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[公司专区] 5139 Aeon Credit 永旺信貸

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发表于 2009-9-24 19:10 | 显示全部楼层
本帖最后由 tcs 于 2009-9-24 19:25 编辑

要了解aeon credit是怎么赚钱的,最好还是参考年报。


npl rate怎么来?

假设贷款公司把RM100块借出去,年利息RM22。
假设公司历年来的坏账记录的回收率是1%。意思是说,只要【借】方超过3个月不还钱,他们违约率是99%。(连principal都吞掉。)

假设RM100借出去的钱,有RM10是坏账。
根据过去记录,公司预测,有RM9.90是收不回的,只有RM0.10能收回。

npl rate = RM0.1 / RM90 = 千分之一
把npl rate降到0, 一点都不难。(npl rate可以说一点都不重要)

更重要的是default rate。

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发表于 2009-9-25 22:37 | 显示全部楼层
上半年淨利符預期‧永旺信貸下半年料更好
大馬財經  2009-09-25 17:35

(吉隆坡)永旺信貸(AEONCR,5139,主板金融組)次季營業額及淨應收賬款按年增長17%,促使上半年淨利創下2570萬令吉,符合全年預期的47%,分析員相信下半年表現會更好,主要是有佳節期間,公司的微型貸款或受青睞。

馬銀行研究預計,下半年隨著佳節來臨,公司推出的微型貸款將受到市場青睞,因此下半年的收賬款將會成長,經由重新評估後,維持對永旺信貸的“買進”建議,並從本目標價3令吉16仙,上調至5令吉15仙。

永旺信貸次季營業額增長,淨應收賬款也按季增長4%,主要是來自摩托車簡易信貸業務按年增長27%,信用卡業務上漲16%,普通信貸及個人信貸業務也分別增長8%及7%。

馬銀行研究認為,營業額的成長有助抵銷不良債務和融資應收賬款成長的利息。

“我們認為2010財政年的淨應收賬款業務有望成長12%,這表示下半年將有6400萬的新應收賬款。”

另外,淨呆賬率仍低於1.83%,隨著經濟走出谷底,淨呆賬率有望受控。

派息將續上揚

馬銀行研究表示,永旺信貸的中期股息為10.5仙,儘管股價表現平平,但基於好資產支撐,促使前景樂觀,料未來派息將持續上揚,維持2010財政年每股股息增至21仙,相等於4.05%周息率,2011和2012財政年估計每股股息為22.2和24.2仙。

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x 474
发表于 2010-6-16 09:35 | 显示全部楼层
消費信心回暖 永旺信貸今年展望樂觀

(吉隆坡15日訊)在經濟回穩導致消費者信心指數回升下,永旺信貸(AEONCR,5139,主板金融股)對公司今年整體的展望表示樂觀,並將通過加強產品及提升客戶服務來幫助提升公司的表現。

永旺信貸董事經理笠井康弘在回應擴充計劃時表示,目前該公司的信用卡、個人理財及簡易付款的業務還屬於新產品,所以在擁有龐大的發展空間,及現有11萬持卡者的優勢下,公司將專注於信用卡的業務發展。

在中小型企業的貸款前景持續看俏下,該公司在完成早前所進行的中小型企業貸款引導測試計劃(Pilot Test)後,今年將全國性的推出該項貸款配套。

笠井康弘出席永旺信貸第13屆股東常年大會的記者招待會時,對記者發表演說。

「我們將陸續推出新業務,其中包括網上購物商城(Online Shopping Mall)、收購新業務、預付卡業務及收款機構(Collection Agency)。網上購物商城預料在明年首季推出,而預付卡業務方面則在2012年推出。」

在政府實行徵收50令吉的服務稅後,該公司信用卡發卡量也相應受到影響。笠井康弘表示,雖然該公司的信用卡剪卡率增至3.68%,但整體上信用卡消費還是保持成長的趨勢。

專注提升運作效率

另外,該公司也將在未來開設更多的服務櫃檯及營銷辦事處。在消費者信心指數回升下,笠井康弘表示,公司將持續保持謹慎的心態,並專注提升運作效率來達致更好的業務表現。

在業務營收方面,該公司的簡易付款服務佔了60%的營業收入,而信用卡則是第二大的貢獻來源。在信用卡消費方面,多達23%的消費是用於佳世客之內,而剩餘的則分佈於其他的消費管道。此外,該公司的不良貸款(Non Performing Loan)目前佔公司的1.8%,屬於可管理的範圍。

