【RCECAP 9296 交流专区】RCE资本

弹煮

基本面当然很不错。因为全国上百万的公务员都跟他借钱，当然发咯，不过profit不会马上显示出来。
9296的发出的股票太多了，没有大vol是搞不上的。

wa1

原帖由 弹煮 于 20-7-2007 11:32 AM 发表
RCE上的好慢，我顶它不顺，走人先。

多少粒？
全丢了？

弹煮

五粒而已，不用怕
丢完了。拿去买resorts-cb鸟。

Mr.Business

RCE过去的新闻：

Rediffusion buys 87.5pc of RCE

From: Business Times (Malaysia)
Date:  December 24, 2002

REDIFFUSION Bhd has bought 7 million shares or 87.5 per cent stake in electrical and home appliances distributor RCE Marketing Sdn Bhd (RCE Marketing). The shares were bought from RCE Ventures Sdn Bhd for RM19.9 million, Rediffusion told the Kuala Lumpur Stock Exchange yesterday. RCE Marketing sells electrical home appliances and other consumer durable products mainly on hire purchase. It has been in co-operation with Koperasi Belia Nasional Bhd (Kobena) to provide financing to the cooperative's members, who are Government employees. The repayment under the hire purchase......

http://www.highbeam.com/doc/1P1-70599093.html

Mr.Business

RCE过去的新闻：

22-11-2005: RCE Advance to issue RM420m MTNs

By Isabelle Francis
RCE Capital Bhd has inked another private debt securities (PDS) deal with financial adviser Mulpha Capital Markets Sdn Bhd, involving an issuance of up to RM420 million medium-term notes (MTNs) facility.

The issuer, RCE Advance Sdn Bhd (RCEA), is a single purpose vehicle that will purchase consumer receivables from its shareholder RCE Marketing Sdn Bhd (RCEM).

RCEA and RCEM are both subsidiaries of RCE Capital.

RCEM gives out consumer loans to government employees and trades in electrical home appliances and other consumer durable products mainly on hire purchase.

RCE Capital's consumer finance division's gross receivables grew from RM100 million in 2003 to RM130 million last year and RM460 million for the seven months to Oct 31, 2005.

The latest PDS facility will be issued in six tranches of RM70 million each. They comprise class A (RM240 million), B (RM120 million) and C (RM60 million) MTNs. It is arranged by Amanah Short Deposits Bhd, a wholly owned subsidiary of Malaysian Industrial Development Finance Bhd, and advised by Mulpha.

This is the second time Mulpha Capital has advised RCE Capital on a securitisation exercise after last year’s RM95 million PDS that was issued by another subsidiary RCE Premier Sdn Bhd.

Under RCEA's MTN facility, the receivables comprise scheduled repayments of personal loan financing disbursed to government servants who are members of the Koperasi Wawasan Pekerja-pekerja Bhd (Kowaja).

Mulpha capital executive director Derrick Tan said the facility allowed government servants to purchase goods in monthly instalments through salary deductions, which will be done via Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa).

“This time around we have to come up with an enhanced structure which provides more flexibility to the RCEM group while at the same time ensuring MTNs investors’ interest are protected," he said after a signing ceremony for the deal on Nov 22.

RCE Capital director Soo Kim Wai said the RCE Capital group had seen a return on equity of well above 20%.

He said its latest PDS was four times bigger in size than the first issue and was substantially better rated. Malaysian Rating Corporation Bhd (MARC) has assigned the ratings of A+ to the RCEA class A notes, A to class B notes and BBB+ to the Class C notes.

“If really the demand is there, we would try to raise more capital and more PDS. But not that soon because this RM420 million is enough to keep us busy for the next one to two years,” he added.

http://mulpha.com.my/files/news/2005/23112005B.pdf

[ 本帖最后由 Mr.Business 于 21-7-2007 10:37 AM 编辑 ]

Mr.Business

RCE过去的新闻：

Saturday June 16, 2007

Eye on stock
Technical Analysis

RCE Capital Bhd has been on the steep upward momentum on persistent follow-through buying interest over the past several months, navigating the shares into the unknown territory to establish a fresh all-time high of RM1.01 during intra-day session yesterday.

Based on the daily bar chart, prices had climbed quite substantially since staging a major breakout of the 52 sen level sometime in February, 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 neutral zone and crossed over the oscillator per cent D of the daily slow-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 an upcoming salary revision, companies such as RCE Capital Bhd are rejoicing as well. The company, which has its mainstay in the provision of consumer credit facilities for Government servants seems a likely beneficiary of the pay hike.

