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[公司专区] 5139 Aeon Credit 永旺信貸

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发表于 2012-4-23 09:24 | 显示全部楼层
AEON Credit 4Q earnings up 43%

KUALA LUMPUR: AEON Credit Service (M) Bhd posted a 43% increase in net profit for its 4QFY12 ended February to RM27.72 million from RM19.4 million a year ago. Revenue in 4Q increased by 27.9% to RM94.28 million, from RM73.73 million a year ago. For FY12, it posted a 50.7% rise in net profit to RM95.61 million from RM63.43 million a year ago on the back of increased revenue of 27.7% to RM344.27 million from RM269.61 million
previously.

In notes accompanying its financials yesterday, AEON Credit said it realised growth in its business and receivables due to an increase in financing transaction volume, which was attributable to the continued favourable economic environment, and marketing and promotion activities.

Its total transaction and financing volume in 4Q and FY12 were RM440 million and RM1.66 billion respectively, representing a growth of 26.2% and 40.9% respectively from a year ago.

Meanwhile, its financing receivables at as end-FY12 stood at RM1.49 billion, representing a growth of 34.5% from RM1.11 billion in FY11. AEON Credit said that its non-performing loans (NPL) ratio was 1.8% as at Feb 2012 compared to 1.83% in February 2011, reflecting satisfactory asset quality despite a sharp growth in its business and receivables in the year.

It said other operating income of RM24.9 million for FY12 was 44.4% higher than the previous year, due to continued growth in fee income, especially for sales in insurance products and increase in bad debts recovered.

AEON Credit yesterday proposed a single-tier final dividend of 16.8 sen for FY12. Including this, total dividends for FY12 amounted to 30 sen. In FY11, it paid dividends amounting to 26.5 sen.

On its prospects, AEON Credit said it expects to be able to sustain its performance in FY13 based on its business strategies, and marketing and branding efforts.

AEON Credit shares closed three sen higher to RM8.74 yesterday, representing a year-to-date return of 26.7%, according to Bloomberg.

Its shares have been on an uptrend since RM4.50 levels in September 2011. Over the past 52-weeks it has traded between a high of RM9 in March 2012 and low of RM4.04 in April 2011.

This article appeared in The Edge Financial Daily, April 20, 2012.

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发表于 2012-4-23 18:13 | 显示全部楼层
AEON Credit rides consumer credit boom

KUALA LUMPUR: While there is growing concern that Bank Negara Malaysia’s prudent lending policy would affect banks’ loan growth, AEON Credit Service (M) Bhd seems unfazed. Its share price climbed to a historic high of RM9.18 last Friday after the company announced its record net profit of RM95.6 million for FY12 ended Feb 29 compared with RM63.43 million a year ago. The stock has soared 87% over the past five months from a low of RM4.90 in early November.

Analysts, who track the stock, still see the growth potential of AEON Credit despite the sharp gain in the share price. Kenanga Research has raised its loan growth forecast to 30% from barely 10% previously. The research firm said the 30% loan growth target for FY13 is “achievable” with the favourable outlook on its credit card, personal finance and motorcycle financing divisions.

Kenanga Research is anticipating earnings growth of 39% for FY13, which translates into a net profit of RM133.3 million or RM1.11 per share (versus 79.7 sen for FY12).

OSK Research has tweaked its earnings growth forecast after AEON Credit delivered the good set of financial results. “We are taking the opportunity to bump up our FY13 revenue and earnings forecasts by 14.5% and 24.5% respectively, largely due to robust growth in its durable consumer financing and personal loan business,” it said in a note. OSK Research anticipates a net profit of RM119.8 million or 99.8 sen per share for FY13 and RM153.7 million or RM1.28 per share for FY14.

HwangDBS Vickers Research revised its loan and funding growth to 23% for FY13 from 19% previously. “Growth for personal financing and credit card loans should remain robust, while Easy Payment (general and vehicle) will grow at a moderate pace due to a larger base,” said HwangDBS.
According to analysts, the management has indicated that AEON Credit plans to capitalise on the segments that the bigger banks do not traditionally compete in. HwangDBS believes that micro-loans to small and medium enterprises and the financing of super bikes and used cars would provide the new impetus for loan growth.

OSK Research said the two segments will be the new growth area. “We think that AEON Credit can focus on growing market share in these two segments while maintaining its asset quality given its solid risk containment measures, which have helped keep its non-performing loans [NPL] low,” said OSK Research.

