The Board of Directors of AFFIN ("Board") wishes to announce that with effect from financial year 2012, the Company will be adopting a dividend policy to pay a minimum dividend based on 50% of the Company's profit after taxation for each financial year, provided the distribution would not be detrimental to the Company's cash requirement or any plans approved by the Board.
In recommending dividends, the Board endeavours to maintain a consistent and regular dividend payment policy that promotes a stable stream of return to the shareholders of AFFIN Holdings Berhad, taking into consideration the allocation of capital resources to support the organic business growth of the Group.
The dividend policy reflects the Directors' current views on the Company's financial position and shall not constitute a legally binding statement in respect of the Company's future dividends which are subject to modification at the Board's discretion.
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Friday, 25 May 2012
Wednesday, 23 May 2012
ECONOMIC AND FINANCIAL DEVELOPMENTS IN MALAYSIA IN THE FIRST QUARTER OF 2012
OVERVIEW
Growth of the Malaysian economy moderated in the first quarter
Global economic growth expanded at a slower pace in the first quarter of 2012. While growth in the US improved, several European economies slipped into recession. In Asia, economic activity continued to expand, albeit at a moderate pace, due to the slower export growth during the quarter. Domestic demand continued to provide support to economic activity. Notwithstanding the challenging external environment, growth of the Malaysian economy was sustained at 4.7% (4Q 11: 5.2%). Domestic demand remained firm, supported by both private and public sector economic activity, while exports moderated amid weaker external demand. On the supply side, growth in most major economic sectors moderated in the first quarter, as the more modest growth in export-oriented activity more than offset the sustained growth in domestic-oriented activity.
Domestic demand remained resilient, increasing by 9.6% (4Q 11: 10.4%). Growth of private consumption remained strong at 7.4% (4Q 11: 7.3%), supported mainly by continued income expansion and stable labour market conditions and reinforced by high commodity prices, improved consumer sentiments, and the disbursement of the income support programmes. Public consumption grew by 5.9% (4Q 11: 22.9%) amid continued expansion in spending on emoluments and supplies and services. Gross Fixed Capital Formation increased at a faster pace of 16.1% (4Q 11: 8.4%), supported by capital spending by both the private and public sectors. Private investment expanded strongly, supported by the implementation of investment projects, particularly in the oil and gas sector. For public investment, the Federal Government’s development expenditure was mainly channeled into the trade and industry, and public utilities sectors, while capital spending by the non-financial public enterprises (NFPEs) was channeled mainly into the transportation and mining sectors.
On the supply side, both the services and manufacturing sectors moderated further in the first quarter, reflecting the more modest growth in trade-related activity and continued expansion in domestic-related activity. Growth in the construction sector strengthened further, supported by the implementation of civil engineering projects and development of residential projects. The agriculture sector moderated on account of slower production of crude palm oil and rubber, while the mining output turned around to record a marginal growth.
The headline inflation rate, as measured by the annual change in the Consumer Price Index (CPI), moderated to 2.3% in the first quarter of 2012 (4Q 11: 3.2%). Inflation in the food and non-alcoholic beverages category was lower due mainly to a smaller increase in meat prices and a decline in the price of vegetables. Inflation in the transport category moderated as the impact from the adjustment to the price of RON97 petrol in January and February 2011 tapered off.
In the external sector, the current account surplus narrowed in the first quarter, but remained sizeable at RM18.1 billion, equivalent to 8.4% of GNI. The lower surplus reflected the smaller goods surplus and larger income outflows. The goods surplus narrowed to RM32 billion as import growth outpaced the expansion in exports.
and higher outflows of equity capital. The overall balance of payments turned around to record a deficit of RM7.2 billion in the first quarter (4Q 11: +RM6.2 billion), following a lower current account surplus and a higher net outflow from the financial account.
The international reserves of Bank Negara Malaysia amounted to RM416.1 billion (equivalent to USD135.7 billion) as at 30 March 2012. The reserves level has taken into account the quarterly adjustment for foreign exchange revaluation loss, following the strengthening of ringgit against major and regional currencies during the quarter. As at 15 May 2012, the reserves position amounted to RM417.5 billion (equivalent to USD136.1 billion), sufficient to finance 9.3 months of retained imports and is 4.1 times the short-term external debt.
Monetary policy remained supportive of economic activity
The Overnight Policy Rate (OPR) was left unchanged at 3.00% in the first quarter. At the prevailing level of the OPR, monetary conditions remain supportive of economic activity.
Reflecting the unchanged OPR, the average interbank rates of all maturities were relatively stable. In terms of retail interest rates, the average quoted fixed deposit (FD) rates of commercial banks were stable during the quarter. The average base lending rate (BLR) of commercial banks was unchanged at 6.53% throughout the period. The weighted average lending rate (ALR) on loans outstanding remained stable, standing at 5.63% as at end-March 2012 (end-December 2011: 5.66%). The cost of borrowing for businesses and households remained below pre-crisis levels.
In the first quarter, total gross financing raised by the private sector through the banking system and the capital market increased to RM259.9 billion (4Q 11: RM240.6 billion). The higher financing was attributable mainly to the increase in net private debt securities (PDS) issuances. On a net basis, banking system loans and PDS outstanding expanded at an annual growth rate of 13.3% as at end-March (4Q 11: 12.5%).