永旺信貸今日傍晚公佈的的業績報告顯示,該公司在截至5月20日的首季,寫下5302萬2500令吉營業額,比起去年同期的5153萬7000令吉,增加148萬8000令吉,漲幅為2.89%。

另外,該公司的淨利則從去年同期的1220萬令吉增至1320萬2000令吉,漲幅為8.21%。

http://www2.orientaldaily.com.my ... M1c0KNG6OmG11Sy6Z9D

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x 474
发表于 2010-6-17 11:28 | 显示全部楼层
首季表現弱為慣例
永旺信貸前景仍看好


(吉隆坡16日訊)首季業績表現較弱是永旺信貸(AEONCR,5139,主要板金融)的“慣例”,券商對該公司前景仍抱持信心。

據僑豐投資研究報告指出,永旺信貸首季度業績通常貢獻全年收益比例較弱,但第二至第四季度的總收益通常貢獻其全年收益約77%。

依今年大馬首季度錄得10.1%成長而言,永旺信貸有信心,隨著持續的擴張,公司將能保持成長動力。

僑豐投資研究依據8.5倍本益比,給予“增持”及目標價4.95令吉;並給予2011財年淨利預測6980萬令吉。

截至5月20日2011財年首季度,營業額按年成長2.9%至5302萬5000令吉;淨利則按年增加8.2%至1320萬2000令吉。

永旺信貸未來2年亦會推出兩項新業務,分別為網上購物中心及預付卡(prepaid card)業務,投資額料達4000萬令吉。

有券商看好,隨著國內經濟復甦正面,預計未來幾個星期內,該股或能超越4令吉。

永旺信貸今日閉市掛3.94令吉,揚11仙,交投量達21萬8900股。

http://www.chinapress.com.my/con ... mp;art=0617bs15.txt

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发表于 2010-9-21 08:04 | 显示全部楼层
僑豐下調永旺信貸淨利預測

    * 大馬財經
    * 即時新聞

2010-09-20 14:16

(吉隆坡20日訊)永旺信貸(AEONCR, 5139, 主板金融組)雖然所有業務仍持續成長,惟僑豐研究認為信用卡業務可能遭政府徵收服務稅相關衝擊,加上中小企業貸款業務競爭激烈,因此分別下調營業額與淨利預測各達16.9%與12.3%。

http://www.sinchew-i.com/node/173042?tid=27

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发表于 2010-9-21 08:44 | 显示全部楼层
永旺信貸半年盈利料雙位數成長

(吉隆坡20日訊)受簡易付款計劃的穩定成長及來自普通簡易付款的更好表現支撐,永旺信貸(AEONCR,5139,主板金融股)2011財政年首半年(截至8月31日)盈利按年預料寫下高單位數至低雙位數成長。

永旺信貸預計將在明日公佈其2011財政年第二季和首半年業績表現。

僑豐投行分析員指出,該公司目前的持卡客戶群達73萬人,比較2010財政年的72萬6000人,漲幅達0.6%。

信用卡數量萎縮至11萬張,比較2010財政年的11萬3000張,這是因為政府落實的信用卡服務稅。

該分析員表示,這對信用卡開支成長來說不會造成太大衝擊,因為大部分取消信用卡消費者都不是活躍用戶。

信用卡部門冀收支平衡

該公司的信用卡部門的目標是要在2011財政年前達至收支平衡,同時取得15萬張的信用卡流通量。

活躍信用卡比例徘徊在50%至60%,每張卡每月平均開支則是500令吉至600令吉。

分析員也預測,該公司在2011財政年的盈利將反映出一個低雙位數成長,不像上一財政年的高雙位數成長,這主要是基於信用卡達至收支平衡的期限比預期中更長,及提供中小型企業辦公室配備融資的AEON-Biz表現不好。

