【RCECAP 9296 交流专区】RCE资本

弹煮

Goldman和JP减持RCE股份，你们有没有跟着卖啊？

mjchua

原帖由 弹煮 于 22-8-2007 09:20 AM 发表
Goldman和JP减持RCE股份，你们有没有跟着卖啊？

沒有... 你有沒有 ?

Mr.Business

偿债力强稳定房贷领域 2007/08/21 17:57:30
●南洋商报

（吉隆坡21日讯）惠誉评级机构预测，在稳健的经济发展和利好的利率条件下，大马家庭信贷素质——尤其是房贷领域仍然稳固，而消费者的偿还能力也保持稳定。

自金融风暴后，大马金融机构已将发展重心，转移至消费者贷款领域，该领域每年都推动银行体系的增长。

目前，消费者贷款领域已占大马银行整体贷款业务的一半以上。

以整体贷款6％的增长来看，消费者贷款在1999年至2006年间都以双位数成长约15％。

有鉴于此，大马很多银行积极开拓消费者贷款市场，房贷、汽车贷款，以及消费者信贷是其中的3大重点，市场比重分别占了53％、33％及14％。

此外，惠誉评级机构也表示，尽管双位数增长的家庭信贷也有可能导致信贷泡沫，如韩国和台湾都曾因不稳定的消费信贷而形成信贷泡沫。

不过，由于大马的贷款增长皆属于稳定型的贷款，例如房贷和汽车贷款，惠誉评级机构认为，大马不会面对泡沫风险。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=762383

Mr.Business

我刚才再研究了RCE的30/06/2007季度成绩。RCE在那季度发出了RM52076K的贷款 (从cash flow得到的资料)，可是RCE并不是发出Medium Term Notes (MTN)得到资金，而是借了一笔Short Term的Bridging Loan (总值RM50000K)。为何RCE不继续发出MTN呢？

我研究过去几个季度RCE发出的MTN，资料如下：

季度       发出的Medium Term Notes
31/12/2005  RM70 million
31/03/2006  RM70 million
30/06/2006  RM68.111 million
30/09/2006  RM67.819 million
31/12/2006  RM66.962 million
31/03/2007  RM67.048 million
30/06/2007  RM0

截至30/06/2007，RCE已经发出RM409.94 million的MTN。RCE原本能发出RM420 million的MTN, 这表示RCE现在只能再发出RM10.06 million的MTN了！这就是为何RCE会借RM50 million的Bridging Loan的原因了。

待续。。。

Mr.Business

继续。。。

何为Bridging Loan呢？请看看Wikipedia的解释。

A bridge loan (also known in some applications as a swing loan) is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing.

A bridge loan is interim financing for an individual or business until permanent or the next stage of financing can be obtained. Money from the new financing is generally used to "take out" (i.e. to pay back) the bridge loan, as well as other capitalization needs.

Bridge loans are typically more expensive than conventional financing because of a higher interest rate, points and other costs that are amortized over a shorter period, and various fees and other "sweeteners" (such as equity participation by the lender in some loans). To compensate for the additional risk the lender may require cross-collateralization and a lower loan-to-value ratio. On the other hand they are typically arranged quickly with relatively little documentation.

http://en.wikipedia.org/wiki/Bridge_loan

RCE的larger or longer-term financing将是什么呢？我认为应该就是那RM1.5B的ABS了。再看回The Edge最近关于RCE的报道，Kenanga Research说RCE第一批的RM100 million的ABS将在年尾发出，我想就快了吧。。。

之前我以为RCE还可以发出RM80 million的Medium Term Notes，现在我知道她差不多用完了，现在还得借RM50 million的Bridging Loan来周转。这表示她应该会想办法再找资金。再借钱？她已经借太多了，利息会很高，所以我想ABS是不错的选择。。。
我们就静观其变吧。。。

XXXXX

16-08-2007: RCE to retain niche market

RCE Capital Bhd will continue to have a niche by catering to government employees and enable it to charge higher interest rates, and incur low default risks, says Kenanga Research.

It said the business was characterised by wide net interest margins due to civil servants’ lack of sensitivity to interest rates, and low risk of payment default with Angkatan Koperasi Kebangsaan Malaysia Bhd’s (Angkasa) salary deduction scheme.

