【MAYBANK 1155 交流专区】马银行

scsiang82

Friday October 3, 2008
Analysts: BII buy still expensive
By LAW KAI CHOW


PETALING JAYA: Analysts say Malayan Banking Bhd’s (Maybank) revised acquisition price of PT Bank Internasional Indonesia Tbk (BII) is still expensive despite a rebate of RM758.9mil.

An analyst with HwangDBS Vickers Research said although the rebate reduced Maybank’s purchase price to 433 rupiah (15.7 sen) per BII share from 510 rupiah (18.5 sen) earlier, the new deal was still more than four times BII’s book value compared with 4.7 times before.

“It is still expensive because, historically, Indonesia’s mergers and acquisitions are priced between two and 2.5 times book value. We predict Maybank may take longer to turn over its earnings equity, probably in the financial year ending June 30, 2011 (FY11),” she told StarBiz yesterday.

“In view of this development, we expect Maybank’s share price to remain under pressure when the stock market opens on Friday (today),” she said, adding that she expected Maybank’s takeover of BII to be completed by FY10.

Three days ago, Maybank signed a supplement agreement with Singapore’s Fullerton Financial Holdings Pte Ltd and Kookmin Bank of South Korea to acquire BII at a 15% discount, making the total acquisition cost of 55.6% stake in BII held by Sorak Financial Holdings Pte Ltd to RM4.26bil from RM4.8bil previously.

Sorak is 75%-owned by Fullerton, a unit of Temasek Holdings Pte Ltd, and 25%-owned by Kookmin.

During the Prime Minister’s Hari Raya open house on Wednesday, Deputy Prime Minister Datuk Seri Najib Tun Razak said Maybank’s decision to acquire BII was made prior to the global financial crisis and thus it could not back out from its agreement now.

The acquisition was a commercial decision solely made by Maybank and the Government was not involved, he said, adding that the takeover of the republic’s fifth largest bank would, however, benefit Maybank.

Meanwhile, Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar had said in a statement on Tuesday that the acquisition would expand its presence in Indonesia.

Wahid said Indonesia was a key market for the bank to become a leading regional financial services group.

“Our focus will be on making good of our investment in BII and working with BII’s current management to grow the bank despite the challenging economic environment globally,” he said.

Kenanga Research head of research Yeonzon Yeow said he also felt the new deal was expensive.

However, he expected the entire takeover exercise to be completed by early next year and estimated that BII would start contributing to Maybank’s earnings equity in three years.

He said the latest agreement might not be final as it was still subject to approvals by Indonesian financial regulator Bapepam and Bank Negara.

“Bapepam may not approve it if the price is too low, while Bank Negara will want to make sure that the acquisition does not increase Malaysia’s business risks significantly.

“Nevertheless, we maintain a ‘buy’ call with a target price of RM8.80 because Maybank’s shares trade at a discount against the last closing price of RM6.90. In addition, we expect Maybank to maintain a 60% dividend payout ratio,” he added.

http://biz.thestar.com.my/news/story.asp?file=/2008/10/3/business/2178780&sec=business

神股

就块变病猫了！

傻人最有傻福

不是病”虎“吗？？？

wtk75

Maybank购买BII和Proton购买Agustar看似一样招数，
破釜沉舟，在所不惜，背水一战。。。
这当中似乎有不可告人的秘密。
说不定。。嘿嘿。。哈哈

东风不破

M2U的CDS户口是不是买不到Maybank的股票？
我户口明明有钱，可是当我键入单位以后再按确定，
可是系统显示一定要用现金买。 ？？
到目前为止，其他股从未试过这样的问题。