According to research house Aseambankers, RCE Capital’s loans book has grown substantially over the past few years. As at March this year, RCE Capital’s principal amount of its total loan was about RM500mil, up from less than RM70mil in 2002.

Aseambankers says, “With the regulated personal loan and consumption credit market in Malaysia worth approximately RM25bil, this implies tremendous opportunity for RCE Capital to grow its market share and loans book further. And, given higher consumption power that could be derived from an upcoming salary revision in the civil service, we expect RCE Capital’s position to strengthen significantly.” – By JOSE BARROCK  

http://thestar.com.my/news/story ... 8039927&sec=bizweek

[ 本帖最后由 Mr.Business 于 21-7-2007 10:39 AM 编辑 ]

Mr.Business

RCE过去的新闻：

Monday June 4, 2007

Growing with giants

RCE Capital gives small loans, without collateral, to civil servants through co-operatives with which it linked. The company saw its fourth quarter net profit rising 118% to RM15.9mil while earnings for the full year ended March 31, 2007, surged 220% to RM63.4mil.  

RCE does not have to look very far to see the current size of the market. Bank Rakyat, the co-operative bank which is engaged in the same business, made a net profit of RM561mil last year.  

There is one major difference, however, between the two. Bank Rakyat can collect deposits for its lending activities whereas RCE does not have a deposit base.  

RCE raises funds from the money market. It raised RM420mil in 2005 through an issue of medium-term notes with which it on-lent at higher rates to its customers. Thus, it has high borrowing levels that stood at 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 banks because civil servants repay the loans through salary deduction. RCE experiences a very low default rate. It is therefore safe for it to expand and that is seen in its loans growth, with receivables rising 40% from Q4 last year to RM369mil in Q4 this year. Goldman Sachs saw this potential too and, with additional share purchases at the end of last month, raised its stake to 8.3% in RCE.

http://biz.thestar.com.my/news/s ... 912564&sec=business

Mr.Business

RCE过去的新闻：

Saturday May 26, 2007

The multiplier effect

By TEE LIN SAY
Generally, higher wages means a higher propensity to spend. On a macro level, this translates to a rise in domestic consumption – an essential ingredient for an economy thriving on growth. The equities market, a key barometer of feel-good sentiments (the opposite applies as well), rose sharply on news of the pay rise for civil servants. In what epitomised a celebratory mood, the CI shot up 20.34 points on Tuesday to end the day at its all time high of 1367.51 points.  

Unfortunately, it was no herd of stampeding bulls, and by the end of the trading day, less than a billion shares had been traded. In fact, for the remainder of the week, the market slumped back to consolidation mode.  

Yet, some say the extent of the impact of the recent pay rise on the stock market is likely to be felt in the coming months and not limited to a single-day's knee jerk reaction that was witnessed soon after the news was announced.  

Needless to say, everyone concurs that the recent move by the Government augurs well for the equity market.  

“There is a direct benefit to the related stocks and sectors. And what is good for individual stocks should spill over into the market,” says CIMB Investment Bank head of research Terence Wong.

But as far as civil servants are concerned, it appears unlikely that they will plough more money into the stock market as they are generally not regarded as active direct equity investors. “People who invest in the market are typically higher income earners who use their discretionary income for investing purposes. Government servants do not fall under this bracket,” says Wong.  

As such, he says that while retail participation is not likely to see a huge impact following the pay rise, it will eventually spill over to the stock market considering its more visible impact on the general economy.  

Moderate impact  
Asia Unit Trusts chief executive officer Ahkter Abdul Manan expects a “moderate” impact. “There won't be a direct impact on the market, but the additional spending will boost the economy. Some of the pay rise will go to savings, but I believe the majority will go to spending, and this will benefit the market eventually. So it's more of a multiplier effect.”   

Alliance Investment Bank director and head of equity capital markets Sherilyn Foong says the pay rise will positively impact domestic consumption but she does not foresee any positive correlation with the stock market.   

“It definitely adds to the feel-good factor and sentiment all round. The stock market is influenced by a convergence of many external and internal factors and not solely by this government move,” she says.  

Meanwhile, the additional RM8bil in salaries and pensions amount to over 3% of total private consumption spending and will provide a significant boost to consumer-related stocks.   



The likely beneficiaries would be the low- to medium-end retailers for relatively small-ticket upgrades such as household electrical and electronic appliances, furniture and clothes and shoes.   

