【MAYBANK 1155 交流专区】马银行

傻人最有傻福

馬銀行購BII敲槌‧購價仍高‧盈利前景打折扣‧馬銀行一度跌5年半新低
（吉隆坡）儘管馬來亞銀行（MAYBANK,1155,主板金融組）收購印尼國際銀行（BII）告一段落，但分析員認為，新購價為BII價格對賬面值的4.3倍，仍然相當昂貴，無法消除市場的隱憂。
早前的購價為價格對賬面值的4.7倍（以BII每股510印尼盾計），而新購價仍比印尼挂牌銀行的估值高出逾一倍。
與此同時，全球金融市場動盪對區域金融的衝擊，馬銀行的減值虧損估計仍高達32億令吉，進而令其未來盈利前景蒙上陰影；削弱其股息派發能力；同時也無法紓緩國行較早對馬銀行盈利前景的疑慮。
投資BII無法2年回本
再者，以現有艱巨的銀行業營運環境，馬銀行預期BII的投資在2年回本的目標或許也遙不可及。
有鑑於此，馬銀行經過2天暫停交易後，今日（10月3日）復市盤價即滑瀉至5年半的新低，嚴重拖累馬股綜指的跌勢。
馬銀行股價急挫4.35%
馬銀行早盤一度急挫5.8%至6令吉50仙，寫下自2003年5月27日以來的低水平。中午休市挂6令吉55仙，劇挫35仙或5%，進而拖累綜指滑落3.17點。
馬銀行午後無法扳回劣勢，以6令吉60仙收盤，跌30仙或4.35%。
經過一波三折後，馬銀行收購印尼國際銀行（BII），終在本週二（9月30日）拍案敲定。馬銀行獲得賣方共3億1520萬新元（大約7億5890萬令吉）或約8.4%的回扣，或每股購價為433印尼盾。
馬銀行向富登金融控股及韓國國民銀行收購的BII55.5%股權總代價約42億6000萬令吉，早前為49億令吉。
在全面獻購下，馬銀行需掏出另40億2000萬令吉收購其餘股權，使總購價為82億9000萬令吉（較早約89億令吉），BII的每股平均成本為467印尼盾。
一些分析員認為，馬銀行收購案成定局，厘清市場的疑慮，也為馬銀行進軍印尼潛能龐大的市場鋪路。
聯昌研究透露，擁有2億2480萬龐大人口的印尼，其金融服務市場仍未全面滲透，其貸款對國內生產總值比率僅達24%，在區域是最低之一，而大馬為102%、新加坡100%以及泰國75%。
再者，印尼的凈利率賺幅也冠區域，達5至6%，大馬僅為2至3%。
聯昌研究說，鑒於售出BII股權的最高虧損受限於總成本的10%，因此，新成交價也意味其最高虧損從90億令吉下調至82億5000萬令吉，將對馬銀行未來盈利造成打擊。

imlouis

等着做武松。。。。。。。。。。。。。

hello_hello92

有点但心。。。

密码侦探

担心什么?怕老虎会爬树?

cct2048

原帖由 东风不破 于 4-10-2008 08:02 AM 发表





好，我们一起等6.20。

何必等 6.20 的 Maybank
不如买 Citigroup Inc


http://finance.yahoo.com/echarts?s=C#chart1:symbol=c;range=my;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

密码侦探

你是用什么ACC买美国股?

cct2048

原帖由 密码侦探 于 5-10-2008 02:56 PM 发表
你是用什么ACC买美国股?

去 OSK 问

密码侦探

幸好上个星期没买

ken8288

老虎吃了泻药，不知几时才止泻~~~~~

ss24

好像正在筑低。。。。。

imlouis

哈哈 。。。 跌跌跌。。。。。。。。。。。。。

傻人最有傻福

马银行完成收购 印尼国际银行股价创8年新高2008/10/06 18:16:27 ●南洋商报

（吉隆坡6日讯）继马银行（Maybank，1155，主板金融股）成功完成印尼国际银行的收购案后，后者股价今日写下超过8年来的最大涨幅。

印尼国际银行今日恢复交易后，于早上9点33分激扬51.6％至470印尼盾，而该银行股价更是曾一度劲扬58％。

印尼国际银行因上述收购计划，而于9月29日开始暂停交易。

由于国行曾经以印尼国际银行的献购价太高为由，阻止马银行收购后者，导致印尼国际银行股价于今年9月26日大挫34％。

但是，继淡马锡和韩国国民银行同意给予马银行高达3亿1520万新元（7亿5252万5062令吉）的回扣后，马银行终于为印尼国际银行的收购案画下句点。


http://www.nanyang.com/index.php?ch=7&pg=12&ac=889530

Mr.Business

昨晚看了The Edge关于Maybank收购BII的报道。我真的相信前财政部长DAIM在这交易出了不少力。对他们我觉得非常非常恶心！

lover82

原帖由 Mr.Business 于 7-10-2008 08:50 AM 发表
昨晚看了The Edge关于Maybank收购BII的报道。我真的相信前财政部长DAIM在这交易出了不少力。对他们我觉得非常非常恶心！

