【RCECAP 9296 交流专区】RCE资本

有人连夜入京赶科场。

有人连夜辞官归故里。

RCECAP 跳车了,  虽然不是赚很多...

但最近己很久没进账了,  希望破了戒, 带来新的希望。

.

Mr.Business

RCE还小，不然就可以吃下MBSB，是个不错的选择。Bank Rakyat为何要入股MBSB呢？应该是想得到MBSB的房贷业务吧。

25 Jun 2007: Corporate: Bank Rakyat eyes stake in MBSB
By Joyce Goh and Risen Jayaseelan

Bank Rakyat is eyeing a stake of up to 30% in Malaysia Building Society Bhd (MBSB), sources say.
In a deal which sources say was initiated by the Ministry of Finance, the stake is to be acquired from MBSB's largest shareholder, the Employees Provident Fund (EPF), which has 62% in the building society.
It is believed that Bank Rakyat's board has approved the purchase of the stake. "It makes sense. It is a viable combination as it combines MBSB's strength in property financing with Bank Rakyat's retail and personal finance base. MBSB can also tap into Bank Rakyat's branch network," says a source.
Bank Rakyat is a cooperative that generates most of its business by giving out personal loans, particularly to civil servants. It is also big in Islamic banking. The plan is for the merged entity to compete more effectively.
Even at MBSB's current price of RM1.06, a 30% stake would cost Bank Rakyat RM107.56 million. But the deal is expected to be at a significantly higher price than the current market value.
For the financial year ended Dec 31, 2006, Bank Rakyat's cash and short-term funds stood at RM1.5 billion, while its deposits and placements with financial institutions were at RM2.5 billion. Its revenue jumped 24% to RM1.96 billion, while its net profit increased 25% to RM368 million.
MBSB's CEO Ahmad Farid Omar, when contacted on the development late last week, declined to comment on the matter.
Apart from the EPF, the other major shareholder in MBSB is Permodalan Nasional Bhd, with a 11% stake. After incurring huge losses between 1998 and 2003, MBSB returned to the black in 2004 and has managed to improve its financial performance thus far. For its financial year ended Dec 31, 2006, revenue jumped 28% to RM293.1 million from RM229.5 million in 2005. Its net profit increased 3.6% to RM40.2 million from RM38.8 million in 2005.
One reason for the improved results, according to Farid, is MBSB's decision to nurse its non-performing loans (NPLs) instead of selling its bad loans to a special-purpose vehicle (SPV). This strategy seems to have worked well — the group's NPLs have more than halved in the last five years.
Farid says the company is already seeing results. "Our NPL ratio has dropped from 60% in 2002 to 25% today. It is a result of nursing," he tells The Edge in an interview that was done earlier in the week. The NPL ratio is the proportion of bad loans over total loans. On average, local banks have NPL ratios of about 5% currently.
Initially, MBSB had planned to place its NPLs under a SPV, but decided to change tack. "If we sell to a SPV, it will normally involve a haircut which, I think, is not a good strategy. This is because MBSB's NPLs are all secured by property," says Farid. He adds that some of the building society's delinquent loans are backed by properties in good locations such as Ampang and Sungai Buloh.
"The value of land has increased tremendously, especially in Penang, Ipoh, Johor and the Klang Valley," he says.
Farid adds that recovering the loans is a matter of holding on to the property and selling it at the right time. "With property, the beauty is that there is always a premium," he explains.
"When we manage to settle it [the sale], there is a write-back. It's very seldom that we make a loss on a sale."
Settlement, however, takes time. Farid says some bad loans may take up to seven years to resolve.
MBSB's NPL issue stems from its legacy loans that were approved in the 1990s.
Back in 1994, MBSB diversified from its original core business of taking deposits and providing loans to house buyers. It ventured into property development as well as providing bridging and revolving loans for the sector. After the Asian financial crisis hit in 1997, MBSB found itself in dire straits: it was saddled with delinquent loans.
In 2000, the group's net NPL stood at RM2 billion. After implementing its restructuring strategies, the company has managed to reduce this figure to RM850 million currently. Farid notes that none of MBSB's new loans given out since 2003 has turned delinquent. "We are very strict in our credit assessment; we have developed a risk management department to look into the projects' risks," he says.
Not only have MBSB's NPL numbers come down, the company has also seen considerable loans growth in the last five years. In 2002, its housing loans stood at RM1.1 billion. This has since tripled to RM3.5 billion.
Farid says 9% of MBSB's housing loans were non-performing because of the customer profile, largely buyers of medium to low-cost houses. He notes, however, that more than half of these bad loans are "moving NPLs", which means these borrowers still pay their instalments as and when they can.
Depositors also have more faith in MBSB these days. Five years ago, the building society had to pay higher borrowing costs to fund its lending, after its customer deposits shrank considerably. Farid says loans are now largely funded by deposits from both individuals and corporations.
"In 2002, our total net loan was RM3.3 billion, of which RM2.5 billion was being funded by bank borrowings. In 2006, our net loan was RM5.2 billion, of which our total borrowings made up only RM500 million while the remaining was funded by deposits," he says.
"This indicates that the confidence level of depositors has improved," he points out. In 2002, MBSB had 48 million deposits and the number has jumped to one billion deposits today.
Moving forward, Farid says MBSB will continue to focus on property financing as well as develop its retail business. It is also aggressively embarking on Islamic financing. In fact, over half of MBSB's customers apply for its Islamic house financing scheme.

