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[公司专区] 1171 MBSB 马建屋

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发表于 2011-5-25 15:13 | 显示全部楼层
MBSB’s intrinsic value remains intact         PDF         Print

Tags: AmResearch | Brokers Call | Malaysia Building Society Bhd
Written by Financial Daily   
Tuesday, 24 May 2011 12:29


Malaysia Building Society Bhd
(May 23, RM1.49)
Maintain buy at RM1.52 with higher revised fair value of RM2.90 (from RM2.20): We have raised MBSB’s fair value based on a higher adjusted (for rights) FY11F return on equity (ROE) of 24.4% (20.5% previously), leading to an upgraded fair price-to-book ratio of 3.3 times (from 2.6 times).

We have lifted our net earnings for FY11F to FY13F by 33%, 26% and 13% on the back of our more robust loans growth assumptions for the personal loans segment as well as better non-interest income.

With the upgrade, we now forecast a much stronger earnings growth of 63% for FY11F, 18% FY12F and 17% for FY13F.

We believe MBSB is under-appreciated for its earnings potential, which is similar to that of the mainstream banking institutions. Although MBSB benefits from the vacuum left behind by cooperatives, which are no longer allowed to offer personal financing to civil servants, we believe what is often overlooked is the fact that the financiers to these cooperatives are the mainstream banking institutions.

Thus, in a way, MBSB is now capturing some market share in this segment from the mainstream banking institutions.

To get a gauge on how undervalued MBSB is, we have estimated that its share of sector (including all the domestic banks under our coverage) net earnings now stands at 1.4%. Yet, MBSB’s share of the sector’s market capitalisation is vastly lower at only 0.6%.

At our upgraded fair value of RM2.90, we estimate that MBSB’s share of sector market capitalisation would be 1.4% which is a fairer reflection of its share of sector net earnings.

Given that our net earnings have been raised, we are also upgrading our dividend forecasts as the company has put in place a formal dividend payout policy of 30%. This means that gross dividend per share (GDPS) yield is now highly attractive at close to 6% for FY11F.

With a strong GDPS yield of 6%, we believe there is little downside to MBSB. If we are to base value on net DPS yield of 3.3%, similar to current one-year fixed deposit rates, we estimate MBSB’s share price to be at least RM1.93 a share, with potential for further dividend increases ahead as earnings rise.

We believe MBSB remains deeply undervalued. Notably price-earnings ratios are at single digit levels. Rerating catalysts for the stock are: (i) higher than expected loans growth; (ii) better than expected net interest margins; (iii) continuing improvement in impaired loans; (iv) sustainably high ROE in excess of 20%; and (v) actual dividend payout ratio of at least 30%. — AmResearch, May 23

http://www.theedgemalaysia.com/i ... remains-intact.html
This article appeared in The Edge Financial Daily, May 24, 2011.

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发表于 2011-5-30 13:23 | 显示全部楼层
本帖最后由 vincent1983 于 2011-5-30 13:27 编辑

昨天读到一篇关于投资金融业的文章
巴菲特当年投资联邦住宅抵押贷款公司的时候注意到一点
当我们投资金融业的时候
不能看他的ROE
而是他的总资产报酬率
因为他们是金融业

我观察过MBSB过去5年来的记录
Net profit attributable to shareholder/Total Asset
都是少过1%

直到2010年开始突破
Net Profit是146,025,000 Total Asset是12,225,944,000
return>1%

根据他的说法
只要是超过1%
该金融公司就可以算是好的公司
2010是1.19%

希望今年也会超过1%

我估计今年总资产会少过200亿
return至少是2亿
达到目标不是问题

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发表于 2011-5-31 15:07 | 显示全部楼层
MBSB benefits from new SKM rule — Kenanga Research
Posted on April 1, 2011, Friday

KUCHING: Malaysian Building Society Bhd (MBSB) is expected to undergo a major re-rating soon by analysts, having undergone a massive change in business direction over the last two years.

According to Kenanga Investment Bank Bhd (Kenanga Research), MBSB had engineered a major turnaround in profitability which supported its expectations for a major re-rating soon.

