【MBSB 1171 交流专区】马建屋

Mr.Business

股本膨胀冲稀每股净利 马建屋派息率料减低2008/04/14 13:17:07


马建屋（MBSB，1171，主板金融股）是一家享有“豁免财务公司”地位的金融服务公司，在该地位下，该公司可在不受国家银行的大马银行与金融业法令（BAFIA）管制下，进行金融业务及提供一系列范畴广泛的金融服务。

马建屋的主要业务是通过其座落在全马各地的27间分行，提供零售金融服务（以房屋贷款为主），并以大型银行未积极争取的屋主自住中低价屋及中价屋贷款，为主要的目标市场。

然而，该公司却曾因为在错误的时机－1997亚洲金融风暴前涉足产业发展业务，而从1996年起的11个财政年内，共有6个年头的业绩面对亏损，其中2001年的税前亏损写下4亿7千500万令吉的历来新高，当年的净呆帐率更高达50％的天文数字！此外，该公司的每股帐面资产净值，更从1997年顶峰的4.03令吉，于2002年跌剩24仙。

今年盈利料增16％

不过，在两大股东雇员公积金局及国民投资公司（PNB）相继出手大量注资止血，加上重新专注在房屋贷款的传统主要业务后，马建屋成功翻身，于2004年取得2千500万令吉的税前盈利，过后逐年稳步回升，于2007年跃升至4千300万令吉。

2008年，马建屋预计将取得5千万令吉的税前盈利，较去年增长16％。但不幸的是，该公司的税前盈利增长，大部分将被两项不利因素所抵消。有关两项因素分别是：（一）在2003年两大股东注资计划下，所发出的总共1亿6千500万股可赎回可转换优先股（RCPS），将于今年转换成3亿3千万股马建屋新股，这将冲稀该公司的每股盈利；以及（二）在动用大量的亏损税务后，该公司将在今年缴纳估计为15％的较高税务。其纳税率并将与明年回复一般的25％公司税水平。

金英证券分析员指出，由于较高的融资成本（马建屋没有低成本的活期存款）及分行网络规模小，马建屋难以和规模较大的商业银行竞争。

过去几年，马建屋逐年的提高股票派息率，从04年的2仙提高至07年的4仙，然而，在今年8月上述优先股悉数转换成新股后，该公司的缴足资本将扩大至6亿9千110万令吉，因此金英证券预计，该公司今年的派息率将回跌至2仙。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=833465

爱上双鱼座

新闻报道:New talks on MBSB stakeWednesday April 16, 2008By JAGDEV SINGH SIDHUKUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is in the news again, this time for the potential entry of a new substantial shareholder in the form of a consortium from the Middle East.
A source close to the company said that serious negotiations with an Abu Dhabi government-linked consortium were at an early stage. The talks could lead to the consortium either holding a strategic stake in MBSB or entering into a partnership with the Employees Provident Fund (EPF) in the running of the Bursa Malaysia-listed building society.
“Due diligence is still being conducted,'' the source said.
There had been attempts in the recent past to buy MBSB. The latest was last year's tussle between Bank Kerjasama Rakyat Malaysia Bhd, RCE Capital Bhd and a Middle Eastern party to buy over EPF's 54% stake in MBSB.
The bidding war eventually fizzled out after the bidders refused to match EPF's high asking price, which was reported to be 2.4 times MBSB's book value, which would have valued the company at just over RM1bil.
MBSB's share price surged yesterday on expectation of the potential takeover, gaining 26 sen to RM1.39. It was the stock's highest closing since Nov 14 last year.
MBSB's financial performance has been improving steadily.
For the year ended Dec 31, 2007, MBSB recorded a net profit of RM53.2mil, or 15.43 sen a share, versus RM40.2mil, or 11.89 sen per share, a year earlier. Its net assets per share was at RM1.33 at end-2007.
MBSB said its 2007 performance exceeded its headline key performance indicators, posting a return on equity (ROE) of 10.55%, beating its target of 7%. Revenue growth of 22.44% was also better than its 15% target.
The company said it was maintaining a minimum ROE of 7.5% for its current year and 8% for 2009. It also has forecast revenue growth of 15% for 2008 and 2009.
Apart from the better earnings, MBSB's other attraction is its deposit-taking ability. The company is also exempted from compliance with the Banking and Financial Institutions Act and reports to the Finance Ministry, and not Bank Negara.
The willingness of EPF to enter into negotiations with the Abu Dhabi consortium may have stemmed from the fund's working relationship with Abu Dhabi Commercial Bank, which bought a 25% stake in RHB Capital Bhd from EPF.
......The Star, 16-4-2008.

