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[公司专区] 1295 PUBLIC BANK 大眾銀行

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发表于 2010-6-17 15:49 | 显示全部楼层
料需额外筹资35亿令吉 大众银行股息受压
2010/06/15 5:58:47 PM


艾芬投资研究指出,大众银行受积极市场拓展活动及消费情绪提振推动,贷款增长势头维持良好,2010财年按年涨15%,由于4及5月份的分期付款及房屋贷款持续增加中,因此预料将成功达致预设贷款目标。

“预料2010年下半年净利息收入,将反映国行之前调高利率带来的正面效应,大众银行有66%的贷款属于浮动利率贷款,固定贷款则48.7%,预料净利息收入并不会收窄。”

该分析员指出,市场高度竞争的情况下,大众银行净利息收入或维持在2.4%至2.5%之间;短期而言,利息贷款有望受到分期付款业务的表现带动。

注销14亿拨备金

同时,国家银行升息步伐将成为储蓄业务主要推动力,鼓励更多中长期储蓄用户,从中协助银行锁住利率。

但是,若国行下半年续升息,净利息收入增长势头将因中长期贷款利率调整而放缓,市场剧烈竞争也将导致大众银行回吐净利息收入改善后的正面效应。

艾芬投资研究也指出,采纳FRS 139会计制度也对大众银行有利,一旦获得国行的批准,该银行将注销14亿令吉的总拨备金,并将有关资金转为盈利,带动二级资本,储备将提高2.4%,或相等于2亿6620万令吉。

“大众银行其实还未正式采纳FRS 139会计标准,但根据过去的拨备记录,这项制度对公司资产素质有利,信贷撤账(Credit Charge off)温和企在40个基点。”

周息率超越同行

虽然前景好,但巴塞尔协定III一旦启动,大众银行可能面对资本充足率不足的问题。

艾芬投资研究指出,大众银行或许需要额外筹资30至35亿令吉,或将2010年至2012年的派息率削减70%、并录得更高盈利,来填补一级资本的不足。

据知,采纳新标准后,该部分会下滑至6.1%,即比协定下献议的8%更低,主要是因为该公司的风险资产比重较大,储蓄部分的增长却放缓。

利好多·前景亮

目前,大众银行仍是同业中周息率最高的银行,艾芬投资研究预料2010年至2012年的派息率将达2.4%至2.6%。

“我们预期,大众银行派发每年净利中的50%至55%,大约相等于60至74仙的总每股股息,即5.2%至6.4%的总周息率。”

艾芬银行维持对大众银行“增持”的评级,但目标价格下调至12.50令吉;虽然如此,受众多利好因素围绕的大众银行,前景仍亮丽,该行因此将2010年至2012年的盈利增长预测调高3.5%至4.8%。

http://www.nanyang.com.my/NewsCenter/articleDetail.asp?type=N&ID=159018&SID=7&CID=12

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发表于 2010-7-6 12:12 | 显示全部楼层
本帖最后由 ss2020 于 2010-7-6 12:14 编辑

TP of RM13 for Public Bank

OSK Research is maintaining its target price of RM13 for PUBLIC BANK BHD, which implies a return on equity of 26% and price-to-book value multiplier of 3.80 times.

It said on Tuesday, July 6 the current share price implies a relatively conservative 22% ROE vs management’s three-year targets of 30%.

“More intensive capital usage and greater focus on capital light high ROE, as well as high fee income are expected to help sustain the group’s robust profit generation trend,” it said.

OSK Research said the risk of potentially onerous regulatory core equity capital requirements has been overplayed as the possible dilution is less than 10% on a worst-case scenario.

“Investors should focus on the group’s agility in meeting such requirements from its excess reserves given its strong and stable asset quality and minimal exposure to derivatives, trading and off-balance sheet instruments,” it said.

OSK Research

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发表于 2010-7-9 13:22 | 显示全部楼层
The Edge launches BRC        
Written by Max Koh & Krystle Wong     
Tuesday, 06 July 2010 11:48  
  
KUALA LUMPUR: The Edge launched the inaugural Billion Ringgit Club Corporate Awards (The Edge BRC) on Monday night to honour the best performing listed companies on Bursa Malaysia in an evening of corporate glitz and glamour.

More than 400 guests and industry captains attended the event last night that was hosted by The Edge and officiated by Prime Minister Datuk Seri Najib Razak at the Mandarin Oriental, Kuala Lumpur. Also present at the gala dinner was his wife Datin Seri Rosmah Mansor.

The Edge BRC recognises and groups together companies with at least RM1 billion in terms of market capitalisation on March 31 of each year, or turnover for the immediate preceding year.


Prime Minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor with The Edge chairman Datuk Tong Kooi Ong (far left), CIMB group chief executive Datuk Seri Nazir Razak (3rd from left) , Supermax group managing director Datuk Seri Stanley Thai (4th from left), Public Bank chairman Tan Sri Dr Teh Hong Piow (5th from left), OCBC Bank Malaysia CEO Jeffrey Chew (on Rosmah’s left) The Edge editor-in-chief Dorothy Teoh and the sectoral awards recipients at The Edge Billion Ringgit Club awards ceremony last night. Photo by Suhaimi Yusuf


To qualify for membership in 2010, a company must have at least RM1 billion in market capitalisation as at March 31 2010, or RM1 billion in revenue for the financial year 2009.

A total of 24 awards were awarded last night including “Company of the Year”, two “Value Creators: Outstanding CEO of Malaysia” awards and 21 sectoral awards.

The 21 sectoral awards, for each of the seven Bursa Malaysia designated sectors, are The Edge BRC Highest Returns to Shareholders Award; The Edge BRC Profit Before Tax Growth Award and The Edge BRC Return on Equity Award.

Company of the Year

Glove maker Supermax Corp Bhd took home the coveted Company of the Year award. Supermax was recognised for its measurements on profitability and shareholder value creation, plus corporate social responsibility and other qualitative elements that were determined by a panel of judges.

In its citation for the award, The Edge said the Company of the Year award not only reflects Supermax’s entrepreneurial success, it also reflects the strong gains in its share price and profitability over the past three years.

It noted that Supermax is today the second-largest rubber glove manufacturer in the world with a 12% global market share, annual revenue of over RM800 million, and is a global operation with manufacturing plants in Malaysia and distribution centres the world over.

Between 2006 and 2009, Supermax’s pre-tax profit increased over three-fold to RM151.5 million, while revenue doubled to RM803.6 million. The Edge noted that its total return to shareholders, which includes share price gains and dividends, amounted to 44% per year over the three-year period, while annual compounded pre-tax profit growth was a commendable 47%.

Supermax executive chairman Datuk Seri Stanley Thai, who was surprised and delighted, said he did not expect to win the award.

“We got here today through perseverance and teamwork. We put the idea and make it work. The company started as a RM2 company and we are doing well today,” said Thai.

Value Creators: Outstanding CEO of Malaysia

The two “Value Creators: Outstanding CEO of Malaysia” awards went to Public Bank Bhd chairman Tan Sri Dr Teh Hong Piow and CIMB Group Holdings Bhd group CEO Datuk Seri Nazir Razak.

