【RCECAP 9296 交流专区】RCE资本

Mr.Business

RCE拥有AmFirst REIT的股份。

Thursday August 2, 2007

AmFirst REIT to buy The Summit Subang USJ for RM260m

PETALING JAYA: AmFirst Real Estate Investment Trust (AmFirst REIT) has proposed to acquire Meda Inc Bhd's mixed commercial development, The Summit Subang USJ, for RM260mil in cash.

The proposed acquisition would include, among others, Menara Summit, The Summit Hotel and a six-storey retail podium, AmFirst REIT told Bursa Malaysia in a filing yesterday.

The proposed acquisition would be funded with bank borrowing and/or equity, the company said.

AmFirst REIT said its manager, Am ARA REIT Managers Sdn Bhd, was actively looking to acquire yield-accretive assets or good quality properties with strong recurring rental income, for revenue and capital growth.

“The proposed acquisition is expected to provide unit holders with higher and more stable distribution with the potential to achieve long-term growth in net asset value of AmFirst REIT,” it said.

Am ARA intends to leverage on the expertise of its Singapore-based partner, the ARA Group, to raise the performance level of The Summit Subang USJ.

The ARA Group currently manages three public-listed REITs in Hong Kong and Singapore, with total assets under management worth about US$4.2bil.

Meda, meanwhile, said the sale of The Summit Subang USJ would effectively reduce the group's gearing and enhance its balance sheet.

“The proposed sale will provide the company with the resources needed to expand and grow its core business with the ultimate objective of enhancing shareholder value and returns in the future,” it added.

Both parties are expected to finalise the deal by the first quarter 2008.

http://biz.thestar.com.my/news/s ... 476857&sec=business

XXXXX

AmFirst REIT buying The Summit
      
August 2 2007

AMFIRST Real Estate Investment Trust (AmFirstREIT) is buying "The Summit Subang USJ", a commercial building that includes a hotel, for RM260 million from Meda Inc Bhd.

The purchase will increase AmFirst REIT's asset size to RM835 million, a step closer to its target asset size ofRM1 billion by March 2008.

As at December 31 2006, the property, which has a retail podium and a car park, had a net book value of RM339.6 million.

AmFirst REIT said in a press release that at the price given, The Summit will offer an attractive property yield for its unit holders. The acquisition will be funded by debt or equity, or a combination of both.

Once the purchase has been completed, its gearing or debt relative to equity is expected to increase to 47.5 per cent from 12.7 per cent as at March 31 2007.

The trust manager, Am ARA REIT Managers, will tap the expertise and proven track record of its partner, the ARA Group from Singapore (a member of Hong Kong-listed Cheung Kong Group), to enhance the performance of the complex.

ARA Group now manages three other public-listed REITs in Hong Kong and Singapore, with total assets under management of about US$4.2 billion (RM14.6 billion).

The development within The Summit includes Menara Summit, a 15-storey office tower block which is 100 per cent occupied; a 17-storey,four-star hotel with an average occupancy of 64 per cent; a six-level retail podium which is 93 per cent occupied; and 2,125 parking bays.

The deal is expected to be completed in the first quarter of 2008.

Meda, in its statement to Bursa Malaysia, said the sale will help it retire borrowings of RM166.29 million.

The rest of the money will be used to grow its core business of property development.

http://www.btimes.com.my/Current_News/BT/Thursday/Frontpage/braug3.xml/Article/

XXXXX

More incentives proposed for property trusts
By Chong Pooi Koon

August 2 2007

MORE incentives for real estate investment trusts(REIT) may come soon from regulators to further enhance the sector's attractiveness, Aseambankers Malaysia Equity Research said yesterday.

Among the changes, the regulators plan toallow property trusts a limited exposure to development activities of up to 10 per cent of their total asset value, it added

Currently, REITs can only be involved in property developments if there are no substantial earnings dilution during the construction period and that a purchase agreement is made subject to the completion of building with proper risk coverage.