RCE had differentiated itself in this industry by its fast turnaround time for loan processing and disbursement.

On the impending Co-operative Societies Commission Act, Kenanga Research said it had given rise to some concerns regarding its impact on RCE’s business.

Key issues were the requirement that co-operatives deposit all excess cash into two new commission-managed funds, and uncertainty as to whether the commission will institute any regulatory changes.

However, it said there was no immediate threat to RCE’s operations and that RCE would not be governed by the new Act.

Kenanga Research said RCE was positive about the closer regulation of co-operatives under the Act as it would bring stability and greater professionalism to the sector, and potentially larger membership.

The research house said the issuance of asset-backed securities (ABS) worth a total RM1.5 billion would help fund expansion for the next 5½ years.

The first tranche of ABS with a maximum RM100 million was slated to be issued by the end of 2007. As at March 31, 2007, net loan receivables were RM414.6 million. The ABS was expected to gradually lower RCE’s cost of funds by 1% to 1.5% from about 9% at present.

RCE was confident it would be able to place out the full amount of funds raised as demand for loans by civil servants is upheld by the recent hike in salaries and a potentially upbeat Budget in September filled with pre-election goodies.

Growth in demand for loans would be buoyed by civil servants’ pay rise and an election-friendly Budget, it said.

It also said Angkasa’s monthly deductions had grown by 1% month-on-month. In June 2007, RCE accounted for 2.8% of Angkasa’s total collection of RM424.7 million.

The number of RCE member accounts had also grown by 14% over six months to 40,000 accounts from 35,000 in March 2007. Further growth would come from tie-ups with new co-operatives.

Kenanga Research said RCE was on-track to achieve its FY08 net profit forecast of RM55.2 million. The estimated 13% lower on-year FY08 net profit was due to the firm’s effective tax rate normalising to 28% in FY08 from 14% in FY07, and the full year of interest expense incurred on the medium-term notes issue.

“We have assumed loans growth of 35% and 20% in FY08 and FY09 respectively,” it said.

It added that while RCE did not have a strict dividend policy, it aims to pay out 10% of net profit in dividends in keeping with its maiden dividend of one sen paid in FY07.

“Utilising a 12 times price-to-earnings (at 5% discount to regional sector average) PER applied to FY09 EPS of 10.2 sen, we obtain a target price of RM1.20. Our forecast is based on FY09 results as the full effect of the new ABS issue will only be evident then,” it said.

http://www.theedgedaily.com/cms/ ... a-d647d800-15f0f955

[ 本帖最后由 Mr.Business 于 22-8-2007 01:01 PM 编辑 ]

Mr.Business

原帖由 Mr.Business 于 21-8-2007 09:19 AM 发表
CIMB在这么紧张的时候还敢发出RM10B的债券，RCE的RM1.5B的ABS几时会有消息呢？

CIMB to launch RM10b bond sale
By Chong Pooi Koon

August 21 2007

CIMB Bank Bhd plans to launch a RM10 billion b ...

CIMB的债券得到不错的反应。

Fund managers upbeat on CIMB RM10b bond sale
By Chong Pooi Koon
   
August 22 2007

CIMB Bank's plans to sell bonds backed by carloans may generate a warm response from local investors who are excited to see this new instrument being launched here.

"Definitely there will be demand. Although there will be risk, but the yield will be better. (This type of investment) is also not so lumpy," said Phillip Capital Management Sdn Bhd chief investment officer Ang Kok Heng.

"It's the first time we see this in Malaysia, so rating (on the papers) is more of the clients, how they would control this and also the country's economy,"he said.

The country's second largest lender plans to sell up to RM10 billion debt papers, which are backed by car loans, over 20 years.The bonds would have maturities of one, three, five, seven and eight years.

"It's a matter of spreading the risk, for that even if one person default, the rest are still servicing the loans," Ang said.

The first tranche of RM505 million, which is backed by loans given to new Proton car buyers, will be launched next month, CIMB's head of securitisation and structured finance Patrick Khoo was reported as saying yesterday.