Net funds raised in the capital market increased to RM43.5 billion during the quarter (4Q 11: RM19.4 billion). The bulk of funds were raised by the private sector, particularly through the issuance of private debt securities. After adjusting for redemptions, net funds raised by the private sector amounted to RM29.8 billion (4Q 11: 3.5 billion). In the public sector, net funds raised amounted to RM13.6 billion (4Q 2011: RM15.9 billion).
The monetary aggregates continued to grow in the first quarter. M3, or broad money, recorded an annual growth rate of 15% as at end-March (end-December 2011: 14.4%), reflecting the continued extension of credit to the private sector.
economic data, particularly from the US, resulted in increased investors’ optimism and renewed interest for financial assets in the region. Against other major currencies, the ringgit appreciated against the Japanese yen (9.5%) and the euro (0.4%), but depreciated against the pound sterling (-0.1%). The ringgit also strengthened against other regional currencies in the range of 0.1% to 3.8%. During the period of 1 April to 21 May 2012, the ringgit appreciated against the euro (2.3%), but depreciated against the Japanese yen (-5.4%), the US dollar
(-2.0%) and the pound sterling (-1.1%). Against regional currencies, the ringgit appreciated against the Korean won (0.7%), but depreciated against the Thai baht, Singapore dollar, Indonesian rupiah, Philippine peso and Chinese renminbi by between -0.6% and -1.6%.
(-2.0%) and the pound sterling (-1.1%). Against regional currencies, the ringgit appreciated against the Korean won (0.7%), but depreciated against the Thai baht, Singapore dollar, Indonesian rupiah, Philippine peso and Chinese renminbi by between -0.6% and -1.6%.
Risks to financial stability continued to be preserved
Financial stability was maintained throughout the first quarter of the year, underpinned by sound financial institutions and orderly financial market conditions. The continued effective functioning of financial intermediation has provided a supportive environment for economic activity.
The banking sector remained resilient during the quarter, continuing to maintain healthy prudential buffers, profitability and liquidity positions. The core capital ratio and risk-weighted capital ratio of the banking system remained firm at 13.0% and 14.7% respectively. Similarly, the insurance sector remained resilient with a strong capital adequacy ratio of 224.8%.
Recovery to continue at a modest pace but downside risks remain
Going forward, the European sovereign debt crisis remains a risk to the global economy. The continued high oil prices, driven mainly by geopolitical tensions, further adds to uncertainty in the global environment. Nevertheless, the ongoing gradual recovery in the US is expected to provide an upside potential to global growth prospects. For Asia, while economic activity may be affected by external developments, growth will continue to be underpinned by sound domestic macroeconomic fundamentals and policy flexibility.
For the Malaysian economy, while the challenging external environment will remain a risk to Malaysia’s growth prospects, domestic demand is expected to remain resilient. The continued expansion in spending by the private sector, further supported by public sector expenditure, are expected to underpin the overall growth performance.
Source: Bank Negara Malaysia
MULTI-PURPOSE HOLDINGS BERHAD (“MPHB” OR THE “COMPANY”)
MPHB proposes to demerge the gaming and SPV Capital Businesses (as defined in Section 2 below) of the MPHB Group to create two separate and independent listed entities, namely the existing MPHB, which will hold the gaming business, and a special purpose vehicle which will hold substantially the financial services businesses and other investments of the MPHB Group (“SPV Capital”).
DETAILS OF THE PROPOSALS
The Proposed Demerger is expected to involve the following:
(i) an internal restructuring, whereby MPHB will dispose of substantially all its businesses and undertakings, including the assets and liabilities, which are involved in the SPV Capital Businesses to SPV Capital, a wholly-owned subsidiary of MPHB, for a total consideration to be satisfied through the issuance of new ordinary shares in SPV Capital (“SPV Capital Shares”) and/or cash to MPHB (“Proposed Internal
Restructuring”);
(ii) an offer for sale by MPHB of all its SPV Capital Shares, representing the entire equity interest in SPV Capital, to the entitled shareholders of MPHB at an offer price to be determined later (“Proposed Offer for Sale”); and
(iii) a listing of and quotation for the entire enlarged and paid-up share capital of SPV Capital on the Official List of the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Proposed Listing”).
The post-demerger MPHB Group (“New MPHB Group”) will substantially comprise subsidiaries involved in the operation and management of the licensed four digit numbers forecast betting games (“Gaming Business”) while SPV Capital and its proposed subsidiaries will be mainly involved in the operations of financial services and other investments (“SPV Capital Businesses”).
MPHB will remain listed on the Main Market of Bursa Securities. Pursuant to the Proposed Demerger, the Company intends to change its name to incorporate the word “Magnum” to better reflect the core business of the New MPHB Group, which is gaming.
The proposed structure for the Proposed Demerger is subject to finalisation and further details will be announced in due course.
Tuesday, 22 May 2012
International Reserves of Bank Negara Malaysia as at 15 May 2012
The international reserves of Bank Negara Malaysia amounted to RM417.5 billion (equivalent to USD136.1 billion) as at 15 May 2012. The reserves position is sufficient to finance 9.3 months of retained imports and is 4.1 times the short-term external debt.
