[IOI PROPERTIES GROUP BHD：Covid-19大流行对运营环境造成的干扰，导致所有运营部门的业绩下降]
3Q20 vs 3Q19:
IOI产业在本季度录得收入和息税前利润分别为4.014亿令吉和1.377亿令吉，比上一年同期分别减少了8630万令吉或18％和1.195亿令吉或46％。收入和PBIT的下降归因于Covid-19大流行对运营环境造成的干扰，导致所有运营部门的业绩下降。此外，由于确认了去年同期的South Beach Office Tower的一次性公允价值收益，IOI产业的PBIT也受到本季度合资企业业绩份额下降的影响。
物业发展：
房地产开发部门在这季度分别录得收入和营运利润分别为2.841亿令吉和8550万令吉。与去年同期相比分别减少了6610万令吉或19％和3470万令吉或29％。本季度的财务业绩较低，主要是由于在马来西亚实施了行动控制令（MCO）以及由于大流行而在中国实施的封锁导致马来西亚和中国业务的收入贡献减少。销售和建筑活动被视为非必要业务，并且政府办公室在相应的MCO和锁定期间均不允许运营。
物业投资：
这季度的收入和营业利润分别为8,090万令吉和4,010万令吉，分别较去年同期减少780万令吉或9％和1,100万令吉或22％。这主要是由于自2020年3月18日起在MCO期间关闭了非必要的业务和服务，导致零售部门的租金收入降低。
招待和休闲：
营业额从4,690万令吉减少25％至3,540万令吉，营业利润从380万令吉下降至亏损500万令吉。收入和营业利润的下降主要是由于MCO导致入住率下降和收入损失。
YTD20 vs YTD19：
IOI产业的收入为15.059亿令吉，较去年同期减少1.938亿令吉或11％。截至本年度，IOI产业的PBT为7.188亿令吉（不包括外国计价借贷和存款的净外币折算亏损3760万令吉），比去年同期的8.658亿令吉减少1.470亿令吉或17％（不包括外国计价的借贷和存款的净外汇换算亏损净额770万令吉）。收入和PBT的下降归因于由于市场情况而推迟了新项目的推出，导致来自中国的销售额下降。此外，本财政期间应占合营企业利润减少的主要原因是，上年同期确认了South Beach Office Tower的一次性公允价值收益。
3Q20 vs 2Q20:
这集团在本季度录得1.501亿令吉的PBT（不包括1080万令吉的外国计价借贷和存款的净外币折算亏损），比上一季度的2亿6090万令吉减少1.108亿令吉或42％（不包括外国计价的借贷和存款的净外汇换算收益净额2540万令吉）。本季度的PBT下降主要是由于Covid-19大流行对运营环境造成的干扰，所有运营部门的贡献均降低。
前景：
由于Covid-19大流行，油价暴跌和地缘政治紧张局势，预计商业环境将继续充满挑战。大流行的爆发预计将影响零售和酒店业的表现。总体而言，他们预计环境将继续具有挑战性。
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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 RM3.36 (dividend RM0.04) in 1 year 11 months 5 days, total return is 375.5%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM45.96 (adjusted)(dividend RM0.52) in 2 Years 16 days, total return is 282.9%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM5.15 (adjusted)(dividend RM0.055) in 1 Year 1 month 15 days, total return is 211.7%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.66 (dividend RM0.04) in 2 Years 16 days, total return is 113.8%
e) OPENSYS (OPENSYS M BHD), recommended on 24 May 20, initial price was RM0.355, rose to RM0.74 in 1 month 23 days, total return is 108.5%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.17 (dividend RM0.188) in 1 Year 9 months 10 days, total return is 48.3%
g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.845 in 1 year 5 months 26 days, total return is 47%
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James Ng
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[IOI PROPERTIES GROUP BHD: lower performance from all operating segments due to disruption to operating environment as a result of Covid-19 pandemic]
3Q20 vs 3Q19:
The Group recorded revenue and profit before interest and taxation ("PBIT") of RM401.4 million and RM137.7 million respectively for the current year quarter, which is RM86.3 million or 18% and RM119.5 million or 46% lower than the preceding year corresponding quarter. The decrease in revenue and PBIT is attributable to lower performance from all operating segments due to disruption to operating environment as a result of Covid-19 pandemic. Besides, the Group's PBIT is also impacted by lower share of results of joint ventures in the current quarter due to recognition of one-off fair value gain on South Beach Office Tower in the preceding year corresponding quarter.
Property development:
The property development segment recorded revenue and operating profit of RM284.1 million and RM85.5 million respectively in the current year quarter. It is RM66.1 million or 19% and RM34.7 million or 29% respectively lower than the preceding year corresponding quarter. Lower financial performance in the current year quarter is mainly due to lower revenue contribution from Malaysia and PRC operations as a result of the imposition of Movement Control Order("MCO") in Malaysia and lockdown in China due to the pandemic. Sales and construction activity at site were regarded as non-essential businesses and government offices were not allowed to operate during the respective MCO and lockdown periods.
Property investment:
Revenue and operating profit of RM80.9 million and RM40.1 million for the current year quarter are RM7.8 million or 9% and RM11.0 million or 22% lower than the preceding year corresponding quarter. This is mainly due to lower rental income derived from retail segment as a result of closure of non-essential businesses and services during the MCO since 18 March 2020.
Hospitality and leisure:
Revenue decreased by 25% from RM46.9 million to RM35.4 million and operating profit dropped from operating profit of RM3.8 million to operating loss of RM5.0 million. The decrease in revenue and operating profit is mainly due to drop in occupancy rate and loss of revenue due to the imposition of MCO.
YTD20 vs YTD19:
The Group recorded revenue of RM1,505.9 million, which is RM193.8 million or 11% lower than the preceding year corresponding period. The Group's PBT of RM718.8 million(after excluding net foreign currency translation loss on foreign denominated borrowings and deposits of RM37.6 million) in the current year to date, which is RM147.0 million or 17% lower than the preceding year corresponding period of RM865.8 million (after excluding net foreign currency translation loss on foreign denominated borrowings and deposits of RM7.7 million). Lower revenue and PBT are attributable to lower sales from China as a result of deferment of launches due to market condition. Besides, the share of profit from joint ventures is lower in the current financial period mainly due to recognition of one-off fair value gain on South Beach Office Tower in the preceding year corresponding period.
3Q20 vs 2Q20:
The Group recorded PBT of RM150.1 million (after excluding net foreign currency translation loss on foreign denominated borrowings and deposits of RM10.8 million) for the current quarter, which is RM110.8 million or 42% lower than the immediate preceding quarter of RM260.9 million (after excluding net foreign currency translation gain on foreign denominated borrowings and deposits of RM25.4 million). Lower PBT in the current quarter is mainly due to lower contribution from all operating segments as a result of disruption to the operating environment caused by Covid-19 pandemic.
Prospects:
The business environment is expected to continue to be challenging due to the Covid-19 pandemic, collapse in oil prices and geo political tensions. The pandemic outbreak is expected to affect the performance of the retail and hospitality segments. Overall, they anticipate the operating environment to continue to be challenging.
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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.
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James Ng
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