In its latest research report, Kenanga Research revealed MBSB’s total loans grew by 23 per cent to RM14.5 billion, thanks to a 40 per cent growth. Rates in retail loans, particularly personal financing that grew sharply by 192 per cent.

By the end of the financial year 2011 (FY11), Kenanga Research estimated that total loans increase at a compounded annual growth rate (CAGR) of 20 per cent over the period of FY07-11 to RM19.6 billion with personal financing loan continue taking the lead. This loan segment has been benefiting from the new Suruhanjaya Koperasi Malaysia (SKM) rule.

“Many commercial banks as well as consumer money lenders have all ceased disbursement of loans as they failed to meet a full compliance of the stiffer enforcement of regulation by SKM.  We believe this event offers opportunities to MBSB to grow its personal loans and continuing capture market share,” opined Kenanga Research.

While the loan-to-deposit ratio (LDR) stood at 107 per cent, Kenanga Research understood that MBSB had also sufficient liquidity from the increased deposits to support MBSB’s lending activities.

“Deposits from customers grew by 39 per cent to RM10.5 billion in 2010 as compared to RM7.6 billion in the previous year. Besides, the group has also successfully securitised its mortgage portfolio to Cagamas amounting to RM1 billion under the Mortgage Backed Securitisation programme.

“This was part of the group’s funding programme and had effectively lowered its LDR to 128 per cent,” the research house stressed.

Kenanga Research noted that MBSB had scaled up its loan sales without substantial increasing its management and agency team.

“MBSB’s IT spends has passed its peak with little spending in the near future.  As a result, its cost-to-income ratio likely to maintain in the range of 20-25 per cent in FY11, which is substantially lower than commercial banking institutions’ range of 40-55 per cent.

“Therefore, our estimate FY11 loan growth of 30 per cent is not only achievable but it will be well-supported by the additional RM500 million new equity capital arising from the recently announced rights issue,” it concluded.
http://www.theborneopost.com/201 ... 4-kenanga-research/

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发表于 2011-5-31 15:14 | 显示全部楼层
Additional Listing Announcement (ALA)
Reference No MBS-110531-15D76

Company Name        : MALAYSIA BUILDING SOCIETY BERHAD  
Stock Name                : MBSB  
Date Announced        : 31/05/2011  

1. Details of Corporate Proposal
Whether the corporate proposal involves the issuance of new type
and new class of securities?: No
Types of corporate proposal        : ESOS
Details of corporate proposal        : Employees' Share Option Scheme
No. of shares issued under this corporate proposal : 6,000
Issue price per share ($$)        :MYR 1.450
Par Value ($$)        :MYR 1.000
   Latest issued and paid up share capital after the above corporate proposal in the following Units :709,007,167
Currency :MYR 709,007,167.000
Listing Date        : 01/06/2011
http://www.bursamalaysia.com/web ... 23892A?OpenDocument

================================================
   Latest issued and paid up share capital after the above corporate proposal in the following Units :709,007,167
Share Issued 1,215,401,157

709,007,167 / 1,215,401,157 = 58%

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发表于 2011-6-6 13:39 | 显示全部楼层
Listing Circular
LISTING'S CIRCULAR NO. L/Q : 61427 OF 2011
Company Name       
:
MALAYSIA BUILDING SOCIETY BERHAD
Stock Name       
:
MBSB
Date Announced       
:
06/06/2011

Subject       
:
MBSB-RENOUNCEABLE RIGHTS ISSUE OF 506,424,813 NEW ORDINARY SHARES OF RM1.00 EACH IN MBSB (“MBSB SHARES”) (“RIGHTS SHARES”) AT AN ISSUE PRICE OF RM1.00 FOR EACH RIGHTS SHARE ON THE BASIS OF 5 RIGHTS SHARES FOR EVERY 7 EXISTING MBSB SHARES HELD AT 5.00 P.M. ON 6 MAY 2011TOGETHER WITH 506,424,813 FREE DETACHABLE WARRANTS (“WARRANTS”) ON THE BASIS OF 1 WARRANT FOR EVERY 1 RIGHTS SHARE SUBSCRIBED (“RIGHTS ISSUE WITH WARRANTS”)

Contents       
:
Kindly be advised that MBSB’s additional 506,424,813 new ordinary shares of RM1.00 each issued pursuant to the Rights Issue With Warrants will be granted listing and quotation with effect from 9.00 a.m., Tuesday, 7 June 2011.