The regulators may also give REITsthe flexibility of buying strata-title properties as long as this asset category does not exceed a fifth of their total asset value, the research house said.

"We understand the Government is aware of the need to make Malaysian REITs more competitive vis-a-vis regional peers and is mulling several proposals to promote growth in the sector,including a further cut in witholding taxes on dividends payable by the trusts," Aseambankers analyst Ong Chee Ting wrote in a note to clients yesterday.

Following recent liberalisation measures aimed at spurring the overall property industry, it is widely believed that the next likely step is for the Government to extend these incentives to REITs.

Ong maintained his "overweight" rating on the sector and recommended investors to buy units of Axis REIT, Quill Capita Trust and Atrium REIT.

Other planned changes include a tweak in the guidelines on related-party transactions, which will require REITs to get unitholders' approval before buying real estates from related parties where the value exceeds five per cent of the total fund size.

This is to protect minority investors as there is a visible trend among REITs to buy properties from their sponsors in the coming years.

The regulators are also planning to remove a current rule that requires property trusts to obtain approval for cash acquisitions exceeding 25 per cent of total asset value or revaluation of assets.

This is expected to increase the reliance on independent property valuer and promote self-governance among REIT players, Ong said.

Lastly,he said the regulators are proposing to do away with the requirement for regulatory approval when a REIT buys foreign assets. This should provide more options for property trusts to grow their asset portfolios in the long run, he said.

http://www.btimes.com.my/Current_News/BT/Thursday/Nation/aseam.xml/Article/

[ 本帖最后由 Mr.Business 于 2-8-2007 10:34 AM 编辑 ]

小散户

我将手上1.05价钱的RCE CUTLOSE卖了0.965. . 希望可以趁调整期再以更便宜的价钱收回来.

Mr.Business

GE的新闻。

更新: August 2, 2007 02:47

西金否認私有化
（吉隆坡1日訊）西金（KAF，5096，主板金融）回應馬證交所質詢說，對大股東或私有化公司一事，表示不知情。

《新海峽時報》日前引述消息報導，西金大股東拿督卡蒂嘉配合重組計劃，或將私有化西金。

西金就此回應說：“在查詢所有董事及重要股東后，結果顯示對有關私有化計劃並不知情。”

消息指出，持有西金73%股權的卡蒂嘉，也可能邀請一家外國公司成為西金集團伙伴。上述伙伴選擇包括通用電氣（GE）及一家澳洲銀行。

http://www.chinapress.com.my/con ... mp;art=0802bs17.txt

弹煮

下一道支撑是0.87

小散户

原帖由 弹煮 于 2-8-2007 10:53 AM 发表
下一道支撑是0.87

你是拿什么来做支撑线的?

小散户

原帖由 Mr.Business 于 2-8-2007 10:53 AM 发表
GE的新闻。

更新: August 2, 2007 02:47

西金否認私有化
（吉隆坡1日訊）西金（KAF，5096，主板金融）回應馬證交所質詢說，對大股東或私有化公司一事，表示不知情。

《新海峽時報》日前引述消息報導， ...

这道消息跟RCECAP有什么关系?

弹煮

钢线
看蜡烛。

Mr.Business

前阵子有传闻GE会入股RCE，所以我蛮注意GE的动态。

XXXXX

另一则新闻。

第九计划激励 下半年贷款前景看俏

2007/08/02 10:23:43

●南洋商报 李志雄

（吉隆坡1日讯）尽管国内截至6月份的贷款增长持平在6％，但在贷款申请及批准额分别激增79％及80％、过度贷款及第九大马计划下信贷需求增加的带动下，分析员看好下半年的贷款增长前景。

国家银行昨日刚公布的数据显示，截至6月杪的常年贷款增长率保持在6％水平，与5月份的表现持平。

其中，商业贷款及消费贷款的增长率分别为6％及7.2％，与5月份的数据持平，而在消费贷款当中，住宅贷款及汽车贷款按年分别增长7.3％（5月为7.8％）及3.7％（5月为4％）。

