[UNITED MALACCA BHD：CPO及PK价格偏低，不利潮湿天气导致FFB收益率低以及RM306万净汇兑亏损，自2019财年起采用马来西亚财务报告准则（“MFRS框架”）要求对bearer plants（以前称为生物资产）的价值进行摊销，并提供长期租赁土地的额外折旧]
3Q19 vs 3Q18:
截至2019年1月31日止的本季度，税前利润为330万令吉，较去年同期的1,481万令吉低78％。剔除对采用MFRS框架的影响，本季度的税前利润为988万令吉，较去年同期的2,332万令吉减少58％。
本季度税前利润下降主要是由于原棕油（“CPO”）和棕榈仁（“PK”）的平均价格分别下降了26％和45％，马来西亚和印度尼西亚业务的FFB收益率也较低，和由于年轻成熟的棕榈树（马来西亚 - 2,184公顷和印度尼西亚 - 3,384公顷）的影响，单位生产成本较高。
种植：
马来西亚业务：
本季度种植园利润为52万令吉，较去年同期的1,300万令吉低96％。剔除对采用MFRS框架的影响，种植园利润将为550万令吉，比去年同期的2015万令吉低73％。
本季度种植利润下降主要是由于CPO平均价格下降到1,892令吉/吨（上年度：2,561令吉/吨）和PK为1,392令吉/吨（上年度：2,522令吉/吨）以及沙巴2184公顷年轻成熟的棕榈树对单位生产成本的影响。此外，由于马来西亚半岛以及沙巴的Meridian Estates的FFB产量较低，FFB产量减低到4.61吨/公顷（前一年：5.01吨/公顷），导致种植利润下降。
印尼业务：
本季度和上一年同季度的种植园损失分别为405万令吉和276万令吉。剔除对采用MFRS框架的影响，种植园损失分别为244万令吉和140万令吉。
尽管当前季度的FFB产量增加了74％或4,604吨，但本季度的种植园损失主要是由于年轻成熟面积（达3,384公顷）的单位生产成本较高（占成熟总量的65％区域）以及FFB销售价格较低（与去年同期相比下降44％）。
投资控股：
本季度的投资利润为682万令吉，主要是由于汇兑净收益为830万令吉，超过了199万令吉的利息支出。
YTD19 vs YTD18：
截至2019年1月31日止本期间，联合马六甲录得税前亏损3,098万令吉，而去年同期则录得3106万令吉溢利。剔除采用MFRS框架的影响，本期税前亏损为1,337万令吉，而去年同期则为5007万令吉。
本期税前亏损主要是由于马来西亚和印尼业务的FFB产量较低，CPO和PK的平均价格分别下降了21％和34％以及年轻成熟的棕榈树（马来西亚 - 2,184公顷和印度尼西亚 - 3,384公顷）的影响，单位生产成本高。此外，本期税前亏损也是由于净外汇损失306万令吉以及利息支出增加所致。
种植：
马来西亚业务：
本期录得种植园亏损1,230万令吉，而去年同期则录得3546万令吉。剔除对采用MFRS框架的影响，马来西亚业务的盈利将达到96万令吉，较去年同期的5041万令吉减少98％。
本期低种植园利润主要是由于马来西亚半岛的FFB产量较低以及沙巴的Meridian Estates由于2017年1月至2018年3月延长潮湿天气的影响，受到延迟的影响，FFB产量较低，为10.96吨/公顷（去年为13.27吨/公顷）。因此，FFB产量下降了15％或40,911吨。
此外，毛棕榈油的平均价格较低，为RM2,104 / tonne（上一年：RM2,672 / tonne），PK为1,576令吉/吨（上一年：RM2,378 / tonne）以及沙巴的2,184公顷年轻成熟的棕榈树的影响，单位生产成本高，导致种植园利润低。
印尼业务：
本期和上一年同期均录得种植亏损1,249万令吉及748万令吉。剔除对采用MFRS框架的影响，种植园损失分别为813万令吉和343万令吉。
尽管当期的FFB产量增加了38％或7,663吨，但本期的种植园损失主要是由于年轻成熟面积3,384公顷的高单位生产成本（占成熟总量的65％）以及FFB销售价格较低（与去年同期相比下降30％）。
投资控股：
本期间投资亏损619万令吉主要是由于利息支出为527万令吉以及外汇净亏损为306万令吉，虽然利息收入增加。
3Q19 vs 2Q19：
截至2019年1月31日止的本季度，联合马六甲的税前利润为330万令吉，而上一季度为亏损1,332万令吉。
种植：
马来西亚业务：
尽管毛棕榈油的平均价格为1,892令吉/吨（上一季度：2,156令吉/吨）和PK为1,392令吉/吨（上季度：1,699令吉/吨），但与上一季度相比较本季度种植利润较高主要是由于FFB产量较高，为4.61吨/公顷（上一季度：3.55吨/公顷），以及较低的单位生产成本。
印尼业务：
本季度和前个季度的种植园损失分别为405万令吉和429万令吉。
投资控股：
本季度的投资利润为682万令吉，主要是由于汇兑净收益为830万令吉，超过了199万令吉的利息支出。
前景：
联合马六甲于截至2019年4月30日（「2019财政年度」）的财政年度首九个月录得亏损，主要由于CPO及PK价格偏低，不利潮湿天气导致FFB收益率低以及RM306万净汇兑亏损。此外，自2019财年起采用马来西亚财务报告准则（“MFRS框架”）要求对bearer plants（以前称为生物资产）的价值进行摊销，并提供长期租赁土地的额外折旧。 2019财年前九个月采用MFRS框架的总影响为1,760万令吉。假设毛棕榈油价格维持在当前水平，联合马六甲预计本财政年度第四季度仍将面临挑战。
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James Ng Stock Pick Performance:
Since Recommended Return:
a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.51 in 4 months 7 day, total return is 88.8%
b) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.33 (dividend RM0.015) in 8 months 11 days, total return is 88.1%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.24 in 9 months 20 day, total return is 56%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.83 in 3 months 3 days, total return is 44.3%
e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.38 in 3 months 29 days, total return is 43%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.40 (dividend RM0.0825) in 6 months 9 day, total return is 31.3%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.73 (dividends RM0.03) in 6 months 21 days, total return is 23.1%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.02 in 3 months 21 days, total return is 20%
i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.18 in 3 months 3 days, total return is 13.5%
j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 5 day, total return is 13%
k) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.48 (dividend RM0.01) in 9 months 22 days, total return is 6.4%
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> 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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日期：4月28日星期日
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日期：5月26日星期日
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Facebook Group: https://www.facebook.com/groups/jamesinvesting
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James Ng
--------------------------------
[UNITED MALACCA BHD: low CPO and PK prices, low FFB yield caused by adverse wet weather as well as net foreign exchange loss of RM3.06 million, the adoption of Malaysian Financial Reporting Standards ("MFRS Framework") effective FY 2019 requires the value of bearer plants (previously known as biological assets) to be amortised and additional depreciation of long term leasehold land to be provided]
3Q19 vs 3Q18:
During the current quarter ended 31 January 2019, the pretax profit of RM3.30 million was 78% lower compared with RM14.81 million in the corresponding quarter of the preceding year. Excluding the impact on adoption of MFRS Framework, the pretax profit in the current quarter would be RM9.88 million which was 58% lower compared with RM23.32 million in the corresponding quarter of the preceding year.
Lower pretax profit in the current quarter was mainly due to lower average prices of crude palm oil ("CPO") and palm kernel ("PK") by 26% and 45% respectively, low FFB yield from both Malaysian and Indonesian operations as well as the impact of young matured palms (Malaysia - 2,184 hectares and Indonesia - 3,384 hectares) with high unit cost of production.
Plantation:
Malaysian operations:
Plantation profit of RM0.52 million in the current quarter was 96% lower compared with RM13.00 million in the corresponding quarter of the preceding year. Excluding the impact on adoption of MFRS Framework, the plantation profit would be RM5.50 million which was 73% lower than RM20.15 million in the corresponding quarter of the preceding year.
Lower plantation profit in the current quarter was mainly due to lower average prices of CPO of RM1,892/tonne (preceding year: RM2,561/tonne) and PK of RM1,392/tonne (preceding year: RM2,522/tonne) as well as the impact of 2,184 hectares of young matured palms in Sabah with high unit cost of production. In addition, lower plantation profit also due to lower FFB yield of 4.61 tonne/ha (preceding year: 5.01 tonne/ha), arising from low FFB yield from Peninsular Malaysia as well as Meridian Estates in Sabah.
Indonesian operations:
Plantation losses of RM4.05 million and RM2.76 million were recorded for both current quarter and corresponding quarter of the preceding year. Excluding the impact on adoption of MFRS Framework, the plantation losses would be RM2.44 million and RM1.40 million respectively.
Even though the FFB production for the current quarter was higher by 74% or 4,604 tonnes, plantation loss was recorded for the current quarter mainly due to high unit cost of production for the young matured area of 3,384 hectares (consist of 65% of total matured area) as well as low FFB selling price (44% lower compared with that in the corresponding quarter of the preceding year).
Investment Holding:
Investment profit of RM6.82 million in the current quarter was mainly due to net foreign exchange gain of RM8.30 million which more than offset the interest expenses of RM1.99 million.
