【HWANG 6688 交流专区】黄氏资本（前名 HDBS）

唯一面

哈哈哈！成功了。
3.85 买进，扣掉稳稳的 2.50 特别股息，回酬的算法应该是 【（1.82 - （ 3.85 - 2.50）】 /（3.85-2.50）= 0.47 / 1.35 = 34.8%
的短期回酬。
扣掉各种杂费应该有 30% 的净回酬。
我如今打算来个守株待兔，如无意外则让现有的纸上盈利发酵至少一两年。

谢谢大大们给予的理性分析，让我在情况明朗之前可以比较安心。虽然靠自己做功课，来自别人有根据的理性分析对我心理上的支撑仍然是非常重要的。毕竟短期内大力买进一只股在任何时候都是艰难的决定，有时甚至是“兵家大忌”。

icy97

Change in Principal Officer

HWANG CAPITAL (MALAYSIA) BERHAD

Date of change	16/05/2014
Name	Teh Poh Lean
Age	54
Nationality	Malaysian
Designation	Chief Financial Officer
Type of change	Cessation of Office
Reason	Organisational restructuring following the completion of the Company's disposal of its entire equity interest in HwangDBS Investment Bank Berhad and its subsidiaries and associated company (after an internal reorganisation) to Affin Holdings Berhad

icy97

黃氏資本第三季淨利漲33倍

2014-06-27 11:09      
（吉隆坡26日訊）基於脫售投資銀行等資產效益，黃氏資本（HWANG,6688,主板金融組）截至2014年4月30日止第三季淨利暴增3310.54%至3億8千713萬令吉，令首9個月淨利走揚1389.25%至4億4千729萬7千令吉。

第三季營業額下跌20.21%至8千858萬8千令吉，首9個月營業額為3億3千263萬1千令吉，按年走跌0.8%。

黃氏資本發文告指出，放貸業務持續面對高度競爭和挑戰，但集團成功通過產品定制與市場競爭者進行區別，以及快速的貸款週轉處理時間來滿足消費者需求，將繼續增加行銷努力來擴展貸款與融資組合。

“集團正鑑定潛在新業務，料不會對現財政年財務表現帶來任何重要影響。”（星洲日報／財經）

SUMMARY OF KEY FINANCIAL INFORMATION 30/04/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/04/2014	30/04/2013	30/04/2014	30/04/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	88,588	111,026	332,631	335,329
2	Profit/(loss) before tax	396,695	17,634	487,269	52,618
3	Profit/(loss) for the period	391,275	14,192	462,117	40,651
4	Profit/(loss) attributable to ordinary equity holders of the parent	387,130	11,351	447,297	30,035
5	Basic earnings/(loss) per share (Subunit)	151.72	4.45	175.30	11.77
6	Proposed/Declared dividend per share (Subunit)	250.00	0.00	250.00	5.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	3.0300		3.7700

Remarks :

An interim single tier dividend of RM2.50 per ordinary share, amounting to RM637,897,250 in respect of the current financial year ending 31 July 2014 was paid on 12 May 2014.