We are also pleased to advise that MBSB’s 506,424,813 Warrants issued pursuant to the Rights Issue with Warrants will be admitted to the Official List of Bursa Malaysia Securities Berhad and the listing and quotation of the Warrants on the Main Market will be granted with effect from 9.00 a.m., Tuesday, 7 June 2011.

The Stock Short Name, Stock Number and ISIN Code of the Warrants are "MBSB-WA", "1171WA" and "MYL1171WAQ59" respectively.

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发表于 2011-6-6 13:43 | 显示全部楼层
Listing Information & Profile
Reference No MI-110606-43091

Submitting Merchant Bank       
:
RHB INVESTMENT BANK BERHAD  
Company Name       
:
MALAYSIA BUILDING SOCIETY BERHAD  
Stock Name       
:
MBSB-WA  
Date Announced       
:
06/06/2011  

Instrument Type       
:
Warrants
Description       
:
Renounceable rights issue of 506,424,813 new ordinary shares of RM1.00 each in Malaysia Building Society Berhad (“MBSB”) (“MBSB Shares”) (“Rights Shares”) at an issue price of RM1.00 for each Rights Share on the basis of 5 Rights Shares for every 7 existing MBSB Shares held at 5.00 p.m. on 6 May 2011 together with 506,424,813 free detachable warrants (“Warrants”) on the basis of 1 Warrant for every 1 Rights Share subscribed
Listing Date       
:
07/06/2011
Issue Date       
:
01/06/2011
Issue/ Ask Price       
:
MYR 0.0000
Issue Size Indicator       
:
Unit
Issue Size in Unit       
:
506,424,813
Maturity Date       
:
31/05/2016
Revised Maturity Date       
:
Exercise/ Conversion Period       
:
5.00        Year(s)
Revised Exercise/ Conversion Period       
:
0.00       
Exercise/Strike/Conversion Price       
:
MYR 1.0000
Revised Exercise/Strike/Conversion Price       
:
MYR 0.0000
Exercise/ Conversion Ratio       
:
1:1
Revised Exercise/ Conversion Ratio       
:
n/a
Mode of satisfaction of Exercise/ Conversion price       
:
Cash
Settlement Type/ Convertible into       
:
Physical (Shares)

Remarks :
Each Warrant entitles the registered holder to subscribe for 1 new MBSB Share at any time during the Exercise Period at the Exercise Price subject to adjustments in accordance with the provisions of the deed poll dated 21 April 2011 constituting the Warrants.

Warrants not exercised during the Exercise Period will lapse and thereafter cease to be valid for any other purpose.

This announcement is dated 6 June 2011.

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发表于 2011-6-6 18:01 | 显示全部楼层
玉楼金阙:开心的阿兹兰再诺●陈金阙
2011/03/22 6:10:47 PM
●陈金阙

谁是阿兹兰再诺?或者说,谁是丹斯里阿兹兰再诺?他就是掌管马来西亚最大基金公司的总执行长,这基金公司并非一般公司,它就是掌握许多人民退休储蓄的公积金局。

丹斯里在2001年4月正式被委任为公积金总执行长,至今刚刚好届满十年。

丹斯里把宝贵十年奉献给公积金,成功保住了公积金平均5%的回酬,可谓没有功劳也有苦劳。

盖公积金法定回酬率为至少2.5%,60年前定下这规矩的当局,大概没料到之后进入低利率时代的变迁。

如果他知道许多先进国家只能把利率维持在0至1%,只怕他在决定公积金最低法定回酬率时,会一再三思。

所以,如果评估丹斯里阿兹兰再诺的十年表现,可以说他是超标100%(2.5%的两倍) ,但比上世纪两个十年的回酬超标200%(平均为7.34%和8.20%),又显得比较逊色。

