【RCECAP 9296 交流专区】RCE资本

mjchua

原帖由 wa1 于 25-6-2007 10:20 PM 发表


勇士还打算进多少？
认为目标价会是多少？1。5？

standard & poor 講 RM1.1x
有人講 RM1.3x
但是分析員的話可以聽嗎 ?

clk125

TP＝RM１。３３，前几天的光华日报。

corso

BUY @ 1.01 x 4000 units

corso

18-Jun-07      1.00     1.04     0.99     1.00    0.035    151,865   
19-Jun-07      1.00     1.02     0.99     1.00    -0.005    42,065   
20-Jun-07      1.00     1.06     1.00     1.05    0.055    157,075   
21-Jun-07      1.03     1.07     1.03     1.04    -0.010    79,715   
22-Jun-07      1.04     1.05     1.02     1.03    -0.010    32,612   
25-Jun-07      1.03     1.05     1.02     1.04    0.010    44,913   
26-Jun-07      1.05     1.05     1.01     1.01    -0.030    58,783

mjchua

Eye on stock
Technical Analysis
RCE Capital Bhd has been on the steepupward momentum on persistent follow-through buying interest over thepast several months, navigating the shares into the unknown territoryto establish a fresh all-time high of RM1.01 during intra-day sessionyesterday.
Based on the daily bar chart, prices had climbed quite substantiallysince staging a major breakout of the 52 sen level sometime inFebruary, but they show no sign of abating just yet, at least for now.
Perhaps, investors who are already in it can consider holding on to their shares for more capital gains.
Technically, the oscillator per cent K reversed upward from the neutralzone and crossed over the oscillator per cent D of the dailyslow-stochastic momentum index to trigger a short-term buy on Thursday.
Similarly, the 14-day relative strength index headed higher towards the bullish territory.
In addition, the moving average convergence/divergence indicator continued to expand positively against the signal line.
On the back of the bullish reading, prices are likely to move forward, targeting the RM1.20 mark in the short-term.
The next upside projection is seen around the RM1.40-RM1.50 band.
As for the downside, initial support is anticipated at 95 sen. An additional floor is pegged at the 90 sen level. – By K. M. Lee
Salary play
WHILE civil servants are celebrating anupcoming salary revision, companies such as RCE Capital Bhd arerejoicing as well. The company, which has its mainstay in the provisionof consumer credit facilities for Government servants seems a likelybeneficiary of the pay hike.
According to research house Aseambankers, RCE Capital’s loans book hasgrown substantially over the past few years. As at March this year, RCECapital’s principal amount of its total loan was about RM500mil, upfrom less than RM70mil in 2002.
Aseambankers says, “With the regulated personal loan and consumptioncredit market in Malaysia worth approximately RM25bil, this impliestremendous opportunity for RCE Capital to grow its market share andloans book further. And, given higher consumption power that could bederived from an upcoming salary revision in the civil service, weexpect RCE Capital’s position to strengthen significantly.” – By JOSE BARROCK  
l The comments above do not represent a recommendation to buy or sell.