icy97

HWANG CAPITAL (MALAYSIA) BERHAD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	HWANG-DBS (MALAYSIA) BERHAD ("HWANG-DBS" OR THE “COMPANY") PROPOSED DISPOSAL BY HWANG-DBS TO AFFIN HOLDINGS BERHAD OF ITS 100% EQUITY INTEREST IN HWANGDBS INVESTMENT BANK BERHAD (“HWANGDBS IB”) AND ITS SUBSIDIARIES AND ASSOCIATED COMPANY, FOLLOWING THE PROPOSED PRE-CLOSING REORGANISATION, FOR A TOTAL DISPOSAL CONSIDERATION OF RM1,300.36 MILLION (SUBJECT TO POST CLOSING ADJUSTMENT) TO BE SATISFIED ENTIRELY IN CASH (“PROPOSED HWANGDBS IB DISPOSAL”) (THE PROPOSED PRE-CLOSING REORGANISATION AND PROPOSED HWANGDBS IB DISPOSAL ARE COLLECTIVELY KNOWN AS THE “PROPOSED DISPOSAL”)
We refer to the previous announcements made in relation to the Proposed Disposal. HwangDBS Investment Bank Berhad, on behalf of the Board of Directors of HCM, is pleased to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has, vide their letter dated 9 July 2014, concurred that HCM will not be considered as a Cash Company pursuant to Practice Note 16 (“PN16 Concurrence”) and granted HCM the waiver from being classified as a Practice Note 17 company (“PN17 Waiver”). The PN17 Waiver was granted after due consideration of, amongst others, the following: (i)             the sustainability, growth and level of profitability of HCM group of companies ("Group") money lending and credit financing activities; and (ii)            the Company’s business plans. As set out in the Company’s latest announcement of its third quarter results, the Company and the Group is financially healthy and has repaid most of its borrowings and is in a net cash position. Shareholders’ funds as at 30 April 2014 was RM774.2 million. The Group’s current ratio and debt to equity ratio as at 30 April 2014 are 1.58 and 0.06 times respectively. Profit before tax (“PBT”) for the current quarter improved to RM6.28 million as compared to RM3.39 million in the previous corresponding quarter. For the 9 months ended 30 April 2014, PBT from continuing operations (excludes profits from discontinued operations) also increased to RM7.58 million from RM4.61 million in the previous corresponding period. Moving forward, the profitability is expected to be better due to interest savings from repayment of the Group’s borrowings from proceeds received from the sale of its banking and financial services businesses. Similarly, there will be interest income as cash surplus are invested in interest bearing instruments. The interest savings and interest income per month are estimated to be RM1.7 million and RM0.8 million respectively, which will contribute towards improving the profitability of the Group. The Group will continue to grow and expand its remaining business in money lending and credit financing activities. Currently, the Company’s loan book comprises of 70% consumer financing and 30% term loan. The Company believes there are opportunities to grow the term loan business by tailoring their financing packages to suit the borrowers’ needs. More resources and effort will be deployed to grow this business including intensifying the Company’s marketing efforts. This announcement is dated 9 July 2014.

icy97

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	Hwang Capital (Malaysia) Berhad (“HCM” or “Company”) PROPOSED DISPOSAL BY HWANG-DBS TO AFFIN HOLDINGS BERHAD OF ITS 100% EQUITY INTEREST IN HWANGDBS INVESTMENT BANK BERHAD (“HWANGDBS IB”) AND ITS SUBSIDIARIES AND ASSOCIATED COMPANY, FOLLOWING THE PROPOSED PRE-CLOSING REORGANISATION, FOR A TOTAL DISPOSAL CONSIDERATION OF RM1,300.36 MILLION (SUBJECT TO POST CLOSING ADJUSTMENT) TO BE SATISFIED ENTIRELY IN CASH (“PROPOSED HWANGDBS IB DISPOSAL”) (THE PROPOSED PRE-CLOSING REORGANISATION AND PROPOSED HWANGDBS IB DISPOSAL ARE COLLECTIVELY KNOWN AS THE “PROPOSED DISPOSAL”)
We refer to the previous announcements made in relation to the Proposed Disposal. HwangDBS Investment Bank Berhad, on behalf of the Board of Directors of HCM, is pleased to announce that the post closing adjustment in relation to the Disposal Consideration for the Proposed Disposal has been finalised on even date, resulting in an additional amount of RM60,220,567. This additional post closing adjustment shall be utilised for general working capital purposes of the Company as detailed in the circular to shareholders dated 12 March 2014. This announcement is dated 9 July 2014.

APULA

獲額外6022萬資金 黃氏資本豁免被列PN17
財經10 Jul 2014 22:10
http://www.chinapress.com.my/node/542177

（吉隆坡10日訊）黃氏資本（HWANG，6688，主要板金融）申請豁免列入PN17公司，獲馬證交所批准，並透露整項計劃完成仍獲額外6022萬令吉資金，資金將充作未來營運資本。

該公司向馬證交所報備指出，在PN16條例下豁免成為現金公司，故馬證交所本月9日發函通知，以旗下公司持續獲利及未來商業計劃為由，免入PN17公司行列。

文告中指出，截至本財年第3季，該公司已幾乎清還所有債務並持有淨現金，截至4月底股東基金達7億7420萬令吉。

“以脫售所得清還集團貸款后省下利息，相信未來獲利前景會更佳，另外余下現金亦將為公司帶來額外利息收入，分別獲170萬令吉及80萬令吉。”

黃氏資本指出，未來將繼續擴充貸款及信貸融資業務，目前70%為消費者融資、30%為短期貸款，相信未來會有更多機會迎合市場需求制定融資配套。

該公司稍晚亦在另一文告中指出，脫售計劃告一段落，公司獲額外6022萬567令吉資金，將充作集團未來營運資本。

唯一面

获额外 6000 万不就几乎以 1.9 倍账面值成交吗？我在 1.91 的时候加码了。如此看来 RHB 应该不会比这个更少吧！各路高手不妨发表意见。

唯一面

sp13501 发表于 5-2-2014 10:04 AM
之前，有一个怕输的，在 4.30附近，每天放 300粒、300粒去买，可能他以为 5块多的东西，4块多买，非常值得， ...