The “Value Creators: Outstanding CEO of Malaysia” awards recognise outstanding CEOs who have made substantial contribution to the value creation of their companies, namely, in the company’s market valuation, returns to shareholders and stakeholders, revenue and profit growth and employment creation.

In its citation, The Edge said Tan Sri Teh Hong Piow founded the Public Bank Group in 1965, when he was just 35 years old.

Over the last 45 years since founding the bank, Teh has steered the Public Bank Group with a steady hand, growing it into the third-largest banking group in terms of market capitalisation and assets today. The banking group is also known for its prudence and astute management.

The citation added that an investor who bought 1,000 shares in Public Bank in 1967, the year it was listed, would today have 135,400 Public Bank shares worth RM1.61 million based on its latest share price of RM11.88. Plus, the investor would have received a total gross dividend of RM633,000 during this period. This translates into a remarkable compounded rate of return of 20% annually for each of the 42 years since its listing in 1967.


The Edge said Public Bank is truly a story of home-grown success, thanks to the vision of one man — Tan Sri Teh Hong Piow. Teh personally was on hand to receive the award to a grand applause of the crowded ballroom.

Nazir was recognised for turning CIMB into a major regional banking group within a short span of time.

In its citation, The Edge noted that in 2005, when Nazir first articulated his vision for the CIMB Group — to turn it into an Asean universal banking group — many people brushed aside such rhetoric as lofty ambitions.

Five years later, the CIMB Group, under his stewardship, has successfully morphed into a universal banking group with a regional franchise.

When the investment bank, with Nazir as CEO, was listed in 2003, it traded at book value for the first four months. Three years later, it was trading at 3.5 times book. Nazir chose to create value for the CIMB Group via the merger and acquisition and transformation route. But the true value creation, he believes, lies in how well the group can integrate those components into its existing franchise and the collective synergies it can extract from them, The Edge said.

Nazir said after receiving the award that CIMB had always focused on creating value and worked hard towards rewarding shareholders.

“The award is a tribute to the whole management team and I would like to thank them for making this happen,” he said.

On the BRC awards, Nazir said it would serve as a good model for companies to focus on delivering value for shareholders.

Sectoral winners

Other winners at the BRC awards in the respective sectors included CIMB and Public Bank (finance sector); Sarawak Oil Palms Bhd, Boustead Holdings Bhd and United Plantations Bhd (plantation sector), Sunrise Bhd and Mah Sing Group Bhd (property sector); Pharmaniaga Bhd, Berjaya Land Bhd and Berjaya Sports Toto Bhd (trading/services, IPC and technology sector); Mudajaya Group Bhd (construction sector); Tradewinds (M) Bhd, Tan Chong Motor Holdings Bhd, British American Tobacco Malaysia Bhd (consumer products sector); and Kossan Rubber Industries (industrial product sector).

Judges and sponsors

The judges for the Company of the Year’s CSR component were OCBC Bank (Malaysia) Bhd CEO Jeffrey Chew, Bursa Malaysia Bhd chief regulatory officer Selvarany Rasiah, World Vision Malaysia chairman and senior partner of Mah-Kamariah and Philip Koh, Philip Koh, and The Edge’s editor-in-chief Dorothy Teoh.

The Edge BRC is proud to have OCBC Bank as its main sponsor, and Audemars Piguet and Mercedes Benz as supporting sponsors.

OCBC’s Chew said he felt the awards were interesting and rewarding in the sense that they got a chance to look at all the CSR activities of which some were interesting.

“We are not only talking about giving the money but actually getting the staff involved with CSR because it takes care of the staff, the environment and the community,” said Chew.

The BRC, said Chew, would set an approrpiate benchmark not just in Malaysia but the region. “Because if you look across the region, there has not been something similar to this,” he said.

The full list of BRC members, award winners, their profiles and the methodology behind the awards will be published in a special Edge BRC supplement.

Grab it free with the next issue of The Edge business weekly (July 12, 2010 issue).


Other articles related to the BRC out in today's edition of The Edge Financial Daily:

http://www.theedgemalaysia.com/h ... e-launches-brc.html

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发表于 2010-7-9 23:59 | 显示全部楼层
受惠升息 銀行業前景看好

(吉隆坡9日訊)隨著國家銀行昨日宣佈將隔夜政策利率(OPR)調高25個基點,至2.75%,分析員認為銀行業能從中受惠,並普遍看好銀行領域的發展前景。

這是國行今年內第三度調高利率,其目的是讓利率重回正常水平。

拉昔胡申研究分析員對國行今次調高利率的舉動感到意外,因為他早前預計國行會在9月份的會議才宣佈升息。因此,他認為,國行今年將不會再調整利率。

馬銀行投資銀行分析員相信,銀行領域將在下週起,把基準貸款利率(BLR)調高至6.30%。

與此同時,拉昔胡申分析員表示,調高利率將為銀行業帶來正面影響,其中擁有較高浮動利率貸款比例的銀行將受益更多,因為更高比例的資產將迅速地重新定價。

銀行股帶領市場攀升

分析員指出,存款比例中的來往戶口與儲蓄戶口比例(CASA),將是另一關鍵因素。

「擁有較高來往戶口與儲蓄戶口比例的銀行亦將從中受惠,因為不像定期存款,來往戶口與儲蓄戶口的利率將不會隨著隔夜政策利率的調高,而進行同幅度的調整。」

然而,分析員表示,儘管調高利率可為賺幅與淨利帶來短期的正面影響,但這也將令貸款成長緩慢及影響呆帳。

雖然如此,分析員相信,基於調高利率的目的是將利率正常化,而非貸款緊縮,大馬經濟的復甦,將能緩和貸款成長緩慢與資產素質的潛在衝擊。

分析員聲稱,若銀行利率同步調高,從敏感分析而言,銀行領域的淨利預測將上升3%,但分析員仍維持銀行領域今年的淨利預測。

豐隆安聯大贏家

「除了大馬證券銀行(AMMB,1015,主板金融股)與馬銀行(MAYBANK,1155,主板金融股),其他銀行將從利率調升中受益,同時,這也將幫助緩解非利息賺幅(NIM)的競爭壓力。」

另一方面,艾芬投行分析員表示,對於利率調高後每股盈利的影響,豐隆銀行(HLBANK,5819,主板金融股)與安聯金融集團(AFG,2488,主板金融股)將是最大贏家。

分析員指出,整體非利率賺幅(包括回教銀行收入)的提升並不明顯,但其中豐隆銀行與聯昌國際(CIMB,1023,主板金融股)的提升較為顯著,分別或將上升7個基點與6個基點。

分析員認為,銀行領域是經濟復甦中的最佳代表,並相信該領域會帶領市場持續攀升。

然而,馬銀行投行分析員也認為,利率調高的利好因素,或將因該領域的激烈競爭而遭淡化。

整體而言,拉昔胡申研究與艾芬投行皆維持銀行領域「超越大市」評級,而馬銀行投行則維持「中和」評級。

艾芬投行也建議「買進」興業資本(RHBCAP,1066,主板金融股)與聯昌國際,「增持」馬銀行、大眾銀行(PBBANK,1295,主板金融股)、豐隆銀行與安聯金融集團;不過,他建議「減持」國貿資本(EONCAP,5266,主板金融股)與大馬證券銀行,因這些銀行的貸款與存款比例相當大,分別達96.9%與96.2%。

http://www2.orientaldaily.com.my ... 5nZ0pj67p3G1r1e0sm7

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发表于 2010-7-13 09:19 | 显示全部楼层
大眾銀行外資持股逾26%