Malaysian Rating Corp Bhd has assigned preliminary ratings of AAA, AA and A+ to this batch of papers that will come in various classes.

"This type of bond you can't predict the cashflow, so it depends on how the economy is doing. But investorswill probably be more comfortable with shorter term papers," Ang said.

"Based on past records, new car default rates are lower compared to old car,so this will provide some comfort to investors," he added.

Despite the current turmoil in the global financial market, fund managers said it is not expected to significantly dampen investor interest in the CIMB bond.

"The subprime loans issue is more of an American problem. Just that investors appetite for riskier assets may be affected. Still, this is an interesting concept and a new instrument here," director of Kumpulan Sentiasa Cemerlang Sdn Bhd,Choong Khuat Hock, remarked.

He said investors will be more uncertain initially and the demand will hinge on the yields, especially when this type of investment is considered riskier assets.

"People will also be concerned on the security of the assets, they would want to know what's the mechanism in place to reprocess the car loan should there be a default," Choong added.

http://www.btimes.com.my/Current_News/BT/Wednesday/Nation/bondo.xml/Article/

[ 本帖最后由 Mr.Business 于 22-8-2007 01:19 PM 编辑 ]

Mr.Business

原帖由 Mr.Business 于 22-8-2007 12:42 PM 发表
我刚才再研究了RCE的30/06/2007季度成绩。RCE在那季度发出了RM52076K的贷款 (从cashflow得到的资料)，可是RCE并不是发出Medium Term Notes (MTN)得到资金，而是借了一笔ShortTerm的Bridging Loan (总值RM50000K)。为何RCE不继续发出MTN呢？

我研究过去几个季度RCE发出的MTN，资料如下：

季度       发出的Medium Term Notes
31/12/2005  RM70 million
31/03/2006  RM70 million
30/06/2006  RM68.111 million
30/09/2006  RM67.819 million
31/12/2006  RM66.962 million
31/03/2007  RM67.048 million
30/06/2007  RM0

截至30/06/2007，RCE已经发出RM409.94 million的MTN。RCE原本能发出RM420 million的MTN,这表示RCE现在只能再发出RM10.06 million的MTN了！这就是为何RCE会借RM50 million的BridgingLoan的原因了。

我刚刚发现其实RCE已经发出所有RM420 million的Medium Term Notes。而且其中有个奇怪的现象，每次发出MTN时，RCE的子公司都会购买一部分的MTN。自己的子公司向自己购买MTN，很奇怪吧? 至于个中原因就让Kawan RCE自己来研究了，有兴趣的话，可以参考以下资料：
Here


季度            发出的Medium Term Notes
31/12/2005  RM70 million (RCE的子公司购买其中RM10 million的MTN）   
31/03/2006  RM70 million (RCE的子公司购买其中RM10 million的MTN）            
30/06/2006  RM70 million (RCE的子公司购买其中RM20 million的MTN）         
30/09/2006  RM70 million (RCE的子公司购买其中RM10 million的MTN）            
31/12/2006  RM70 million (RCE的子公司购买其中RM10 million的MTN）   
31/03/2007  RM70 million (RCE的子公司购买其中RM10 million的MTN）

[ 本帖最后由 Mr.Business 于 23-8-2007 07:05 PM 编辑 ]

Mr.Business

算是RCE的好消息吧。HSBC (Malaysia) Trustee Berhad宣布收购 2.5 million的RCE股份 (她代表一个本地基金)。


Company Name        :        RCE CAPITAL BERHAD
Stock Name         :        RCECAP
Date Announced        :        23/08/2007
Particulars of substantial Securities Holder

Name        :        HSBC Holdings plc
Address        :        08 Canada Square London, E14 5HQ United Kingdom
NRIC/Passport No/Company No.        :        617987
Nationality/Country of incorporation        :        United Kingdom
Descriptions(Class & nominal value)        :        Ordinary shares of RM0.10 each
Name & address of registered holder               
HSBC (Malaysia) Trustee Berhad (Acquired 2,500,000 shares)
Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing
No. 1, Leboh Ampang
50100 Kuala Lumpur
(Shares held as Trustees for Unit Trust - Non Discretionary)