“保5”成往后指标

日前他出席马建屋(MBSB) 和公积金局的签约议式,以回教融资方式借贷马建屋5亿令吉,更进一步发言说,公积金的良好投资,可保障获得不低于5%的派息。

由此可见,“保5”已成为今后公积金局的主要指标、未来圭臬,其接班人就算有雄心要破6,也不敢触丹斯里的眉头,遑论与20年前的先辈看齐。

丹斯里在任十年,某些举措至今仍令人津津乐道。其中一件就是2007年收购拉昔胡先资本(RHBCAP)的显着股权。

当时公积金局一度控制拉昔胡先资本超过80%,远远超超做为一位低调投资者所为。

所幸在丹斯里领军之下,并没有像以前森那美涉足银行业那样锻羽而归;拉昔胡先资本继续在其利基市场有所表现,而公积金局也引进中东股东,更逐步脱售其手中股权,到今时的46%股权。

丹斯里的汗马功劳,当记入公积金局史册。

至于另一间不得不提的公司,就是马建屋。

受97金融风暴所害,马建屋过高的借贷导致它连年亏损,若不是公积金局在2003年毅然注资2.8亿令吉换取1.4亿优先股,只怕马建屋这名字早已走入历史。

马建屋脱胎换骨

马建屋从鬼门关转了一圈回来,总算脱胎换骨,一年后开始小有盈利,之后扶摇直上,连续7年获利,和之前连亏7年形成强大的对比,公积金局化腐朽为神奇,丹斯里功不可没。兹将其获利情况记录如表一。

早在去年年报,马建屋管理层就已言明要带公司到另一个阶段,当时我们还不明所以。

一年后终于看到改变,其盈利成长了逾150%,而今年更进一步献议附附加股,为数5亿令吉,追求更高的成长。

公积金局已承诺,会认购属于自己66%股权的那一份。

看来丹斯里对这间自己任期一手改造的公司充满信心。

随手拈来,还有马资源(MRCB) 、南北大道(PLUS)等,因篇幅所限,以后有机会再谈。

http://www.nanyang.com/sidelines ... mp;sID=9&cID=33

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发表于 2011-6-6 18:02 | 显示全部楼层
玉楼金阙:融资这条路●陈金阙
2011/03/29 5:49:58 PM
●陈金阙 专业财务规划师

日前读报章,欣见冷眼前辈撰文提及马建屋(MBSB)的新闻,看来本周四(3月31日)如果有缘在马建屋股东大会见到前辈,必将向他讨教一番以受益。

话说回来,前辈说许多人是根据报纸对某只股票的报道、或评估而做出购买的决定,这个笔者深有同感。

我就曾见过不少人每个星期一打开报章财经,就是寻找甚么股票可以买。

对他们来说,财经大概和马经一样吧,买了跑出就叫赢,不呢,就叫运气不好。

这又引申去另一个大问题,投资靠运气吗?由于不是本篇讨论的重点,且略过不提。

那么,读我的文章的人,大概也了解我对股票的立场。

我文中很少会呼吁读者买卖谈及的股票,反而更注重促进读者对该股票的了解,所以常常愿意当繁忙的读者的眼耳,为他们报导一下股东大会的所见所闻,希望无法赴会的人不会失之交臂。

雄心勃勃

因此,文中也尽量少用深奥字眼(自己学识也有限),纯粹是和读者来个交流。

那么,我们解读一下马建屋的业务,发现到它涉及的大部份是放贷行业,美其名曰融资,说白一点,就是贷款,再浅一点,就是借钱、合法的大耳窿。

有些人会认为后者的形容不大恰当,因为大耳窿通常是和高利贷同义,而融资的一个不同点就是利率不致于高到失控。

是否如此,见仁见智,但融资是一门非常受金融机构注意的生意,已是不变的事实。

马建屋一方面要向公积金局贷款5亿令吉,一方面要对股东筹资5亿令吉,就是雄心勃勃的要进入个人融资业务。

据说个人融资坏账是满高的,不过马建屋的对象是公务员而不是普罗大众,以及还钱方式是直接从公务员薪水处按月预扣,所以坏账反而不高。

不过,小心驶得万年船,我们还是想从股东大会知道更多一点,才决定下一步策略。

我个人所了解,马股市另一间上市公司,RCE资本,也是从事公务员个人融资多年,成就不小。

前景蒙尘

其过去3年每年盈利约在10仙左右,以股价53仙来看,本益比只有5倍,在金融界算是偏低(马建屋这一回股价扬升至1.90令吉,如以盈利20仙来看,本益比已有9-10倍)。