mjchua

Cash flow and paper profits
Between the Lines: C. S. TAN
The Transmile debacle has reminded investors to get back tobasics in placing priority on the quality of earnings growth. Companiesare expected to produce free cash flow, not just profits on paper.
IT was a pleasant surprise that even though Transmile Group Bhd'sshare price fell 33% on Friday, it did not shake sentiment in theoverall market. It was right to treat it as an event specific to thatstock only.  
The Kuala Lumpur Composite Index rose almost 1%although there was turbulence not only in the local air freightercompany but also in China where stock markets continued to swoon. Thebenchmark index fell 2.6% at the Shanghai Exchange and 4.9% at theShenzhen Exchange on Friday.  
The interim findings of Moores Rowland Risk Management Sdn Bhd thatTransmile's revenue for 2006 and 2006 could have been overstated byRM530mil took everyone by surprise. The list of its largestshareholders reads like a who's who of foreign institutional investors,and as recent as February, there was a target price of RM18.00 a shareby an analyst.  
No one suspected that something was amiss. After all, Transmile hasbeen reporting increasing levels of profits for more than two years.
One figure that may have put investors at ease was that the bottom lineof Transmile's cash flow statement was in the black in the last twoyears. Its cash increased by RM97mil in 2005 and RM155mil in 2006. Allof that came from sale of new shares, but that was considered a smartthing to do since its share price was rising.  
Even its increased receivables of RM380mil in 2006 compared withRM110mil in 2005 did not raise eyebrows because its revenue rose evenmore - by RM440mil. The problem now is that most of that revenue mayhave to be expunged.
Receivables are often where the early symptoms show up. This wasobserved before in more acute affairs in the last two decades, mainlyin smaller companies where high receivables were eventually written offas bad debts. The companies then faded away, and got de-listed.
This time, there was so much more publicity, even though the situationwas not as grave as those earlier cases, because Transmile had become abig company with a market value of RM3.5bil at its peak.  
More importantly, there was a relatively new major shareholder, the Kuok group, which played the role of whistle blower.  
In many cases, problematic numbers show up as receivables becauseincreases of revenue and profits on the profit and loss (P&L)account have to appear somewhere on the balance sheet which states theassets and liabilities.  
Increases in revenue and profit should show up as cash on the balancesheet. If they did not show up as cash, they would appear asreceivables.  
This episode in Transmile is a wake-up call for investors to pay moreattention to the balance sheet and cash flow statements, instead ofentirely on the P&L account in valuing a stock.  
Obviously, the quality of a company is higher the greater its abilityto generate cash, which raises its potential to increase dividends.  
Taking it a step further, if the value of a company is the total amountof free cash flow it can generate over the years, after deducting adiscount for getting the cash in future instead of now, it is free cashflow that determines the value of a stock and not its profits on paper.If a company perpetually declares profits but no free cash flow, it canbe argued that there is no value in its business.  
As an accountant was heard telling a distressed creditor why hisprofitable company could not settle its bills, “profit is not cashflow, you know.” A rule of thumb, fund managers said, is thatreceivables should not rise faster than revenue, and over time, thecash position should roughly track that of revenue growth.  
A complication arises if it involves a growth stock. Companies that arerapidly expanding tend to have negative cash flow, or even losses, intheir early years. It is important that cash flow was negative becauseof investment in productive capacity, and not increases in receivables.
Ultimately, the accounts of listed companies must be reliable or no valuation - and no investment - can be done.  
  
Growing with giants
  
This may not be the right week to talk about high growth stocks, in themidst of the Transmile episode, but high growth reflects proficientmanagement in an industry experiencing favourable economics.  
Two companies that stood out with exceptionally high growth were Coastal Contracts Bhd and RCE Capital Bhd.  
Coastal Contracts was listed in 2003 as a builder of tugs and barges.It is owned by the Ng brothers who are mechanics by training, with noairs about them. It is probably the only listed company in whichexecutive directors are described in the annual report as havingcompleted only Lower Certificate of Education (LCE), or Form Three.  
These directors are the type who can fix or build anything mechanical.In other words, they were grease monkeys, not corporate guys. For manyyears, some fund managers have said the country needs more techniciansthan graduates.  
Proving that thesis right, Coastal Contracts is one of just a few successful shipbuilders for the oil and gas industry.   
Soon after their company was listed, the Ng brothers learned to buildanchor handling tugs (AHTs) that are far more expensive than ordinarytugs and barges.  
Their ability to scale up the value chain just before a boom in the oiland gas industry enabled the company's net profit to increase by 122%to RM35.5mil last year.  
In its latest results, Coastal Contracts reported a 119% increase inits first quarter (Q1) earnings to RM15.1mil, with cash rising by 49%to RM43mil. The company is expected to continue to register very highgrowth rates, even if not as high as last year.  
Its order book continues to expand, which indicates that business isstill brisk. Coastal Contracts said in its Q1 results that depositsfrom vessel buyers amounted to RM96mil, up from RM36mil six monthsbefore.  
The company was listed less than four years ago. It had a market valueof RM170mil in early 2004 that has since increased to RM850mil.  
Given a few more years, it may get to the size of one of its Singaporepeers, Labroy Marine Ltd, which has a market value of S$2bil orRM4.6bil.  
RCE Capital gives small loans, without collateral, to civil servantsthrough co-operatives with which it linked. The company saw its fourthquarter net profit rising 118% to RM15.9mil while earnings for the fullyear ended March 31, 2007, surged 220% to RM63.4mil.  
RCE does not have to look very far to see the current size of themarket. Bank Rakyat, the co-operative bank which is engaged in the samebusiness, made a net profit of RM561mil last year.  
There is one major difference, however, between the two. Bank Rakyatcan collect deposits for its lending activities whereas RCE does nothave a deposit base.  
RCE raises funds from the money market. It raised RM420mil in 2005through an issue of medium-term notes with which it on-lent at higherrates to its customers. Thus, it has high borrowing levels that stoodat two times its equity, which is not high for a lending institution.Banks typically lend up to about seven times their equity.  
Furthermore, RCE faces much less risk in its debt assets than banksbecause civil servants repay the loans through salary deduction. RCEexperiences a very low default rate. It is therefore safe for it toexpand and that is seen in its loans growth, with receivables rising40% from Q4 last year to RM369mil in Q4 this year. Goldman Sachs sawthis potential too and, with additional share purchases at the end oflast month, raised its stake to 8.3% in RCE.

