[SUNWAY BHD：收入较低是由于房地产开发，建筑，贸易和制造业等部门的贡献减少]
截至2019年9月30日的本季度，集团录得收入12.265亿令吉和税前盈利2.233亿令吉，而去年财政年度的营业收入为14.161亿令吉，税前利润为1.910亿令吉，收入减少13.4％，税前利润增加17.0％。本季度收入较低是由于房地产开发，建筑，贸易和制造业等部门的贡献减少。
房地产开发部门在本季度取得了1.262亿令吉的收入和5900万令吉的税前利润，相比上一财政年度同期的收入为1.948亿令吉和税前利润为4460万令吉，收入减少35.2％，税前利润增加32.3％。收入较低是由于本地开发项目的进度费用较低，以及上一个财政年度的相应季度完成和移交了本地开发项目。
房地产投资部门在本季度录得收入2.097亿令吉，税前盈利6700万令吉。相比上一财政年度同期的收入为2.093亿令吉和税前利润为5260万令吉，收入增长了0.2％，税前利润增长了27.3％。本季度的收入基本持平，但集团的酒店物业出租率的提高能够部分抵消了将双威大学资产出售给双威产业信托的租金收入减少的情况，该资产出售于2019年4月15日完成。
建筑部门在本季度录得收入3.156亿令吉，税前利润为3,310万令吉，而上一财政年度同期的收入为4.654亿令吉，税前利润为4,020万令吉，收入减少了32.2％，税前利润减少了17.6％。本季度收入下降，主要是由于本地建设项目的进度费用减少以及集团内部抵销额增加，导致建设项目对本季度税前利润的贡献降低。
贸易和制造业部门在本季度录得收入2.462亿令吉和税前利润为1380万令吉，而上一财政年度同期的收入为2.969亿令吉和税前利润为1550万令吉；收入减少了17.1％，税前利润减少了11.2％。由于本地和海外市场状况疲弱，销售下降，本季度财务业绩下降。
采石场部门在本季取得了1.149亿令吉的收入和490万令吉的税前利润，而上一财政年度同期的收入为5630万令吉和290万令吉的税前利润，收入增长104.2％，税前利润增长67.2％。
医疗保健部门在本季度报告了1.544亿令吉的收入和1,580万令吉的税前利润，相比之下，上一个财政年度的同一季度的营业额为1.169亿令吉，税前利润为1,580万令吉，营业额增长32.1％，而税前利润仅微降0.1％。强大的表现来自旗舰医院双威医疗中心，但被本季度新开业的双威医疗中心Velocity的启动运营亏损部分抵消，该亏损达680万令吉。
其他部门在本季度录得5950万令吉的收入和2980万令吉的税前利润，而上一财政年度同期的收入为7660万令吉和1930万令吉的税前利润，收入减少22.4％，税前利润增加54.6％。本季度收入下降，主要是由于建筑材料业务的贡献减少。
YTD:
在截至2019年9月30日的当前9个月期间，双威录得收入34.273亿令吉及税前盈利6.538亿令吉，而截至2018年9月30日止的9个月期间，营业收入为39.578亿令吉，税前利润为5.931亿令吉，营业额减少13.4％，税前盈利增加10.2％。由于采石场和医疗保健行业以外的大多数业务部门的贡献减少，本期收入下降。房地产开发部门的利润贡献也受到了双威新加坡和中国房地产开发项目之一采用了MFRS 15的影响。
截至2019年9月30日止的9个月期间，房地产开发部门的收入为3.277亿令吉，税前利润为1.291亿令吉，而相应的截至2018年9月30日的9个月期间的收入为4.158亿令吉，税前利润为1.222亿令吉，收入减少21.2％，税前利润增加5.7％。本期收入较低的原因是上一年同期完成并移交了本地开发项目。在采纳MFRS 15之后，该集团在新加坡和中国之一的房地产开发项目在当前期间的累积利润总计9130万令吉，只有在完成时才能确认。
房地产投资部门截至2019年9月30日的9个月期间，营业收入为5.825亿令吉，税前利润为2.467亿令吉，相比截至2018年9月30日的9个月的收入为5.922亿令吉和税前利润2.144亿令吉，收入减少1.6％，税前利润增加15.1％ 。本期间的收入较低，主要是由于双威的投资物业贡献减少，以及在将双威大学资产出售给双威产业信托后，租金收入减少，该交易已于2019年4月15日完成。本期税前利润较高，得益于卖掉双威大学资产的收益的增加，抵消了本期集团酒店业和主题公园的较低贡献。
建筑部门在截至2019年9月30日的9个月期间录得收入9.552亿令吉和税前盈利1.242亿令吉，而截至2018年9月30日的9个月期间的收入为13.588亿令吉，税前利润为1.325亿令吉，收入减少29.7％，税前利润减少6.3％。由于本地建设项目的进度款减少和集团内部抵销额增加，本期收入降低，因为建设项目对当期税前利润的贡献降低。
贸易和制造业部门在当前截至2019年9月30日的9个月的收入为7亿2760万令吉，税前利润为2690万令吉，而截至2018年9月30日的9个月期间，营业收入为8.616亿令吉，税前利润为4300万令吉，收入减少15.5％，税前利润减少37.5％。由于本地和海外市场状况疲弱导致销售下降以及营业利润率下降，本期财务表现较低。
截至2019年9月30日止的9个月期间，采石业务的收入为2亿1170万令吉，税前利润为870万令吉，而相应的截至2018年9月30日的9个月期间，收入为1亿6420万令吉，税前利润为1000万令吉，收入增长29.0％，税前利润下降13.0％。由于营业利润率降低，税前利润降低。
截至2019年9月30日止的9个月期间，医疗保健部门的收入为4亿2200万令吉，税前利润为5050万令吉，而相应的截至2018年9月30日的9个月的收入为3亿2700万令吉，税前利润为3750万令吉，收入增长29.1％，税前利润增长34.5％。当前期间的财务表现较好，主要是由于双威医疗中心新增病床数量增加和较高的门诊治疗率，从而增加了入住率，但强劲的业绩被新开业的Sunway Medical Centre Velocity带来的经营亏损部分抵消。
截至2019年9月30日止的9个月期间，其他部门录得2亿60万令吉的收入和6770万令吉的税前利润，而相应的截至2018年9月30日的9个月期间的收入为2亿3840万令吉和3350万令吉的税前利润，收入减少15.9％，税前利润增加102.4％。本期间的收入较低，主要是由于建筑材料业务的贡献减少。
QoQ：