感谢您。因为您提到 OSK，大约分析过后我 1.70 左右买了好一些。现在都 2.16 了，再加码。
我觉得以这个价格购入还算合理，只要不影响个人现金流，短、中、长期投资都合适。
很多股都贵了，不容易捡便宜。
如果有便宜或合理价格的好股，而您又买够了，不妨介绍给我。

sp13501

唯一面 发表于 2-8-2014 11:52 PM
感谢您。因为您提到 OSK，大约分析过后我 1.70 左右买了好一些。现在都 2.16 了，再加码。
我觉得以这个 ...

有些股票，是明显低于价值的 。。。只不过大股东控制着价钱，故意整小股东，希望他们便宜出货！

唯一面

sp13501 发表于 3-8-2014 09:32 AM
有些股票，是明显低于价值的 。。。只不过大股东控制着价钱，故意整小股东，希望他们便宜出货！

是有这样的大股东。
我是这样把他们分类的：
1. 仁慈而正直的大股东。有钱大家分。公司正在成长的阶段派息率50%。公司业务完全成熟了，派息率100%。经典例子如 Nestle, Dutch Lady, JTi，大众银行。
2. 能干而正直的大股东。有钱慢慢分。公司正在成长的阶段派息率30%。公司业务完全成熟了，派息率50%，继续“沉淀”。OSK 应该是属于这个类别。它的派息率低过50%是因为从RHB分到的时股票而不是现金。集中累计RHB的股票而不是派发给股东们，这样将来才更有实力在RHB企业决策议价，包括相关业务脱售和并购。回顾他过去为公司做的决策，包括“嫁”入RHB，是有利公司，决断而有远见的决定。当然，我的看法未必正确，所以它只是我篮子里其中一只比较大的蛋而已。老实说，把钱交给他，比交给母亲更让我放心。因为要骗我母亲不难，要骗黄宗华可就没那么容易了。只要天天大（增值），不怕慢慢生（升）。
3. 其他类别。不在我的考虑范围之内，因此懒得再分类。
对付第二类型的大股东，就要以够低的价格买，而且不能让他在有生之年累计到90%的持股。我相信，人越来越老而钱越来越多的时候，社会责任感会越来越大，因此会变得慈悲为怀，与人为善。毕竟只是自己成功而小股东们老吃亏，会是成功企业家内心的遗憾。看看郑鸿标老先生那么受到股东们爱戴，做生意做到那样，此生足矣。因为真正的富足，是从外到内，从物质到精神上的。我相信黄宗华，我认为他的策略是长期获大利，而他还年轻，所以会有那样“需要耐心的策略”，而不是有意要“吃”小股东。当他年华逐渐老去，他也会意识到很多小股东没有那么多时间等，而考虑增加派息。我甚至相信，他已经伺机如此做了。把生意顾好是对管理层大股东的考验，对管理层大股东的分析和信任，却是对投资者们的考验。

唯一面

希望这个星期可以知道世纪合并的结果。
我隐隐觉得，周围的虚实太多，只要抓紧手中低价买来的票，一定可以很快得到报酬。
合并一定要创造或者释放价值，否则就没有意义。
说白了，就是有东西可以卖贵贵。
很明显，就账面值来看，可以卖更贵的，不是 CIMB 而是 RHB。
那么，谁因该被卖，不就一目了然吗？
要 RHB 吞闷棍，而 CIMB 没有好处，这不是损人不利己吗？
看来市场一时的混乱是因为出其不意的消息，盲目的恐慌而已。理智的投资者也会因为大众失去理智的恐慌而害怕被拖下水。但是我不认为这个力量足以发展到这个程度。
这个消息在这个最后的一个星期泄露出来，这局后人可谓用心良苦。
看看现代版的周瑜戏蒋干吧！

APULA

股海宝藏：黄氏资本安全天堂
股海宝藏 财经周刊 投资观点  2014-09-08 13:28
http://www.nanyang.com/node/647698?tid=902