mjchua

RCE Cap attracts investor attention
By JOSE BARROCK
RCE Capital Bhd has transformed from a little known consumer creditprovider to among the most talked about counters on the Bursa Malaysialately.
This change is largely due to news reports that several high-profileparties such as Usaha Tegas Sdn Bhd, the privately held vehicle oftycoon T. Ananda Krishnan and Hong Kong based Jardine Fleming Grouphave acquired a chunk of shares in the company.  
Although two companies, Blue Ribbon International Ltd and Meridian ModeSdn Bhd, have announced that they have ceased to be substantialshareholders in RCE Capital, it is not clear who the acquirer oracquirers of the equity are. The two companies collectively held about20.4% of RCE Capital until last week.  

Azman has been instrumental in RCECapital’s recent success as a consumercredit provider.

Also, mid last week HSBC Holdings plc surfaced as anindirect shareholder with some 9% equity or 58.4 million shares. Butthe actual owner of the shares has yet to be disclosed.
Interestingly another name that has emerged as an interested party totake up a substantial stake in RCE Capital is General Electric CapitalServices Inc (GE Cap), which is a unit of US giant General Electric Co.
Sources familiar with the matter say GE Capital is looking at acquiringas much as 25% of RCE Capital at about RM1.60 a share, which is a starkpremium of about 100% to RCE Capital’s close on Thursday.
BizWeekunderstands that several of the existing larger shareholders in RCECapital are looking to collectively part with some of their equity tomake up the 25% GE Cap wants, but negotiations are being conducted at ashareholder level, meaning RCE Capital per se is not privy to thediscussions.  
Other than the new shareholder or shareholderswho have yet to surface, RCE Capital’s substantial shareholders list ispretty straight forward, with Tan Sri Azman Hashim as the only othersubstantial equity holder, controlling as much as 41.5% or about 268million shares in the company via his privately held vehicle CempakaEmpayar Sdn Bhd.
However there are other shareholders with reasonably large equity inRCE Capital such as privately held Vital Fortune Sdn Bhd, which has a4% stake and Irama Hasrat Sdn Bhd, with a 3.8% shareholding in thecompany.  
It is further understood that the relatively high-price tag was meantto entice Azman, who is the non-executive chairman of RCE Capital, topart with some of his equity.
Azman of AmGroup has been instrumental in RCE Capital’s recent successas a consumer credit provider, and at press time there is no indicationas to whether Azman is interested or will accept GE Cap’s offer, alsobecause the US based company is believed have made a list of demands,which includes a request for management control and the green light toacquire more shares in RCE Capital on the open market to strengthen itsposition.  
This is the second time this year that GE Cap has emerged as aninterested party in a Malaysian financial services provider. Early thisyear the company was said to be in talks to acquire a chunk of EONCapital Bhd’s shares, but since then there has been no news on theplan, which could indicate that the talks have fallen through.
At RM1.60 per share, GE Cap is looking at paying as much as RM258.5milfor the 25% equity in RCE Capital. According to industry sources, GECap has grand strategies outlined for RCE Capital, and plans to acquirenon-performing loan portfolios from local banking institutions for astart, and also offer loans, targeting the middle-income groups withun-collateralised loans with an interest rate of 12% per annum, whichcould be an attractive alternative to credit card cash advances whichcharge about 18% interest a year.
“The stake in RCE Capital will finally give GE (General Electric) apresence in Malaysia. The company has actually been trying, albeitunsuccessfully, to penetrate the Malaysian financial services market.
“The company has a relatively strong presence regionally already, andMalaysia does have its plus points such as good controls, and a strongregulatory framework ... Malaysia is also a good market for consumerand commercial loans, it’s actually merely another piece in the big GEjigsaw,” a source familiar with the ongoings says.  
GE Cap and its parent are not new comers to the business as under theGeneral Electric bandwagon are units such as GE Money (formerly GEConsumer Finance), and GE Commercial Finance, which has a foot in thefinancial services industry operating in about 35 countries worldwide,providing loans, operating leases, financing programs and structuredcapital to customers.
GE Money is among the largest credit card issuers in India and has astrong presence in Singapore as well. In Singapore the company made amark by offering un-collateralised loans with an interest rate of 14%per annum a couple of years ago, via a tie up with SingPost. Late lastmonth GE Cap acquired Japan’s Sanyo Electric Credit Co for someUS$1.1bil giving it a presence in Japan, the world’s second largesteconomy.
Another unit of the giant, General Electric, GE Capital InternationalHoldings Corp, recently completed the acquisition of a 29% stake inThailand’s Bank of Ayuthia for about US$600mil.
There were also clear-cut indications of GE Cap’s intentions. Late lastyear, Stuart L. Dean, the president of GE International Inc SoutheastAsia, had said that the company was looking to start a consumer financebusiness in Malaysia and was on the lookout for the right partner.
A compelling factor for GE Cap to buy into RCE Capital could be thatthe latter does not fall under the purview of a the central bank, orBank Negara as it is not a financial institution, but operating underthe Moneylenders Act which removes the strict rules and red tape thatapply to acquiring equity in banking and financial institutions.
RCE Capital has been growing steadily via its business model ofproviding loans to civil servants. For the nine months ended Decemberlast year, RCE Capital posted a net profit of RM47.4mil on the back ofRM67.7mil in revenue, which marks a gain of some 281% and 76%respectively from a year ago.
In its notes, which accompany its financial results, RCE Capital says,that the better financial performance can be attributed to the improvedperformance of its loan financing operations and from a gain ofRM20.4mil, which arose as a result of a restructuring.

