【AEONCR 5139 交流专区】永旺信贷

icy97

资产素质佳•追税影响微‧永旺信贷展望良好

（吉隆坡22日讯）永旺信贷（AEONCR,5139,主板金融组）第三季净利按年成长5.22%，分析员认为该公司资产素质良好、投入数码时代怀抱以及营运效率佳，因此尽管该公司被税收局追税，大多还是维持公司财测不变。

股价写1个多月新低

业绩公布后，该公司周四跌28仙或2.03%至13令吉52仙，以全天最低点闭市，并创下1个多月新低。

肯纳格研究基于内部整理（House-keeping）理由，因此调高2018年和2019年财测，分别为2%和3%。

另一方面，尽管管理层大派定心丸，声称内陆税收局追讨约9680万令吉一事影响不大，且预料结果将对永旺信贷有利。只不过，事情结果还是有转负面的风险。

兴业研究预估该公司认列一次性成本后，将使2018年净利走低至29.1%至1亿7800万令吉，但目前仍维持2亿7500万核心净利预测不变。

下季料派息25.7至45仙

如大家所测，该公司并没有宣布派息，分析员预料下季公司每股派息介于25.7仙至45仙之间。艾芬黄氏研究指出，该公司资产素质十分稳定，净呆账率（NPL）也仅仅企于2.48%。

兴业则表示，该公司的整体资本比率企于24.3%，远远超越国家银行规定的16%。

贷款成长亮眼以及赚幅稳定，肯纳格指出该公司展望依然良好。放眼未来，永旺信贷将持续专注应收账款成长以及赚幅稳定。

在第三季该公司应收账款按年成长了13%，主要是受到个人贷款所驱动，肯纳格也认为此趋势将持续，主要小宗商品贷款市场，依然会高速走扬。

至于赚幅部份，管理层透过数码化，使得分行赚幅处于成长轨道上，预测该公司将能维持34.6%至35%成本收入比的比率。更有效率的营运，也抵销了低利息赚幅（NIM）的利空，同时也提升成本控制能力。

营运成本料趋稳

同时，MIDF研究指出，该公司获利受到整体营运成本走高14%拖累，主要是员工和应收账款拨备增加所导致。MIDF预测在未来该公司营运成本将更为稳定，主要是公司正在转型，无纸化和提供未来服务是改变价值链的重点。

另外，该公司的回收贷款比例，在选择更有素质顾客后，预料会进一步提高及大大降低公司拨备，惟肯纳格保守地认为，该公司每年贷款成长率只有8%成长。

文章来源：
星洲日报／财经·文：傅文耀·2017.12.22

icy97

icy97 发表于 19-12-2017 07:16 AM
税收局基于3点再出招
永旺信贷被追税9682万

2017年12月13日
（吉隆坡13日讯）内陆税收局频密追税马不停蹄，今天再有另一家上市公司中招，即永旺信贷（AEONCR，5139，主板金融股），被追讨9681万9861令吉的税 ...

被追税9682万．永旺信贷提上诉阻执行

（吉隆坡6日讯）永旺信贷（AEONCR,5139,主板金融组）针对被追税9682万令吉事宜向内陆税收局提出上诉，并向高庭申请终止执行令。

永旺信贷发文告表示，已在2018年1月5日向内陆税收局总监和特别理事会提出上诉。

该公司也根据律师及税务顾问的意见，向高庭申请司法检讨及终止程序。高庭于3月5日驳回了司法检讨申请，但批准暂缓执行。

永旺信贷指出，在谘询税务律师意见后，该公司于3月5日针对高庭的决定向上诉庭提出上诉，以及正式申请以阻止执行法律程序。

该公司认为有充份的理据对税收局总监提出的额外税款和罚款通知合理向作出抗告，主要是公司已委托独立和可靠的稽查和税务事务所来进行会计和税务事宜，同时也应将2010和2011年估税年排除在外。

该公司是在去年12月10日收到税收局追加评税和罚款通知，追讨2010至2016年额外9681万9861令吉27仙的税款和罚金。

上述新增税款和罚金，主要是税收局总监将永旺信贷与本地某家金融机构承担的应收账款抵押的贷款交易变更为出售应收账款，以及提高了2010和2011年的估税年的年限，甚至是针对涉嫌提交不正确回酬祭出罚款。