集团在本季录得收入12.265亿令吉及税前利润为2.233亿令吉，而上一季的收入为10.772亿令吉及税前利润为2.532亿令吉，收入增加了13.9％和税前利润下降了11.8％。由于房地产投资，建筑和医疗保健的贡献减少，本季度的税前利润下降。相比之下，目前较低的业绩主要是由于上一季度录得的应占双威房地产投资信托产业重估的公允价值收益为4,360万令吉，以及卖掉双威大学资产的收益为3,770万令吉。由于本季度在新加坡和中国的一个房地产开发项目中采用了MFRS 15，因此必须递延的累进利润为2,500万令吉，上一季度为2,680万令吉。
房地产开发部门报告本季度的收入为1.262亿令吉，税前利润为5900万令吉；相比上一季度的收入为1.136亿令吉和税前利润为3,730万令吉，收入增加了11.1％，税前利润增加了58.3％。
房地产投资部门在本季度录得收入2.097亿令吉，税前盈利6700万令吉；相比上一季度的收入为1.761亿令吉和税前利润为1.223亿令吉，收入增加了19.1％，税前利润减少45.3％。税前利润减少是由于上季对双威房地产投资信托产业的重估的应占公允价值收益为4,360万令吉，以及双威大学资产的出售的收益。
建筑部门在本季度录得3亿1560万令吉的收入和3,310万令吉的税前利润，相比之下，上一季度的收入为2亿9350万令吉和4740万令吉的税前利润，表示收入增加7.5％，税前利润减少30.1％。本季度的税前利润较低，原因是本地建设项目的递进利润确认额减少。
贸易和制造业部门在本季度录得收入2.462亿令吉和税前盈利1380万令吉，而上一季度的收入为2.3亿令吉和税前利润660万令吉，收入增加了7.0％，税前利润增加了109.5％。
采石部门报告本季度的收入为1.149亿令吉，税前利润为490万令吉，而上一季度的收入为5260万令吉，税前利润为210万令吉，表示收入增加118.2％，税前利润增加129.9％。
医疗保健部门报告本季度的收入为1.544亿令吉，税前利润为1,580万令吉，相比之下，上季营业额为一亿四千零八十万令吉，税前盈利为一千九百三十万令吉，代表营业额增长9.6％税前利润减少18.0％。税前利润较低，部分被新开业的Sunway Medical Centre Velocity的经营亏损所抵消。
本季度其他部门的收入为5950万令吉，税前利润为2980万令吉。而上季营业额为7060万令吉，税前盈利为1830万令吉，营业额减少15.7％税前利润增长62.9％。本季度的收入较低，主要是由于建筑物材料部门的贡献减少。
前景：
根据最近公布的2020年年度预算，尽管中美贸易之间的紧张关系持续和全球经济放缓，马来西亚经济仍有望保持弹性。预计马来西亚的GDP将以4.8％的速度增长；相比之下，2019年预计为4.7％。
尽管政府对经济前景相当乐观，但双威将继续采取审慎的业务战略，以确保在不确定的经营环境中实现可持续增长。除非有任何不可预见的情况，双威将会继续在本财政年度的剩余时间里表现良好。
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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 RM2.32 (dividend RM0.025) in 1 year 4 months 4 days, total return is 228%
b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.28 in 10 months 26 days, total return is 122.6%
c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.42 (dividend RM0.04) in 1 year 5 months 15 days, total return is 83.6%
d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.82 in 3 months 21 days, total return is 80.2%
e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.91 (adjusted)(dividend RM0.01) in 6 months 14 days, total return is 74.9%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.45 (dividends RM0.113) in 1 Year 2 months 9 days, total return is 61.2%
g) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 (dividend RM0.015) in 11 months 30 days, total return is 55.6%
h) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.40 in 5 months 16 days, total return is 55.6%
i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.68 (dividend RM0.07) in 1 Year 28 days, total return is 37.8%
j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.28 (dividend RM0.018) in 11 months 23 days, total return is 34.5%
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页面与我联系。
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12月22日星期日：AG Hotel Penang, George Town 2份点心
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2020年2月22日星期六：Silka Johor Bahru Hotel, Johor Bahru 7份点心
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10a.m. – 9p.m.，免费午餐和晚餐