其股价近来挫低,原因是职工协会(KOWAJA,KoperasiWawasanPekerja-pekerja)在去年11月停止提供个人贷款于会员,直至另行通知。

KOWAJA作为RCE资本的最大借贷者,这措施虽然不打击之前已批准的贷款,但难免让RCE的未来成长蒙上阴影,导致投资者套利不前。

指标保守

我希望马建屋能厘清这一点,因为它也是要重点发展这方面,但又担心董事局以一贯的官腔来打发我们,所以也希望冷眼前辈再为我们解答迷津。

顺带一提,马建屋是官联公司,所以向来有制定一些主要表现指标(见表)。

我们不晓得这2011指标是以筹资前还是筹资后为为标准(马建屋建议7配5新股售价1令吉,附送5凭单),若是筹资前,则显得太小心翼翼,和其贷款雄心大相迳庭。

去年营业额为7.7亿令吉,税前盈利为2亿令吉,如以2011指标来计算,则2011年有9.6亿营业额和2.4亿税前盈利即达标。

单单凭其在新闻发布会中言及有信心个人融资放眼50亿令吉,比去年的30亿超出60%,就可见其主要表现指标的保守之处。

如果以筹资之后为标准,则资本回酬和本益比皆令人充满憧憬。

http://www.nanyang.com/sidelines ... mp;sID=9&cID=33

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发表于 2011-6-7 00:52 | 显示全部楼层
i go to take alook at MBSB website to see the home loan package, i found out the interest for package one subsale (blue color), property price 300k - 499k  is ECOF - 0.9 or BFR - 0.9 .
Both ECOF & BFR is 6.30.  Get the reference from below.

http://www.mbsb.com.my/misc/homeFinancing.pdf

For normal commercial banks the interest is at leas BLR - 2.2, which is around 6.5 - 2.2 = 4.3%

Why is the MBSB interest so high? If i get anything wrong, please correct me.

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发表于 2011-6-7 10:24 | 显示全部楼层
Bank normally lowest,Finance Co。 higher a bit,lender+loan shark highiest。

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发表于 2011-6-7 11:36 | 显示全部楼层
mbsb warrant strong buy
haha
u know why?
because tommorow may be will up to 0.8
haha11.
dunt believe me...

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发表于 2011-6-7 14:27 | 显示全部楼层
MBSB warrants among gainers, upside capped?               
Written by Joseph Chin of theedgemalaysia.com          
Tuesday, 07 June 2011 13:59
http://www.theedgemalaysia.com/b ... -upside-capped.html

KUALA LUMPUR: The warrants of MALAYSIA BUILDING SOCIETY BHD [] (MBSB) rose 22.5 sen to 72.5 sen in very active trade in the morning session on Tuesday, June 7.

MBSB’s additional 506.42 million new ordinary shares of RM1 each issued pursuant to the rights issue with 506.42 million warrants were listed on Tuesday.

Based on the strike price of RM1, the five-year warrants’ upside may be capped currently. MBSB shares ended the morning session at RM1.48, down two sen, with 3.53 million shares done.

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发表于 2011-6-7 16:42 | 显示全部楼层
meanning who have bought the MBSB will get free warrant ??? correct me if i am nwrong...

EACH IN MBSB (MBSB SHARES) (RIGHTS SHARES) AT AN ISSUE PRICE OF RM1.00 FOR EACH
RIGHTS SHARE ON THE BASIS OF 5 RIGHTS SHARES FOR EVERY 7 EXISTING MBSB SHARES
HELD AT 5.00 P.M. ON 6 MAY 2011TOGETHER WITH 506,424,813 FREE DETACHABLE
WARRANTS (WARRANTS) ON THE BASIS OF 1 WARRANT FOR EVERY 1 RIGHTS SHARE
SUBSCRIBED (RIGHTS ISSUE WITH WARRANTS)LISTING'S CIRCULAR NO. L/Q :  61427 OF
2011

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发表于 2011-6-8 01:38 | 显示全部楼层
本帖最后由 bubi 于 2011-6-8 01:44 编辑