YTD19 vs YTD18:
During the current period ended 31 January 2019, the Group recorded a pretax loss of RM30.98 million compared with a profit of RM31.06 million in the corresponding period of the preceding year. Excluding the impact on adoption of MFRS Framework, the pretax loss in the current period would be RM13.37 million compared with a profit of RM50.07 million in the corresponding period of the preceding year.
Pretax loss in the current period was mainly due to low FFB yield from both Malaysian and Indonesian operations, lower average prices of CPO and PK by 21% and 34% respectively as well as the impact of young matured palms (Malaysia - 2,184 hectares and Indonesia - 3,384 hectares) with high unit cost of production. In addition, pretax loss in the current period was also due to net foreign exchange loss of RM3.06 million as well as higher interest expenses.
Plantation:
Malaysian operations:
Plantation loss of RM12.30 million was recorded in the current period compared with a profit of RM35.46 million in the corresponding period of the preceding year. Excluding the impact on adoption of MFRS Framework, Malaysian operations would have shown a profit of RM0.96 million which was 98% lower compared with RM50.41 million in the corresponding period of the preceding year.
Low plantation profit in the current period was mainly due to lower FFB yield of 10.96 tonne/ha (preceding year: 13.27 tonne/ha), arising from low FFB yield from Peninsular Malaysia as well as Meridian Estates in Sabah which was affected by the delayed impact of extended wet weather from January 2017 to March 2018. As a result, the FFB production was lower by 15% or 40,911 tonnes.
In addition, the lower average prices of CPO of RM2,104/tonne (preceding year: RM2,672/tonne) and PK of RM1,576/tonne (preceding year: RM2,378/tonne) as well as the impact of 2,184 hectares of young matured palms in Sabah with high unit cost of production have contributed to the low plantation profit.
Indonesian operations:
Plantation losses of RM12.49 million and RM7.48 million were recorded for both current period and corresponding period of the preceding year. Excluding the impact on adoption of MFRS Framework, the plantation losses would be RM8.13 million and RM3.43 million respectively.
Even though the FFB production for the current period was higher by 38% or 7,663 tonnes, plantation loss was recorded for the current period mainly due to high unit cost of production for the young matured area of 3,384 hectares (consist of 65% of total matured area) as well as low FFB selling price (30% lower compared with that in the corresponding period of the preceding year).
Investment Holding:
Investment loss of RM6.19 million in the current period was mainly due to interest expenses of RM5.27 million as well as net foreign exchange loss of RM3.06 million despite higher interest income.
3Q19 vs 2Q19:
During the current quarter ended 31 January 2019, the Group recorded a pretax profit of RM3.30 million compared with a loss of RM13.32 million in the preceding quarter.
Plantation:
Malaysian operations:
Even though the average prices of CPO of RM1,892/tonne (preceding quarter: RM2,156/tonne) and PK of RM1,392/tonne (preceding quarter: RM1,699/tonne) were lower compared with that in the preceding quarter, higher plantation profit in the current quarter was mainly due to higher FFB yield of 4.61 tonne/ha (preceding quarter: 3.55 tonne/ha) as well as lower unit cost of production incurred.
Indonesian operations:
Plantation losses of RM4.05 million and RM4.29 million were recorded in the current and preceding quarter.
Investment Holding:
Investment profit of RM6.82 million in the current quarter was mainly due to net foreign exchange gain of RM8.30 million which more than offset the interest expenses of RM1.99 million.
Prospects:
The Group has recorded a loss in the first nine months of financial year ending 30 April 2019 ("FY 2019") mainly due to low CPO and PK prices, low FFB yield caused by adverse wet weather as well as net foreign exchange loss of RM3.06 million. In addition, the adoption of Malaysian Financial Reporting Standards ("MFRS Framework") effective FY 2019 requires the value of bearer plants (previously known as biological assets) to be amortised and additional depreciation of long term leasehold land to be provided. Total impact on adoption of MFRS Framework for the first nine months of FY 2019 was RM17.60 million. Assuming CPO prices remain at the current level, the Group expects the fourth quarter of the financial year to remain challenging.
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James Ng Stock Pick Performance:
Since Recommended Return:
a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.51 in 4 months 7 day, total return is 88.8%
b) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.33 (dividend RM0.015) in 8 months 11 days, total return is 88.1%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.24 in 9 months 20 day, total return is 56%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.83 in 3 months 3 days, total return is 44.3%
e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.38 in 3 months 29 days, total return is 43%
f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.40 (dividend RM0.0825) in 6 months 9 day, total return is 31.3%
g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.73 (dividends RM0.03) in 6 months 21 days, total return is 23.1%
h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.02 in 3 months 21 days, total return is 20%
i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.18 in 3 months 3 days, total return is 13.5%
j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 5 day, total return is 13%
k) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.48 (dividend RM0.01) in 9 months 22 days, total return is 6.4%
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/2244298249170250 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/203918.jsp