It added that AEON Credit’s asset quality is still intact. However, its capital adequacy ratio (CAR) fell to 21.8% from 24% in the previous year, but it is still well above the 16% requirement and thus able to maintain its asset quality. The group’s NPL was down 14 basis points to 1.8% compared with 1.94% previously, slightly below the 1.9% average industry, it said.

AEON Credit uses the Central Credit Reference Information System (CCRIS) and an internal credit-scoring model, designed to model consumer behaviour and spending patterns to ensure it engages those with favourable payment histories. This helps the company to screen the good prospective customers from bad ones.

Its collaboration with AEON Co is bearing fruit. AEON Credit could leverage AEON Co’s 900,000 strong, loyalty member programme. AEON Credit is making use of this opportunity to persuade customers to sign up for its credit cards at renewal counters.

Analysts said another advantage is that AEON Co does not allow other credit card operators to set up booths at its shopping centres, giving AEON Credit a leg up compared to other financial institutions. Apart from churning out strong earnings growth, AEON Credit pays steady dividend annually, which has climbed steadily in line with its earnings. The company has declared a 16.8 sen single tier final dividend, bringing the total dividend to 30 sen for FY12 — the highest payment so far.

OSK Research pegs its dividend per share (DPS) forecast at 36.4 sen and 46.4 sen for FY13 and FY14 respectively. Hwang-DBS expects net DPS of 34.5 sen for FY13 and 41.4 sen for FY14.

This article appeared in The Edge Financial Daily, April 23, 2012.

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发表于 2012-4-24 09:37 | 显示全部楼层
AEON Credit mulling bonus issue: Sources

PETALING JAYA (April 24, 2012): AEON Credit Service (M) Bhd, which saw its revenue and net profit grow by 27.7% and 50.7% year-on-year, respectively, in the financial year ended Feb 20, 2012 (FY12), is mulling a bonus issue to improve the stock's liquidity, said sources.

"The company may seek the approval of its shareholders under a special resolution at the forthcoming annual general meeting (likely to be in June) for the proposed bonus issue," a source told SunBiz yesterday.

Another source said AEON Credit is likely to offer a one-for-one bonus issue of equity shares to reward its shareholders and to help improve liquidity of the stock.

"A bonus issue doesn't really change the fundamentals of the company because the share price and earnings per share get adjusted accordingly after the issue. It's more of a psychological effect among retail investors that are favourable to such issues on the ground that they expand the base and bring down prices and, hence, make the shares more affordable," said the source.

An OSK Research Sdn Bhd analyst said: "If they were to go ahead with a bonus issue, it would be a positive move to retail investors as liquidity is one of the concerns of AEON Credit."

In its report on the counter last Friday, OSK maintained a "buy" call on AEON Credit at RM8.74, with a higher fair value of RM9.98 from RM7.20 previously as it believes the company is still in its high-growth phase "which will contribute to net profit growth of at least 20% in each of the next three years".

Since then, AEON Credit's share price has shot up by about 10% in two days to end at RM9.62 yesterday.

OSK has bumped up its FY13 revenue and net profit forecasts for AEON Credit by 14.5% and 24.5%, respectively, largely due to robust growth in its consumer durable financing and personal loan business.

"Risk-wise, we believe that given AEON Credit's prudent risk management policies and portfolio management strategies, it would be able to keep its non-performing loan ratio below 2%," said the research firm.

"We (also) continue to like AEON Credit's collaboration with AEON Co (M) Bhd given the solid brand loyalty it enjoys from its 900,000-odd members in the AEON member programme (previously called J Card member programme), which will provide AEON Credit with a solid base to tap on," it added.

"Also, we think that AEON Co's rebranding exercise may somewhat benefit AEON Credit as members may be more likely to register for AEON's credit card when renewing their AEON Card (previously J Card), provided there are cross-selling efforts at the card renewal counters," said OSK.

As at Feb 20, 2012, the number of AEON Credit's total principal credit cards in circulation stood at about 160,000.