Source: Bank Negara Malaysia
投资交流站
问
请问您对Tex循环科技（Texcycl，0089，自动报价股）的看法，这只做环保生意的股是否值得长期持有？
希望能尽快给予回复，谢谢。
读者蔡水城
答
Tex循环科技主要从事环保废物管理业务，为各领域如电子、工程、汽车、石油与天然气和印刷业提供有关方面的专业服务（废料处理）。
此外，该公司也为国防工业供应专业产品，并且也为石油与天然气、农业和化学相关领域提供化学产品。
在全球关纷纷提倡环保之下，该业务的前景仍被看好，而且，大部分仍需要废料处理服务。
依据该公司在2006至2011年的业绩数据，净利从2006年的378万4000令吉，逐年提高到2009年的658万令吉之后，近年来呈放缓。
在2010年，其净利回跌至448万6000令吉（低于2008年的464万1000令吉），而在2011年则扬约10%至490万令吉。
营业额方面，也同样从2006年的1331万6000令吉，飙升到2009年的2832万9000令吉后，在2010年回跌至1546万9000令吉，2011年则创下3117万1000令吉。
请问您对Tex循环科技（Texcycl，0089，自动报价股）的看法，这只做环保生意的股是否值得长期持有？
希望能尽快给予回复，谢谢。
读者蔡水城
答
Tex循环科技主要从事环保废物管理业务，为各领域如电子、工程、汽车、石油与天然气和印刷业提供有关方面的专业服务（废料处理）。
此外，该公司也为国防工业供应专业产品，并且也为石油与天然气、农业和化学相关领域提供化学产品。
在全球关纷纷提倡环保之下，该业务的前景仍被看好，而且，大部分仍需要废料处理服务。
依据该公司在2006至2011年的业绩数据，净利从2006年的378万4000令吉，逐年提高到2009年的658万令吉之后，近年来呈放缓。
在2010年，其净利回跌至448万6000令吉（低于2008年的464万1000令吉），而在2011年则扬约10%至490万令吉。
营业额方面，也同样从2006年的1331万6000令吉，飙升到2009年的2832万9000令吉后，在2010年回跌至1546万9000令吉，2011年则创下3117万1000令吉。
Friday, 18 May 2012
NEW IPO: GAS MALAYSIA BERHAD (GMB)
INITIAL PUBLIC OFFERING OF 333,840,000 ORDINARY SHARES OF RM0.50 EACH IN GAS MALAYSIA BERHAD (“GMB”) (“OFFER SHARES”):
I. THE INSTITUTIONAL OFFERING OF 303,315,000 OFFER SHARES TO INSTITUTIONAL AND SELECTED INVESTORS AND BUMIPUTERA INSTITUTIONAL AND SELECTED INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”), PAYABLE IN FULL UPON ALLOCATION; AND
II. THE RETAIL OFFERING OF 30,525,000 OFFER SHARES TO THE MALAYSIAN PUBLIC, ELIGIBLE DIRECTORS AND EMPLOYEES OF GMB AT THE OFFER PRICE OF RM2.20 PER OFFER SHARE; BEING THE INITIAL PRICE PAYABLE BY THE APPLICANTS (“RETAIL PRICE”),
SUBJECT TO CLAWBACK AND REALLOCATION PROVISIONS IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR ALL THE ISSUED AND PAID-UP ORDINARY SHARES OF GMB ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD.
THE RETAIL PRICE IS PAYABLE IN FULL UPON APPLICATION AND IS SUBJECT TO A REFUND OF THE DIFFERENCE IN THE EVENT THAT THE FINAL RETAIL PRICE IS LES THAN THE RETAIL PRICE.
THE FINAL RETAIL PRICE WILL EQUAL THE LOWER OF:
I. THE RETAIL PRICE OF RM2.20 PER OFFER SHARE; AND
II. THE INSTITUTIONAL PRICE
I. THE INSTITUTIONAL OFFERING OF 303,315,000 OFFER SHARES TO INSTITUTIONAL AND SELECTED INVESTORS AND BUMIPUTERA INSTITUTIONAL AND SELECTED INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL
TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING (“INSTITUTIONAL PRICE”), PAYABLE IN FULL UPON ALLOCATION; AND
II. THE RETAIL OFFERING OF 30,525,000 OFFER SHARES TO THE MALAYSIAN PUBLIC, ELIGIBLE DIRECTORS AND EMPLOYEES OF GMB AT THE OFFER PRICE OF RM2.20 PER OFFER SHARE; BEING THE INITIAL PRICE PAYABLE BY THE APPLICANTS (“RETAIL PRICE”),
SUBJECT TO CLAWBACK AND REALLOCATION PROVISIONS IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR ALL THE ISSUED AND PAID-UP ORDINARY SHARES OF GMB ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD.
THE RETAIL PRICE IS PAYABLE IN FULL UPON APPLICATION AND IS SUBJECT TO A REFUND OF THE DIFFERENCE IN THE EVENT THAT THE FINAL RETAIL PRICE IS LES THAN THE RETAIL PRICE.
THE FINAL RETAIL PRICE WILL EQUAL THE LOWER OF:
I. THE RETAIL PRICE OF RM2.20 PER OFFER SHARE; AND
II. THE INSTITUTIONAL PRICE
Closing Date: 25 May 2012, 5pm
Price Determination Date: 25 May 2012
Balloting: 29 May 2012
Listing Date: 11 June 2012
Dividend Policy
Dividend Policy
Gas Malaysia is the sole licensed seller of natural gas in Peninsular Malaysia. It has rights to supply liquefied petroleum gas in the region.