The food segment will be the biggest beneficiary as its makes up 21.9% of household expenditure in 2004 and 2005. Examples would include consumption companies such as Dutch Lady Milk Industries Bhd, C.I. Holdings Bhd and Nestle (M) Bhd.   

The tobacco segment may also see some positives from this as a significant proportion of civil servants are smokers, although bottom line wise, the impact is expected to be minimal. RCE Capital Bhd, which provides hire purchase financing to civil servants, is seen as another big beneficiary.

http://thestar.com.my/news/story ... 7843101&sec=bizweek

[ 本帖最后由 Mr.Business 于 21-7-2007 10:50 AM 编辑 ]

Mr.Business

RCE过去的新闻：

Wednesday May 23, 2007

KLCI hits record on Government pay rise

By IZWAN IDRIS
PETALING JAYA: The KL Composite Index (KLCI) closed at a record yesterday on expectation the pay increase for civil servants and pensioners, effective July 1, would have a positive impact on the economy.

Second Finance Minister Tan Sri Nor Mohamed Yakcop said the higher salary and allowances would boost domestic consumption and economic growth in the second half this year.

“The Government also reassured the market that it has enough money for the additional expenditure of RM4bil this year and RM8bil next year arising from the pay hike without increasing the budget deficit,'' an analyst said.

Shares in Aeon Co (M) Bhd gained after several brokerages identified the retailer as one of the companies that would benefit from the increased purchasing power of the one million civil servants and almost 600,000 pensioners in the country.

The KLCI surged 20.34 points, or 1.5%, to 1,367.51.

“The salary revision should reinforce the current feel-good factors in the system,” OSK Investment said a report yesterday.

Rising stocks outnumbered decliners by 619 to 235 while 298 were traded unchanged. Turnover stood at 975 million shares valued at RM2.1bil.

The broader FTSE Bursa Malaysia Emas Index gained 1.6% to 9,180 points.

“AEON's Jusco stores and shopping centres are magnets for weekend shopping trips by many who are likely to benefit from this pay rise,'' Aseambankers Malaysia said in its morning report to clients.

The stock climbed to a record RM10.30 before finishing at RM9.80, up 40 sen from the previous close.

Aseambankers also sees RCE Capital Bhd, a consumer credit company for civil servants, and fast-food operator KFC Holdings (M) Bhd as among other likely gainers.

http://biz.thestar.com.my/news/s ... 809160&sec=business

Mr.Business

RCE过去的新闻：

Monday May 7, 2007

A touch of gold
Goldman Sachs has set an enviable record in its investments in the local stock market. If these investments were in a registered Malaysian fund, it would easily be one of the best performing funds in the country.  

AMERICAN investment banking group Goldman Sachs is being seen as a savvy and increasingly active investor in the stock market here.   

No one doubts the ability of Goldman Sachs as a global investor. The firm produced a first quarter net profit of RM3.2bil this year, and like several other American investment banks, it has been recording high double-digit earnings growth.   

Its uncanny selection of stocks here, which invariably doubled in price, has given market watchers here a close view of its skill in stock-picking.   

This has led to a perception that stocks picked by Goldman Sachs would move up. To some extent, this could occur if it continues to buy the shares.   

To some extent, the stocks were lifted by the market rally. Even so, Goldman Sachs' stocks have outperformed the market.   

Last year, Goldman Sachs was a substantial shareholder in at least two companies when it bought stakes of over 5%, in Eastern & Oriental Bhd (E&O) and DiGi.Com Bhd.   

In Malaysia, investors have to declare their ownership if their shareholding crosses 5% in the equity of a listed company.   

It is not known when Goldman Sachs started to collect the shares of E&O but by the time it disclosed a 5% shareholding, the stock was RM1.16. The stock has almost tripled to RM3.08 in just six months.   

The bank emerged as a substantial shareholder in DiGi in April last year when the share price was RM8.40. The stock closed at RM21.30 last week.   

Although its ownership of DiGi has dropped below 5%, Goldman Sachs was stated in DiGi's annual report as its third largest shareholder, with 21.4 million shares or a stake of 2.86%, as at March 30.   

That stake is worth RM450mil, with a profit on paper of over RM270mil for the bank.   

Unlike many funds that do not have mandates to invest in the Mesdaq market, Goldman Sachs invested in and declared its interests in two Mesdaq stocks – Asiaep Bhd and StemLife Bhd early this year.   