Mr.Business

新闻。

16-04-2008: Abu Dhabi GLCs eyeing strategic tie-ups
by Jose Barrock & Yong Yen Nie

KUALA LUMPUR: Three Abu Dhabi-based government-linked companies (GLCs) are said to be eyeing a strategic tie-up that could possibly lead to them taking up an equity stake in Malaysia Building Society Bhd (MBSB).

According to sources close to MBSB, talks were ongoing between officials from the Middle East companies and the Employees Provident Fund (EPF) and the interested parties could possibly start due diligence soon. The EPF has a controlling 52.9% equity in MBSB while the second largest shareholder is Permodalan Nasional Bhd with 10.38%.

“The Abu Dhabi GLCs and the EPF are exploring various options on how to come out with a solution that will enhance the value of MBSB. It could be a strategic tie-up or an arrangement whereby the Middle East parties take up an equity stake,” said sources.

The ultimate objective is to develop some of MBSB’s strategic landbank without the EPF having to fork out any more capital.

According to MBSB’s latest annual report for FY2006, the company has several parcels of attactive land in Kuala Lumpur, Selangor, Melaka and Penang.

Among them is a 92,000-square metre plot in Bandar Yahya Awal Johor Bahru, which has a net book value of some RM61 million. MBSB also has 20,000 sq m of land in Ampang that has a net book value of RM47 million and a 57,300-sq m parcel in Sungai Buloh which was ascribed a net book value of RM32 million. It is not clear from the annual report when the valuations were done.

It should also be noted that MBSB has office buildings in Leboh Ampang, up-market Damansara Heights in Kuala Lumpur and a hotel in Melaka.

The entry of a new partner in MBSB would certainly fit into EPF’s plans to rejuvenate the company which was hit by high non-performing loans (NPLs) more than 10 years ago. The company had incurred the NPLs after the management then went big into end-financing for property development projects. When the crisis came, the projects failed and MBSB, which mainly provides housing loans, was left with many abandoned projects.

A new regime was put in place in EPF and followed by a change in the board and management of MBSB.

According to MBSB’s annual report, the company had about RM1.3 billion in NPLS as at end-2006. It has been reported that at the height of it problems, MBSB’s NPLs were more than RM4 billion.

Over the past few years, EPF has nurtured the company to a reasonable financial health. For the FY ended December 31, 2007, MBSB registered a profit of RM53.22 million on a turnover of RM358.8 million. The profit and turnover are an improvement of about 32% and 22% respectively from a year earlier.

MBSB’s net tangible asset is about RM1.30, which is not far from its closing price of RM1.40 yesterday.

In fact, the mundane MBSB surged yesterday, increasing by 26 sen. It was among the top gainers and among the most actively traded stocks with some 8.6 million shares changing hands.

The Abu Dhabi GLCs are not the first to court MBSB. Last year, there were bids from Bank Rakyat Bhd and Tan Sri Azman Hashim’s RCE Capital Bhd for MBSB.

http://www.theedgedaily.com/cms/ ... a-36306800-cc29f2aa

Mr.Business

新闻。

Analysts: EPF stake sale a precautionary move

By Roziana Hamsawi        
Published: 2008/04/17

SELLING STAKE IN MALAYSIA BUILDING SOCIETY

THE Employees Provident Fund (EPF) is probably taking precautions against a possible slowdown in the mortgage market with its plan to sell part of its home financing arm, analysts said.

Malaysia Building Society Bhd (MBSB) yesterday said a due diligence was being done. It was responding to reports that said three Abu Dhabi government-linked companies are eyeing EPF's stake in MBSB.

The reports also said that the main objective of the sale is to develop some of MBSB's strategic landbank without using EPF money.