为什么会说成非常非常恶心呢?

tan81

你这么得空在看The Edge 吗？
关于网友的粗俗留言，你不得空处理吗？

:@ :@ :@

cct2048

巫统阿都拉一派收佣 30-40%

[ 本帖最后由 cct2048 于 7-10-2008 02:33 PM 编辑 ]

Mr.Business

新闻。

07-10-2008: Maybank offered another BII block at discount
By M Shanmugam & Yong Yen Nie

KUALA LUMPUR: Malayan Banking Bhd (Maybank) will shave another RM205.5 million off the RM8.6 billion bill for the acquisition of Bank Internasional Indonesia (BII) if it gets approval from Indonesian authorities to acquire a 15% block from a group of hedge funds at 433 rupiah (16 sen) a share.

Sources said the hedge funds had offered to sell their shares to the Malaysian lender at a discount similar to that given by Temasek Holding’s Fullerton Financial Holdings Pte Ltd.

In effect, if all approvals are secured, Malaysia’s biggest bank will be acquiring about 70% of BII at Rp433 per share instead of the original price of Rp510.

It is learnt that the US hedge funds had taken up positions in BII on sensing an arbitrage opportunity.

“Some of the hedge funds took up positions even before Maybank’s purchase of BII, as it was well known in the market that the bank was up for sale. There were some which increased their stake after the price fell from the offer price of Rp510 per share to as low as Rp310 on uncertainties in relation to the deal,” said a source.

Sources said that this group of influential hedge funds with their connections in Malaysia and Indonesia had contributed to nudging the deal through because they would have incurred huge losses if the transaction was aborted.

The hedge funds wanted to see the deal done quickly and cash out. They offered the discount because they do not want to wait until the completion of the entire deal which will take months, said a source.

Last week, after intense negotiations, Fullerton and South Korea’s Kookmin Bank, the two shareholders of Sorak Financial Holding Pte Ltd which has 56% in BII, gave Maybank a discount of RM758.9 million on the purchase price.

The discount implicitly valued BII shares held by Sorak at Rp433 each, or almost 15% lower than the original purchase price of Rp510.

However, Maybank is to undertake the purchase of the remaining shares at Rp510 each.

To recap, Maybank inked a deal in March to buy Sorak from Fullerton and Kookmin for RM4.6 billion, or Rp510 per BII share.

Maybank was to undertake a mandatory general offer for the rest of the BII shares at Rp510, which would have cost it RM8 billion or close to 4.6 times book value.

However, the transaction was stopped by Bank Negara Malaysia (BNM) on July 29 because of a ruling by the Indonesian authorities that compelled Maybank to keep its shareholding at 80% two years after the takeover.

Assuming that Maybank ends up with 100% of BII, it would have to place out 20% within two years even though the market price may not be favourable then and it would incur a loss.

In response to the newly imposed timeline by the Indonesian authorities, BNM rescinded its earlier approval for the purchase.

After a few weeks of counter-proposals, BNM gave Maybank the green light to proceed with the deal, subject to it obtaining a better price. Subsequently, Fullerton and Kookmin gave the discount.

http://www.theedgedaily.com/cms/ ... a-98350a00-7f07bcbf

不正不正

原帖由 tan81 于 7-10-2008 10:19 AM 发表
你这么得空在看The Edge 吗？
关于网友的粗俗留言，你不得空处理吗？

:@ :@ :@

这里的版主都是义务的.
有得空的时间用来看有意义的书籍有什么问题?

loong81

搞到生意佬版主以后看什么书都不敢拿出来分享了。
低调地看书。

ee33

原帖由 傻人最有傻福 于 7-10-2008 07:42 AM 发表
印尼国际银行今日恢复交易后，于早上9点33分激扬51.6％至470印尼盾，而该银行股价更是曾一度劲扬58％。

那么maybank不是赚到了？？？