东风不破

要是明天跌倒6.20，考虑买些来短收。

死神黑崎一护

可以局部买进maybank了。

988fulot10

原帖由 东风不破 于 3-10-2008 11:18 PM 发表

要是明天跌倒6.20，考虑买些来短收。

明天有开市吗， ，，为什么有开市的，，，

密码侦探

原帖由 东风不破 于 3-10-2008 11:18 PM 发表

要是明天跌倒6.20，考虑买些来短收。

要是明天跌倒6.20，我也考虑买些来短收。

东风不破

原帖由 988fulot10 于 3-10-2008 11:53 PM 发表


明天有开市吗， ，，为什么有开市的，，，

忘了没开市，呵呵。。。。

东风不破

原帖由 密码侦探 于 4-10-2008 12:12 AM 发表

要是明天跌倒6.20，我也考虑买些来短收。

好，我们一起等6.20。

傻人最有傻福

馬銀行購BII敲槌‧購價仍高‧盈利前景打折扣‧馬銀行一度跌5年半新低
（吉隆坡）儘管馬來亞銀行（MAYBANK,1155,主板金融組）收購印尼國際銀行（BII）告一段落，但分析員認為，新購價為BII價格對賬面值的4.3倍，仍然相當昂貴，無法消除市場的隱憂。
早前的購價為價格對賬面值的4.7倍（以BII每股510印尼盾計），而新購價仍比印尼挂牌銀行的估值高出逾一倍。
與此同時，全球金融市場動盪對區域金融的衝擊，馬銀行的減值虧損估計仍高達32億令吉，進而令其未來盈利前景蒙上陰影；削弱其股息派發能力；同時也無法紓緩國行較早對馬銀行盈利前景的疑慮。
投資BII無法2年回本
再者，以現有艱巨的銀行業營運環境，馬銀行預期BII的投資在2年回本的目標或許也遙不可及。
有鑑於此，馬銀行經過2天暫停交易後，今日（10月3日）復市盤價即滑瀉至5年半的新低，嚴重拖累馬股綜指的跌勢。
馬銀行股價急挫4.35%
馬銀行早盤一度急挫5.8%至6令吉50仙，寫下自2003年5月27日以來的低水平。中午休市挂6令吉55仙，劇挫35仙或5%，進而拖累綜指滑落3.17點。
馬銀行午後無法扳回劣勢，以6令吉60仙收盤，跌30仙或4.35%。
經過一波三折後，馬銀行收購印尼國際銀行（BII），終在本週二（9月30日）拍案敲定。馬銀行獲得賣方共3億1520萬新元（大約7億5890萬令吉）或約8.4%的回扣，或每股購價為433印尼盾。
馬銀行向富登金融控股及韓國國民銀行收購的BII55.5%股權總代價約42億6000萬令吉，早前為49億令吉。
在全面獻購下，馬銀行需掏出另40億2000萬令吉收購其餘股權，使總購價為82億9000萬令吉（較早約89億令吉），BII的每股平均成本為467印尼盾。
一些分析員認為，馬銀行收購案成定局，厘清市場的疑慮，也為馬銀行進軍印尼潛能龐大的市場鋪路。
聯昌研究透露，擁有2億2480萬龐大人口的印尼，其金融服務市場仍未全面滲透，其貸款對國內生產總值比率僅達24%，在區域是最低之一，而大馬為102%、新加坡100%以及泰國75%。
再者，印尼的凈利率賺幅也冠區域，達5至6%，大馬僅為2至3%。
聯昌研究說，鑒於售出BII股權的最高虧損受限於總成本的10%，因此，新成交價也意味其最高虧損從90億令吉下調至82億5000萬令吉，將對馬銀行未來盈利造成打擊。

imlouis

等着做武松。。。。。。。。。。。。。

hello_hello92

有点但心。。。

密码侦探

担心什么?怕老虎会爬树?

cct2048

原帖由 东风不破 于 4-10-2008 08:02 AM 发表





好，我们一起等6.20。

何必等 6.20 的 Maybank
不如买 Citigroup Inc


http://finance.yahoo.com/echarts?s=C#chart1:symbol=c;range=my;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

密码侦探

你是用什么ACC买美国股?

cct2048

原帖由 密码侦探 于 5-10-2008 02:56 PM 发表
你是用什么ACC买美国股?

去 OSK 问

密码侦探

幸好上个星期没买

ken8288

老虎吃了泻药，不知几时才止泻~~~~~