馬建屋-WA掛牌 交投全場最熱

    * 股市

07/06/2011 21:24

(吉隆坡7日訊)馬建屋(MBSB,1171,主要板金融)附加股送的憑單馬建屋-WA(MBSB-WA,1171WA,主要板憑單)今天登場穩據上升和熱門股榜,母股表現相對失色。

 馬建屋-WA今早跳高17仙,以67仙報到馬股,購興大熱且一度漲30仙到盤中最高80仙,休市掛72.5仙,激增22.5仙,有1794萬 6700股易手,交投為馬股群雄之冠。

 母股馬建屋卻下滑2仙,開市報1.48令吉,儘管一度反彈走高3仙到盤中最高的1.53令吉,仍難敵賣盤壓力,休市掛1.48令吉,滑2仙,成交量353萬6200股。

 該公司以每7股配5股,向股東發售附送免費憑單的5億699萬新股附加股,認購價為1令吉。

 閉市時,馬建屋-WA收在77.5仙,勁揚27.5仙,成交量2946萬9600股;馬建屋則報1.48令吉,滑2仙,交投889萬300股。
http://www.chinapress.com.my/node/223296

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发表于 2011-6-8 19:01 | 显示全部楼层
首日上市價量齊升‧馬屋業WA溢價27.5仙
大馬財經  2011-06-08 10:31
(吉隆坡7日訊)馬屋業WA(MBSB-WA, 1171WA, 主板金融組)首日上市價量齊升,股價盤中一度大漲61%至80.5仙,成交量更是熱爆全場。
一度漲30.5仙
該憑單以起17仙或34%的67仙開盤,隨後在買盤持續湧入下,漲幅不斷擴大,最高上漲30.5仙或61%,至80.5仙,但後漲幅遭套利賣盤稀釋,最終以77.5仙掛收,漲27.5仙或55%,成交量高達2千946萬9千600單位,為全日最熱門股項。
不過,市場人士認為,馬屋業WA行使價高達每股1令吉,可能抑制其現有漲勢。
母股馬屋業開低走低
母股馬屋業(MBSB, 1171, 主板金融組)低開低走,以跌2仙的1令吉48仙開盤,儘管盤中一度上漲3仙至1令吉53仙全日最高,但終不敵賣盤壓力,最終以1令吉48仙掛收,下挫2仙或1.33%,成交量為889萬零300股。
馬屋業是在今年2月宣佈,計劃以7配5比例發售5億零698萬5千548股附加股,隨後以1配1比例送5零698萬5千548股憑單,籌措5億令吉營運資本。(星洲日報/財經)

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发表于 2011-6-10 14:24 | 显示全部楼层
MBSB's intrinsic value remains intact
Price Target date: 23/05/2011   |  Source: AMMB       


MBSB:1171                    
Price Target: 2.90             |             Price Call         :         BUY
Last Price:  1.42             |             Upside/Downside         :          +1.48 (104.22%)


Malaysia Building Society Bhd
(May 23, RM1.49)
Maintain buy at RM1.52 with higher revised fair value of RM2.90 (from RM2.20): We have raised MBSB's fair value based on a higher adjusted (for rights) FY11F return on equity (ROE) of 24.4% (20.5% previously), leading to an upgraded fair price-to-book ratio of 3.3 times (from 2.6 times).

We have lifted our net earnings for FY11F to FY13F by 33%, 26% and 13% on the back of our more robust loans growth assumptions for the personal loans segment as well as better non-interest income.

With the upgrade, we now forecast a much stronger earnings growth of 63% for FY11F, 18% FY12F and 17% for FY13F.

We believe MBSB is under-appreciated for its earnings potential, which is similar to that of the mainstream banking institutions. Although MBSB benefits from the vacuum left behind by cooperatives, which are no longer allowed to offer personal financing to civil servants, we believe what is often overlooked is the fact that the financiers to these cooperatives are the mainstream banking institutions.

Thus, in a way, MBSB is now capturing some market share in this segment from the mainstream banking institutions.

To get a gauge on how undervalued MBSB is, we have estimated that its share of sector (including all the domestic banks under our coverage) net earnings now stands at 1.4%. Yet, MBSB's share of the sector's market capitalisation is vastly lower at only 0.6%.