联昌国际证券表示，虽然6月份的贷款增长表现平平，但在上述正面因素的带动下，预料会在下半年反弹。

侨丰投资研究维持今年贷款增长7％的目标，主要是尽管营运环境依然艰辛，但贷款增长的动力却不断增强。

放眼未来，达证券预测贷款增长将达到7至8％，主要是由第九大马计划的正面效应，以及建筑领域的复苏推动。

联昌国际证券表示，商业贷款的申请及批准金额强劲增长，主要是因为显著的财团过度贷款便利，以及发放给交通、储存、通讯、融资、保险及商业服务的贷款增升。

达证券指出，有关数据显示，股票融资及房屋抵押贷款已经取代汽车贷款，成为国内贷款增长的新领头羊。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=756101

[ 本帖最后由 Mr.Business 于 2-8-2007 11:29 AM 编辑 ]

Mr.Business

也在这里汇报一下。

原帖由 Mr.Business 于 2-8-2007 03:41 PM 发表
我刚刚在RM0.47的价钱卖出我的NTPM，卖出的原因是换马，排队（RM0.93）买进RCECAP。

查了查记录，我是于05/01/2007在RM0.37的价钱买进NTPM的,不计算股息，
7个月内回报率有27%，算不错的了。哈。

http://chinese2.cari.com.my/myfo ... page=15#pid31041239

chengyk

Mr.Business 兄，可分享你买进的理由吗?

Mr.Business

投资RCE，不用那么担心油价啊，市场啊，竞争啊。而且RCE的客户都是公务员，大选要来了，政府会把他们弄得很开心，公务员心情好，就会买很多东西，如果顺便向RCE借借钱，那就好了。

原帖由 Mr.Business 于 2-8-2007 08:53 AM 发表
我在研究着RCE的Annual Audited Report。我相信RCE是千里马之一，虽然我参与她的时间是市价RM1.02的时候，我还是觉得她很有potential。她的2007财政年的EPS是9.98sen,以市价RM1.02来计算，她的PE是10，一点都不贵。以她的生意模式来说，只要能把钱借出去，就可以说稳赚了，净利率64.22%(2007财政年), 这样好的生意去哪里找？

这么好的生意，来个PE15都算合理，那就是RM1.50了。。。

RCE的前景在于公务员的消费欲望和他们对未来的"feel good feeling"。现在公务员加薪了，我想公务员会更加乐观，而今年的Hari Raya Puasa是在13/10/2007, 我想节日之前的一个月，他们会消费更多钱，可能也会借贷，RCE的业绩可期。

接下来得谈谈RCE的风险了。我相信她有以下的风险：
1. 熊市来临，外资卖出持有的股份,股价大跌。可是我相信暂时还不会有这个风险。
2. 管理层的素质。RCE向AM BANKING GROUP买了不少业务。我暂时还相信这是为RCE好的所做的投资决定，但是我还需要继续观察。
3. 业务能不能扩展和借贷成本的控制。这个嘛我相信风险不大，Tan Sri Azman Hashim应能处理得很好。

[ 本帖最后由 Mr.Business 于 2-8-2007 04:20 PM 编辑 ]

xzm

还有，根据Malaysia Today，Tan Sri Azman Hashim跟Abdullah的关系非浅：
http://www.malaysia-today.net/blog2006/corridors.php?itemid=6185
http://www.malaysia-today.net/blog2006/corridors.php?itemid=4164

最近Tan Sri Azman Hashim辞去了在AMDB的职位，不知道为什么？

Mr.Business

不知道RCE的Factoring和SME借贷业务的进展如何。。。

XXXXX

第九计划激励 下半年贷款前景看俏 2007/08/02 10:23:43
●南洋商报 李志雄

（吉隆坡1日讯）尽管国内截至6月份的贷款增长持平在6％，但在贷款申请及批准额分别激增79％及80％、过度贷款及第九大马计划下信贷需求增加的带动下，分析员看好下半年的贷款增长前景。