Asiaep made a spectacular surge from 24 sen a share at the start of the year when the bank issued notice of its shareholding, and from just 14.5 sen three months before that, to RM1.13 last Friday.   

As the bank has ceased to be a substantial owner, its trades, if any, in its stake of below 5%, are no longer observable.   

Similarly, StemLife rose from less than RM1.00 late last year to RM1.36 by the time the bank showed its hand, and it had more than doubled to RM2.65 last week.   

With that kind of experience, it is not surprising that RCE Capital Bhd and YTL Land & Development Bhd attracted interest after Goldman Sachs recently disclosed its substantial interests in these two companies.   

The bank announced its stake in RCE in the last week of April and in YTL Land on Thursday. The latter was actively traded 8 sen higher to RM1.31 on Friday.   

While it is possible to track Goldman Sachs' substantial shareholdings, its investments that form less than 5% of a company would be much less apparent.   

It is, for instance, the third biggest shareholder of Suria Capital Holdings Bhd, with a stake of 2.1% as at March 23. That was not known until Suria released its annual report.   
......

http://biz.thestar.com.my/news/s ... 636763&sec=business

[ 本帖最后由 Mr.Business 于 21-7-2007 10:53 AM 编辑 ]

Mr.Business

RCE过去的新闻：

Saturday May 5, 2007
… Meanwhile, The Goldman Sachs Group Inc bought 50.8 million shares or a 7.86% stake in RCE Capital Bhd on April 27. RCE has been in the radar screen ever since reports of several high-profile parties such as Usaha Tegas Sdn Bhd, and Hong Kong based Jardine Fleming Group have acquired a chunk of shares in the company…

http://thestar.com.my/news/story ... 7635901&sec=bizweek

Mr.Business

RCE过去的新闻：

Saturday April 14, 2007

RCE Cap attracts investor attention

By JOSE BARROCK

RCE Capital Bhd has transformed from a little known consumer credit provider to among the most talked about counters on the Bursa Malaysia lately.  

This change is largely due to news reports that several high-profile parties such as Usaha Tegas Sdn Bhd, the privately held vehicle of tycoon T. Ananda Krishnan and Hong Kong based Jardine Fleming Group have acquired a chunk of shares in the company.   

Although two companies, Blue Ribbon International Ltd and Meridian Mode Sdn Bhd, have announced that they have ceased to be substantial shareholders in RCE Capital, it is not clear who the acquirer or acquirers of the equity are. The two companies collectively held about 20.4% of RCE Capital until last week.   

Azman has been instrumental in RCE Capital’s recent success as a consumer credit provider.

Also, mid last week HSBC Holdings plc surfaced as an indirect shareholder with some 9% equity or 58.4 million shares. But the actual owner of the shares has yet to be disclosed.  

Interestingly another name that has emerged as an interested party to take up a substantial stake in RCE Capital is General Electric Capital Services Inc (GE Cap), which is a unit of US giant General Electric Co.  

Sources familiar with the matter say GE Capital is looking at acquiring as much as 25% of RCE Capital at about RM1.60 a share, which is a stark premium of about 100% to RCE Capital’s close on Thursday.  

BizWeek understands that several of the existing larger shareholders in RCE Capital are looking to collectively part with some of their equity to make up the 25% GE Cap wants, but negotiations are being conducted at a shareholder level, meaning RCE Capital per se is not privy to the discussions.   

Other than the new shareholder or shareholders who have yet to surface, RCE Capital’s substantial shareholders list is pretty straight forward, with Tan Sri Azman Hashim as the only other substantial equity holder, controlling as much as 41.5% or about 268 million shares in the company via his privately held vehicle Cempaka Empayar Sdn Bhd.  

However there are other shareholders with reasonably large equity in RCE Capital such as privately held Vital Fortune Sdn Bhd, which has a 4% stake and Irama Hasrat Sdn Bhd, with a 3.8% shareholding in the company.   

It is further understood that the relatively high-price tag was meant to entice Azman, who is the non-executive chairman of RCE Capital, to part with some of his equity.  

Azman of AmGroup has been instrumental in RCE Capital’s recent success as a consumer credit provider, and at press time there is no indication as to whether Azman is interested or will accept GE Cap’s offer, also because the US based company is believed have made a list of demands, which includes a request for management control and the green light to acquire more shares in RCE Capital on the open market to strengthen its position.   