According to the prospectus, the company intends to distribute all the earnings net of tax this year as dividend,
It is looking at a payout ratio of not less than 75% of its consolidated after tax profit for 2013.
Gas Malaysia's major spending will be this year where it will invest RM130-RM140 million for pipeline expansion and infrastructure in preparation for the distribution of the liquefied natural gas that would be supplied by Petronas from Malacca.
It would be expanding its pipeline by 70-90 kilometres to supply new customers and strengthen supply security, and it would be financed with internal funds.
At least for the next 3-4 years, Gas Malaysia doesn't need to raise extra capital, as the annual capex requirement for Gas Malaysia would be around RM30-RM40 million.
Gas Malaysia, which operates 1,800 km of pipelines across Peninsular Malaysia, gets all its natural gas supply from Petronas.
The dip in net profit to RM229.2 million for 2011 against RM298.3 million in 2010, it was due to the new gas tariff that resulted in the lower margin. Its revenue in 2011 increased to RM2 billion from RM1.807 billion in 2010.
Financial Statement Highlights:
Financial Statement Highlights:
However, the profitability should start to pick up again with growth in revenue and volume with the additional gas to be supplied by Petronas.
Gas Malaysia has 700 industrial customers, 519 commercial customers and 10,612 residential customers for natural gas, while its liquefied petroleum gas customers comprise one industrial customer, 1,132 commercial customers and 20,663 residential customers. 99% of Gas Malaysia's revenue is derived from the 701 industrial customers.
Upon listing, MMC-Shapadu (Holdings) Sdn Bhd will see its stake reduced to 40.7% from 55%, while Tokyo Gas-Mitsui & Co Holdings Sdn Bhd's stake will come to 18.5% from 25% and Petronas Gas Bhd's stake reduced to 14.8% from 20%.
Tuesday, 15 May 2012
一股作气：马化重组后派息高
马化控股（MPHB，3859，主板贸服股）目前正在落实资产合理化中，以专注在具备对抗经济衰退能力的博彩业务。
未来，其催化剂更因资产合理化重组计划、潜在回退脱售资产所获得的资金予股东等，将可大大推高其估值。
马化控股在资产合理化的重组计划之下，有望崛起成为高股息股项之一。
近期陆续脱售非核心资产的举动，更是显示该集团致力打造为一家纯博彩业务的企业。
一旦脱售活动全面完成，将促使该集团由净负债转为净现金企业，保守估计将握有超过8亿令吉现金。
在专注博彩万字票且是现金交易，在不需要重大的资本开销维持业务之下，马化控股有可能蜕变成会下蛋的金企鹅。
市场上普遍认为，该集团此举将有助于释放其价值，并且成为该股的重新评估因素和主要催化剂。
从脱售非博彩资产所获得的资金，让市场期待该集团派发特别股息，以回馈股东。
同时，在转型成为纯博彩业者之下，将可推高其估值，并与竞争业者（成功多多）相近。
马化控股是一家以博彩业务为主的综合财团，旗下业务包括博彩（万字票与积宝游戏）、股票经纪（证券行）、金融服务（保险业务）和酒店管理与产业。
其中，博彩业务为该集团的盈利，作出大约四分之三的贡献，其次是保险业务，贡献幅度约12%。
脱售可进账14亿
至于酒店管理与产业，则为集团盈利带来将近10%的贡献，而股票经纪业务贡献最低。
假设马化控股脱售所有非博彩资产，成为纯博彩业务企业，肯南嘉投资研究预计，将从脱售活动中获得14亿令吉的资金。
这将可令该集团从现有的净负债，兑变成为一家握有净现金超过8亿令吉的企业。
值得一提的是，上述推测的资产脱售数额，是依据该集团旗下的产业资产或土地，以净账面价值计算。
为此，这些产业资产或土地无法反映出目前的市场价格，为此，脱售后的净现金可能远远超过8亿令吉。
尽管如此，要全面脱售非博彩业务资产，预计仍需大约一至两年的时间，才能完成。
本益比偏低
根据马化控股2011年报数据显示，该集团在过去4年的营收，皆取得超过30亿令吉的水平。
其营业额从2008年的31亿3724万令吉，增长13.4%到2011年的35亿5809万令吉。
至于在盈利表现方面，在同期内的净利走势更是凌厉，从2008年的1亿5862万令吉，飙升逾两倍到2011年的4亿8098万令吉。
过去4年的每股股息记录，2008年为10仙、2009和2010年同样为9仙，以及2011年为15仙。
周息率近9%
在估值方面，依据周五闭市价格，该股的本益比目前大约为9倍，仍低于竞争业者成功多多的逾16倍（依据2011财年盈利）。
截至2011年，马化控股的每股净资产为RM2.19，而其交易价位为1.33倍，而成功多多则达11.4倍。