如预计中。。。
日本人做事都一个pattern的。

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发表于 2012-4-24 12:53 | 显示全部楼层
本帖最后由 ss2020 于 2012-4-24 13:37 编辑
Bonus issue真的來了!!!!!!! vincent1983 发表于 2012-4-24 09:45

...Another source said AEON Credit is likely to offer a one-for-one bonus issue of equity shares to reward its shareholders and to help improve liquidity of the stock...thesundaily


AEON CR 的缴足股本 (Share Capital) 是 60 M, 而它的股票溢价户口 (Share Premium) 有 ~ 56 M。

所以从保留盈利 (Retained Earnings) 再移调 ~ 4 M 过来筹足 60 M, 就可给 1:1 红股了。

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发表于 2012-4-24 14:56 | 显示全部楼层
AEON CR 的缴足股本 (Share Capital) 是 60 M, 而它的股票溢价户口 (Share Premium) 有 ~ 56 M。
...
ss2020 发表于 2012-4-24 12:53


哦,我还以为是从retained earnings那边来的,share premium也可以转去share capital哦。

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发表于 2012-4-24 15:15 | 显示全部楼层
哦,我还以为是从retained earnings那边来的,share premium也可以转去share capital哦。
vincent1983 发表于 2012-4-24 14:56


可以的:

Investopedia explains 'Share Premium Account'
The share premium account may be used to issue bonus shares, write-off equity related expenses like underwriting costs, etc.

Definition of 'Capitalization Of Profits'
Converting a company's retained earnings, which represent the profits held in the business over time, to capital. The capitalization of profits process involves issuing a stock dividend, or bonus shares, to existing shareholders.


事实上,我观察到马股好多红股都是从 share premium 转来的。

可惜 AEON 没 share premium 了,红股该没什么希望。 除非挪用 retained earnings 咯。

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发表于 2012-4-24 16:11 | 显示全部楼层
可以的:



事实上,我观察到马股好多红股都是从 share premium 转来的。

可惜 AEON 没 share ...
ss2020 发表于 2012-4-24 15:15


原來如此,謝謝醫師指點.
AEON有3億5千1百萬股,AEONCR只有1億2千萬,即使發1:1紅股,也只是2億4千萬.還是很少,發紅股後,才能釋放能量,PE可以去到14-15.股價有機會繼續升,還有成長潛能.

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发表于 2012-4-24 16:46 | 显示全部楼层
原來如此,謝謝醫師指點.  
AEON有3億5千1百萬股,AEONCR只有1億2千萬,即使發1:1紅股,也只是2億 ...
vincent1983 发表于 2012-4-24 16:11


如果1:2紅股呢?
(想爽罢了)

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发表于 2012-4-24 18:15 | 显示全部楼层
去到PE14-15那就比maybank public bank贵了。。 那时就是时候卖了
yeah 发表于 2012-4-24 18:02


還在快速成長的業務,PE15不過分.今年AEONCR打算開多20間分店.
AEON在今年,明年開個一家,2014年開3家,一直到2020前,全馬有望達到40-45家.AEONCR也會占到便宜.

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发表于 2012-4-24 18:25 | 显示全部楼层
還在快速成長的業務,PE15不過分.今年AEONCR打算開多20間分店.
AEON在今年,明年開個一家,2014年開3家,一直到2020前,全馬有望達到40-45家.AEONCR也會占到便宜.
vincent1983 发表于 2012-4-24 18:15


AEONCR开多不是好事。。 资本开销更大。。
反之。。 JUSCO开多是好事。。

众所周知AEONCR的credit card是最容易申请的。。 在别家打压申请时,AEONCR没打压。。而且NPL% 还保持的不错。。再看看下一季成绩怎样。。
个人认为AEONCR不能到PE15。。

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发表于 2012-4-24 18:25 | 显示全部楼层
AEON CR 的缴足股本 (Share Capital) 是 60 M, 而它的股票溢价户口 (Share Premium) 有 ~ 56 M。
...
ss2020 发表于 2012-4-24 12:53



    话说aeoncr的retained earnings还真的蛮高一下
1:1相信不会有问题

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发表于 2012-4-24 18:27 | 显示全部楼层
AEONCR开多不是好事。。 资本开销更大。。
反之。。 JUSCO开多是好事。。

众所周知AEONCR的credit  ...
yeah 发表于 2012-4-24 18:25



    aeoncr基本开销还很小,其实,开多一些分行,也不会加重它很多的负担,加上老母的业绩会成长,也自然可以帮助得到cr的成长

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发表于 2012-4-24 18:30 | 显示全部楼层
aeoncr基本开销还很小,其实,开多一些分行,也不会加重它很多的负担,加上老母的业绩会成长,也 ...
3326 发表于 2012-4-24 18:27


全国有几间Jusco? 根据vincent的说法是AEONCR大算开多20间分行。

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发表于 2012-4-24 18:34 | 显示全部楼层
全国有几间Jusco? 根据vincent的说法是AEONCR大算开多20间分行。
yeah 发表于 2012-4-24 18:30