国家银行昨日刚公布的数据显示，截至6月杪的常年贷款增长率保持在6％水平，与5月份的表现持平。

其中，商业贷款及消费贷款的增长率分别为6％及7.2％，与5月份的数据持平，而在消费贷款当中，住宅贷款及汽车贷款按年分别增长7.3％（5月为7.8％）及3.7％（5月为4％）。

联昌国际证券表示，虽然6月份的贷款增长表现平平，但在上述正面因素的带动下，预料会在下半年反弹。

侨丰投资研究维持今年贷款增长7％的目标，主要是尽管营运环境依然艰辛，但贷款增长的动力却不断增强。

放眼未来，达证券预测贷款增长将达到7至8％，主要是由第九大马计划的正面效应，以及建筑领域的复苏推动。

联昌国际证券表示，商业贷款的申请及批准金额强劲增长，主要是因为显著的财团过度贷款便利，以及发放给交通、储存、通讯、融资、保险及商业服务的贷款增升。

达证券指出，有关数据显示，股票融资及房屋抵押贷款已经取代汽车贷款，成为国内贷款增长的新领头羊。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=756101

Mr.Business

CMBS的Residential Mortgage-Backed Securities和RCE计划发出的Asset-Backed Securities的操作原理是一样的。

XXXXX

再抵押馬建屋推出
24億住宅抵押後盾債券        

updated:2007-08-02 12:18:27 MYT

（吉隆坡訊）大馬再抵押馬建屋公司（CMBS）今日（週三，1日）推出最大規模的住宅抵押為後盾債券，指標面值約24億1000萬令吉。

大馬再抵押馬建屋是特別用途機構，主要成立為進行大馬政府宿舍便利證券化工作，有關組合價值約30億令吉。

政府也是此項交易的發起人和服務提供者，以便從公務員和退休人士的薪資和退休金攤還計劃中扣除抵押定期攤還款額。

住宅抵押為後盾證券分3年、5年、7年、10年、12年、15年和20年，通過數階段發出，大馬債券評估和大馬評估機構都給予上述債券計劃最高的AAA評級，反映其組合資產的卓越素質。

大馬投資銀行和聯昌國資銀行是上述證券計劃的聯合主要顧問、聯合主導安排人和聯合主導管理人，以便把住宅抵押為後盾的證券售給本地和外國投資者。

這計劃主要迎合市場對架構債券工具的需求，以支持政府強化資產為後盾的證券市場之努力。 （星洲日報/財經•2007.08.02）

XXXXX

02-08-2007: Cagamas launches RM2.4b issue

KUALA LUMPUR: Cagamas MBS Bhd (CMBS) yesterday launched its fifth and largest issuance of Residential Mortgage-Backed Securities (CMBS 2007-2) with an indicative value of RM2.41 billion.

Announcing the issuance yesterday, Cagamas Bhd said it involves the acquisition of about RM3 billion portfolios of government staff housing facilities. CMBS is wholly-owned by Cagamas.

The government as the originator and the servicer for this transaction, is obliged to deduct the mortgage instalments from the salary and pension payments to staff and pensioners respectively, it said.

Cagamas said CMBS 2007-2 was expected to be issued in multiple tranches of 3, 5, 7, 10, 12, 15 and 20 years, and has been rated AAA by both Malaysian Rating Corporation Bhd (MARC) and RAM Rating Services Bhd (RAM).

“The rating reflects the superior quality of the underlying assets of the portfolio and the integrity of the legal and payment structure of the transaction,” it said.

It said the strong rating was also a reflection of the strength of the counterparties, which include the government as the servicer for the assets and Cagamas as the transaction administrator and administrator.