在脱售完成并且成为纯博彩业务之下，因资本开销需求不再庞大，肯南嘉投资研究不排除，马化控股的股息派发率有望提高。
假设马化控股派发75%的盈利为股息，这相等于每股股息为25.8仙，以周五闭市价格计算，周息率将近9%。
同时，脱售非博彩资产活动下，该集团也具有能力派发每股高达56仙的一次性特别股息。
其竞争业者成功多多，虽股息政策为75%派发率，但却派发将近100%，为此，肯南嘉也不排除，该集团在未来也具备派发100%股息的能力。
随着马化控股已在去年6月完成收购万能（Magnum）其余未持有的股权，如今已是集团独资子公司。
为此，从本财年起，随着已全面掌控万能以及贡献全年的盈利，肯南嘉投资研究预计，该集团的核心盈利将从2亿8240万令吉，劲扬31%至3亿6960万令吉。
根据年报，截至2011年12月杪，马化控股的现金与现金等值为11亿2938万9000令吉，而总贷款则达21亿416万2000令吉。
线上投注潜能大
此外，马化控股计划推出线上投注服务平台，一旦获得政府的批准，博彩业务一片光明。
尽管如此，这项计划仍在初步阶段，是否可获得有关当局的“点头”落实，目前仍言之过早。
在投资风险方面，则包括奖金派发率（运气因素）、政府落实不利政策（如调高博彩税和彩池税），以及竞争业者开设更多投注站和推出新博彩游戏。
此外，一旦市场预期的特别股息计划落空，该股的股价难免也会遭到卖压。
同时，马化控股在博彩业务的市占率，不仅面对竞争业者之间的竞争，也遭到非法博彩业者的侵蚀。
不过，一旦线上投注服务平台获准，并且在非法博彩业者无法做到的积宝魔力下，可轻易的争取黑市顾客。
未来，其催化剂更因资产合理化重组计划、潜在回退脱售资产所获得的资金予股东等，将可大大推高其估值。
马化控股在资产合理化的重组计划之下，有望崛起成为高股息股项之一。
近期陆续脱售非核心资产的举动，更是显示该集团致力打造为一家纯博彩业务的企业。
一旦脱售活动全面完成，将促使该集团由净负债转为净现金企业，保守估计将握有超过8亿令吉现金。
在专注博彩万字票且是现金交易，在不需要重大的资本开销维持业务之下，马化控股有可能蜕变成会下蛋的金企鹅。
市场上普遍认为，该集团此举将有助于释放其价值，并且成为该股的重新评估因素和主要催化剂。
从脱售非博彩资产所获得的资金，让市场期待该集团派发特别股息，以回馈股东。
同时，在转型成为纯博彩业者之下，将可推高其估值，并与竞争业者（成功多多）相近。
马化控股是一家以博彩业务为主的综合财团，旗下业务包括博彩（万字票与积宝游戏）、股票经纪（证券行）、金融服务（保险业务）和酒店管理与产业。
其中，博彩业务为该集团的盈利，作出大约四分之三的贡献，其次是保险业务，贡献幅度约12%。
脱售可进账14亿
至于酒店管理与产业，则为集团盈利带来将近10%的贡献，而股票经纪业务贡献最低。
假设马化控股脱售所有非博彩资产，成为纯博彩业务企业，肯南嘉投资研究预计，将从脱售活动中获得14亿令吉的资金。
这将可令该集团从现有的净负债，兑变成为一家握有净现金超过8亿令吉的企业。
值得一提的是，上述推测的资产脱售数额，是依据该集团旗下的产业资产或土地，以净账面价值计算。
为此，这些产业资产或土地无法反映出目前的市场价格，为此，脱售后的净现金可能远远超过8亿令吉。
尽管如此，要全面脱售非博彩业务资产，预计仍需大约一至两年的时间，才能完成。
本益比偏低
根据马化控股2011年报数据显示，该集团在过去4年的营收，皆取得超过30亿令吉的水平。
其营业额从2008年的31亿3724万令吉，增长13.4%到2011年的35亿5809万令吉。
至于在盈利表现方面，在同期内的净利走势更是凌厉，从2008年的1亿5862万令吉，飙升逾两倍到2011年的4亿8098万令吉。
过去4年的每股股息记录，2008年为10仙、2009和2010年同样为9仙，以及2011年为15仙。
周息率近9%
在估值方面，依据周五闭市价格，该股的本益比目前大约为9倍，仍低于竞争业者成功多多的逾16倍（依据2011财年盈利）。
截至2011年，马化控股的每股净资产为RM2.19，而其交易价位为1.33倍，而成功多多则达11.4倍。
在脱售完成并且成为纯博彩业务之下，因资本开销需求不再庞大，肯南嘉投资研究不排除，马化控股的股息派发率有望提高。
假设马化控股派发75%的盈利为股息，这相等于每股股息为25.8仙，以周五闭市价格计算，周息率将近9%。
同时，脱售非博彩资产活动下，该集团也具有能力派发每股高达56仙的一次性特别股息。
其竞争业者成功多多，虽股息政策为75%派发率，但却派发将近100%，为此，肯南嘉也不排除，该集团在未来也具备派发100%股息的能力。
随着马化控股已在去年6月完成收购万能（Magnum）其余未持有的股权，如今已是集团独资子公司。
为此，从本财年起，随着已全面掌控万能以及贡献全年的盈利，肯南嘉投资研究预计，该集团的核心盈利将从2亿8240万令吉，劲扬31%至3亿6960万令吉。
根据年报，截至2011年12月杪，马化控股的现金与现金等值为11亿2938万9000令吉，而总贷款则达21亿416万2000令吉。
线上投注潜能大
此外，马化控股计划推出线上投注服务平台，一旦获得政府的批准，博彩业务一片光明。
尽管如此，这项计划仍在初步阶段，是否可获得有关当局的“点头”落实，目前仍言之过早。
在投资风险方面，则包括奖金派发率（运气因素）、政府落实不利政策（如调高博彩税和彩池税），以及竞争业者开设更多投注站和推出新博彩游戏。
此外，一旦市场预期的特别股息计划落空，该股的股价难免也会遭到卖压。
同时，马化控股在博彩业务的市占率，不仅面对竞争业者之间的竞争，也遭到非法博彩业者的侵蚀。
不过，一旦线上投注服务平台获准，并且在非法博彩业者无法做到的积宝魔力下，可轻易的争取黑市顾客。
投资交流站
问：
我想请问：
1．）前研科技（Frontkn，0128，主板贸服股）这只股可以长期投资吗？
2．）资产有多少？
3．）现金有多少？
4．）负债有多少？
感谢主持人的回答。谢谢！
读者：陈友毅
答：
友毅，你好：
依据前研科技在过去5年的业绩数据（如下表）来看，营业额虽呈稳定增长趋势，但净利表现则起伏不定。（参阅附表）
至于在最新一季度的业绩上，根据该公司向马交所呈交的数据显示，2011财年第四季蒙受亏损。
前研科技在季报上指出，在全球经济状况疲软以及区域经济增长放缓之下，预计整体的业务状况越具挑战性。
据季报数据显示，截至2011年12月，该公司的总资产达3亿3185万1000令吉。
现金与现金等值为2262万5000令吉；银行贷款则达6696万2000令吉。
我想请问：
1．）前研科技（Frontkn，0128，主板贸服股）这只股可以长期投资吗？
2．）资产有多少？
3．）现金有多少？
4．）负债有多少？
感谢主持人的回答。谢谢！
读者：陈友毅
答：
友毅，你好：
依据前研科技在过去5年的业绩数据（如下表）来看，营业额虽呈稳定增长趋势，但净利表现则起伏不定。（参阅附表）
至于在最新一季度的业绩上，根据该公司向马交所呈交的数据显示，2011财年第四季蒙受亏损。
前研科技在季报上指出，在全球经济状况疲软以及区域经济增长放缓之下，预计整体的业务状况越具挑战性。
据季报数据显示，截至2011年12月，该公司的总资产达3亿3185万1000令吉。
