinery spares of RM0.5 million.
Raw materials and consumables used and changes in inventories of finished goods and work-inprogress increased by 10% or RM0.8 million, from RM7.9 million to RM8.8 million, as a result of higher material costs incurred in rendering electronic manufacturing service to newer customers. Other expenses were higher by 4% or RM0.7 million, mainly attributable to higher utility costs by RM0.9 million, resulting from higher rates. Consequently, the Group’s profit before tax reduced by 72% or RM9.7 million, from RM13.5 million to RM3.8 million in 1QFY2019.
Property, plant and equipment (“PPE”) was lower by 4% or RM9.1 million, from RM211.0 million as at 31 July 2018 (“FY2018”) to RM202.0 million as at 31 October 2018. The decrease in PPE was primarily due to depreciation charge of RM19.6 million, offset by capital expenditure of RM10.1 million.
Trade and other payables decreased by 8% or RM2.9 million, from RM37.0 million to RM34.1 million, largely attributable to dividend payments of RM5.4 million, offset by higher payables for purchases of machinery and test equipment by RM1.1 million, and higher accrued operating expenses by RM0.6 million and an increase of certain sundry payables of RM1.1 million. The Group’s loans and borrowings were lower by 8% or RM7.2 million, from RM94.9 million to RM87.7 million, primarily due to repayments of RM13.8 million, offset by additional borrowings of RM6.5 million to fund the capital expenditure.
The Group achieved profit before tax of RM3.8 million for 1QFY2019, compared to RM10.0 million in the preceding quarter ended 31 July 2018. The decrease in profit before tax by RM6.2 million was mainly due to (i) a reduction in net revenue of RM5.0 million; and (ii) a variance of RM1.7 million arising from a fair value loss on investment securities held for trading in 1QFY2019, as compared to a fair value gain on investment securities held for trading in the preceding quarter.
Prospects:
According to the October 2018 International Monetary Fund Outlook Report, global growth has been revised downwards, to be projected at 3.7% in 2018, following the on-going escalation of trade wars between major economies. Although material supplies for their burn-in and test services are temporarily impacted, the Board believes that the Group will emerge more resilient and streamlined to support their customers’ plans to adjust their production plans.
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James Ng Stock Pick Performance:
Since Recommended Return:
1) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.945 in 4 months 22 days, total return is 18.9%
2) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.83 in 3 months 11 day, total return is 16.1%
3) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.10 in 1 month 9 days, total return is 11.1%
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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