文章来源：
星洲日报／财经‧2018.03.07

Type	Announcement
Subject	OTHERS
Description	AEON CREDIT SERVICE (M) BERHAD ("THE COMPANY") - NOTICES OF ASSESSMENT RAISED ON THE COMPANY
Further to the announcement dated 13 December 2017 pertaining to the aforesaid subject matter, the Company wishes to provide an update on the said matter as follows:- (i)         The Company had on 5 January 2018 filed Notices of Appeal to the Special Commissioners of Income Tax pursuant to Section 99(1) of the Income Tax Act 1967 (“Form Q”) with the Director General of Inland Revenue (“DGIR”) to appeal against the notices of additional assessment. (ii)        On the advice of its solicitors and tax consultants, the Company had also made an Application to the High Court for Judicial Review and Stay of Proceedings. The High Court had on 5 March 2018 dismissed the Application for Judicial Review. However the High Court had granted an interim stay against the enforcement of the notices of additional assessment pending the filing and hearing of the formal application for a stay from the Court. (iii)       Upon the advice of its solicitors and tax consultants, the Company had filed an appeal to the Court of Appeal against the High Court’s decision on 5 March 2018. The Company had also filed a formal application on 5 March 2018 for a stay against the enforcement of the notices of additional assessment to the High Court pending the disposal of its appeal. Upon consulting its tax solicitors, the Company is of the view that there are reasonable grounds to challenge the validity of the said notices of additional assessment raised by the DGIR and the penalties imposed. This is especially when at all material times, the Company had sought professional advice from an independent firm of tax consultants on the tax treatment and that the notices of additional assessment for the years of assessment 2010 and 2011 are time barred. The Company will make further announcement if there is any material update on the above said matter. This announcement is dated 6 March 2018.

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Date of change	25 Apr 2018
Name	DATO ABDULLAH BIN MOHD YUSOF
Age	78
Gender	Male
Nationality	Malaysia
Designation	Chairman
Directorate	Independent and Non Executive
Type of change	Demised
Qualifications	Not applicable
Working experience and occupation	Not applicable
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	(i) Ordinary Shares - 2,770 (Direct) and 69,000 (Indirect)(ii) Irredeemable Convertible Unsecured Loan Stocks (ICULS) -15,540 (Direct) and 138,000 (Indirect)

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SUMMARY OF KEY FINANCIAL INFORMATION 28 Feb 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		28 Feb 2018	28 Feb 2017	28 Feb 2018	28 Feb 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	309,173	290,842	1,235,122	1,101,955
2	Profit/(loss) before tax	105,366	103,064	398,335	351,162
3	Profit/(loss) for the period	82,308	80,053	300,057	265,027
4	Profit/(loss) attributable to ordinary equity holders of the parent	82,308	80,053	300,057	265,027
5	Basic earnings/(loss) per share (Subunit)	31.87	30.94	143.01	101.17
6	Proposed/Declared dividend per share (Subunit)	20.00	32.50	41.13	63.00
		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 ($$)	6.3700		6.6300

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AEON CREDIT SERVICE (M) BERHAD

EX-date	27 Jun 2018
Entitlement date	29 Jun 2018
Entitlement time	05:00 PM
Entitlement subject	Final Dividend
Entitlement description	Final Dividend of 20.00 sen per ordinary share under single-tier system in respect of the financial year ended 28 February 2018
Period of interest payment	to
Financial Year End	28 Feb 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul EhsanTel:0378490777Fax:0378418151/8152
Payment date	19 Jul 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	29 Jun 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
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	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.2

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Date of change	08 May 2018
Name	MR NG ENG KIAT
Age	64
Gender	Male
Nationality	Malaysia
Type of change	Redesignation
Previous Position	Director
New Position	Chairman
Directorate	Independent and Non Executive
Qualifications	Malaysian Institute of Accountants (MIA)Malaysian Institute of Certified Public Accountants (MICPA)Fellow member of the Chartered Tax Institute of Malaysia CPA Australia
Working experience and occupation	He has more than forty (40) years of experience in the field of audit, accountancy and taxation. He had previously served as a member on a number of working groups of the Malaysian Accounting Standards Board, a co-opted member on a number of committees of the MICPA and an examiner for the final professional examination of the MICPA. Presently, he is the Managing Partner of the merged firm of Azman, Wong, Salleh & Co. and Folks DFK & Co.
Family relationship with any director and/or major shareholder of the listed issuer	Nil
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	(i) 18,000 Ordinary Shares(ii) 36,500 Irredeemable Convertible Unsecured Loan Stocks (ICULS)