现金与现金等值为2262万5000令吉；银行贷款则达6696万2000令吉。
Friday, 11 May 2012
Monetary Policy Statement
At the Monetary Policy Committee (MPC) meeting today, Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00 percent.
While the global economy continues to recover, developments in the most recent period have increased the risks to global growth. Stress in the international financial markets has re-emerged following rising policy uncertainties and renewed concerns over the sovereign debt crisis in the euro area. Economic activity in Europe also continues to be weighed down by the ongoing fiscal consolidation, impaired financial intermediation and weak labour market conditions. In North America, recent economic data have been mixed, indicating uncertainty in the pace of the economic recovery. In Asia, while economic activity continues to be supported by domestic demand, the growth momentum is affected by the slowdown in international trade activity.
While the Malaysian economy is affected by the global developments, domestic demand has continued to support growth, driven by firm consumption and investment activity. Looking ahead, this trend is projected to continue. Private consumption is supported by the stable employment conditions, income growth and public sector measures. Investment activity is mainly led by the domestic-oriented industries, the commodity sector and the public sector.
Headline inflation is expected to moderate in 2012 with improved domestic supply and stable demand conditions. Upside risks to inflation could emerge, particularly from global supply disruptions and result in higher global prices for energy and commodities.
In the MPC’s assessment, there remain continued uncertainties emanating from the global economic and financial environment. The MPC will continue to carefully assess these evolving conditions and their implications on the overall outlook for inflation and growth of the Malaysian economy.
Source: Bank Negara Malaysia
Thursday, 10 May 2012
IPO: PESTECH INTERNATIONAL BERHAD (PESTECH)
On 10 May 2012, the prospectus for PESTECH International Berhad (“PESTECH”) was launched in conjunction with its initial public offering (“IPO”) and listing on the Main Market of Bursa Malaysia Securities Berhad.
The closing date for this IPO is on 18 May 2012 at 5.00pm or such further period or periods as the Directors of PESTECH and the Offerors, together with the Sole Underwriter, in the absolute discretion may mutually decide.
The closing date for this IPO is on 18 May 2012 at 5.00pm or such further period or periods as the Directors of PESTECH and the Offerors, together with the Sole Underwriter, in the absolute discretion may mutually decide.
Please note that the prospectus is only for distribution in Malaysia and the invitation to apply for PESTECH’s IPO is only for CDS account holders who are in Malaysia and subject to the conditions stated in the prospectus. No action has been taken to permit a public offering outside of Malaysia in connection with the IPO and hence offering in other jurisdictions may be restricted or prohibited.
