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发表于 17-8-2007 10:38 AM
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请问有人是Kenanga的客户吗？能不能分享Kenanga的RCE研究报告？
16-08-2007: RCE to retain niche market
RCE Capital Bhd will continue to have a niche by catering to government employees and enable it to charge higher interest rates, and incur low default risks, says Kenanga Research.
It said the business was characterised by wide net interest margins due to civil servants’ lack of sensitivity to interest rates, and low risk of payment default with Angkatan Koperasi Kebangsaan Malaysia Bhd’s (Angkasa) salary deduction scheme.
RCE had differentiated itself in this industry by its fast turnaround time for loan processing and disbursement.
On the impending Co-operative Societies Commission Act, Kenanga Research said it had given rise to some concerns regarding its impact on RCE’s business.
Key issues were the requirement that co-operatives deposit all excess cash into two new commission-managed funds, and uncertainty as to whether the commission will institute any regulatory changes.
However, it said there was no immediate threat to RCE’s operations and that RCE would not be governed by the new Act.
Kenanga Research said RCE was positive about the closer regulation of co-operatives under the Act as it would bring stability and greater professionalism to the sector, and potentially larger membership.
The research house said the issuance of asset-backed securities (ABS) worth a total RM1.5 billion would help fund expansion for the next 5½ years.
The first tranche of ABS with a maximum RM100 million was slated to be issued by the end of 2007. As at March 31, 2007, net loan receivables were RM414.6 million. The ABS was expected to gradually lower RCE’s cost of funds by 1% to 1.5% from about 9% at present.
RCE was confident it would be able to place out the full amount of funds raised as demand for loans by civil servants is upheld by the recent hike in salaries and a potentially upbeat Budget in September filled with pre-election goodies.
Growth in demand for loans would be buoyed by civil servants’ pay rise and an election-friendly Budget, it said.
It also said Angkasa’s monthly deductions had grown by 1% month-on-month. In June 2007, RCE accounted for 2.8% of Angkasa’s total collection of RM424.7 million.
The number of RCE member accounts had also grown by 14% over six months to 40,000 accounts from 35,000 in March 2007. Further growth would come from tie-ups with new co-operatives.
Kenanga Research said RCE was on-track to achieve its FY08 net profit forecast of RM55.2 million. The estimated 13% lower on-year FY08 net profit was due to the firm’s effective tax rate normalising to 28% in FY08 from 14% in FY07, and the full year of interest expense incurred on the medium-term notes issue.
“We have assumed loans growth of 35% and 20% in FY08 and FY09 respectively,” it said.
It added that while RCE did not have a strict dividend policy, it aims to pay out 10% of net profit in dividends in keeping with its maiden dividend of one sen paid in FY07.
“Utilising a 12 times price-to-earnings (at 5% discount to regional sector average) PER applied to FY09 EPS of 10.2 sen, we obtain a target price of RM1.20. Our forecast is based on FY09 results as the full effect of the new ABS issue will only be evident then,” it said.
http://www.theedgedaily.com/cms/ ... a-d647d800-15f0f955
[ 本帖最后由 Mr.Business 于 17-8-2007 10:39 AM 编辑 ] |
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