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

This is the second time this year that GE Cap has emerged as an interested party in a Malaysian financial services provider. Early this year the company was said to be in talks to acquire a chunk of EON Capital Bhd’s shares, but since then there has been no news on the plan, which could indicate that the talks have fallen through.  

At RM1.60 per share, GE Cap is looking at paying as much as RM258.5mil for the 25% equity in RCE Capital. According to industry sources, GE Cap has grand strategies outlined for RCE Capital, and plans to acquire non-performing loan portfolios from local banking institutions for a start, and also offer loans, targeting the middle-income groups with un-collateralised loans with an interest rate of 12% per annum, which could be an attractive alternative to credit card cash advances which charge about 18% interest a year.  

“The stake in RCE Capital will finally give GE (General Electric) a presence in Malaysia. The company has actually been trying, albeit unsuccessfully, to penetrate the Malaysian financial services market.  

“The company has a relatively strong presence regionally already, and Malaysia does have its plus points such as good controls, and a strong regulatory framework ... Malaysia is also a good market for consumer and commercial loans, it’s actually merely another piece in the big GE jigsaw,” a source familiar with the ongoings says.   

GE Cap and its parent are not new comers to the business as under the General Electric bandwagon are units such as GE Money (formerly GE Consumer Finance), and GE Commercial Finance, which has a foot in the financial services industry operating in about 35 countries worldwide, providing loans, operating leases, financing programs and structured capital to customers.  

GE Money is among the largest credit card issuers in India and has a strong presence in Singapore as well. In Singapore the company made a mark 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 last month GE Cap acquired Japan’s Sanyo Electric Credit Co for some US$1.1bil giving it a presence in Japan, the world’s second largest economy.  

Another unit of the giant, General Electric, GE Capital International Holdings Corp, recently completed the acquisition of a 29% stake in Thailand’s Bank of Ayuthia for about US$600mil.  

There were also clear-cut indications of GE Cap’s intentions. Late last year, Stuart L. Dean, the president of GE International Inc Southeast Asia, had said that the company was looking to start a consumer finance business in Malaysia and was on the lookout for the right partner.  

A compelling factor for GE Cap to buy into RCE Capital could be that the latter does not fall under the purview of a the central bank, or Bank Negara as it is not a financial institution, but operating under the Moneylenders Act which removes the strict rules and red tape that apply to acquiring equity in banking and financial institutions.  

RCE Capital has been growing steadily via its business model of providing loans to civil servants. For the nine months ended December last year, RCE Capital posted a net profit of RM47.4mil on the back of RM67.7mil 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 improved performance of its loan financing operations and from a gain of RM20.4mil, which arose as a result of a restructuring.

http://thestar.com.my/news/story ... 7411521&sec=bizweek

[ 本帖最后由 Mr.Business 于 21-7-2007 10:56 AM 编辑 ]

Mr.Business

RCE过去的新闻：

Saturday April 7, 2007
Eye on stock

Something brewing  
THERE seems to be something brewing at RCE Capital Bhd. Over the week, a chunk of the company’s equity, more than 20% of its shares, changed hands at an average price of 65 sen apiece without many taking notice of the heightened activity.

RCE Capital provides personal loans and consumer financial services, primarily to public sector employees. Its controlling shareholder is Tan Sri Azman Hashim, who controls as much as 41.5% of the company. Other substantial shareholders, according to filings with Bursa Malaysia and the company’s annual report, are Blue Ribbon International Ltd, which has 11% equity, and Meridian Mode Sdn Bhd with some 9.4%.

For the nine months ended December last year, RCE Capital posted a net profit of RM47.4mil on the back of RM67.7mil in revenue, which is a gain of some 281% and 76% respectively from a year ago. – By Jose Barrock

Technical analysis
FINANCIAL services-related company RCE Capital Bhd has been riding on the new uptrend for more than a month on renewed buying interest, boosting prices from the recent lows of 41 sen on March 5 to a all-time high of 78.5 sen during intra-day session before paring gains slightly to stand up 6.5 sen at 77 sen yesterday.

Based on the daily bar chart, the prevailing trend remains constructive. Perhaps, investors who are still optimistic about a positive trend ahead should consider accumulating some at the current level.

Technically, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index reversed upward from the mid-range to trigger a buy yesterday, and the 14-day relative strength index showed a tentative curving-up sign from the 65-point level.

Also, the daily moving average convergence/divergence indicator continued to expand upward against the daily trigger line in a steady manner to retain its bullish note, suggesting further scaling going forward, targeting the 90-sen mark in the immediate term. The next upside objective will be the RM1 psychological level.