再加上,該公司擴大後的盈利所出現的基數效應較高。因此,分析員將營業額預測下調16.9%,同時也把2011財政年盈利預測調低12.3%。

無論如何,由於大馬在今年首季及次季取得10.1%及8.9%,該公司有信心,將能在本地及外來需求擴大下收益。

有鑑於此,分析員維持該股「買進」評級,並調整目標價格至4.35令吉。

http://www2.orientaldaily.com.my ... Gq20NNq9Cvc2A2u1G4k

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发表于 2010-9-21 18:12 | 显示全部楼层
5139    AEONCR    AEON CREDIT SERVICE (M) BHD  
Interim Dividend 11.50 Sen  

Entitlement Details:
Interim Dividend of 11.50 sen per ordinary share less 25% income tax for the
financial year ending 20 February 2011


Entitlement Type: Interim Dividend
Entitlement Date and Time: 05/10/2010  05:00 PM
Year Ending/Period Ending/Ended Date: 20/02/2011
EX Date: 01/10/2010
To SCANS Date:   
Payment Date: 20/10/2010
Interest Payment Period:   
Rights Issue Price: 0.000
Trading of Rights Start On:   
Trading of Rights End On:   
Stock Par Value:   

Share transfer book & register of members will be closed from   to   (both dates inclusive) for the purpose of determining the entitlements  

A Depositor shall qualify for the entitlement in respect of:  
- Securities transferred into the Depositor's Securities Account before 05/10/2010 04:00 PM in respect of ordinary transfers.  
- Securities transferred into the Depositor's Securities Account before     in respect of express transfers.  
- Securities deposited into the Depositor's Securities Account before     in respect of securities exempted from mandatory deposit.  
- Securities not withdrawn from the Depositor's Securities Account as at    .  
- Securities bought on BMSB on a cum entitlement basis according to the Rules of the BMSB.  

Registrar's Name and Contact:
Symphony Share Registrars Sdn Bhd
Level 6, Symphony House, Block D13
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor Darul Ehsan
Tel No.: 03-7841 8000
Fax No.: 03-7841 8008

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发表于 2010-9-21 18:29 | 显示全部楼层
SUMMARY OF KEY FINANCIAL INFORMATION
20/08/2010

    INDIVIDUAL PERIOD
    CUMULATIVE PERIOD
      Three Mths
      Three Mths
      Six Mths
      Six Mths
        21/05/2010
        21/05/2009
        21/02/2010
        21/02/2009
          To
          20/08/2010
          To
          20/08/2009
          To
          20/08/2010
          To
          20/08/2009
            $$'000
            $$'000
            $$'000
            $$'000
            1Revenue
            53,769
            52,306
            106,794
            103,843
            2Profit/(loss) before tax
            19,816
            18,182
            37,517
            34,555
            3Profit/(loss) for the period
            14,783
            13,492
            27,985
            25,692
            4Profit/(loss) attributable to ordinary equity holders of the parent
            14,783
            13,492
            27,985
            25,692
            5Basic earnings/(loss) per share (Subunit)
            12.32
            11.24
            23.32
            21.41
            6Proposed/Declared dividend per share (Subunit)
            11.50
            10.50
            11.50
            10.50








            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 ($$)
            2.1400
            2.0900

            Remarks :

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            x 3
            发表于 2010-9-21 18:48 | 显示全部楼层
            本帖最后由 貓紋爪 于 2010-9-21 18:53 编辑

            这间公司看过去还好, 有股息. 只是Revenue都在那里上下.
            未来不知有没有催化剂...

            Quarter2 Q 20111 Q 20114 Q 20103 Q 20102 Q 20101 Q 2010
            Revenue53,76953,02553,13653,16552,30651,537
            PBT19,81617,70118,66619,00518,18216,373
            Net Profit13,56613,00114,30514,27813,49212,200
            Profit Margin36.85%33.38%35.13%35.75%34.76%31.77%
            Net Profit Margin25.23%24.52%26.92%26.86%25.79%23.67%

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            x 52
            发表于 2010-9-22 09:31 | 显示全部楼层
            AEON Credit’s 2Q net profit up 8.7% to RM14.8m

            KUALA LUMPUR: AEON CREDIT SERVICE (M) BHD []’s net profit for its second quarter (2Q) ended Aug 20, 2010 increased 8.7% to RM14.78 million from RM13.49 million  a year earlier.