(吉隆坡12日訊)截至今年6月30日,本地3家銀行分別宣佈外資持股量,大眾銀行(PBBANK,1295,主要板金融)最受捧,外資持26.62%股量。

該公司向馬證交所報備,經過統計扣除回購做為庫存股的股項后,共有26.62%發行的股票由外資持有。

該行3月底的外資持股額則達26.25%,最新數據增約0.37%。

另外,豐隆資本(HLCAP,5274,主要板金融)和豐隆銀行(HLBANK,5819,主要板金融)亦向馬證交所報備最新持股量。

截至今年6月底,豐隆資本和豐隆銀行的外資持股量則分別達1.50%和7.26%。

http://www.chinapress.com.my/con ... t=0713bsa009a11.txt

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发表于 2010-7-14 23:31 | 显示全部楼层
下週次季財報出爐
大眾銀行料符合預期


(吉隆坡14日訊)大眾銀行(PBBANK,1295,主要板金融)將在下週一(19日)公佈第二季財報,券商估計淨利料可按年揚14.6%至7億令吉,暫維持“持有”(Hold)評級。

大華繼顯證券研究分析報告指出,大眾銀行次季貸款增長按季料達3%到4%,主要由房貸、車貸和中小型企業貸款推動。

“大眾銀行首半財年放貸增長將達7%到7.5%,預計可達致我們全年成長15%的預測。”

報告說,該行淨利息收入將持續走高,受益于強穩的銷售增長。

“由于今首半年國家銀行已升息50個基點,大眾銀行可享有更高的淨利息賺幅,尤其多達66%放貸為浮動利率。”

該證券行預測,信托基金和外匯營運的貢獻趨高,有助帶動大眾銀行非利息收入按季上揚6%到8%,淨未履約貸款率(NPL)則持續低于1%。

大華繼顯證券研究保持大眾銀行“持有”評級,目標價12.40令吉。

閉市時,大眾銀行報12.04令吉,揚6仙,成交量230萬7300股。

http://www.chinapress.com.my/con ... mp;art=0715bs15.txt

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发表于 2010-7-16 20:10 | 显示全部楼层
大眾銀行次季料賺逾7億
成長展望正面下,大眾銀行(PBBANK, 1295, 主板金融組)下週出爐的次季業績有望達到市場預測,次季淨利或按季走高3至5%,略超越7億令吉,促使上半年淨利逼近14億令吉,創下高達16.5%按年淨利成長。

料派息30仙
預期會派發至少每股30仙的第一中期股息,全年總股息或達60仙,惟基於已在3月派發2980萬庫存股,料今年不太可能再發庫存股。

由於從3月至5月間,隔夜政策利率(OPR)上調50基點,這間公司淨利息賺幅(NIM)估計改善,非利息收入也料在財富管理主導下增長。貸款成本料按季維持穩健。

國內貸款依舊是貸款強勁成長主軸,有望取得16至17%成長,惟柬越海外業務成長料平平,歸咎於馬幣兌當地貨幣略走低。截至3月的股本為6.1%,估計2012年杪為7.2%。

調整貸款成長與借貸成本預測後,上調2010至2012年淨利預測各3、4與5%,分別是29億5240萬、33億3550萬與37億3740萬。

主評:馬銀行研究
評級:持有
合理價:12令吉50仙

星洲日報/財經‧2010.07.16

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发表于 2010-7-20 12:49 | 显示全部楼层
SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2010

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/06/2010
30/06/2009
30/06/2010
30/06/2009
$$'000
$$'000
$$'000
$$'000
1Revenue
2,679,261
2,350,620
5,187,020
4,782,081
2Profit/(loss) before tax
981,981
819,782
1,904,556
1,564,710
3Profit/(loss) for the period
747,019
619,939
1,444,673
1,215,752
4Profit/(loss) attributable to ordinary equity holders of the parent
734,079
610,741
1,419,334
1,200,026
5Basic earnings/(loss) per share (Subunit)
20.96
17.70
40.66
35.14
6Proposed/Declared dividend per share (Subunit)
25.00
30.00
25.00
30.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
3.4360
3.1938

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发表于 2010-7-20 15:23 | 显示全部楼层
Really nice report and result, really a good company...


PRESS RELEASE BY TAN SRI DATO’ SRI DR. TEH HONG PIOW,
CHAIRMAN OF PUBLIC BANK

PUBLIC BANK ACHIEVES 22% GROWTH IN PRE-TAX PROFIT IN THE
FIRST HALF OF 2010 AND DECLARES 25% INTERIM DIVIDEND

The Public Bank Group achieved a pre-tax profit of RM1.90 billion for the first half
of 2010, representing a 22% growth from the corresponding period in 2009. Over
the same period, the Group recorded a net profit of RM1.42 billion, 18% higher as
compared to RM1.20 billion achieved in the corresponding period in 2009.  

On a quarter-to-quarter comparison, the Public Bank Group recorded a pre-tax profit
of RM982 million in the second quarter of 2010, 6% higher as compared to RM923
million in the first quarter of 2010.

The Public Bank Group's results translate into earnings per share of 40.7 sen for the
first half of 2010 and an annualised net return on equity of 26.1%.  

In view of the sustained strong performance of the Public Bank Group, the Board of
Directors is pleased to declare a first interim dividend of 25% less 25% taxation,
which will result in a total payout of RM657 million.

Highlights of the Public Bank Group's Performance in the First Half of 2010
•  Pre-tax profit of the Group increased by 22% to RM1.90 billion as compared to
RM1.56 billion in the previous corresponding period, on the back of a strong
16% growth in net interest and financing income.
•  Net profit attributable to shareholders increased by 18% to RM1.42 billion as
compared to RM1.20 billion in the previous corresponding period.  
•  Annualised net return on equity stood at 26.1%.  
•  Earnings per share of 40.7 sen was 16% higher as compared to 35.1 sen in the
first half of 2009.      
2
•  Cost-to-income ratio remains efficient at 34.6%, as compared to 48% for the
industry.
•  Total assets increased to RM219 billion as at the end of June 2010.
•  Total loans and advances of the Group grew by RM10.0 billion or an annualised
growth rate of 14.6% to reach RM147.6 billion as at the end of June 2010,
particularly driven by strong lending growth in the domestic market at an
annualised rate of 16.8%.
•  The Group's domestic core customer deposits grew at an annualised rate of
15.2%.
•  The gross impaired loans ratio of the Group as at the end of June 2010 remained
low at 1.2% as compared to the industry’s gross impaired loans ratio of 3.5%
and an improvement from the gross impaired loans ratio of the Group of 1.3% as
at the end of 2009.
•  The Group's loan loss coverage of 133.9% continues to be one of the highest and
most prudent in the Malaysian banking industry.  
•  The core capital ratio and risk-weighted capital ratio of the Group remain
healthy at 10.0% and 13.9% respectively as at the end of June 2010, after the
payment of the first interim dividend.