As for the downside, initial support is seen at 70 sen. An additional floor is pegged at 68 sen. – By K.M. Lee  

http://thestar.com.my/news/story ... 7374032&sec=bizweek

Mr.Business

Tuesday September 19, 2006

Azman Hashim makes offer for Amcorp
PETALING JAYA: Tan Sri Azman Hashim, executive chairman of AmcorpGroup Bhd, is making a conditional voluntary offer of RM1.40 cash a share for the rest of the company's shares that he does not already own.  

In a statement to Bursa Malaysia today, Amcorp said it has received a notice of conditional voluntary offer from Clear Goal Sdn Bhd, a company controlled by Azman. Hence, Azman is the ultimate offeror of the voluntary offer.

Amcorp was suspended from trading on Bursa from 9am today and would resume trading tomorrow. Prior to the suspension, the stock was traded at RM1.28 a share.

A diversified group, Amcorp is the major shareholder of AMMB Holdings Bhd, which is engaged in financial services, AMDB Bhd, a property developer, and RCE Capital Bhd which is involved in a niche area of financial services.  

http://biz.thestar.com.my/news/s ... 122630&sec=business

Mr.Business

RCE过去的新闻：

Tuesday August 29, 2006

RCE plans up to RM1.5bil note issue

KUALA LUMPUR: RCE Capital Bhd intends to issue an additional RM1bil to RM1.5bil fixed-rate medium-term notes (MTNs) this current financial 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 to capture a larger local customer base,” he told reporters after RCE's AGM 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 to provide financial solutions to their employees. We expect this to roll out 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 business partner to market and promote RCE's funding solutions,” he said.

Currently, the company's business partners include Koperasi Wawasan Pekerja-Pekerja Bhd, Koperasi Sejati Bhd and Koperasi Belia Nasional Bhd.

On RCE's listing transfer recently, Soo said the main board status would assist the company in enhancing its profile in the capital market and securing funding in “more attractive ways”.

For its first quarter ended June 30, the company posted a net profit of RM6.96mil, up 48% from RM4.7mil in the previous corresponding period. Revenue expanded by 72% to RM18.9mil from RM11mil previously.

http://biz.thestar.com.my/news/s ... 269484&sec=business

Mr.Business

RCE过去的新闻：

Ho Siew Yee
New Straits Times
11-03-2006

New unit will provide recurring income to group, says RCE Capital
RCE Capital Bhd expects at least an additional RM2 million profit yearly to come from its newly-acquired subsidiary, AMDB Factoring Sdn Bhd (AFSB), said non-executive director Soo Kim Wai.

RCE, which is involved in providing loans to government employees, received shareholders' approval yesterday to purchase AFSB from AMDB Bhd for RM10 million.

Both RCE and AMDB are part of the AmCorp Group.

"AFSB generates ...

http://www.highbeam.com/doc/1P1-130712190.html

Mr.Business

博客文章：

After restructuring and moving on to the Main Board, RCE Capital (RCE) stirred market excitement in early April 2007, when a few tranches of its shares amounting to 62 million shares (9.59 % issued capital) were sold off-market to undisclosed parties. It was done at 76 sen valuing the shares at RM47.26 million.

Stock market data indicated that 28.21 million were transacted at RM20.31 million or 72 sen each while another two blocks comprising 11.19 million shares and 22.5 million shares were done at RM8.95 million and RM18 million respectively or 80 sen a piece. One of the likely buyers was HSBC Holdings Plc which announced that it has increased its shares in RCE to 9.029% after buying an additional 50 million shares in the market.

On 17 April, more news was to follow. This time, some 120 million shares representing a 19% stake in the company were placed out to a number of investors, at prices ranging from 65 to 69 sen. The major takers were apparently Usaha Tegas Sdn Bhd, Hong Kong-based Jardine Fleming group, and Public Mutual Bhd. It also said that General Electric Capital Corp could be another interested party.

Hovering around the 30-40 sen band for most of December 2006, RCE showed life from 8 January 2007. It moved up to the 50 sen level. By March 13, it moved up to the 60 sen level. The 70 sen level was breached on 26th March. From April 9th, it went beyond 80 sen and briefly touched 90 sen on 16th April. It is now consolidating on a narrow price band of 80-82 sen.

