[MALAYAN FLOUR MILLS BHD：面粉和谷物贸易部门的营业利润增长是因为生产效率提高带来的利润率提高]
截至2019年12月31日的季度（Q42019），集团录得收入7.197亿令吉，较截至2018年12月31日的同一季度（Q42018）的6.695亿令吉增长7.5％。这归因于面粉和谷物贸易部门的销售增长了15.0％。集团在2019年第四季度的税前利润（PBT）较低，为1,960万令吉，而2018年第四季度的税前利润为3,310万令吉。
截至2019年12月31日止财政年度，营业额增长10.6％至26.816亿令吉，上一年度为24.238亿令吉。截至2019年12月31日的财政年度，面粉和谷物贸易及家禽整合部门均录得更高的收入，分别增长14.4％和1.2％。截至2019年12月31日的财政年度，PBT增长96.1％至7830万令吉，而前一年为3990万令吉。盈利能力的提高主要归因于：
1）面粉和谷物贸易部门的营业利润增长了74.0％，在截至2019年12月31日的财政年度中达到1.147亿令吉，而2018年同期为6590万令吉。营业利润增长是因为生产效率提高带来的利润率提高；
2）截至2019年12月31日的财务期间，马面粉在权益投资合资企业中的利润份额较高为1,410万令吉，而2018年同期则为亏损690万令吉，因为在截至2019年12月31日的财政年度中，较高的售价产生的利润率提高以及印尼盾兑美元汇率走强带来的外汇收益。
QoQ:
面粉和谷物贸易的营业利润在2019年第四季度增长了79.3％，从2019年第三季度的2520万令吉增加到2019年第四季度的4510万令吉，这主要是由于2019年第四季度的销量增加和生产效率提高所致。 2019年第四季度的JV应占利润为240万令吉，而2019年第三季度的应占利润为160万令吉，这主要是由于印尼盾兑美元在2019年第四季度走强而产生的外汇收益。
前景：
董事会预计，尽管经济环境不确定，商品价格波动，汇率波动以及2019年冠状病毒（COVID-19）爆发，该集团2020年的业绩仍将保持盈利。
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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 RM2.07 (dividend RM0.04) in 1 year 8 months 9 days, total return is 195.1%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.63 (dividend RM0.04) in 1 year 9 months 20 days, total return is 110.1%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.03 (adjusted)(dividend RM0.055) in 10 months 19 days, total return is 84.7%
d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.00 in 1 year 3 months 1 day, total return is 73.9%
e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.26 (dividend RM0.148) in 1 Year 6 months 14 days, total return is 51.4%
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预计公司每年的增长率必须> 14％
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James Ng
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[MALAYAN FLOUR MILLS BHD: Flour and grains trading segment recorded increase in its operating profit was mainly attributable to favourable margins arising from better production efficiency]
For the quarter ended 31 December 2019 (Q42019), the Group recorded a revenue of RM719.7 million, an increase of 7.5% from RM669.5 million registered in the same quarter ended 31 December 2018 (Q42018). This was attributed to higher sales recorded in flour and grains trading segment by 15.0%. The Group recorded a lower profit before tax (PBT) of RM19.6 million in Q42019 as compared to a PBT of RM33.1 million in Q4 2018.
Revenue increased by 10.6% to RM2,681.6 million for the financial year ended 31 December 2019 as compared to RM2,423.8 million posted in the preceding year. Both flour and grains trading and poultry integration segments recorded higher revenue in the financial year ended 31 December 2019, by 14.4% and 1.2% respectively. PBT rose by 96.1% to RM78.3 million in the financial year ended 31 December 2019 as compared to RM39.9 million recorded in the preceding year. The improvement in profitability was predominantly attributable to:-
1) Flour and grains trading segment recorded a 74.0% increase in its operating profit, amounting to RM114.7 million in the financial year ended 31 December 2019 against RM65.9 million in the corresponding period in 2018. The increase was mainly attributable to favourable margins arising from better production efficiency;
2) Higher share of profit was recorded in the Group's equity accounted joint venture amounting to RM14.1 million in the financial period ended 31 December 2019 as compared to a share of loss of RM6.9 million in the corresponding period in 2018 due to higher margins arising from higher selling prices and forex gains resulting from a stronger Indonesian Rupiah against the US Dollar during the financial year ended 31 December 2019.
QoQ:
Flour and grains trading's operating profit increased by 79.3% in Q42019, from RM25.2 million in Q32019 to RM45.1 million in Q42019, mainly led by the higher sales volume and better production efficiency in Q4 2019. Their equity accounted joint venture registered a higher share of profit of RM2.4 million in Q42019 as compared to a share of profit of RM1.6 million in Q3 2019 mainly arising from forex gains resulting from a stronger Indonesian Rupiah against the US Dollar in Q4 2019.
Prospects:
The Board expects the Group's performance in 2020 to remain profitable despite uncertain economic environment, volatile commodity prices, foreign exchange rates and the outbreak of Coronavirus disease 2019 (COVID-19).
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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.
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/2020-04-22-story-h1506077085.jsp