INITIAL PUBLIC OFFERING IN CONJUNCTION WITH THE LISTING OF PESTECH INTERNATIONAL BERHAD (‘‘PESTECH’’) ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING:-
(I) PUBLIC ISSUE OF 12,880,000 NEW ORDINARY SHARES OF RM0.50 EACH (“SHARES”) IN THE FOLLOWING MANNER:-
• 6,000,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;
• 5,367,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE DIRECTORS, EMPLOYEES AND PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF PESTECH, ITS SUBSIDIARY COMPANIES AND JOINTLY-CONTROLLED ENTITY;
• 1,513,000 NEW SHARES BY WAY OF PLACEMENT TO IDENTIFIED INVESTORS;
AND
(II) OFFER FOR SALE OF 8,588,000 EXISTING SHARES IN THE FOLLOWING MANNER:-
• 6,456,400 EXISTING SHARES BY WAY OF PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY;
• 2,131,600 EXISTING SHARES BY WAY OF PLACEMENT TO IDENTIFIED INVESTORS
AT AN ISSUE/OFFER PRICE OF RM1.00 PER SHARE, PAYABLE IN FULL UPON APPLICATION
(I) PUBLIC ISSUE OF 12,880,000 NEW ORDINARY SHARES OF RM0.50 EACH (“SHARES”) IN THE FOLLOWING MANNER:-
• 6,000,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC;
• 5,367,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE DIRECTORS, EMPLOYEES AND PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF PESTECH, ITS SUBSIDIARY COMPANIES AND JOINTLY-CONTROLLED ENTITY;
• 1,513,000 NEW SHARES BY WAY OF PLACEMENT TO IDENTIFIED INVESTORS;
AND
(II) OFFER FOR SALE OF 8,588,000 EXISTING SHARES IN THE FOLLOWING MANNER:-
• 6,456,400 EXISTING SHARES BY WAY OF PLACEMENT TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY;
• 2,131,600 EXISTING SHARES BY WAY OF PLACEMENT TO IDENTIFIED INVESTORS
AT AN ISSUE/OFFER PRICE OF RM1.00 PER SHARE, PAYABLE IN FULL UPON APPLICATION
A copy of the electronic prospectus may be obtained at http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/ipos/index.jsp.
RM1.8 million of the RM12.88 million raised will be utilised for product development and business expansion in existing and new markets like Laos, Myanmar and Vietnam.
From the RM1.8mil, RM1.4mil will channelled into the development of high-value products, while RM400,000 will be used for existing market expansion.
Another RM6mil raised from the IPO will be used to pay off its existing debts from project financing to bring the gearing level down from 0.46 to 0.24 after the IPO.
Pestech designs and installs high voltage and extra high voltage sub-stations, transmission line and underground cable systems. It also manufactures propriety power systems components and equipment.
Its major local clients are Tenaga Nasional and independent power producers.
Pestech considers TNB a key domestic client accounting for 16% of the group's revenue. The company has 2.4% market share in Peninsular Malaysia and Sabah.
Pestech has an existing order book of RM185 million, which will last it up to 2014. For its financial year ended December 31 2011, it posted net profit of RM12 million on revenue of RM130.95 million.
RM1.8 million of the RM12.88 million raised will be utilised for product development and business expansion in existing and new markets like Laos, Myanmar and Vietnam.
From the RM1.8mil, RM1.4mil will channelled into the development of high-value products, while RM400,000 will be used for existing market expansion.
Another RM6mil raised from the IPO will be used to pay off its existing debts from project financing to bring the gearing level down from 0.46 to 0.24 after the IPO.