Highlights of the Public Bank Group’s Performance for the Second Quarter as
compared to the First Quarter of 2010
•  Pre-tax profit grew by 6% or RM59 million to RM982 million in the second
quarter of 2010.
•  Net interest and financing income expanded by 6% or RM74 million to RM1.33
billion.
•  Cost to income ratio improved to 33.6% for the current quarter as compared to
35.7% in the first quarter of 2010, reflecting continued improvement in
productivity and efficiency.      
3
Continued Strong Profit Performance
The improved profit performance of the Public Bank Group for the first half of 2010
was mainly attributed to the strong growth in net interest and financing income,
higher non-interest income and lower loan impairment allowances.  

The two increases in the Overnight Policy Rate (“OPR”) in March 2010 and May
2010 totalling 0.5% translated into a direct improvement to the Public Bank Group’s
net interest margin. With the improved net interest margin, coupled with the strong
organic growth in loans and customer deposits, the  Group’s net interest and
financing income improved by RM350 million or 16% in the first half of 2010 as
compared to the corresponding period in 2009. The recent further increase in OPR
by 0.25% announced by Bank Negara Malaysia on 8 July 2010 should result in
further improvement to the Group’s net interest margin in the second half of the
year.

Non-interest income of the Public Bank Group also recorded a commendable
growth of 19% as compared to the corresponding period in 2009, mainly driven by
the increase in unit trust management fees, higher foreign exchange income as well
as higher brokerage and commission from the Group’s stockbroking activities.

The Public Bank Group’s loan impairment allowances decreased by 7% despite the
strong loan growth in the first half of 2010. This  was directly attributed to the
continued improvement in asset quality, particularly in the Group’s overseas
operations in Hong Kong.

Continued Strong Loan Growth  
In tandem with the improved economic conditions in  the country, the Public Bank
Group recorded a strong increase in total loan and  advances of RM10 billion, a
7.3% growth for the first half of 2010 or a 14.6% annualised growth rate, to reach
RM147.6 billion as at the end of June 2010. In particular, domestic loans grew at a
stronger annualised rate of 16.8%, leading to the increase in the Group's domestic      
4
lending market share to 16.2% as at the end of May  2010, from 15.9% as at
beginning of the year. Based on the strong loan growth for the first half of 2010, the
Group is on track and is well positioned to achieve its targeted loan growth rate of
15% for 2010.  

The lending activities of the Public Bank Group remained focused on the retail
sector, particularly in loans to mid-market commercial enterprises as well as loans
for the financing of residential properties and purchase of passenger vehicles, which
accounted for 78% of the total loan portfolio of the Group as at the end of June
2010.  

In the first half of 2010, the Public Bank Group’s  domestic retail loan approvals
increased by 14% as compared to the corresponding period of 2009. In particular,
domestic loan approvals for hire purchase grew at an impressive rate of 23%.

For the first half of 2010, the Public Bank Group continued its strong support of the
Government’s effort to promote SME activities with the approval of RM5.5 billion
of loans to domestic SMEs, accounting for more than 20% of the Group's total
domestic loans approved of RM26.9 billion in the same period.  

Sustained Strong Asset Quality
The Public Bank Group's asset quality remained strong as at the end of June 2010.
Commencing from this quarter, the Group adopted a more stringent criteria on the
classification of impaired loans under FRS 139, the accounting standard in respect
of the recognition and measurement of financial instruments. Under the more
stringent criteria, certain loans which are less than 3 months in default are now
classified as impaired. Despite the more stringent  criteria, the Group's impaired
loans ratio as at the end of June 2010 remained low at 1.2%, which is approximately
one-third that of the banking industry's gross impaired loans ratio of 3.5% as at the
end of May 2010 and represents an improvement from the gross impaired loans ratio
of 1.3% as at the end of 2009.      
5

The Public Bank Group's loan loss coverage ratio also continue to remain one of the
highest at 133.9%, as compared to the banking industry's coverage ratio of 92.2% as
at the end of May 2010 despite that more than 90% of the impaired loans
outstanding are secured.

The strong asset quality of the Public Bank Group is due to, inter alia, its prudent
lending policies and strong risk management practices, its affluent customer base, as
well as the prompt and timely loan restructuring and recovery efforts undertaken by
the Group.  

Healthy Growth of Domestic Core Customer Deposits
Domestic core customer deposits grew by 7.6% in the first half of 2010, or an
annualised growth rate of 15.2%, against the backdrop of a negligible 0.15% growth
in the domestic industry’s core customer deposits for the first five months of 2010.  

The strong domestic core deposit growth of the Public Bank Group is mainly
supported by steady inflows of deposits, particularly fixed deposits and savings
deposits which outperformed the contraction in such deposits in the domestic
banking system. Domestic fixed deposits grew by 9.6% for the first six months of
2010 despite the contraction in the domestic industry’s fixed deposits of 0.3% for
the first five months of 2010. Similarly, the Group’s domestic savings deposits grew
by 3.7% over the 6 month-period as compared to the  2.7% decline in savings
deposits in the domestic banking system for the first five months of 2010.   

Improved Performance of the Group’s Overseas Operations
For the first half of 2010, the Public Bank Group’s overseas operations recorded an
improvement in earnings, particularly in its operations in Hong Kong which
recorded a significant improvement in earnings by 72% due to the decline in loan
impairment allowances.  
      
6
The Public Bank Group's expansion plan in its overseas operations remains focused
on its Hong Kong and Cambodian operations. The Group currently has a network of
80 branches in Hong Kong and 3 branches in Shenzhen in the People’s Republic of
China, with a further 2 branches in Hong Kong to be opened in the second half of
2010. Cambodian Public Bank Plc, a wholly-owned subsidiary of Public Bank, the
largest bank in Cambodia by balance sheet size, presently has 19 branches, with
another 8 branches targeted to be opened in the second half of 2010.

Growth in Non-interest Income
The Public Bank Group recorded a 19% growth in non-interest income in the first
six months of 2010, mainly attributed to its unit trust management business and its
foreign exchange business.

The Public Bank Group continued to develop its fee-based income from unit trust,
bancassurance and wealth management products, in order to further enhance the
Group’s profitability and return on equity.

Public Mutual Berhad, the Public Bank Group’s wholly-owned unit trust fund
management subsidiary, continue to maintain its market leadership position in the
private unit trust industry with an overall market  share of 43%, whilst its market
share in equity funds and Islamic funds stood at 59% and 54% respectively as at the
end of June 2010. In the first half of 2010, Public Mutual’s pre-tax profit grew by
32% to RM130 million from RM98 million in the corresponding period in 2009.
This was mainly due to strong growth in its net assets under management which
stood at RM36.5 billion as at 30 June 2010, 19% higher as compared to RM30.6
billion a year ago. The Group continues to build and nurture its large unit trust
consultants force, a highly effective distribution  channel to drive the Group’s unit
trust business, besides expanding further the distribution of unit trust through the
branches of Public Bank.
      
7
In the third year of its strategic alliance with ING Group on bancassurance
distribution, the Public Bank Group had so far built up a total sales force of more
than 260 personnel and will continue with its efforts to further build the
infrastructure to drive the expansion of the Group's bancassurance business to
increase its fee-based commission income in the long run.

