【RCECAP 9296 交流专区】RCE资本

icy97

RCE资本全年股息上看6仙

2017年11月11日

分析：马银行投行研究
目标价：1.95令吉

最新进展：

因为净利息收入增加和营运开销减少，RCE资本（RCECAP，9296，主板金融股）截至9月30日次季，净利按年增长18.55%，且宣布派发每股3仙中期单层股息。

利息收入增加，也带动次季营业额从5616万令吉，按年攀升9.62%至6156万5000令吉。

合计上半年，净利按年上扬18.96%至4274万3000令吉，或每股12.58仙。

行家建议：

我们认为，公司派发3仙中期股息实为惊喜。因此，将2018财年全年股息预测，由3.5仙增至6仙。

而首半年业绩亦符合预期，净利达我们全年预测的51%。不过，贷款增长却由上财年的11.6%大幅跌至6%，属意料之外。

我们认为，贷款批准率料会继续走低，因此，下修公司未来三财年的贷款增长预测至5到6.5%。在此之前，我们预计公司在2018至2020财年，可录得6到8%的贷款增长。

同时，维持今财年财测不变，但将2019和2020财年的净利预测，各别下调3%和4%。

虽然稍砍财测，但我们认为RCE资本的估值依然颇具吸引力，加上今财年潜在达3.8%的周息率亦相当诱人。因此，维持“买入”评级，但将目标价由2.10令吉，下修至1.95令吉。



【e南洋】

icy97

利息与收费收入上扬 推动RCE资本净利涨5.2%
Billy Toh/theedgemarkets.com
February 08, 2018 20:51 pm +08

（吉隆坡8日讯）截至2017年12月31日止第三季（2018财年第三季），RCE资本（RCE Capital Bhd）的净利年增5.2%至2292万令吉，上财年同期为2177万令吉，归功于消费者融资业务的利息与收费收入增加。

每股盈利从2017财年第三季的6.52仙，增至2018财年第三季的6.71仙。季度营业额从5798万令吉，按年提高10.4%至6400万令吉，主要是消费者融资业务把贷款基础从15亿令吉扩大至16亿令吉，进而推高了利息与收费收入所致。

累积首9个月（2018财年首9个月），该公司净赚6566万令吉，比一年前的5770万令吉，按年上扬13.8%。

营业额则按年上涨10%至1亿8266万令吉，2017财年首9个月为1亿6608万令吉。

该公司在文告中表示，贷款投资组合质量仍然是优先考量，因为该公司定期评估产品和信用评分模式，以便在动态市场环境中保持竞争力和相关性。

“这可辅助按风险评估的定价方法，有助于我们管理预期收益率和回报率。同时，公司通过持续的流程简化和技术提升举措来提高运营效率，致力保持增长。”

该公司将以谨慎姿态应对当前竞争剧烈的市场环境，并预计消费者融资业务将温和增长。尽管如此，该公司将继续专注于激励和监督分销渠道的表现。

对于截至今年3月31日止财年的盈利，该公司期望表现比2017财年出色，推动力来自消费者融资业务的需求以及公司努力利用其关键业务的优势。


（编译：魏素雯）

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	63,997	57,982	182,664	166,077
2	Profit/(loss) before tax	29,987	23,702	87,300	72,635
3	Profit/(loss) for the period	22,916	21,774	65,659	57,704
4	Profit/(loss) attributable to ordinary equity holders of the parent	22,916	21,774	65,659	57,704
5	Basic earnings/(loss) per share (Subunit)	6.71	6.52	19.30	17.56
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	3.00	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 ($$)	1.4500		1.3100

icy97

升息影响微．RCE贷款料快速成长
http://www.sinchew.com.my/node/1726990/

（吉隆坡9日讯）RCE资本（RCECAP,9296,主板金融组）最新业绩略为超越预期，分析员认为利率上调对该公司的信贷成本影响不大，同时看好其贷款业务可更快速成长。

净利息赚幅持续扩张

马银行研究表示，RCE资本2018财年第三季核心净利增长39%至2290万令吉，带动首9月净利扬升25%至6570万令吉，占该行全年财测的78%，表现比预期高出3%，主要由于贷款更快速增长和净利息赚幅持续扩张。

该公司截至2017年12月杪的贷款成长8%，比9月杪的6%更高。

该行估计，RCE资本的净利息赚幅按季扩张10基点，受新的更高回酬贷款所支撑，足以抵消信贷成本增加的影响。

随着隔夜政策利率自2018年1月起调高25基点，该行将RCE资本的借贷成本预测同步上调25基点。正面来看，固定利率的伊债占其总借贷的48%，将可缓和整体冲击。

该行预期RCE资本2019财年净利息赚幅只萎缩5基点，对比2018财年为增加20基点。

该行将RCE资本2018-2019财年的贷款成长预测从6.5至6.0%，上调到8%至7%。预期在新会计准则MFRS9实施后，2019财年信贷成本增加30基点。

RCE资本的资产素质保持稳定，呆账率从2017年3月杪的4.2%逐步降低至2017年杪的4.1%，贷款亏损覆盖率保持在稳健的179%水平，基于上述考量，该行将2018-2020年财测上调3至4%。