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James Ng
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[SUNWAY BHD: lower contributions from property development, construction, trading and manufacturing and others segments]
The Group recorded revenue of RM1,226.5 million and profit before tax of RM223.3 million for the current quarter ended 30 September 2019 compared to revenue of RM1,416.1 million and profit before tax of RM191.0 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 13.4% and increase in profit before tax of 17.0%. Revenue was lower in the current quarter due to lower contributions from property development, construction, trading and manufacturing and others segments.
The property development segment reported revenue of RM126.2 million and profit before tax of RM59.0 million in the current quarter compared to revenue of RM194.8 million and profit before tax of RM44.6 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 35.2% and increase in profit before tax of 32.3%. Revenue was lower due to lower progress billings from local development projects, as well as the completion and handover of a local development project in the corresponding quarter of the previous financial year.
The property investment segment reported revenue of RM209.7 million and profit before tax of RM67.0 million in the current quarter compared to revenue of RM209.3 million and profit before tax of RM52.6 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 0.2% and profit before tax of 27.3%. Revenue in the current quarter was largely flat but improved occupancy rates at the Group’s hospitality properties were able to partly offset the lower rental income after the disposal of Sunway University assets to Sunway REIT, which was completed on 15 April 2019.
The construction segment recorded revenue of RM315.6 million and profit before tax of RM33.1 million in the current quarter compared to revenue of RM465.4 million and profit before tax of RM40.2 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 32.2% and profit before tax of 17.6%. Revenue in the current quarter was lower mainly due to lower progress billings from local construction projects and higher intra-group eliminations which led to lower contribution from the construction projects to the current quarter profit before tax.
The trading and manufacturing segment recorded revenue of RM246.2 million and profit before tax of RM13.8 million in the current quarter compared to revenue of RM296.9 million and profit before tax of RM15.5 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 17.1% and profit before tax of 11.2%. The financial performance was lower in the current quarter due to lower sales from subdued local and overseas market conditions.