At our upgraded fair value of RM2.90, we estimate that MBSB's share of sector market capitalisation would be 1.4% which is a fairer reflection of its share of sector net earnings.

Given that our net earnings have been raised, we are also upgrading our dividend forecasts as the company has put in place a formal dividend payout policy of 30%. This means that gross dividend per share (GDPS) yield is now highly attractive at close to 6% for FY11F.

With a strong GDPS yield of 6%, we believe there is little downside to MBSB. If we are to base value on net DPS yield of 3.3%, similar to current one-year fixed deposit rates, we estimate MBSB's share price to be at least RM1.93 a share, with potential for further dividend increases ahead as earnings rise.

We believe MBSB remains deeply undervalued. Notably price-earnings ratios are at single digit levels. Rerating catalysts for the stock are: (i) higher than expected loans growth; (ii) better than expected net interest margins; (iii) continuing improvement in impaired loans; (iv) sustainably high ROE in excess of 20%; and (v) actual dividend payout ratio of at least 30%. ' AmResearch, May 23


This article appeared in The Edge Financial Daily, May 24, 2011.

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发表于 2011-6-12 00:36 | 显示全部楼层
For normal commercial banks the interest is at leas BLR - 2.2, which is around 6.5 - 2.2 = 4.3%

Why is the MBSB interest so high? If i get anything wrong, please correct me.

Nobita 发表于 2011-6-7 00:52



subprime loan always paid higher rate  

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发表于 2011-6-12 03:26 | 显示全部楼层
冷眼的新书推介有提到 mbsb..
他说前景不错.. 但先守着两三年..

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发表于 2011-6-13 01:09 | 显示全部楼层
恢復對宏願放貸 RCE資本前景正面


(吉隆坡11日訊)隨著RCE資本(RCECAP,9296,主板金融股)獲准為宏願僱員合作社(KOWAJA)提供2億令吉上限的貸款便利,市場人士相信,這對該公司的發展乃正面的,並進而調高該股的合理價格。

RCE資本週四宣佈獲得上述的合約,但該項批准亦受緊縮業務、基金和其他項目如價格上限、抵押品和結構等的限制。

拉昔胡申研究分析員對此表示,雖然宏願僱員合作社是RCE資本的最大貸款者,但目前仍有幾項限制不明朗,如特定的時間限制、貸款數額的付款基礎等。

分析員相信,大馬合作社委會(SKM)的新指標或將導致RCE資本未來需給予較低利率,從壓縮賺幅。

分析員認為,上述的批准事項對RCE資本而言屬正面,這是因為該公司可恢復與宏願僱員合作社的貸款活動,並重建其貸款業務。

分析員相信,RCE資本的貸款成長將面臨挑戰,其中包括源自馬建屋(MBSB,1171,主板金融股)的競爭。此外,新指標或導致低利率及利潤,對 RCE資本而言,也是一項挑戰。

另一方面,對於馬建屋來說,分析員相信,該公司的成長軌道仍完好。

雖然商業銀行是公務員融資市場最大的威脅,但銀行在去年通過大馬合作社委員會實施的指標下,已停止公務員的借貸活動。

因此,分析員相信公務員融資市場仍有成長潛能,預計馬建屋在較低的資金成本配合下,具有競爭優勢。

有鑑於此,分析員相信上述的最新發展,調解RCE資本的投資情緒,並能作為重估該股的催化劑。分析員維持該股「跑贏大市」的投資評級,並上調其合理價格至0.75令吉。

分析員給予馬建屋2.15令吉的合理價格,投資評級為「跑贏大市」。

同時,受到上述消息的激勵,RCE資本週五收在0.54令吉,上升4仙或8%,創下6個月以來的最大漲幅。

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发表于 2011-6-13 15:14 | 显示全部楼层
回复 103# Etitech


    冷眼那个价钱是年前买进的...之后馬建屋是以每7股配5股,向股東發售高達5億699萬新股。在除权前闭市价是2.55元。在除权后还把免费凭单计算一起变成开市价1.55元。很多人开市价算法是1.8-1.90元左右,结果反而更低!请看回前几贴事情来龙去脉!

馬建屋附加股送憑單除權 參考價計算小風波

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