"True, MBSB returned to the black since 2004 but with strong competition from other financial institutions within the mortgage market and rising cost of living, EPF has to re-evaluate its strategy," said one analyst.

Another analyst said EPF should not rush through the talks as MBSB, which takes deposits and provides mortgage loans, is not a losing investment.

"But in the current environment, it is wise for EPF to start looking for ways to minimise its risk should the housing loan market slow down," said the analyst.

MBSB last year made RM53.22 million in profit and a turnover of RM358.8 million.

Most analysts, however, said they were uncertain of the benefits of having an Arab investor in MBSB, unless the latter is going global.

Another analyst said the tie-up with a Middle East player could also benefit MBSB's Islamic banking operation which is growing strongly in tandem with consumers' demand for Islamic products and services.

MBSB's stock soared 26 sen on Tuesday but ended yesterday's trade 10 sen lower to RM1.29.

http://www.btimes.com.my/Current ... n/mbys.xml/Article/

预言者

MBSB是谁的？为什么大起？？？？？

khokhokho

原帖由 预言者 于 20-6-2008 06:58 PM 发表
MBSB是谁的？为什么大起？？？？？

  大馬千多隻股，大起也不出起啦。

現在的市是大戶收集市，人家大量收，散戶天天玩 T+3 不死都會好慘~

kensai

MBSB 是政府的

都是做些房屋贷款的生意

catzilla

GLC的公司来的没什么信心。

kftham

冷眼叔叔好象有买他。

蜜瓜西瓜木瓜

IPO 三元多的。。。。

kaiyet

整天讲要收购rcecap的公司。。。。讲了几年了。。。。一个lot都没有收到。。。

蚂蚁小弟

它买１ｌｏｔ是不用报告的吧？
所以可能真的有１ｌｏｔ

霍华德

谣传将被以两至三倍账面值进行私有化。。。目前净资产为每股RM1.38。。。

天海一线蓝

原帖由 霍华德 于 22-6-2008 12:50 AM 发表
谣传将被以两至三倍账面值进行私有化。。。目前净资产为每股RM1.38。。。

傳馬屋業2倍賬面值私有化
即時新聞 國內財經  2008-06-21 16:40
（吉隆坡）市場盛傳，馬屋業（MBSB,1171,主板金融組）將以至少兩倍賬面值的代價被私有化。

《The Edge》引述不具名消息人士的談話指出，馬屋業最大股東僱員公積金局（EPF）與3家阿布扎比政府相關公司組成的財團達成協議，將展開上述計劃。

據稱，兩造將成立特別用途工具（SPV）公司，先收購馬屋業的策略性股權，再展開全面獻購活動。

目前，相關公司正著手策劃這項活動，預期將於未來數週內達成共識。

消息人士表示，上述公司可能以馬屋業的兩倍或三倍賬面值進行私有化。截至今年3月止，馬屋業每股淨資產為1令吉38仙。

星洲互動‧2008.06.21

陳光發

（看了看）嗯.....我也讲不出什么咧~（一手给脸压着注视着荧幕想着想着）（顶着肩膀摊开手）还是将讲好了~这只股阿公的.....会大起嘛.....我看我这里只有暗锤暗缸的咯~没办法....要是早知道会大起抢着进去先后就是赚钱的了啊~不过可惜的不是？没办法~~嗯....（点头点头）现在想到很多大起不是都有炒作的可能啊？嗯？（头到一边注视着无辜的眼神看着着的那种）好了~呼......

蚂蚁小弟

当这个又再谈收购时，是否Ranhill又再讲挖油呢？
嘻嘻

预言者

mbsb要炒到几块？？？？

chopnel

原帖由 预言者 于 23-6-2008 09:16 AM 发表
mbsb要炒到几块？？？？

您老就预言看看啰！

预言者

原帖由 chopnel 于 23-6-2008 09:19 AM 发表


您老就预言看看啰！

我看是时候放了

chopnel

原帖由 预言者 于 23-6-2008 09:24 AM 发表


我看是时候放了

可参考这帖。

http://cforum.cari.com.my/viewthread.php?tid=1246585&extra=page%3D1&page=8