            Revenue for 2Q rose 2.8% to RM53.77 million from RM52.31 million a year earlier.

            For the cumulative six months, net profit rose 8.9% to RM28 million while revenue was up 2.8% to RM106.8 million.
            Earnings per share rose to 12.32 sen from 11.24 sen year-on-year, while net assets per share were RM2.14.

            In an announcement to Bursa Malaysia, AEON Credit said revenue growth was “mainly due to growth in trade receivables over the past year based on increased financing transaction volume”.

            The company declared an interim dividend of 11.5 sen per share less 25% income tax for the financial year ending Feb 20, 2011, which goes ex on Oct 1.

            AEON Credit ended seven sen lower at RM3.82 on volume of 99,600 shares on Sept 21.

            http://www.theedgemalaysia.com/b ... p-87-to-rm148m.html

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            发表于 2010-11-18 14:10 | 显示全部楼层

            5139 AEONCR 分享区

            本帖最后由 豆沙包 于 2010-11-18 23:57 编辑

            大家好,小弟出来报道,今天就选来一支小弟的篮子的股票与大家分享。。。
            AEONCR 是在1997 年开始营业的他主要是提供方便贷款服务 也是我国的消费金融公司最近也把一部份的业务转去了回教贷款
            下图是他们上市后的过去3年的业绩
            PROFIT  & LOSS@ 2010-02-20@ 2009-02-20@ 2008-02-20
            TURNOVER210,144186,919151,797
            OPERATING  PROFIT102,89492,32168,925
            PROFIT/LOSS  BEFORE TAX72,22665,93045,750
            NET  PROFIT/LOSS TO SHAREHOLDERS54,27548,75733,394
            (  Inclusive of )
            Depreciation-11,098-10,216-9,966
            Interest-30,668-26,391-23,175
            Taxation-17,951-17,173-12,356
            BASIC  EPS (SEN)45.2340.6332.6
            GROSS  DIVIDEND (RM)0.230.20.13
            根据过去的图标大家都能看到他的solid growing 无论是在 营业额或是盈利都保持着成长
            CAGR profit 17.8%, revenue CAGR 17.6%

            这是latest 的 2010 quater
            2010Q1Q2
            Turnover  ('000)*53,02553,769
            Profit  before Tax ('000)*17,70119,816
            Net  Profit ('000)*13,20214,783
            EPS  (sen)**1112.32
            DPS  (sen)011.5


            根据2Q 来推算46.64 分,根据过去的纪录Q3 和Q4 的成绩都会比Q1好主要是年尾的促销活动带动成绩

            现在我们再继续看看它的finance ratio
            YEARNET PROFITABILITYINVESTMENTLIQUIDITYGEARING

            ROE%FY PEFY DY%CashCurrentQuickLeverageInt CoverDebt
            201021.678.85.6820.0112.12.13.0332.770.752
            200922.5896.57.5560.0071.681.683.2172.8470.763
            200818.3919.24.2670.011.9191.9193.0282.4410.752



            平均DY 有在5% 股息还算中规中矩。。。 至于PE 处于 8左右 而平局ROE 都在 20 以上。。。。。 其他的数据看上去都算很健康
            目前股价处于52week 的低点,我觉得对于那些想找些股价波动不那么大但是还算是成长型的股票的公司这是个不错的选择!唯一不好的事股票流通数量不大超过80%的股票控制在30大股东的手中。。。所以升幅比较慢!

            希望各位讨论

            评分

            参与人数 1威望 +2 收起 理由
            股票交流版主A + 2 谢谢分享

            查看全部评分

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            发表于 2010-11-18 16:09 | 显示全部楼层
            本帖最后由 alanlai 于 2010-11-19 01:15 编辑

            我对这家公司也是留意了很久,这家公司以往的财务表现良好,从财报上数据来看,aeoncr是属于中价股里的优质股。
            但我不甚了解公司业务和服务。我所了解的都是从财报上看到的数据而已。

            想请问poker兄有用过他们的服务吗?
            请问他们的客户大多数是什么族群的人呢?
            跟其他借贷公司的业务相比,aeoncr有什么优势呢?