The quarry segment reported revenue of RM114.9 million and profit before tax of RM4.9 million in the current quarter compared to revenue of RM56.3 million and profit before tax of RM2.9 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 104.2% and profit before tax of 67.2%.
The healthcare segment reported revenue of RM154.4 million and profit before tax of RM15.8 million in the current quarter compared to revenue of RM116.9 million and profit before tax of RM15.8 million in the corresponding quarter of the previous financial year, representing an increase in revenue of 32.1% and a marginal decrease in profit before tax of 0.1%. The strong performance from the flagship hospital, Sunway Medical Centre was partly offset by the start-up operating losses from the newly opened Sunway Medical Centre Velocity which amounted to RM6.8 million in the current quarter.
The other segments recorded revenue of RM59.5 million and profit before tax of RM29.8 million in the current quarter compared to revenue of RM76.6 million and profit before tax of RM19.3 million in the corresponding quarter of the previous financial year, representing a decrease in revenue of 22.4% and increase in profit before tax of 54.6%. Revenue in the current quarter was lower mainly due to lower contribution from the building materials segment.
YTD:
The Group recorded revenue of RM3,427.3 million and profit before tax of RM653.8 million for the current 9 months period ended 30 September 2019 compared to revenue of RM3,957.8 million and profit before tax of RM593.1 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 13.4% and increase in profit before tax of 10.2%. Revenue was lower in the current period due to lower contributions from most business segments except quarry and healthcare. Profit contribution from the property development segment was also impacted by the adoption of MFRS 15 on one of the Group’s Singapore and China property development projects.
The property development segment reported revenue of RM327.7 million and profit before tax of RM129.1 million for the current 9 months period ended 30 September 2019 compared to revenue of RM415.8 million and profit before tax of RM122.2 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 21.2% and increase in profit before tax of 5.7%. The lower revenue for the current period was due to the completion and handover of a local development project in the corresponding period of the previous year. Following the adoption of MFRS 15, the progressive profits from one of the Group’s Singapore and China property development projects totalling RM91.3 million in the current period can only be recognised upon completion.
The property investment segment reported revenue of RM582.5 million and profit before tax of RM246.7 million for the current 9 months period ended 30 September 2019 compared to revenue of RM592.2 million and profit before tax of RM214.4 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 1.6% and increase in profit before tax of 15.1%. Revenue in the current period was lower mainly due to lower contribution from the Group’s hospitality properties and lower rental income after the disposal of Sunway University assets to Sunway REIT, which was completed on 15 April 2019. Profit before tax in the current period was higher, boosted by disposal gain on Sunway University assets, which offset the lower contributions from the Group’s hospitality properties and theme parks in the current period.
The construction segment recorded revenue of RM955.2 million and profit before tax of RM124.2 million for the current 9 months period ended 30 September 2019 compared to revenue of RM1,358.8 million and profit before tax of RM132.5 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 29.7% and profit before tax of 6.3%. Revenue was lower in the current period due to lower progress billings from local construction projects and higher intra-group eliminations, which led to lower contribution from the construction projects to the current period profit before tax.
The trading and manufacturing segment recorded revenue of RM727.6 million and profit before tax of RM26.9 million for the current 9 months period ended 30 September 2019 compared to revenue of RM861.6 million and profit before tax of RM43.0 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 15.5% and profit before tax of 37.5%. The financial performance was lower in the current period due to lower sales from subdued local and overseas market conditions and lower operating margins.
The quarry segment reported revenue of RM211.7 million and profit before tax of RM8.7 million for the current 9 months period ended 30 September 2019 compared to revenue of RM164.2 million and profit before tax of RM10.0 million in the corresponding 9 months period ended 30 September 2018, representing an increase in revenue of 29.0% and decrease in profit before tax of 13.0%. Profit before tax was lower due to lower operating margins.
The healthcare segment reported revenue of RM422.0 million and profit before tax of RM50.5 million for the current 9 months period ended 30 September 2019 compared to revenue of RM327.0 million and profit before tax of RM37.5 million in the corresponding 9 months period ended 30 September 2018, representing an increase in revenue of 29.1% and profit before tax of 34.5%. The financial performance in the current period was better mainly due to higher occupancy from increased number of new beds and higher outpatient treatments at Sunway Medical Centre, but the strong performance was partly offset by operating losses from the newly opened Sunway Medical Centre Velocity.