“Other key factors considered for the assigned rating of AAA include the quality of mortgages, which is further reinforced by the eligibility criteria which, amongst others, require that monthly salary and pension exceed the mortgage instalments,” it said.

http://www.theedgedaily.com/cms/ ... a-3c931400-6f9f0e78

XXXXX
CAGAMAS MBS BERHAD LAUNCHES LARGEST EVER ISSUANCE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES     

Kuala Lumpur, August 1

Cagamas MBS Berhad (“CMBS”) today launched its fifth and to date, its largest issuance of Residential Mortgage-Backed Securities (CMBS 2007-2) of indicatively RM2.41 billion in nominal value.
CMBS,wholly-owned by Malaysia’s national mortgage corporation, Cagamas Berhad (“Cagamas”), is a special purpose entity set up solely to undertake the securitisation of the Government of Malaysia’s (“GOM”) staff housing facilities.
This issuance involves the acquisition of approximately RM3.0 billion portfolio of GOM’s staff housing facilities.
The GOM, as the originator and the servicer for this transaction, is obliged to deduct the mortgage installments from the salary and pension payments to staff and pensioners respectively.
CMBS 2007-2 is expected to be issued in multiple tranches of 3, 5, 7, 10,12, 15 and 20 years and has been accorded the highest indicative rating of AAA by both Malaysian Rating Corporation Berhad (MARC) and RAM Rating Services Berhad (RAM). The rating reflects the superior qualityof the underlying assets of the portfolio and the integrity of the legal and payment structure of the transaction. This strong rating is also a reflection of the strength of the counterparties which include the GOM as the Servicer for the assets and Cagamas as the Transaction Administrator and Administrator. Other key factors considered for the assigned rating of AAA include the quality of mortgages which is further reinforced by the eligibility criteria which, amongst others,require that monthly salary and pension exceed the mortgage installments.
The underlying pool of assets backing CMBS 2007-2 are the most seasoned of all the issuances by CMBS todate, with a weighted average seasoning of 7.58 years.
AmInvestment Bank Berhad (“AmInvestment”) and CIMB Investment Bank Berhad (“CIMB”) act as Joint Principal Advisers, Joint Lead Arrangers and Joint Lead Managers for CMBS 2007-2. As Joint Lead Managers, AmInvestment and CIMB will market CMBS 2007-2 to both local and foreign investors. CMBS2007-2 is structured to cater to market demand for structured debt securities instruments as well as to support the GOM’s effort in strengthening the Asset-Backed Securities market.

http://www.cagamas.com.my/caga-docs/html-dir/news.html#Press19

[ 本帖最后由 Mr.Business 于 2-8-2007 05:12 PM 编辑 ]

小散户

你好像是RCECAP派来酱的...忠实粉丝..
股市里常常说. 千万别跟你买的股票谈恋爱..

泡影爵士

听得你说得很有道理酱，
明天排队买进0.93，
希望不会lai yeh。。。
希望两个月后有所表现!!

Mr.Business

原帖由 小散户 于 3-8-2007 02:01 AM 发表
你好像是RCECAP派来酱的...忠实粉丝..
股市里常常说. 千万别跟你买的股票谈恋爱..

哈，我不是RCECAP派来的，也不是跟RCECAP谈恋爱。我只是与大家分享我的功课。

原帖由 泡影爵士 于 3-8-2007 02:17 AM 发表
听得你说得很有道理酱，
明天排队买进0.93，
希望不会lai yeh。。。
希望两个月后有所表现!!

买卖自负哦，我买进RCECAP是因为我做了功课，对她有信心。你的信心是从哪里来的呢？
我可没叫CARI网友投资RCECAP，各位自己要考虑清楚哦。

kitkatlow

不知爲什麽，看到你做這麽夠力詳細的功課，又看到股價下跌，馬上勾起我某個慘痛的回憶。。。

Mr.Business

我原本想打赌"如果这次还像上次的结局的话，我就退出股市！"。
后来想想，还是不要讲的这么绝好了。。。哈。。。。

origen

大老，不好这么讲啦！你应该多多鼓励，顺道也买一些。。