黄氏星展证券之前是马来西亚一家著名的综合金融服务集团，它提供广泛的产品和服务，包括证券行、批发银行、销售和管理单位信托以及机构基金、衍生商品交易以及消费人融资。

它也在柬埔寨运作一家商业银行。

不过，黄氏星展目前已经改名为黄氏资本（HWANG，6688，主板金融股），并在脱售核心业务以及非核心资产后，成为一家现金充裕的公司。

于1.90令吉价位，黄氏资本是处在最新账面价值3.03令吉的37%水平交易，此外，目前股价是较截至2014年7月底的每股现金2.90令吉折价34%。
0.6倍的价格对账面价值，也较其同侪折价多达58%。

虽然在任何有关资本回退/特别股息的消息出炉之前，黄氏资本将继续保持在如此巨大的折价水平。肯纳格投资相信，这样的“折价”情况，将随着越来越逼近2015年底或2016初时渐渐消失，情况如太平金溢有限公司（Pacificmas Bhd）一样。当时，太平金溢脱售保险业务之后，在2年内派发2次特别股息以及1次资本回退。

低风险 回酬至少59%

虽然近期内没有看头，但是对于长期保守的投资者而言，它是一个“安全天堂”。

这是因为此股能够提供低风险的总回酬达到至少59%，这是以如果该公司可以找到新的收购/业务，并根据只是1倍价格对账面价值计算，或是与太平金溢一样，在最终脱售全部资产以及将收入全部退还给股东。

目前市场面对不同的风险，包括地缘区政局紧张、比预期更早出现加息期、市场预期大马会进一步加息，以及对通货膨胀的忧虑等。

根据肯纳格投资估值，黄氏资本的净资产在派发特别股息前，估计为5.18令吉。

这估计是根据截至2014年1月的每股4.01令吉，再加上脱售资产后取得每股1.17令吉收入计算。在特别股息除权后，黄氏星展证券的净资产价值为每股2.68，仍然比现有的1.90令吉股价高出41%。

根据记录，黄氏资本曾经于2014年4月7日，完成及脱售黄氏星展投资银行有限公司、子公司和联号公司的全部股权给艾芬控股（AFFIN），成交价现金13亿6000万令吉。

保持上市地位两年

较早前，黄氏星展证券已经于2014年3月14日，脱售黄氏商业银行有限公司给Phillip MFIS Pte Ltd，成交价为4000万美元（1.28亿令吉）。此外，它也于2014年1月15日，脱售安邦的一地段给PutrajayaVentures公司，成交价为8250万令吉。

它的特别股息每股2.50令吉，是在2014年4月除权。在上述的脱售之后，黄氏资本已经宣布，脱售的部份收入将当作特别股息，即总共6亿3790万令吉或相等于每股2.50令吉，分派给股东，这已经于2014年4月正式完成。

根据肯纳格研究表示，黄氏星展要求从与艾芬控股签署买卖合约的日期算起的两年内，保持上市地位。这份合约是于2014年1月22日签署。

无论如何，在脱售资产后，黄氏资本的未来收入来源，预料是依靠其余子公司，即HDM Capital公司和HDMProperties公司。

若无收购目标 或资本回退

如果黄氏资本无法在未来两年内，找到和收购任何潜在的业务，肯纳格研究表示，黄氏资本的董事部将不再保留公司的上市地位。

在这样的情况下，黄氏星展证券可能会进行资本回退并对其他资产展开清盘活动，以及回退净现金给股东。

截至2014年7月底拥有强大净现金以及现金价值相等于每股2.90令吉，这包括结账后经调整的6000万令吉现金。

长期而言，它的股价将会重新试探2.10令吉至2.30令吉的价位。

目标价RM2.30

技术而言，日线图显示，黄氏星展证券正处于100天和200天简单移动平均线的强大支撑，分别处于1.87令吉水平和1.82令吉水平，这里将是让长期投资者逢低买进的良机。