Volume analysis shows that the highest volume was on 16th April where it touched 36.3 million shares. The other days with heavy volumes were 18th April (25.4 million),9th April (22.8 million),23rd April (17.1 million), 10th April (15.5 million) and 4thApril (15.4 million).

http://www.blogger.com/feeds/467 ... x=26&max-results=25

Mr.Business

RCE过去的新闻：

06-07-2007: Consumption recovery to pick up in 2H

by Lee Yu Tang
Consumption recovery play is expected to kick in prominently in the second half of 2007, on the back of rising demand for both consumer durables and non-durables.

This will also be driven by the fiscal stimulus from the salary hike for civil servants in July, the Ninth Malaysia Plan (9MP) and the upcoming general election campaign.

Aseambankers Equity Research said yesterday other factors include new model launches in the auto industry, imposition of a minimum selling price for cigarettes and potentially greater flexibility in the use of Employees Provident Fund (EPF) savings for home purchases or insurance needs.

“We foresee plenty of fiscal stimulus to drive up general consumption in 2H07, with key consumption recovery trends in food and beverage (F&B), retail, autos (especially the sub-compact segment) and financing activities (as higher salary and better visibility of disposable income creates higher borrowing capacity),” it said.

Increased disposable income should also have positive spillover effects on travel, cellular phone usage (higher usage of prepaid phone calls) and gaming (particularly among number forecasting operators).

“We estimate the July 2007 pay hike would result in a RM4 billion increase in gross take home pay of civil servants in 2H07, which would translate into at least a one percentage point boost to real consumer spending growth and an additional 0.4 percentage point boost to real gross domestic product growth in 2007,” it said.

The pay hike of between 7.5% and 35% in July was the first since 1992 for the over one million civil servants (or 10% of Malaysia’s working population). Those in the police and armed forces would also receive another 20% increase. The revised pay scheme would also benefit 600,000 pensioners in the country.

Aseambankers Research said it also expected more 9MP-related projects to roll-off in 2H07, which should stimulate demand from blue-collar workers in the construction and building material manufacturing industries.

It added that the stock market had anticipated general elections to be held either in 4Q07 or 1Q08, and this would provide good fiscal stimulus, as evidenced by the coinciding rise in the consumer price index during previous elections.

The research house said the government’s move to raise the salary of civil servants might prompt private companies to review their employees’ existing pay packages.

Key beneficiaries of the consumption recovery are import-dependent sub-sectors like food and beverages and automobiles, which would benefit from better volumes and potential margin expansion on lower import costs (due to the strengthening ringgit) coupled with price hikes.

Aseambankers Research anticipated a sharp earnings turnaround for the auto sector in 2H07, driven by industry sales (new vehicle sales fell 11.9% year-on-year in the January – May period) and margin recovery (which experienced compression between 0.6 and 1.6 percentage points year-on-year in 1Q07).

“We expect considerable auto sales recovery in the sub-1.6 litre segment, as increased disposable income will mean improving reception to Perodua’s recent launch of the Viva which is priced between RM28,400 (660cc model) and RM44,200 (1.0-litre model),” it said.

RCE Capital Bhd topped its list of beneficiaries for its cheap price earnings (PE) multiple, strong compounded annual earnings of 17.4% and ample trading liquidity.

It added that cash rich MBM Resources Bhd’s low PE multiple of 7.7 times for FY08 coupled with good earnings growth prospects, led by its 23.6% stake in Perodua and improving sales prospects of its Daihatsu light trucks, suggested continuing outperformance.


Top picks for the consumption recovery theme
KFC Holdings Bhd: Prime beneficiary in the F&B sub-sector, led by 5% to 10% same store sales growth. Improved consumer sentiment empowers it to raise prices to pass on costs of higher raw material.

Aeon Co (M) Bhd: A leading pure-play retailer in Malaysia via its 18 Jusco department stores and D’Hati supermarkets. Aeon should benefit from consumption recovery given its strong following in the lower-middle income segment of the Malay consumers.

UMW Holdings Bhd: Beneficiary of the anticipated recovery of auto sales via its 38% stake inPerodua, and timely 2H launch of an upgraded Toyota Vios

MBM Resources: Beneficiary of the anticipated recovery of auto sales via its effective 23.6% stake in Perodua

RCE: A unique business model, providing consumer credit to government employees, positions RCE Capital as a beneficiary of higher consumption power from civil servants’ salary hike effective July 2007.

QL Resources Bhd: More disposable income will bolster consumption of eggs and surimi-based products, which are the fastest-growing segments of QL’s diversified agrobased activities.