The other segments recorded revenue of RM200.6 million and profit before tax of RM67.7 million for the current 9 months period ended 30 September 2019 compared to revenue of RM238.4 million and profit before tax of RM33.5 million in the corresponding 9 months period ended 30 September 2018, representing a decrease in revenue of 15.9% and increase in profit before tax of 102.4%. Revenue in the current period was lower mainly due to lower contribution from the building materials segment.
QoQ:
The Group recorded revenue of RM1,226.5 million and profit before tax of RM223.3 million for the current quarter compared to revenue of RM1,077.2 million and profit before tax of RM253.2 million in the preceding quarter, representing an increase in revenue of 13.9% and decrease in profit before tax of 11.8%. Profit before tax was lower in the current quarter due to lower contributions from property investment, construction and healthcare. The lower current performance in comparison was mainly due to the share of fair value gains from the revaluation of Sunway REIT properties of RM43.6 million and disposal gain on Sunway University assets of RM37.7 million recorded in the preceding quarter. The progressive profits which have to be deferred due to the adoption of MFRS 15 on one of the Group’s Singapore and China property development projects amounted to RM25.0 million for the current quarter compared to RM26.8 million for the preceding quarter.
The property development segment reported revenue of RM126.2 million and profit before tax of RM59.0 million for the current quarter compared to revenue of RM113.6 million and profit before tax of RM37.3 million in the preceding quarter, representing an increase in revenue of 11.1% and profit before tax of 58.3%.
The property investment segment reported revenue of RM209.7 million and profit before tax of RM67.0 million for the current quarter compared to revenue of RM176.1 million and profit before tax of RM122.3 million in the preceding quarter, representing an increase in revenue of 19.1% and decrease in profit before tax of 45.3%. Profit before tax was lower due to the share of fair value gains from revaluation of Sunway REIT properties of RM43.6 million and the disposal gain on Sunway University assets recorded in the preceding
quarter.
The construction segment recorded revenue of RM315.6 million and profit before tax of RM33.1 million for the current quarter compared to revenue of RM293.5 million and profit before tax of RM47.4 million in the preceding quarter, representing an increase in revenue of 7.5% and decrease in profit before tax of 30.1%. Profit before tax in the current quarter was lower due to lower progressive profit recognition from the local construction projects.
The trading and manufacturing segment recorded revenue of RM246.2 million and profit before tax of RM13.8 million for the current quarter compared to revenue of RM230.0 million and profit before tax of RM6.6 million in the preceding quarter, representing an increase in revenue of 7.0% and profit before tax of 109.5%.
The quarry segment reported revenue of RM114.9 million and profit before tax of RM4.9 million for the current quarter compared to revenue of RM52.6 million and profit before tax of RM2.1 million in the preceding quarter, representing an increase in revenue of 118.2% and profit before tax of 129.9%.
The healthcare segment reported revenue of RM154.4 million and profit before tax of RM15.8 million for the current quarter compared to revenue of RM140.8 million and profit before tax of RM19.3 million in the preceding quarter, representing an increase in revenue of 9.6% and decrease in profit before tax of 18.0%. Profit before tax is lower, partly offset by operating losses from the newly opened Sunway Medical Centre Velocity.
The other segments recorded revenue of RM59.5 million and profit before tax of RM29.8 million for the current quarter compared to revenue of RM70.6 million and profit before tax of RM18.3 million in the preceding quarter, representing a decrease in revenue of 15.7% and increase in profit before tax of 62.9%. Revenue in the current quarter was lower mainly due to lower contribution from the building materials segment.
Prospects:
Based on the recently unveiled 2020 Annual Budget, the Malaysian economy is expected to remain resilient despite the on-going trade tensions between the United States and China and the slowing global economy. The Malaysia GDP is forecast to grow at a rate of 4.8% compared with 4.7% expected in 2019.
While the government is fairly positive on the economic outlook, the Group will continue with its prudent business strategy to ensure sustainable growth amid an uncertain operating environment. Barring any unforeseen circumstances, the Group will continue to perform well for the rest of this financial year.
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