XXXXX

Bank Rakyat said to be bidding for MBSB shares
By Francis Fernandez



August 30 2007
THE Employees Provident Fund (EPF) has received two offers last week for its shares in Malaysia Building Society Bhd (MBSB), a mortgage provider, bankers familiar with the matter said yesterday.
"We are evaluating the offers. A decision on the matter will be made with the best interest of EPF and MBSB at heart," an EPF spokesperson told Business Times.
The spokesperson declined to reveal more details.
RHB Investment Bank Bhd is advising EPF on the sale. EPF holds a controlling 62.41 per cent in MBSB.
Business Times understands that state-owned Bank Kerjasama Rakyat Malaysia Bhd, the country's largest cooperative bank, is one of the parties which made a detailed offer last week, after it received the nod from the Ministry of Finance to proceed with its plans.
The Bank Rakyat plan, split in two stages with different timelines, will first see it buying a 30 per cent stake in MBSB.
Subsequently, Bank Rakyat will inject money for new shares and this will erode EPF's shareholding further.
The bank's offer, which is in the range of RM2 a share, is a steep premium over MBSB's asset backing per share of RM1.29, a source involved in the advisory of the sale said.
This is in line with similar deals in the financial sector where offers are between 1.5 times and two times the book value.
Bank Rakyat has cash and short-term funds of RM1.5 billion as well as 111 branches nationwide. The bank posted a net profit of RM368 milion for the financial year ended December 31 2006.
EPF has taken some flak in recent years over its investment in MBSB, after the company suffered six straight years of losses.
However, over the last three financial years, MBSB has stayed in the black, largely due to the professional management team appointed by EPF.
For its financial year ended December 31 2006, MBSB's revenue was up 28 per cent to RM293.1 million while net profit stood at RM40.2 million.

http://www.btimes.com.my/Current_News/BT/Thursday/Frontpage/mbsb.xml/Article/index_html

mjchua

原帖由 梦7 于 30-8-2007 12:28 PM 发表
有人连夜入京赶科场。

有人连夜辞官归故里。

RCECAP 跳车了,  虽然不是赚很多...

但最近己很久没进账了,  希望破了戒, 带来新的希望。

.

看樣子越來越多人跳車了
我還在車上痴痴的等

[ 本帖最后由 mjchua 于 30-8-2007 06:45 PM 编辑 ]

小散户

生意佬...你知道RCE到底和AMCORP真正的是什么关系吗?他们两个在生意是各扮演什么角色的?
因为我收到的ANNUAL REPORT竟然是AMCORP发出来给我的..地址也是AMCORP地址,.不是RCE那个JALAN IPOH的.

mjchua

原帖由 小散户 于 30-8-2007 07:09 PM 发表
生意佬...你知道RCE到底和AMCORP真正的是什么关系吗?他们两个在生意是各扮演什么角色的?
因为我收到的ANNUAL REPORT竟然是AMCORP发出来给我的..地址也是AMCORP地址,.不是RCE那个JALAN IPOH的.

RCE 的老闆就是 AMCORP 的老闆
據我所知... 沒有什麼直接的關係

AMMB 也是
AIGB 也是
AMDB 也是
MCMTECH 也是

[ 本帖最后由 mjchua 于 30-8-2007 07:57 PM 编辑 ]

我也等了好久了 ，是否要有外资它才能翻身

mjchua

原帖由 流星雨0803 于 30-8-2007 09:52 PM 发表
我也等了好久了 ，是否要有外资它才能翻身

大家一起傻傻痴痴的等吧

mjchua

我收到 RCE 的 2007 財務報告書了

sogrlcc

http://www.rce.com.my/rceanalyst ... pdate-%20amended%20(Kenanga).pdf

Mr.Business

谢谢sogrlcc兄的通知。哈。RCE的Investor Relationship真的做的不错。至少她会把研究报告都放上网站。

祿

請問RCE現在還可進場嗎？？？？

小散户

我有钱就买RCE了....