mjchua

RCE plans up to RM1.5bil note issue
KUALA LUMPUR: RCE Capital Bhd intends to issue an additionalRM1bil to RM1.5bil fixed-rate medium-term notes (MTNs) this currentfinancial year ending March 31, 2007.  
The new issue was aimed at expanding RCE's financial borrowings business, said group managing director Soo Kim Wai.
“Our current MTNs are over RM500mil and we hope to expand our MTNs tocapture a larger local customer base,” he told reporters after RCE'sAGM yesterday.
As at July 31, the company had RM750mil of loans outstanding.
Soo added that the company targeted to increase its market share to 7%this fiscal year from 5% currently, by tapping the private sector.
“We are now in negotiations with a few public-listed companies toprovide financial solutions to their employees. We expect this to rollout by December,” he said.
RCE is engaged in giving personal loans to civil servants and is a member of the Arab-Malaysian Corp Bhd group.
Soo also said the company planned to increase its 20 distribution channels to a total of 70 this fiscal year.
“We are also constantly seeking to appoint an additional businesspartner to market and promote RCE's funding solutions,” he said.
Currently, the company's business partners include Koperasi WawasanPekerja-Pekerja Bhd, Koperasi Sejati Bhd and Koperasi Belia NasionalBhd.
On RCE's listing transfer recently, Soo said the main board statuswould assist the company in enhancing its profile in the capital marketand securing funding in “more attractive ways”.
For its first quarter ended June 30, the company posted a net profit ofRM6.96mil, up 48% from RM4.7mil in the previous corresponding period.Revenue expanded by 72% to RM18.9mil from RM11mil previously.

wa1

目前剩0.980。。。。

clk125

呼，起回RM１。０１。
RM１。３３看来还要等些时间。

弹煮

1.01是偶的本钱，我也要fuh一下

pcmont

明天压价到0.93
我就进场！:@:@

clk125

如果RM０。９３，我再进。

wa1

原帖由 clk125 于 27-6-2007 09:13 PM 发表
如果RM０。９３，我再进。

勇！敢跌敢进！看谁比较硬！

小股民

对不起,好象善意的ta交流连累大家上了车,都怪小弟学艺未精,小弟会好好的检讨的

小股民

介绍个skpres,才RM0.185, 而且连续三天美国大跌它都没事, stock performance guide 有5 星,不敢说一定大起,但我相信每天skpres都会更好.我自己在0.180进15 lots, 0.175 进5 lots

弹煮

言者无心，听者有意。
你别责怪自己。

corso

RCECAP 不錯的股哦，昨天跌跌不休，又平盤了。很硬的股股哦。

corso

Stock Name RCECAP
Stock Code 9296
Last Price 1.020
Change 0.010
High 1.020
Low 1.020
Volume 1,840
28-Jun-2007 09:11 AM

为甚么我刚在这里发的帖会被删除呢？