Berjaya Sports Toto Bhd: NFO sales growth driven by increased disposable income and timely launch of a new lotto game (6/52).

http://www.theedgedaily.com/cms/ ... a-16f70a40-d356559c

研究报告：
http://www.maybank2e.net/economic_library/equity_focus_22May07.pdf

[ 本帖最后由 Mr.Business 于 21-7-2007 11:05 AM 编辑 ]

Mr.Business

RCE过去的新闻：

RCE Announces Plans to Securitize
Asset Securitization Report
2006-10-02

By Rob Davies
Malaysia's RCE Capital last week confirmed its intention to raise between M$1 billion ($271.2 million) and M$1.5 billion through securitization. The consumer finance company, which specializes in providing loans to civil servants, wants to use the proceeds to boost loan origination and increase market share.

At the end of July, RCE's loan book amounted to M$750 million. With over 1.2 million Malaysian civil service workers, there is clearly significant room for growth.

A first deal from the program has been tentatively penciled in for the first quarter of 2007. No official announcement has yet been made on an arranger. However, as RCE is a subsidiary of AmBank, one of Malaysia's biggest diversified financial groups, it would seem a certainty that AmMerchant Bank - the investment banking arm of AmBank -will be involved.

Shelving plans
RCE recently shelved plans for a medium-term note program to issue straight debt. RCE's stand-alone credit rating is single-A, but analysts believe it could achieve triple-A ratings on a securitized deal structured with additional credit enhancement. Investors may view favorably the fact loan repayment by civil service workers is deducted directly from salaries.

It has been estimated an ABS program could result in savings of between 200 and 300 basis points on RCE's current cost of funds. It may also allow RCE to stretch its yield curve beyond five years.

http://www.reiresearch.com/public/1875.cfm

Mr.Business

房屋貸款進一步增長　貸款成長下半年趨強

- Tuesday, July 03, 2007

（吉隆坡2日訊）大馬銀行領域的貸款成長在5月份進一步放緩至5.9%，寫下自2004年11月以來最低水平，惟分析員仍樂觀認為，貸款成長有望在下半年走強。

同時，獲批准的房屋貸款大增，正顯示產業市場出現牛市的初期征兆。

儘管貸款成長繼續下跌的趨勢，分析員估計，隨著當局減少使用貨幣政策刺激經濟，以及工程加速執行和公務員薪酬增長，所帶來的經濟活動增長效應，下半年的貸款成長可快速走強。

5月份獲准用作購屋的貸款，進一步增長至44億令吉（4月份為35億令吉），顯著高于過去12個月平均的29億令吉。

分析員相信，住宅產業領域主要是從4月1日起生效的豁免產業盈利稅條例中受惠，由于獲批准的貸款額升高，料在短期內，取得另一輪的增長動力。

此外，儘管綜合指數在去年杪開始走強，惟用于購買股票的貸款成長維持平穩。截至5月杪，用于購買股票的貸款擴展，僅佔銀行體系總貸款的3.4%。同樣的，若股市出現任何激烈的調整，也不會對銀行體系帶來顯著的衝擊。

聯昌國際和黃氏發展唯高達投資銀行分析員，同樣預期今年貸款可保持6至7%成長。

另一方面， 3個月和6個月的淨呆帳率，繼續改善至3.27%和4.26%，比較4月份的3.36%和4.39%，這主要因為貸款償還強穩和銀行機構的呆帳勾銷所推動。

分析員相信，銀行體系的資產素質，將可繼續獲得改善。3個月和6個月的貸款虧損覆蓋率，也寫下多年的新高至64.5%和74%。

截至07年5月份，銀行體系的風險比重資本比例和核心資本比例，達13.1%和10.1%，以及其資本充足比率維持在健全的水平。

黃氏發展唯高達投資銀行分析員維持給予銀行領域「增持」的評級，並相信銀行領域的前景維持正面，無論是貸款成長、資產素質或盈利。該分析員的選擇相關與回酬率，成長表現和特別主題，其首選的銀行股為大馬證券銀行（AMMB，1015，主板金融股）。

聯昌國際投資銀行分析員指出，目前的整體金融和貨幣環境，繼續支撐著國內的需求，實際利率如今處于適中的水平來支撐著消費和投資活動，他因此估計國家銀行將會在今年維持3.5%的利率水平。

http://www.orientaldaily.com.my/news_item.asp?NewsID=13602