它的当前阻力为1.93令吉（布林带日线图最高水平），以及1.97令吉（布林带周线图最高水平）。

一旦市场扯购这个股票不流通的股项，那么，预料此股将会上探2.10令吉，接着下一个目标为2.30令吉。

免责声明
本文分析仅供参考，并非推荐购买或脱售。
投资前请咨询专业金融师。

慧眼

icy97

Date of change	22/09/2014
Name	Lee Huey Suan
Age	41
Nationality	Malaysian
Type of change	Appointment
Designation	Chief Financial Officer
Qualifications	A Certified Public Accountant and a member of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants
Working experience and occupation	She started her career with PricewaterhouseCoopers in year 1997 before joining a commercial firm in year 2005. She joined HwangDBS Investment Bank Berhad (now known as Affin Hwang Investment Bank Berhad) in year 2006. Prior to the current role, she was the Senior Vice President, Finance of HwangDBS Investment Bank Berhad. She has extensive knowledge and experience in financial reporting, accounting and corporate tax related areas

sp13501

这只像之前 OSK， 是靠忍耐的！

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31/07/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/07/2014	31/07/2013	31/07/2014	31/07/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	16,070	138,110	348,701	473,439
2	Profit/(loss) before tax	10,888	33,887	498,157	86,505
3	Profit/(loss) for the period	9,363	25,305	471,480	65,956
4	Profit/(loss) attributable to ordinary equity holders of the parent	9,405	21,158	456,702	51,193
5	Basic earnings/(loss) per share (Subunit)	3.68	8.29	178.99	20.06
6	Proposed/Declared dividend per share (Subunit)	2.50	0.00	252.50	5.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	3.0700		3.7700

icy97

Type	Announcement
Subject	OTHERS
Description	PROPOSED FINAL DIVIDEND
The Board of Directors of Hwang Capital (Malaysia) Berhad (formerly known as Hwang-DBS (Malaysia) Berhad) is pleased to announce that a proposed Final Single Tier Dividend of 2.5 sen per share in respect of the financial year ended 31 July 2014 will be recommended to the shareholders for approval at the forthcoming Annual General Meeting. The date of payment, the entitlement date and all other relevant information shall be announced at a later date. This announcement is dated 25 September 2014.

APULA

黃氏資本末季淨利滑56%
財經26 Sep 2014 18:00
http://www.chinapress.com.my/node/564102
　
（吉隆坡26日訊）貸款業務表現差勁，黃氏資本（HWANG，6688，主要板金融）截至7月底末季淨利按年雖下滑56%至940萬5000令吉，但建議每股派息2.5仙。

黃氏資本向馬證交所報備，相當高的營運開支，導致同期營業額按年爆跌88%至1607萬令吉。

根據報備文告，黃氏資本2014全財年營業額跌26%至3億4870萬令吉。

相反，黃氏資本投資核心業務脫售所得的回酬高，帶動淨利則大幅高漲近8倍。

icy97

HWANG CAPITAL (MALAYSIA) BERHAD

EX-date	28/11/2014
Entitlement date	02/12/2014
Entitlement time	04:00:00 PM
Entitlement subject	Final Dividend
Entitlement description	Final single tier dividend of 2.5 sen per ordinary share
Period of interest payment	to
Financial Year End	31/07/2014
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Agriteum Share Registration Services Sdn Bhd 2nd Floor, Wisma Penang Garden 42, Jalan Sultan Ahmad Shah 10050 Penang, Malaysia Tel: 04-2282321
Payment date	18/12/2014
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	02/12/2014
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.025

APULA

黃氏資本潛在新企業活動
財經16 Nov 2014 16:09
http://www.chinapress.com.my/node/577539
　
（吉隆坡16日訊）早期脫售黃氏星展投資銀行的黃氏資本（HWANG，6688，主要板金融），可能會進行另個企業活動。

現金充裕的黃氏資本正尋找進入新核心業務可能性，因為已把黃氏星展投資銀行脫售給艾芬（AFFIN，5185，主要板金融），同時退出柬埔寨商業銀行業務。

目前，黃氏資本還未有任何潛在的收購，但將維持進入貸款和房產管理相關業務。

截至本財年7月底，黃氏資本的現金流是高達3億7280萬令吉，相等于每股1.46令吉，擁有大筆資金情況下，黃氏資本將進入的新業務應該很吸引。

此消息刺激該股上週五最高漲4仙至2令吉，閉市收報1.99令吉，揚3仙，全日成交量45萬8600股。

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31/10/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/10/2014	31/10/2013	31/10/2014	31/10/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	16,616	132,600	16,616	132,600
2	Profit/(loss) before tax	13,647	25,817	13,647	25,817
3	Profit/(loss) for the period	11,201	18,697	11,201	18,697
4	Profit/(loss) attributable to ordinary equity holders of the parent	11,201	13,514	11,201	13,514
5	Basic earnings/(loss) per share (Subunit)	4.39	5.30	4.39	5.30
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	3.1200		3.0700