Capital Position Remains Healthy
The Public Bank Group’s capital position remains healthy, with its core capital ratio
and risk-weighted capital ratio standing at 10.0% and 13.9% respectively as at the
end of June 2010, after the payment of the first interim dividend.

The Public Bank Group continues to proactively monitor the latest developments in
regard to the Basel III proposals and to address its potential impact on the Group’s
capital requirements by realigning existing capital management strategies from time
to time. The Group will pursue continued proactive capital management in order to
maintain a healthy level of capital at all times to support the Group’s business
growth whilst maximising shareholders’ returns.

Group Prospects
The economic performance of Malaysia in the first quarter of 2010, with a growth
rate of 10.1% in the first quarter, amidst strengthening domestic economic activities
and external demand, suggest a strong turnaround in the domestic economy in 2010.
The sustained expansion in private consumption, improved conditions for SMEs and
increased public sector spending contributed to higher domestic demand, which in
turn translates to a healthy domestic operating environment in which the Public
Bank Group operates.  

The Public Bank Group’s solid performance for the first half year of 2010 reaffirms
the proven business strategies of the Group. Leveraging on its strong PB brand, the
Group will continue to pursue strong organic growth in its lending and deposit-
taking businesses, accelerate its fee-based revenue and further improve its      
8
productivity and cost efficiency. Meanwhile, the Group will also continue to
reinforce its prudent risk management practices in  sustaining its superior asset
quality whilst upholding its strong corporate governance culture and practices.

Barring unforeseen circumstances, the Public Bank Group is expected to continue to
record satisfactory performance for the rest of 2010.






Tan Sri Dato’ Sri Dr. Teh Hong Piow  
Chairman

20 July 2010






For more information, please contact:

Mr Leong Kwok Nyem   Ms Chang Siew Yen
Chief Operating Officer   Chief Financial Officer
Tel: (603) 2176 6270   Tel: (603) 2176 7460
Fax: (603) 2163 9925   Fax: (603) 2164 9002
Email:  leongkn@publicbank.com.my      Email:changsiewyen@publicbank.com.my

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x 474
发表于 2010-7-20 23:06 | 显示全部楼层
我对大众银行首半年的业绩相当满意,虽然派息比去年少了些。。。。

每股派25仙中期股息
大众银行次季净赚7.3亿涨20%
2010/07/20 5:55:57 PM
●南洋商报 周汉文

(吉隆坡20日讯)在更高的净利息与非利息收入,以及更低的贷款减损拨备贡献下,促使大众银行(Pbbank,1295,主板金融股)在2010财年第二季的净利大涨逾20%。

截至2010年6月30日止的第二季,大众银行录得7亿3407万9000令吉的净利,相比去年同期的6亿1074万1000令吉,劲扬20.19%。

该银行集团在第二季的营业额,也上涨13.98%至26亿7926万1000令吉,去年同期为23亿5062万令吉。

在2010财年上半年方面,大众银行的净利达14亿1933万4000令吉,相比2009财年同期的12亿零2万6000令吉,涨18.28%;营业额则从47亿8208万1000令吉,扬8.47%至51亿8702万令吉。

受到亮眼的业绩表现激励,该股今日也应声上扬,闭市时起0.10令吉或0.83%,以12.20令吉挂收,全日成交量达231万8500股。

大众银行主席丹斯里郑鸿标表示,集团在上半年的每股盈利达0.407令吉,按年化投资回酬达26.1%,因此,宣布派发每股25仙的中期股息。

他指出,大众银行在上半年的盈利表现增长,主要是来自强劲的净利息收入、更高的非利息收入,以及较低的贷款减损拨备。

净利息收入增16%

“其中,国行于今年3月和5月两度升息,提高了集团的净利息收入,加上贷款与存款皆取得强劲的内部增长,净利息收入按年增长16%。”

同时,在非利息收入方面,也获得19%的增长率,主要是来自单位信托管理费的增长、更高的外汇收入以及集团证券经纪活动更高的经纪及拥挤收入。

尽管大众银行在上半年取得强劲的贷款增长,但集团的贷款减损拨备却下滑7%,主要贡献来自资产素质持续改善,特别是香港的营运。

展望未来,郑鸿标表示,集团将持续在借贷与存款业务方面,追求强劲的内部成长,包括提高收费收入以及增强生产力与成本效率。“与此同时,集团将持续加强谨慎的风险管理、维持优越的资产素质,以及坚守严谨的企业监管与实践。”

在排除无法预见的情况下,大众银行预料能在2010财年其余季度,持续获得令人满意的业绩表现。

国行年内料不再升息

大众银行董事经理丹斯里郑亚历预料,国行不会在今年再次调高隔夜政策利率(OPR),且维持在2.75%的水平。

对于国行在7月8日宣布的升息举动,大众银行预料,这将直接提高集团在本财年下半年的净利息收入。

他说:“任何的利息上调,将可改善业绩的净利息收入。”

此外,大众银行总营运长梁觉谊补充道,在净利息收入改善,加上贷款批准增长之际,预计集团在2010财年下半年的业绩,可维持上半年所取得的卓越表现。

“而在本财年第一季和第二季,集团的核心赚幅分别改善3.4%和3.6%,预计在下半年可获取超过3.6%的赚幅水平。

他说,国行以渐进的方式提高隔夜政策利率是恰当的,如果利率突然大幅度上涨,反而会打击整体贷款业务。

展望未来,郑亚历指出,估计国行将维持目前的利率水平,以支撑经济或业务增长。

同时,我国的经济体系也受到外围因素的影响,包括出口伙伴国家的经济前景,因此,国行在今年维持利率在2.75%的水平。

监督巴塞尔III进展 暂无融资计划

对于巴塞尔III的建议,郑鸿标指出,集团将积极监督最新发展,并随时调整现有的资本管理策略,以应对更严格的资本要求潜在的冲击。

他说:“集团将持续采取进取型的资本管理,以维持健全的资本水平,支撑集团的业务增长,且为股东带来最大的回酬。”

同时,郑亚历补充道,集团目前就巴塞尔III更严格的资本要求,作出充分的准备,不过还没有从资本市场中融资的计划。

他表示,大众银行仍在等待巴塞尔III的详情,并积极的作出评估。

“对于从资本市场获取融资,以提高集团的资本比率,目前这仍言之过早,但我们并没有计划进行融资。”