马银行对RCE资本保持“买进”评级，目标价1令吉95仙。

文章来源：
星洲日报／财经 ‧ 报道：李勇坚 ‧2018.02.09

Ztd3088

好消息：第四季赚近7仙，派股息4仙，全年净赚26仙多

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2018	31 Mar 2017	31 Mar 2018	31 Mar 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	63,242	57,254	245,906	223,331
2	Profit/(loss) before tax	30,073	28,855	117,373	101,490
3	Profit/(loss) for the period	23,022	21,245	88,681	78,949
4	Profit/(loss) attributable to ordinary equity holders of the parent	23,022	21,245	88,681	78,949
5	Basic earnings/(loss) per share (Subunit)	6.73	6.35	26.03	23.92
6	Proposed/Declared dividend per share (Subunit)	4.00	3.00	7.00	3.00
		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 ($$)	1.5200		1.3100

icy97

Type	Announcement
Subject	OTHERS
Description	RCE CAPITAL BERHAD ("RCE" or "the Company")- FINAL DIVIDEND FOR FINANCIAL YEAR ENDED 31 MARCH 2018 AND DIVIDEND GUIDANCE
Final Dividend The Board of Directors of RCE is pleased to propose a final single-tier dividend of 4.0 sen per ordinary share in respect of the financial year ended 31 March 2018, subject to the approval of the shareholders at the forthcoming Sixty-Fourth Annual General Meeting of RCE. The entitlement date and date of payment in respect of the aforesaid final dividend will be determined and announced in due course. Dividend Guidance The Board of Directors of RCE also wishes to announce that the Company has adopted a dividend payout ratio of within a range of 20% to 40% of its consolidated profit after tax for financial year ending 31 March 2019 onwards as a Dividend Guidance, provided that such distribution will not be detrimental to the Company’s cash flow requirements. In considering the dividend payments, the Company will take into account various factors including:- (1)       the Group’s financial performance; (2)       the level of the Group’s available cash and cash equivalents; (3)       the projected level of working capital, capital expenditure and any other investment plans; and (4)       satisfactory cash flow solvency test. The Board will re-evaluate and review the Dividend Guidance on an on-going basis, taking into consideration of the Group’s financial position, regulatory environment and business prospects. This announcement is dated 8 May 2018.

icy97

icy97

RCE CAPITAL BERHAD

EX-date	13 Sep 2018
Entitlement date	18 Sep 2018
Entitlement time	05:00 PM
Entitlement subject	Final Dividend
Entitlement description	Final Single-Tier Dividend of 4 sen per ordinary share
Period of interest payment	to
Financial Year End	31 Mar 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower AVertical Business Suite, Avenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurTel: 03-2783 9299
Payment date	04 Oct 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	18 Sep 2018
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	0.04

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2018	30 Jun 2017	30 Jun 2018	30 Jun 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	63,235	57,102	63,235	57,102
2	Profit/(loss) before tax	31,110	27,382	31,110	27,382
3	Profit/(loss) for the period	23,199	20,928	23,199	20,928
4	Profit/(loss) attributable to ordinary equity holders of the parent	23,199	20,928	23,199	20,928
5	Basic earnings/(loss) per share (Subunit)	6.81	6.18	6.81	6.18
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 ($$)	1.5700		1.5200

icy97

icy97

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2018	30 Sep 2017	30 Sep 2018	30 Sep 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	64,964	61,565	128,199	118,667
2	Profit/(loss) before tax	31,256	29,931	62,366	57,313
3	Profit/(loss) for the period	23,452	21,815	46,651	42,743
4	Profit/(loss) attributable to ordinary equity holders of the parent	23,452	21,815	46,651	42,743
5	Basic earnings/(loss) per share (Subunit)	6.90	6.40	13.71	12.58
6	Proposed/Declared dividend per share (Subunit)	4.00	3.00	4.00	3.00
		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 ($$)	1.6000		1.5200

icy97

EX-date	27 Nov 2018
Entitlement date	29 Nov 2018
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim Single-Tier Dividend of 4 sen per ordinary share
Period of interest payment	to
Financial Year End	31 Mar 2019
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower AVertical Business Suite, Avenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurTel: 03-2783 9299
Payment date	13 Dec 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	29 Nov 2018
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	0.04

icy97

Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF NEW SUBSIDIARY- RCE CREDIT PTE. LTD.
RCE Capital Berhad ("RCE") wishes to announce the incorporation of RCE Credit Pte. Ltd., a wholly-owned subsidiary of RCE on 19 December 2018. RCE Credit Pte. Ltd. is incorporated in Singapore with an issued and paid-up share capital of SGD1.00 comprising one (1) ordinary share. The intended principal activity of RCE Credit Pte. Ltd. is investment holding. This announcement is dated 19 December 2018.