HSBC International Trustee Limited, Hong Kong
6F, Tower 1, HSBC Centre, 1 Sham Mong Road
Kowloon, Hong Kong
(Shares held as Trustees for Unit Trust - Non Discretionary)

Details of changes

Type of transaction        Date of change        
No of securities
        
Price Transacted (RM)
Acquired        09/08/2007         750,000
        
Acquired        10/08/2007       1,750,000
        
               
        Circumstances by reason of which change has occurred        :        Acquisition
Nature of interest        :        Indirect
Direct (units)        :        
Direct (%)        :        
Indirect/deemed interest (units)        :        35,765,000
Indirect/deemed interest (%)        :        5.5335
Total no of securities after change        :        35,765,000
               
Date of notice        :        14/08/2007
               
Remarks               
Name of Registered Holder No. of shares held after change
--------------------------------------- ---------------------------------------------

HSBC (Malaysia) Trustee Berhad 5,765,000
Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing
No. 1, Leboh Ampang
50100 Kuala Lumpur
(Shares held as Trustees for Unit Trust - Non Discretionary)

HSBC International Trustee Limited, Hong Kong 30,000,000
6F, Tower 1, HSBC Centre, 1 Sham Mong Road
Kowloon, Hong Kong
(Shares held as Trustees for Unit Trust - Non Discretionary) -------------------
Total 35,765,000
============

The Form 29B was received by the Company on 23 August 2007.

http://announcements.bursamalays ... 3BB1B3?OpenDocument

[ 本帖最后由 Mr.Business 于 23-8-2007 07:31 PM 编辑 ]

mjchua

我收到 RCE 2007 年的 annual report 了.

小散户

原帖由 Mr.Business 于 23-8-2007 07:29 PM 发表
算是RCE的好消息吧。HSBC (Malaysia) Trustee Berhad宣布收购 2.5 million的RCE股份 (她代表一个本地基金)。


Company Name        :        RCE CAPITAL BERHAD
Stock Name         :        RCECAP
Dat ...

当然算好消息啊....

yyhhcc

这算是好消息吗？

公司名称  票面价值(RM)  除息日    总额 (%)  付息日期  派息方式  派息详情  

RCE资本
[RCECAP] 1.00          18/09/2007 10.0      28/09/2007 终期 股息 股息须扣 26% 税务

Mr.Business

原帖由 mjchua 于 23-8-2007 07:57 PM 发表
我收到 RCE 2007 年的 annual report 了.

哈。哈。

RCE的2007年报。

小散户

原帖由 yyhhcc 于 24-8-2007 09:35 AM 发表
这算是好消息吗？

公司名称  票面价值(RM)  除息日    总额 (%)  付息日期  派息方式  派息详情  

RCE资本
[RCECAP] 1.00          18/09/2007 10.0      28/09/2007 终期 股息 股息须扣 26% 税务

票面价值(RM)不是0.10咩? 是1.0的话就好咯.

[ 本帖最后由 小散户 于 24-8-2007 09:51 AM 编辑 ]

mjchua

原帖由 Mr.Business 于 24-8-2007 09:40 AM 发表


哈。哈。

RCE的2007年报。

我已經 send email 去 request 了 printed version

mjchua

原帖由 小散户 于 24-8-2007 09:49 AM 发表


票面价值(RM)不是0.10咩? 是1.0的话就好咯.

RM1 的話... 就發財了...

yyhhcc

在icapital 公布的。。。除非信息错误。

Mr.Business

RCE不是会寄年报给股东吗？为何要要求？难道你不是股东？哈。

mjchua

原帖由 yyhhcc 于 24-8-2007 10:02 AM 发表
在icapital 公布的。。。除非信息错误。

可以和你講的是... 肯定是錯誤的

mjchua

原帖由 Mr.Business 于 24-8-2007 10:02 AM 发表
RCE不是会寄年报给股东吗？为何要要求？难道你不是股东？哈。

RCE 寄的是 CD, CD 裡的是 PDF 檔案
所以我要求寄一份 printed version

小散户

原帖由 yyhhcc 于 24-8-2007 10:02 AM 发表
在icapital 公布的。。。除非信息错误。

RM 1的话真的发财了....