Mr.Business

哇，你这么讲不是等于在鼓励别人买进RCE？别人的信心是建立在你的信心之上，对他对你都不是好事哦。

mjchua

原帖由 Mr.Business 于 3-9-2007 04:03 PM 发表
哇，你这么讲不是等于在鼓励别人买进RCE？别人的信心是建立在你的信心之上，对他对你都不是好事哦。

他的意思可能是... 有錢買完他認為比 RCE 更值得買的股票時... 才會來考慮 RCE

小散户

大家一起买.一起赚大钱嘛.

Mr.Business

一些资产抵押证券的活动。

馬銀行在巴林 推出2.85億住宅抵押債券計劃

Updated : 31-08-2007
Media : 星洲日報

馬來亞銀行（MAYBANK，1155）集團旗下投資銀行臂膀亞歐美公司（ASEAMBANKERS）與ESKAN銀行在巴林攜手推出總值3000萬巴林第納爾（約2億8500萬令吉）的住宅抵押為後盾債券計劃。

亞歐美發表文告說，上述巴林首項住宅抵押貸款證券化計劃，期限為期3至10年，主要迎合投資大眾的不同需求。

該行也是上述計劃的唯一主要顧問和主導管理人。

亞歐美首席商務員王特麗茜出席巴林舉行的簽約儀式時指出，馬銀行集團在未來會積極推供一個全方案，以進一步開發巴林，甚至是整體海灣合作理事會資金市場。

住宅抵押為後盾債券計劃是亞歐美進軍高成長海灣國家的其中一項計劃。該投資銀行較早也成功達致一項私人股票地產基金，總值為2億7000萬美元。

http://www.biznewsdb.com/chinese ... ile1=7&bulan=08

XXXXX

總值100億為期10年 普騰售分期付款應收賬

Updated : 31-08-2007
Media : 星洲日報

普騰（PROTON，5304）通過其聯營公司普騰商務公司（PROTON COMMERCE S/B）達致一項購買總協議，以在證券化交易下脫售其汽車分期付款的應收賬目。

在此項證券化交易下，聯昌銀行在獲得普騰商務公司首肯下，將脫售其汽車分期付款應收賬給一家特別用途機構汽車級應收款公司（CLASS AUTO RECEIVABLES），後者將發出以汽車貨款為後盾的中期票據。

該公司主要也是進行普騰商務公司和聯昌銀行的汽車貨款證券化計劃。

該公司先發售總值5億500萬令吉的票據。在此計劃下，公司將發出最高達100億令吉的票據，為期10年，以收購更多普騰商務公司和聯昌銀行的分期付款應收賬。

聯昌投資銀行是上述計劃的唯一主導管理人。

普騰董事經理拿督再納阿比汀表示，上述計劃讓普騰商務可以滲入資金市場和從中受惠，進而提供更具競爭力的融資配套，以讓普騰汽車買家受惠。

http://www.biznewsdb.com/chinese ... ile1=7&bulan=08

小散户

RCECAP这两天的成交量少得可怜.

mjchua

原帖由 小散户 于 4-9-2007 10:51 AM 发表
RCECAP这两天的成交量少得可怜.

好事來的... 好事來的...

小散户

原帖由 mjchua 于 4-9-2007 11:47 AM 发表


好事來的... 好事來的...

该卖的都卖完了.该买的也买玩了..现在就等庄家几时候心血来潮抄起了..

Mr.Business

Kenanga的研究报告 (06/06/2007):

Highly conservative general provision of 8% in FY06 to normalise to 2% with FRS139
The firm’s conservative general provision policy whereby 8% of all loans were written off in FY06 has been moderated to 6% in FY07. Once FRS139 is effected, the general provision is expected to fall further to approximately 2%, closer to local banks’ general provision policy of 1%. RCE’s high provision rate is a vestige of the firm’s previous business trading electrical appliances on mostly hire purchase basis.

这应该意味RCE帐目上的利润会增加吧。

[ 本帖最后由 Mr.Business 于 4-9-2007 12:24 PM 编辑 ]