icy97

Type	Announcement
Subject	OTHERS
Description	RCE CAPITAL BERHAD ("RCE" OR "THE COMPANY")- TERM SHEET FOR THE PROPOSED INVESTMENT IN PRIVATE DEBT SECURITIES OF CREDIT CULTURE PTE. LTD. BY RCE AND/OR ITS WHOLLY-OWNED SUBSIDIARY
The Board of Directors of RCE wishes to announce that RCE had on 22 January 2019 entered into a term sheet ("Term Sheet") with Credit Culture Pte. Ltd. ("CC") for the proposed subscription of private debt securities of up to the nominal value of SGD40.0 million (equivalent to approximately RM121.4 million) to be issued by CC in different tranches from time to time ("Proposed Investment"). As part of the Proposed Investment, CC will grant call options to RCE to subscribe for up to 30% equity stake in CC on an enlarged basis. Further details on the Term Sheet are set out in the attachment. This announcement is dated 22 January 2019.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6041881

Attachments Proposed Investment in Credit Culture Pte Ltd.pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Dec 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	66,976	63,997	195,175	182,664
2	Profit/(loss) before tax	35,475	29,987	97,841	87,300
3	Profit/(loss) for the period	25,155	22,916	71,806	65,659
4	Profit/(loss) attributable to ordinary equity holders of the parent	25,155	22,916	71,806	65,659
5	Basic earnings/(loss) per share (Subunit)	7.37	6.71	21.08	19.30
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	4.00	3.00
		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 ($$)	1.6400		1.5200

icy97

icy97 发表于 6-2-2019 05:56 AM
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6041881

Type	Announcement
Subject	OTHERS
Description	RCE CAPITAL BERHAD ("RCE" OR "THE COMPANY")- PROPOSED INVESTMENT IN PRIVATE DEBT SECURITIES OF CREDIT CULTURE PTE. LTD. BY RCE CREDIT PTE. LTD. ("RCE CREDIT"), A WHOLLY-OWNED SUBSIDIARY OF RCE
We refer to our announcement made on 22 January 2019 in relation to the term sheet dated 22 January 2019 (“Earlier Announcement”) entered into between the Company and Credit Culture Pte. Ltd. (“CC”) for the proposed subscription of private debt securities of up to the nominal value of SGD40.0 million (equivalent to approximately RM120.4 million) to be issued by CC in different tranches from time to time. Further to the Earlier Announcement, the Board of Directors of RCE wishes to announce that RCE Credit, a wholly-owned subsidiary of RCE, had on 29 March 2019 entered into a subscription agreement (“Subscription Agreement”) with CC for the proposed issue by CC, and subscription by RCE Credit, of notes with an aggregate principal value of up to SGD40.0 million (equivalent to approximately RM120.4 million) comprising two equal tranches of SGD20.0 million each (equivalent to approximately RM60.2 million) (“Proposed Investment”). Further details on the Proposed Investment are set out in the attachment. This announcement is dated 29 March 2019.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6111637

Attachments Proposed Investment in Credit Culture Pte. Ltd..pdf

icy97

Type	Announcement
Subject	OTHERS
Description	RCE CAPITAL BERHAD ("RCE") - PROPOSED INVESTMENT IN PRIVATE DEBT SECURITIES OF CREDIT CULTURE PTE. LTD. BY RCE CREDIT PTE. LTD. ("RCE CREDIT"), A WHOLLY-OWNED SUBSIDIARY OF RCE
We refer to our announcements made on 22 January 2019 and 29 March 2019 (“Earlier Announcements”). Unless otherwise stated, the definitions used throughout this announcement shall have the same meaning as defined in the Earlier Announcements. Further to the Earlier Announcements, the Board of Directors of RCE wishes to announce that RCE Credit, a wholly-owned subsidiary of RCE, has terminated the Subscription Agreement due to non-fulfilment of the conditions precedent provided therein. Accordingly, the Call Option Agreements shall cease to be in force. The termination of the Subscription Agreement and Call Option Agreements are not expected to have any material effect on the earnings per share and net assets per share of RCE for the financial year ending 31 March 2020. This announcement is dated 25 April 2019.

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2019

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2019	31 Mar 2018	31 Mar 2019	31 Mar 2018
		$$'000	$$'000	$$'000	$$'000

1	Revenue	67,395	63,242	262,570	245,906
2	Profit/(loss) before tax	33,248	30,073	131,089	117,373
3	Profit/(loss) for the period	23,727	23,022	95,533	88,681
4	Profit/(loss) attributable to ordinary equity holders of the parent	23,727	23,022	95,533	88,681
5	Basic earnings/(loss) per share (Subunit)	6.94	6.73	28.02	26.03
6	Proposed/Declared dividend per share (Subunit)	5.00	4.00	9.00	7.00
		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 ($$)	1.7100		1.5200

icy97

Type	Announcement
Subject	OTHERS
Description	RCE CAPITAL BERHAD ("RCE")- FINAL DIVIDEND
The Board of Directors of RCE is pleased to propose a final single-tier dividend of 5.0 sen per ordinary share in respect of the financial year ended 31 March 2019, subject to the approval of the shareholders at the forthcoming Sixty-Fifth Annual General Meeting of RCE. The entitlement date and date of payment in respect of the aforesaid final dividend will be determined and announced in due course. This announcement is dated 28 May 2019.