另一方面,尽管大众银行在本季度已经采纳更严格的FRS139会计标准,但集团的资产素质依然稳健,净呆账率维持在1.2%的低水平,比银行领域的3.5%低。

若根据旧制度——GP3会计标准,该集团的净呆账率实为0.9%,比截至3月31日止第一季的1.0%稍有改善。

今年总股息料达60仙

截至6月30日,大众银行在支付中期股息后,其核心资本比率以及风险加权资本比例,分别为10.0%和13.8%。

梁觉谊指出,大众银行将维持介于50%至55%的股息派发率,并预料今年派发的现金股息,每股介于55仙至60仙。

在2009财年,大众银行共派发每股55仙的现金股息。

此外,其呆账覆盖率(LLC)也改善至133.9%,相比领域在今年首5个月的92.2%水平,是同业中最高的其中之一。

海外业务贡献 2年内倍增至15%

郑亚历表示,集团的海外业务将从目前介于7%至8%的税前盈利贡献,在两年的期间内增倍,为集团带来15%的贡献。

在2010财年上半年,海外营运在盈利方面有所提升,特别是在香港的业务。

在未来,集团的海外营运扩展计划,将以香港和柬埔寨业务为主,并计划在今年下半年,分别在香港和柬埔寨,增设2家和8家分行。

目前,大众银行在香港拥有80家分行、中国深圳3家,以及在柬埔寨拥有19家分行。

15%贷款增长目标稳固

郑亚历指出,大众银行在今年设下的15%贷款业务增长目标,仍朝向正轨发展,主要的支撑动力将来自房屋贷款、汽车贷款以及中小型企业贷款。

在本财年上半年方面,该集团的贷款增长按年化录得14.6%的增长,截至6月30日,贷款额达1476亿令吉。

其中,本地贷款业务按年化取得16.8%的强劲增长,而在截至5月份,大众银行在本地的市场份额达16.2%,相比今年初的15.9%。

在上半年,集团在本地零售贷款的批准上涨14%(相比去年同期),特别是在汽车贷款方面,更是取得23%的亮眼增长。

此外,在存款方面,大众银行放眼今年能录得15%至16%的增长,推动力来自储蓄户口、来往户口和定期存款。

在上半年,大众银行在本地的核心顾客存款增长7.6%,按年化增长幅度达15.2%,相比本地同业的核心顾客存款,在今年首5个月仅获得0.15%的微幅增长。

大众银行2010上半年业绩焦点

集团税前盈利增长22%至19亿令吉,去年同期为15亿6000万令吉,归功于净利息收入强劲增长了16%。

净利攀升18%至14亿2000万令吉,去年同期为12亿令吉。

每股净利达到40.7仙,比去年同期的35.1仙增加了16%。

截至2010年6月底,总资产规模增加至2190亿令吉。

截至2010年6月底,总贷款与预支增加了100亿令吉,至1476亿令吉,年度化增长率为14.6%,归功于本地贷款市场大幅攀升16.8%。

集团的减值贷款比率(Impaired Loan Ratio)仍然处于1.2%的偏低水平,银行同业的比率为3.5%。

截至2010年6月底以及支付了首次中期股息后,集团的核心资本比率以及风险加权资本比率,分别保持在健康的10%和13.9%。

http://www.nanyang.com/NewsCenter/articleDetail.asp?type=N&ID=168200&SID=7&CID=12

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发表于 2010-7-21 09:49 | 显示全部楼层
次季淨利逾7億  
連續第六個季度錄得淨利成長
大眾銀行派息25仙

(吉隆坡20日訊)大眾銀行(PBBANK,1295,主要板金融)第二季淨利按年增長20%至7億3410萬令吉,每股將派發25仙(扣稅25%)的中期股息,派息總額達6億5700萬令吉。

該銀行更放眼,全年將至少維持去年每股55仙的現金派息額。

截至今年6月底,大眾銀行首半年稅前盈利按年增長22%至19億460萬令吉,淨利增18.3%至14億1930萬令吉。

同期,每股盈利從35.1仙改善至40.7仙,股本回酬從26%微揚至26.1%。

大眾銀行主席兼總執行長丹斯里鄭鴻標指出,次季淨利比今年首季揚升7.1%,主要歸功于更高的利息和非利息收入,及更低貸款損失撥備。

跑贏同業

該銀行董事經理丹斯里鄭亞歷是在次季業績匯報會上,代讀鄭鴻標的業績新聞稿;列席者包括總營運長梁覺誼及總財務長鄭秀燕。

詢至現財年派息時,鄭亞歷指出,銀行將維持50%至55%的派息比重,毛股息一般介于55仙至60仙。

“我們去年共派發55仙的現金股息,相信今年可至少維持去年的派息額。”

另一方面,在房屋貸款、汽車租購、中小型企業的帶動下,鄭鴻標指出,今年貸款成長走勢,將與15%的成長率目標一致。

“預計今年的核心客戶存款將成長15%至16%,主要由經常賬戶存款、定期存款所主導。”

大眾銀行首半年核心客戶存款成長7.6%,年度成長率達15.2%,比較業界首5個月存款成長率僅0.15%。

該銀行首半年國內定存成長9.6%,業界5個月的定存為下跌0.3%。

國行年內料不再升息

隨著國家銀行第三度調高隔夜官方利率(OPR)至2.75%,鄭亞歷預期,國行今年內不會再升息。

他指出,現有利率已十分寬適,足以支援經濟成長。

國行在今年3月和5月累積升息0.5%,直接推高大眾銀行的淨利息賺幅,首半年淨利息和融資收入增長16%或3億5000萬令吉。

鄭亞歷認為,國行早前第三度升息,及持續擴大的貸款和存款,皆會反映在未來季度的利息收入和賺幅上。

儘管任何升息將有助改善利息賺幅,但他不諱言,宏觀而言,若利率明顯上漲,皆可能影響借貸成本和潛在貸款需求。

另一方面,大眾銀行預期,今年經濟成長將超過6%,超越官方預測,主要因為經濟復甦、國內大型工程提振和更佳內需所驅動。

新資本要求未定案
暫無籌資計劃


梁覺誼指出,在巴塞爾III(Basel III)資本要求和細節出爐之前,大眾銀行並沒有新的籌資計劃。

他說,現階段銀行並沒有計劃透過證券或債券方式籌集資本。

鄭亞歷也指出,銀行資本處于良好狀態,在等待和確認更多的巴塞爾III條款細節之際,亦在探討這項新標準對銀行的潛在影響。

配合財務申報準則139(FRS 139)標準,大眾銀行從第二季開始,採用更嚴格的減值貸款(Impaired Loans)分類標準,部分違約少過3個月的貸款,如今將歸類為減值貸款。

儘管如此,鄭亞歷指出,銀行截至6月底的減值貸款比率仍持低在1.2%,是銀行業平均3.5%(截至5月底)的三分之一。

截至去年底,該銀行的減值貸款比率為1.3%。

他指出,若按照原有的GP3標準,大眾銀行次季的減值貸款比率,從首季的1%改善至0.9%。

另一方面,鄭亞歷有信心,今年的淨呆賬率將持低、資產素質將維持穩健,尤其香港和柬埔寨的貸款和資產成長將進一步改善。

該銀行首半年的貸款減值撥備下跌7%,主要因為海外業務尤其香港資產素質改善。

但國內貸款減值撥備增加7.6%,主要因為更高的貸款成長。

截至6月底,該銀行核心資本率達10%,風險加權資本比重為13.9%。

激勵股價寫新高

利息趨穩,加上首半年更佳的貸款批准率,將支撐下半年放款成長,鄭亞歷有信心,下半年淨利表現將延續首半年的成長勢頭。

隨著國行升息至2.75%,他放眼,未來數個季度的淨利息賺幅將成長至少3.6%。

受此激勵,該股今日一度攀升14仙至12.24令吉,不但刷新12.14令吉的52週新高,也寫下股價新高。

大眾銀行今早起2仙,以12.12令吉開市,至休市時,股價已揚10仙至12.20令吉,半日成交量128萬9500股。

隨著業績的宣佈,該股在午盤時,一舉攀升14仙至12.24令吉的最高水平。

閉市時,大眾銀行收12.20令吉,起10仙,成交量231萬8500股。

截至6月底,大眾銀行首半年貸款和預支總額增加100億令吉或7.3%至1476億令吉,相等于14.6%的年度成長率;其中,國內貸款的年度成長率更高達16.8%。

此外,首半年批准貸款額按年從244億令吉增長10.1%至269億令吉。

這當中,中小企業獲准貸款比重佔超過20%。

冀海外貢獻增至15%

鄭亞歷指出,大眾銀行將專注業務自行成長,海外業務將繼續以香港和柬埔寨為主。

他透露,海外業務目前貢獻7%至8%的集團稅前盈利,並放眼在1至2年內,貢獻比重可提高至15%。

該銀行在香港和中國深圳,分別有80家和3家分行,今年下半年將在香港增設2家分行。

大眾銀行在柬埔寨已有19家分行,預計下半年將增設另外8家分行。

以資產負債表規模計算,柬埔寨大眾銀行為當地最大銀行。

http://www.chinapress.com.my/content_new.asp?dt=2010-07-21&sec=business&art=0721bs01.txt