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Date of change	21 Jun 2018
Name	MR LEE KIT SEONG
Age	48
Gender	Male
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Retirement

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Date of change	21 Jun 2018
Name	MR KIYOAKI TAKANO
Age	54
Gender	Male
Nationality	Japan
Designation	Executive Director
Directorate	Executive
Type of change	Retirement
Qualifications	Not Applicable
Working experience and occupation	Not Applicable
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	(i) 54,000 ordinary shares(ii) 108,000 Irredeemable Convertible Unsecured Loan Stocks (ICULS)

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Date of change	21 Jun 2018
Name	MR AJITH A/L JAYARAM
Age	37
Gender	Male
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Retirement
Qualifications	Not Applicable
Working experience and occupation	Not Applicable
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	(i) 3,240 ordinary shares(ii) 6,500 Irredeemable Convertible Unsecured Loan Stocks (ICULS)

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SUMMARY OF KEY FINANCIAL INFORMATION 31 May 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 May 2018	31 May 2017	31 May 2018	31 May 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	325,718	302,282	325,718	302,282
2	Profit/(loss) before tax	131,763	101,869	131,763	101,869
3	Profit/(loss) for the period	99,235	75,812	99,235	75,812
4	Profit/(loss) attributable to ordinary equity holders of the parent	99,235	75,812	99,235	75,812
5	Basic earnings/(loss) per share (Subunit)	38.43	28.98	38.43	28.98
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		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 ($$)	5.4500		6.3700

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业绩超预期 財测上调　永旺信贷盘中涨逾5%

財经 最后更新 2018年06月29日 22时39分
（吉隆坡29日讯）最新业绩超越预期的永旺信贷（AEONCR，5139，主板金融股），获得分析员调高盈利预测，带动该公司股价在今天应声上涨，盘中最高触及14.66令吉，飆涨76仙或5.47%。该股最后收在14.40令吉，全天劲升50仙或3.6%，是第4大上升股。

永旺信贷昨天公布的2019財政年首季（截至5月31日止）税后盈利按年成长3 2 . 4 %，至9 5 6 0 万令吉， 超乎分析员预期，主要是因为採纳MFRS 9会计准则后，融资应收账款的拨备大幅减少，信贷成本从333.6个基点，降低至约154个基点。

此外，分析员指出，该公司盈利大增也归功于利息和非利息收入分別按年提高7.6%和8.6%。非利息收入包括呆账回收、保险佣金收入和客户忠诚计划的处理费。

资產素质良好

虽然净利息收入赚幅（ NIM ） 从13.2% ， 下滑至12.8%，但该公司的资產素质依然良好。该公司自2019財政年採纳MFRS 9会计准则，总呆账率从2018財政年末季的2.33%，降低至2.26%。

第一天採纳（ Day-1 adjustment）后，资產负债表调整了3亿4450万令吉，但对该公司的资本没有负面影响。

与此同时，分析员称，该公司首季总运营开销按年减少6.4%，而成本对收入比（CIR）方面，总运营开销占营业额的比重下降至50.6%，前期比重为58.2%。

该公司积极减少运营开销，相信有关比重將继续维持在健康的水平。

虽然凈营收账款只按年微增3.8%至69亿令吉，但艾芬黄氏资本分析员认为，永旺信贷的未来成长將更加迅速，因为该公司打算专注开拓高收入市场，以推动其信用卡、个人融资和汽车贷款业务。

该分析员说，「永旺信贷2019至2021財政年將有不错的业绩表现，归功于它的价值链转型、更高的应收账款回酬。此外，中低收入群体获得的2%所得税减免，料也將使该公司受益。」