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            发表于 2010-11-18 16:50 | 显示全部楼层
            根据我的资料是AEON CR
            目前有大概5300 家分销店,也拥有大概 600,000 名AEON express 会员
            而如果有主意大家可以发现他们积极地在推出信用卡,从而推广他们的营业额
            而同行大概有,MBF ,RCECAP,HLFG,
            MBF 最近好像都没有什么力气了,而 RCECAP 主要是做公务人员的业务
            HLFG 的PE 偏高。。。。  而最近AEONCR 接近了12个月新低。。。所以我觉得现在买入也不错的。。。

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            x 1
            发表于 2010-11-18 19:07 | 显示全部楼层
            好像不错,但是流通量很低,要有很好的耐性才行哦。

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            x 0
            发表于 2010-11-27 14:09 | 显示全部楼层
            客户大多数是大马的回教族,如果我没记错在上个月本地银行也推出了类似的贷款(应该是RHB), 不过就比较接近personal loan 的贷款, 你只要到post office就可以看到他们的工作人员在帮忙申请客户申请,不需要任何文件,只需要你的IC,直接知道批准或不,还有直接给钱(ps: 不大肯定是在指定post office, 还是任何一间)。
            如果他们的宣传做的足够,我个人觉得与其要花时间等aeoncr比准,不如直接申请这个银行的个人贷款,还有我个人之前做销售员与他们接触的经验,他们还是比较喜欢拿现金来买东西,给的现金越多,某些感觉上的满足就越多。我想应该会对aeoncr有些影响吧。
            本人还是菜鸟一名,请指点指点

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            x 52
            发表于 2010-12-21 20:14 | 显示全部楼层
            Aeon Credit 3Q net profit up 12.3% to RM16.04m

            KUALA LUMPUR: AEON CREDIT SERVICE (M) BHD [] net profit for the period ended Nov 20, 2010 rose 12.32% to RM16.04 million from RM14.28 million a year earlier.

            This was due mainly to growth in trade receivables over the past year based on increased financing transaction volume on the back of sustained expansion in private consumption and positive consumer confidence despite lower economic growth in the third quarter of 2010.

            Revenue rose to RM56.09 million, compared to RM53.16 million last year. Earnings per share was 13.37 sen, while net assets per share was RM2.19.

            Commenting on its prospects, the company said on Tuesday, Dec 21 that while economic growth rate in the second half year has been forecast to be moderate, gross domestic product growth forecast for the year was being maintained at 7% by the government.

            "The company anticipates to be able to sustain growth in performance in the remainder of the financial year based on its business strategy," it said.

            http://www.theedgemalaysia.com/b ... 123-to-rm1604m.html

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            x 52
            发表于 2010-12-23 22:22 | 显示全部楼层
            Aeon Credit on the right path

            Aeon Credit Service (M) Bhd
            (Dec 22, RM6.40)

            Maintain buy at RM3.66 with target price of RM4.35: Revenue and net profit for 9MFY11 perked up by 3.8% and 10% year-on-year (y-o-y), mainly driven by:

            (i) strong revenue growth from the personal financing (+6%) and credit card segments (+9%); and
            (ii) a 24% y-o-y jump in other income, bolstered by higher transaction fee income (RM5.7 million) arising from increased financing transaction volume.

            This was in tandem with its growing trade receivables, which were higher by 9.7% year-to-date.

            Revenue from credit cards grew 9% owing to the company’s aggressive card recruitment efforts and enhancements in card benefits.

            Credit cards in circulation expanded by 20% to 135,000, and we believe this number will continue to go up and reach the required break-even base of 150,000 in the near term.

            Meanwhile, its easy payment schemes (revenue: +5%) remained the major revenue contributor, accounting for 60.2% of revenue for 9MFY11.

            Non-performing loans (NPLs) improved to 1.68% (1HFY11: 1.73%), thanks to prudent risk management and portfolio management to control NPLs, while CAR stood at 23.8% (FY10: 24.8%). Cost of funds hovered at around 4.4%, which is in line with our estimate of 4.5%.