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发表于 2010-7-21 10:56 | 显示全部楼层
Entitlements (Notice of Book Closure)
Reference No PB--100720-97A8D  

Company Name : PUBLIC BANK BERHAD   
Stock Name  : PBBANK-O1   
Date Announced : 20/07/2010   

EX-date : 03/08/2010  
Entitlement date : 05/08/2010  
Entitlement time : 05:00:00 PM  
Entitlement subject : First Interim Dividend
Entitlement description : First interim dividend of 25% less 25% income tax

Period of interest payment : to  
Financial Year End : 31/12/2010

Share transfer book & register of members will be  : to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no : Tricor Investor Services Sdn Bhd
Level 17, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Tel No.: 603-22643883

Payment date  : 13/08/2010

a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers
: 05/08/2010

b. Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
: 03/08/2010

c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable)  :  

Entitlement indicator : Percentage

Entitlement in percentage (%) : 25

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发表于 2010-7-21 12:28 | 显示全部楼层
怎么说呢? 能不能具体说下?
silentemotion 发表于 2010-7-21 11:43


你不妨参考大众2009年报的3年目标,和其它年报后部分有提过的发展目标。除了盈利及贷款成长之外,到目前为止其它方面都好像面临频带(特别是这一季)。Source of funding 如果不再提高的话,要在继续成长会是个大挑战。虽然贷款增加了 RM100 亿,但这RM100亿几乎都只是把自己的现金储备拿出来放贷而已。现金储备和负债(客户存款)方面,几乎都没有明显成长。特别是总资产和总负债,几乎是面临频带,和为了达到3年目标而应有的成长率不一样。如果它无法提高自己的资产及现金储备,到时即使贷款需求增加,它也没有多少资金可以放贷了。

非利息收入虽然也是有进步,但主要依然还是因为第一季的表现优越而已,这一季基本上与去年同期没有特别明显成长。非利息占总收入的百分比也不见得很乐观,和大众的理想目标相比似乎还是一个很大的挑战。不过或许是因为大众之前年报里提过所计划用来提高非利息收入的发展还未正式发力吧。毕竟内部的发展和新配套的市场与潜能,只有他们自己最清楚。也许需要多点时间才能看到3年计划的威力吧。

个人认为这次的成长主要归功海外业务的复苏,特别是香港业务盈利成长(复苏)80%,及 OPR 提高了3次所带动而已。至于大众以往都有的内部成长,似乎至今还不明显。纯属我作为外行人的看法而已,如果有任何错误,希望各位可以指点。

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发表于 2010-7-21 13:17 | 显示全部楼层
626# 夜孩子

当年PBB 去柬埔塞 开市场的时候,我们曾经辩论过,是否明智之举。
其他的银行都要去中国或印尼,泰国等。

现在几年下来,国外银行的业务贡献,基本来自于香港和 柬埔塞。
估计它的成长依然可以倍增。它的成长路线和模式,可以说已经确认了。

PBB 的主要业务还是本地。
目前,本地的经济是否有活力呢?

我看到的,就是本地的经济正在因为全球复苏,而在强劲复苏。不是缓慢复苏。
因此,PBB 在未来的2-3年,有一段更好的成长。

如果环顾区域银行,买入新加坡的龙头银行,也是一项不错的投资。

银行和国内的经济活动息息相关,因为借贷和烂帐都是由经济活力来决定的。
只要管理层是优秀和诚实的,你还看什么数据?

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发表于 2010-7-21 13:52 | 显示全部楼层
不过还有一点想不通,想请教你的。目前看到的是房子和车子的市场都上涨,借贷需求也上涨。但如果人人借钱,而没有人要存钱,最后会演变成怎样的局面?
夜孩子 发表于 2010-7-21 13:47


大眾銀行首半年核心客戶存款成長7.6%,年度成長率達15.2%,比較業界首5個月存款成長率僅0.15%。

該銀行首半年國內定存成長9.6%,業界5個月的定存為下跌0.3%

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发表于 2010-7-21 14:45 | 显示全部楼层
本帖最后由 夜孩子 于 2010-7-21 14:46 编辑
怎么会没有人存钱叻???

人们借的钱,不都是存在银行里吗? 例:你借了100K 买车。卖主收了你 100K,还不是把它放银行里?

除非你是把借来的钱全部 cash out 出来埋在你家后院。。。
invest_klse 发表于 2010-7-21 14:32


我是这样来看的...这次总贷款成长,加上贷款短期未来的需求依然上升,总客户定存没有明显成长,所以 source of fundings 就没有增加。

这次大众把现金从 46 billion 降低到 31 billion,表示说大部分的贷款都由原有的现金及 source of fundings 来支撑。如果负债(客户定存)不提升,大众要如何用剩下的 31 billion 的现金来应付贷款的成长呢?总资产和总负债都没有像以往那样成长,就证明 source of fundings 没有增长吧?

以往的模式是,贷款成长,source of fundings 一般上也会同步。可是这次只是在 asset 的 composition 里搬来搬去而已。在第一季的业绩里,我已经留意到这个分别。当时的想法是再给它多一点时间看看如何。可是这一季依然出现同样的现象,如果下一季,或是全年都依然出现此问题,那就真的有点担心了。

不过如果说这次的成长会连带性的促使存款之后跟着上升也说不定。大概是我对这种连带性的影响认识不够吧,所以无法了解它是如何发生的。

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发表于 2010-7-21 21:17 | 显示全部楼层
半年淨利不俗‧巴塞爾Ⅲ或需集資
大眾銀行派息恐受影響

大眾銀行(PBBANK,1295,主板金融組)2010財政年首半年淨利成長18.28%至14億1933萬4000令吉,符合市場預期。


分析員認為,下半年仍存有漲升空間,不過一旦針對巴塞爾 Ⅲ(BaselⅢ)資本需求而進行集資活動,將影響未來派息能力,且可能丟失誘人高息股的地位。

分析員指出,鑒於巴塞爾 Ⅲ未公佈最終的資本需求,相信未來12個月內仍無籌資計劃。以8%核心股權資本計,大眾銀行須籌措高達30億至35億令吉。

大眾銀行透露,巴塞爾 Ⅲ的資本需求或比之前預期的更嚴謹,因此可能須展開籌資活動。不過,分析員相信,資本需求將更具伸縮性,包括規定遵守的期限可能延長5至10年。

另外,由於大眾銀行上半年僅派發25仙中期股息,遜於預期,因此相信下半年的派息額將超越上半年。

受到業績標青利好支撐,該股今日(週三,7月21日)早盤高開6仙至12令吉26仙,盤中一度走高12仙或2.67%至12令吉32仙,惟隨後由紅翻黑,閉市掛12令吉14仙,跌6仙。