    有几家我就不清楚了 但是,儿子要扩展的话,我相信会更加有力的帮助业绩的提升,毕竟cr自己成长还可以加上在老母那边取得成长,可以说是双管齐下

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发表于 2012-4-24 18:48 | 显示全部楼层
你认为像CIMB这样一直的开分行扩展好。。 还是想Public Bank那样好?
yeah 发表于 2012-4-24 18:43



    都很好,只是aeoncr比较不同,因为,他在老母那边还有菜分

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发表于 2012-4-24 22:12 | 显示全部楼层
红股传闻激励 永旺信贷攀9.98新高

(吉隆坡24日讯)隨著市场传言永旺信贷(AEONCR,5139,主板金融股)可能派送红股,激励该股在週二大涨36仙或3.742%,报9.98令吉,全天最高水平为9.99令吉,不仅创下2007年12月上市以来的新高,也成为週二全场最大上升股。

永旺集团大起58仙

同时,永旺信贷的姐妹公司永旺集团(AEON,6599,主板贸服股)也同样水涨船高,最高涨幅达58仙或6.3%。

同时,永旺集团也同样全天最高,最高曾触及9.78令吉,最终以全天最低的9.29令吉结束交易,上扬9仙或0.978%,为全场第12大上升股。

一名不愿透露姓名的分析员向《东方財经》披露,市场传闻永旺信贷將探討进行红股派发活动无疑是该股走高的主因。

「永旺信贷拥有强劲的基本面与良好的业绩表现,相较其他金融业者,其估值亦相对便宜。同时,国內3月与4月的贷款情绪料强劲,或可取得30%的贷款成长,达到20亿令吉的贷款规模。因此,若该公司派发红股,將成为其中的利好因素。」

《太阳报》引述消息来源指出,永旺信贷正考虑发红股,以改善其流通量。「永旺信贷可能在6月份进行股东常年大会之际,也有意召开特大寻求股东通过派送红股。」另一消息来源则补充,永旺信贷或以1比1的比例发送红股回馈股东。

针对上述传言,侨丰投行分析员认为,若永旺信贷派发红股,对散户而言是个正面举动,因为流动性是该公司目前所关注的问题。

另外一名要求匿名的分析员表示,「永旺信贷確实受乐观的业绩所带动,惟流通量不理想,因大股东持有其75%的股权。若確认派发红股,將有助推高其流通量,进而带动股价扬升。」

抽佣经纪何业万则相信,「无可否认,永旺信贷和永旺集团的成交量向来不多,每日平均成交量达100万股。传言的红股举动的確可改善流通量。」

另一方面,针对永旺信贷与永旺集团双双大起的走势,拉昔胡申研究分析员认为,永旺集团的涨势与永旺信贷不能相提並论。永旺集团的升势是因为其强劲的基本面,即能如其计划中在2014年前,增设5间新的商场;而非尾隨永旺信贷的走势。
http://www.orientaldaily.com.my/ ... 9-98&Itemid=198

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发表于 2012-4-25 19:01 | 显示全部楼层
Company Name       
:
AEON CREDIT SERVICE (M) BERHAD  
Stock Name       
:
AEONCR  
Date Announced       
:
25/04/2012  


Type       
:
Announcement
Subject       
:
OTHERS

Description       
:
AEON Credit Service (M) Berhad (“AEON Credit” or the “Company”)
- Article in The Sun Daily on 24 April 2012 with heading “AEON Credit Mulling Bonus Issue: Sources”

Announcement Details/Table Section :

We refer to the article published in The Sun Daily on 24 April 2012, page 13 [SunBiz] with the heading “AEON Credit mulling bonus issue: Sources”.

The Board of Directors of AEON Credit wishes to clarify that the Board had held a preliminary discussion on a proposal for a corporate exercise with the management, of which the details have not been finalised and is yet to be approved by the Board. The appointment of advisers has also not been finalised at this juncture.

AEON Credit will make the requisite announcement to Bursa Securities in a timely manner, should there be any further development on this matter.

This announcement is dated 25 April 2012.

不否認,也不承認,還有機會,不過,成的機會蠻高,呵呵

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发表于 2012-4-25 19:17 | 显示全部楼层
我倒希望他不發,那樣就粒粒精華了
cht 发表于 2012-4-25 19:13


红不红股其实都没差,最重要还是生意作得好。不然我们一起去AGM反对红股吧。。。

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发表于 2012-4-25 19:27 | 显示全部楼层
回复 216# andrew90

那就讓他去吧,呵呵

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发表于 2012-4-30 17:58 | 显示全部楼层
嘻嘻,PE14-15要到了。

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