            We expect stronger 2HFY11 results in conjunction with the upcoming major festive seasons and better consumer sentiment (Consumer Sentiment Index — 3QFY10: 115.8 versus 2QFY10: 110.4).

            Maintain “buy” on Aeon Credit with an unchanged target price of RM4.35, based on historical two-year price-earnings ratio of 8.5 times over FY11 EPS. — OSK Investment Research, Dec 22

            http://www.theedgemalaysia.com/i ... the-right-path.html

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            x 15
            发表于 2011-2-1 23:25 | 显示全部楼层
            请问一下,它的OTHER INCOME是来自什么的收入?

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            x 52
            发表于 2011-3-9 22:03 | 显示全部楼层
            HDBSVR lowers AEON Credit Service to Hold, cuts TP to RM4.20

            KUALA LUMPUR: Hwang DBS Vickers Research has downgraded  AEON Credit Service to Hold as growth slows with larger profit base.

            It said on Wednesday, March 9 it had cut the target price to to RM4.20, pegged to 7x FY12F EPS.

            “FY12F-13F trimmed by 6-7% on slower loan growth.  Share price supported by cheap 6.5x FY12F PE and projected 5.4% dividend yield,” it said.

            HDBSVR said since its listing in December 2007, Aeon Credit’s group net profit had been expanding at 41% CAGR. But growth will start to slow because of a larger earnings base (FY10-FY13F CAGR of 14%).

            “This has prompted us to change our valuation metric from PEG to PE. Applying a 3-year historical average PE of 7x on FY12F EPS, we derive a lower target price of RM4.20 (from RM4.60),” it said.

            HDBSVR said downside risk is limited by its undemanding PE valuation and decent FY12F net dividend yield of 5.4%. Downgrade to Hold as the stock – which has risen 5.1% YTD – offers only 13% total potential return (including dividends).

            http://www.theedgemalaysia.com/b ... ts-tp-to-rm420.html

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            x 52
            发表于 2011-3-10 22:58 | 显示全部楼层
            Growth slowing down at Aeon Credit Service

            Aeon Credit Service (M) Bhd
            (March 9, RM3.97)
            Downgrade to hold at RM3.92 with target price reduced to RM4.20 (from RM4.60): We expect financing volumes for ACSM’s two key business segments — motorcycle easy payment (MEP) and general easy payment (GEP) — to show healthy single-digit improvement quarter-on-quarter (q-o-q), while personal financing and credit card operations could have exceeded internal targets in 4QFY11. All in, ACSM should meet our loan growth projection and hit RM1 billion in FY11F with unearned interest income underpinning earnings visibility in FY12F/13F.

            Rising interest rates normally mean higher interest cost for lenders like ACSM. But the net impact on net interest margin (NIM) may be lessened by its funding mix (64% fixed and 36% floating rate) and ability to adjust lending rates. Our sensitivity analysis shows that every 1% increase in average funding cost would reduce ACSM’s FY12F/13F net profit by 1.5% to 1.7%.

            Taking into account FY11 growth expectations, we trim our loan growth assumption for GEP and MEP to an average of 11% for FY12F/13F. In addition, we raise interest cost for floating loans by 50 basis points to reflect DBS Bank’s expectation of overnight policy rate hikes in 2011. As a result, FY12F/13F earnings are cut by 6% to 7%.

            Since its listing in December 2007, group net profit has been expanding at 41% compound annual growth rate (CAGR). But growth will start to slow because of a larger earnings base (FY10/FY13F CAGR of 14%). This has prompted us to change our valuation metric from a price-earning to growth ratio to price-earnings (PER). Applying a three-year historical average PER of seven times on FY12F earnings per share, we derive a lower target price of RM4.20 (from RM4.60). Downside risk is limited by its undemanding PER valuation and decent FY12F net dividend yield of 5.4%. Downgrade to “hold” as the stock — which has risen 5.1% year-to-date — offers only 13% total potential return (including dividends). — HwangDBS Vickers Research, March 9

            http://www.theedgemalaysia.com/i ... credit-service.html

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