分析員指出,國家銀行的升息行動將激勵第三季的淨利息賺幅進一步上漲,而目前2.16%淨利息賺幅也捎來驚喜。

大眾銀行正向15%貸款成長邁進,從年初至今,貸款取得7.3%成長,高於國內銀行業,且市佔率更揚升至16.2%。

大眾銀行放眼增強非利息收益業務,包括銀行保險及財富管理項目。然而,鑒於下半年的宏觀經濟可能走疲,加上面對通膨走高隱憂,分析員認為單位信托基金及經紀業務將維持平平狀態。

達證券:買進
目標價:RM13.70
預計2010至2012財政年淨利將各別成長16%、13%及15%,至29億、33億及38億令吉,主要是因為營運業務處於健康水平。外資組合資金流出是股價風險,因為截至6月的外資股權只有26.6%,低於前期的33.1%。

黃氏唯高達:持有
目標價:RM13.10

為了反映淨利息賺幅及貸款增長,上調2010至2012財政年財測6至7%,各達29億5900萬、33億4900萬及37億6800萬令吉。派息政策預估則從55%,下修至50%至51%,料派息額各為60仙、68仙及78仙。

馬銀行研究:持有
目標價:RM12.50

維持2010財政年17%淨利增長預估,料淨賺29億5240萬令吉,2011及2012財政年則預計取得33億3550萬及37億3740萬。維持2010財政年60仙派息額,派息率為53%;預計3年復合成長盈利達14%,平均股本回酬則為24%。

豐隆研究:持有
目標價:RM12.34
2010至2012財政年料淨賺28億8700萬、32億8000萬及36億零300萬令吉。正面消息是高於業界的資產素質、貸款成長和回酬,負面風險是股息可能低於過往和2012年或需要籌資。

星洲日報/財經‧2010.07.21

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发表于 2010-7-21 22:32 | 显示全部楼层
大眾銀行前景續看好

(吉隆坡21日訊)大眾銀行(PBBANK,1295,主板金融股)今年第二季業績表現大致上符合市場預測,分析員普遍上繼續看好該公司的未來表現;不過,部份分析員認為該股的上漲空間有限,而調低其投資評級與目標價格。

大眾銀行2010財政年次季(截至6月30日)淨利按年增長20.19%,從去年同期的6億1074萬1000令吉,漲至7億3407萬9000令吉。其次季營業額則從去年同期的23億5062萬令吉,按年走高13.98%,至26億7926萬1000令吉。

其上半年淨利按年上升18.28%,從去年同期的12億零2萬6000令吉,按年漲至14億1933萬4000令吉;營業額則從去年同期的47億8208萬1000令吉,按年上揚8.47%,至51億8702萬令吉。

針對大眾銀行最新業績表現,達證券分析員表示,該公司的上半年業績符合預測。

其上半年盈利按年成長18%,至14億令吉,主要是由較高的營運盈利和較低的貸款虧損撥備帶動。

艾芬投行分析員指出,大眾銀行上半年淨利比該投行的預測低6.7%,但符合市場的預期。

黃氏星展唯高達研究分析員則說,大眾銀行上半年的淨利表現比他們的預測高6%,但符合市場預測。

展望未來,黃氏星展唯高達研究分析員認為,大眾銀行下半年的貸款成長料將保持強穩,因為其上半年的貸款批准相當強勁。同時,隨著國家銀行在本月進一步升息25個基點,這將促使大眾銀行的淨利息賺幅從中受惠。

有鑑於此,他將大眾銀行的貸款成長預測,從之前的12%,調高至15%。

與此同時,他也將其2010至2012財政年的盈利預測,分別調高6至7%。

針對投資建議,他維持該股「守住」評級,目標價格則調高至13.10令吉。

資產素質強勁

艾芬投行分析員表示,隨著國行在7月份進一步升息25個基點,以及他將大眾銀行2010至2012財政年的每股淨股息預測,從45到55仙,下修至41.3到45仙,所以有關財政年的盈利預測也跟著調整0.4至0.8%。

此外,他維持該股「增持」投資評級,目標價格則從12.50令吉,調高至12.70令吉。

然而,大馬研究分析員則認為,大眾銀行近期的股價走勢「超越大市」,導致其目前的上漲空間距離目標價格少於15%,所以,他將該股的投資評級從之前的「買進」,下調至「守住」,目標價維持13令吉。

益資利投行分析員則維持大眾銀行「買進」投資評級,但基於兩個原因將該股的目標價格從14.50令吉,調低至13.30令吉。

「我們非常喜歡大眾銀行,因為該公司擁有強勁的股本回酬和資產素質;但我們調低其目標價,因為其未來的每股盈利成長或許會被較高的貸款對存款比例拖累,加上一旦推行巴塞爾III之後,其股本回酬可能走低。」

無論如何,達證券分析員維持大眾銀行2010至2012財政年淨利預測,估計分別成長16%、13%和15%,至29億、33億和38億令吉。同時,也維持該股「買進」評級和13.70令吉目標價。


http://www2.orientaldaily.com.my/read/LBZ/2rU10h2w1W3w0C0y03t17tz725Ut299J

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发表于 2010-7-22 09:12 | 显示全部楼层
業績雖亮眼
大眾銀行評級不一


(吉隆坡21日訊)大眾銀行(PBBANK,1295,主要板金融)業績一如預期報捷,但券商評級各異,從“跑贏大市”至下修評級至“中立”皆有。

英特太平洋證券研究下修該行目標價從13.34令吉至12.70令吉,主要是未出爐的巴塞爾III(Basel III)資本要求和細節仍存隱憂。

儘管如此,但該機構相信,大眾銀行2010財年亦能成功取得15%的貸款成長率,因為該行著重零售業務的策略將受惠于強勁的消費及企業活動,加上有優質的資產支撐。

該研究機構亦指出,大眾銀行下半年銀行淨利息賺幅(NIM)將因國行調漲利率而受惠,並上修賺幅從首半年的2.5%至下半年的2.7%。

大馬投資研究指出,近期大眾銀行股價表現大好,目前的上探空間已低于該行合理價位13令吉的15%,上揚空間顯然有限,而巴塞爾III的資本要求短期多少抑制股價表現,但維持“持有”評級。

ECM證券研究則認為利率調漲及巴塞爾III的資本要求皆是導致未來每股盈利(EPS)減弱的因素,因而下修目標價從14.50令吉至13.30令吉,惟給予“買進”評級。

http://www.chinapress.com.my/con ... mp;art=0722bs15.txt

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发表于 2010-7-23 00:45 | 显示全部楼层
國行調漲利率,这季的表现又不错,应该还会有表现的,13块冲吧.

http://cwyeoh-stock.blogspot.com/

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