MIDF 研究分析员相信，2019財政年的总运营开销將按年减少5.7%，因此略为上调永旺信贷2019財政年盈利预测，但该分析员並没有透露调升幅度。

营收稳定前景乐观

他表示，该公司进军电子钱包和电子货幣卡业务，有助于提高客户的忠诚度，並为公司带来稳定的营业额，因此乐观看待该公司前景。

肯纳格研究分析员也將2019至2020年的盈利预测，分別调高6%至7%，以反映应收账款减值损失缩小。

该分析员预测2019和2020財政年的每股盈利將分別成长12%和11%，而核心净利將分別提高16%和11%。

此外，他相信，该公司將在2019財政年派发每股46仙股息。

另一方面，永旺信贷去年杪遭內陆税收局追税和罚款共9682万令吉。

对此，管理层表示，该公司有强大的法律依据，可以质疑这笔税务的有效性。

该公司已经就高等法院在今年3月5日的裁决提交上诉申请，预计法院將在2022年至2023年开庭审理此案。

MIDF研究和艾芬黄氏资本都维持该股「买入」评级，前者將目標价从14.75令吉，提高至15.40令吉，后者则维持目標价在18.40令吉。

另外，肯纳格研究维持该股「与大市同步」评级，但將目標价从13.40令吉，调高至14.25令吉。【东方网财经】

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AEON CREDIT SERVICE (M) BERHAD

EX-date	27 Aug 2018
Entitlement date	29 Aug 2018
Entitlement time	05:00 PM
Entitlement subject	Loan Stock Interest
Entitlement description	First interest payment in respect of RM432,000,000 Nominal Value of 3-year 3.5%, Irredeemable Convertible Unsecured Loan Stocks 2018/2020
Period of interest payment	15 Sep 2017   to   15 Sep 2018
Financial Year End	28 Feb 2019
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN. BHD.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul EhsanTel: 03 7849 0777Fax:03 7841 8151/8152
Payment date	18 Sep 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	29 Aug 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
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 (%)	3.5

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Aug 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Aug 2018	31 Aug 2017	31 Aug 2018	31 Aug 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	332,092	311,322	657,810	613,604
2	Profit/(loss) before tax	107,233	95,793	238,996	197,662
3	Profit/(loss) for the period	80,640	71,385	179,875	147,197
4	Profit/(loss) attributable to ordinary equity holders of the parent	80,640	71,385	179,875	147,197
5	Basic earnings/(loss) per share (Subunit)	31.03	27.30	69.45	56.22
6	Proposed/Declared dividend per share (Subunit)	22.25	21.13	22.25	21.13
		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 ($$)	5.5800		6.3700

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EX-date	16 Oct 2018
Entitlement date	18 Oct 2018
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim single-tier dividend of 22.25 sen per ordinary share for the financial year ending 28 February 2019
Period of interest payment	to
Financial Year End	28 Feb 2019
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN. BHD.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1a/4647301 Petaling JayaSelangor Darul EhsanTel: 03 7849 0777Fax: 03 7841 8185/8152
Payment date	08 Nov 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	18 Oct 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
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	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.2225

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Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	AEON CREDIT SERVICE (M) BERHAD ("AEON CREDIT" OR "THE COMPANY") -        PROPOSED SUBSCRIPTION OF SHARES IN PT. AEON CREDIT SERVICE INDONESIA
The Board of Directors of the Company (“Board”) wishes to announce that AEON Credit would be entering into a transaction as set out in 1(i) of the attachment, which involves the interest of AEON Financial Service Co., Ltd. (“AFSJ”), the major shareholder of the Company, who is the related party. A further two (2) transactions entered into by the Company with the same related party (AFSJ) within the preceding twelve (12) months are set out in 1(ii) and 1(iii) of the attachment. Kindly refer to the attachment for further information. The announcement is dated 1 November 2018.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5963253

Attachments ACSM - Proposed Subscription of Shares in ACSID.pdf

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信贷账款增．永旺信贷第三季多赚24%
http://www.sinchew.com.my/node/1823744/

SUMMARY OF KEY FINANCIAL INFORMATION 30 Nov 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Nov 2018	30 Nov 2017	30 Nov 2018	30 Nov 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	348,497	312,345	1,006,307	925,949
2	Profit/(loss) before tax	118,072	95,307	357,068	292,969
3	Profit/(loss) for the period	87,136	70,552	267,011	217,749
4	Profit/(loss) attributable to ordinary equity holders of the parent	87,136	70,552	267,011	217,749
5	Basic earnings/(loss) per share (Subunit)	33.35	28.74	102.80	110.93
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	22.25	21.13
		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 ($$)	5.6600		6.3700