Pestech designs and installs high voltage and extra high voltage sub-stations, transmission line and underground cable systems. It also manufactures propriety power systems components and equipment.
Its major local clients are Tenaga Nasional and independent power producers.
Pestech considers TNB a key domestic client accounting for 16% of the group's revenue. The company has 2.4% market share in Peninsular Malaysia and Sabah.
Pestech has an existing order book of RM185 million, which will last it up to 2014. For its financial year ended December 31 2011, it posted net profit of RM12 million on revenue of RM130.95 million.
Monday, 7 May 2012
投资交流站 股息再投资 Dividend Reinvestment Plan
问：
主持人，你好，我想要知道，什么是股息再投资计划？参与与否会有什么不同？
希望你能尽快回答。谢谢！
南洋读者上
答：
股息再投资计划是指上市公司将普通股股东所获得的股息，可选择用作为购买该公司新股的一种安排。
也就是说，拥有股息再投资计划的上市公司，在宣布派发股息时，股东可选择领取现金或换取新股。
一般上，参与该计划的股东，或将在发行新股时以折扣认购，且不需支付经纪佣金和其他相关交易成本。
参与股息再投资（选择新股）的股东，可以享受到“复利”投资的威力，而没有选择新股的股东，则没有这方面的优势。
复利的威力就如“利滚利”的原理，即利用投资获得的股息，再投资于认购新股，以赚取更高的回报。
复利投资和仅仅以资本作为投资所获取的回报，在初期并无极大的差异，但投资期越长，则回报的差异越大。
主持人，你好，我想要知道，什么是股息再投资计划？参与与否会有什么不同？
希望你能尽快回答。谢谢！
南洋读者上
答：
股息再投资计划是指上市公司将普通股股东所获得的股息，可选择用作为购买该公司新股的一种安排。
也就是说，拥有股息再投资计划的上市公司，在宣布派发股息时，股东可选择领取现金或换取新股。
一般上，参与该计划的股东，或将在发行新股时以折扣认购，且不需支付经纪佣金和其他相关交易成本。
参与股息再投资（选择新股）的股东，可以享受到“复利”投资的威力，而没有选择新股的股东，则没有这方面的优势。
复利的威力就如“利滚利”的原理，即利用投资获得的股息，再投资于认购新股，以赚取更高的回报。
复利投资和仅仅以资本作为投资所获取的回报，在初期并无极大的差异，但投资期越长，则回报的差异越大。
一股作气：艾芬控股 料进军海外 (AFFIN HOLDINGS, TICKER: AFFIN, CODE: 5185)
艾芬控股（Affin，5185，主板金融股）计划落实股息再投资计划和大股东注入资金增强资本，不排除正在酝酿企业活动。
除了一般的内部业务增长计划之外，当中，可能也涉及潜在收购活动，通过合并计划进军海外市场。
在股息再投资计划下，若投资者选择换取新股，不但可享有复利的投资回报，更能提高集团的资本，可谓一石二鸟。
大股东计划在上半年将第一级和第二级资本增加5亿令吉，市场预计，此举不仅仅是迎合巴塞尔III（Basel III）的条例而已，更是支撑其业务计划的大计。
艾芬控股属于国内银行集团业者之一，虽是小型银行集团，但其大股东的财力雄厚。
集团三大股东分别为母公司武装部队基金局（LTAT，持有35.22%股权）、莫实得（20.69%股权，前两者合计达55.91%）和香港东亚银行（BEA，23.52%）。
艾芬控股的主要业务包括商业及回教银行、证券行及基金管理、货币经纪以及人寿与普通保险，旗下公司包括：
艾芬银行集团（艾芬银行和艾芬回教银行，皆持有100%股权）
艾芬货币经纪（Affin Money Broker，100%股权）
艾芬投资银行集团（艾芬投资银行和艾芬资金管理，100%股权）
艾芬人寿保险（51%股权）
艾芬普通保险（33.6%股权）
借力东亚银行
在扩展海外业务计划上，艾芬控股考虑借东亚银行一臂之力，进军中国回教银行市场，提供回教金融产品与服务。
为此，集团旗下的商业银行，冀望可获有关当局的首肯，成为首家进军当地回教银行业务的业者。
同时，艾芬控股仍然有意收购印尼Ian Perdana银行，前提是当地的政策，可让外资购入至少51%的控制权。
Ina Perdana在印尼拥有逾20家分行，一旦收购Ian Perdana银行的计划落实，未来可以为银行业务的营收作出强劲的贡献。
不仅如此，集团也可能透过合并或申请投资银行执照的方式，让旗下投资银行业务打入印尼市场。
肯南嘉投资研究更对艾芬控股注入资本的计划持有正面观点，相信可强化集团的资本水平，支撑业务扩展计划，并预计任何进一步集资活动可能进行潜在收购。
每股净资产劲扬逾31%
在业绩表现方面，营收、盈利、每股盈利、每股股息仍至每股净资产，在过去5年皆呈增长趋势。
艾芬控股的营业额，已从2007年的21亿8500万令吉，增长到2011年的26亿6000万令吉。
净利走势更为强劲，从2007年的2亿5200万令吉。在同期间内，已倍增至5亿800万令吉，一举创下新高记录。
每股盈利则从2007年的19.11仙，逐年提高至19.60仙（2008年）、24.88仙（2009年）、32.70仙（2010年）和33.99仙（2011年）。
股息派发上，从2007年和2008年的5仙，再增加至2009年的8.5仙和2010年的9仙，2011年更是写下历史新高，派发12仙股息。
在这些有利的因素之下，已促使艾芬控股的每股净资产，由2007年的RM2.85，劲扬逾31%至去年的RM3.74。
以周五的闭市价格RM3.05和2011年股息计算，其周息率将近4%；相比每股净资产，其交易价位已出现逾18%折价，而本益比只有9倍。
截至2011年，该集团的现金与现金等值总值达96亿7511万8000令吉，或相等于每股约6.5仙。
股息再投资 回报滚雪球
近期，艾芬控股也宣布推行股息再投资计划，让投资者可选择领取现金股息或者换取新股（全数或部分）。
在选择新股的情况下，投资者也将享受到复利的魔力，长期方面，就能看见投资如滚雪球般的回报。
值得一提的是，股息再投资计划发行予投资者（股东）的新股价格，都会比市价低于不超过10%。
放眼2012年，集团设下的关键绩效指标，包括股票回酬（ROE）达9.6%；资产回酬（ROA）1.0%；以及每股盈利增长至38.3仙。
然而，国行“自律融资指南”，可能影响借贷业务，集团预计贷款增长走下坡，料增长10%至11%（去年为14.4%）。
另外，不少经济学家认为，国家银行有望在今年降息，隔夜政策利息下调介于25至50个基点。
联昌国际投资研究估计，在利息下调25至50个基点的情况下，银行业者的净利料下跌1%到3%。
尽管如此，鉴于艾芬控股的浮动利率贷款占贷款组合不超过一半，因此有望从中受惠，且盈利可走高1到3%。
不过，在经济前景仍未明朗化之前，降息可能不足以抵消市场低迷和消费能力紧缩的风险。
除了一般的内部业务增长计划之外，当中，可能也涉及潜在收购活动，通过合并计划进军海外市场。
在股息再投资计划下，若投资者选择换取新股，不但可享有复利的投资回报，更能提高集团的资本，可谓一石二鸟。
大股东计划在上半年将第一级和第二级资本增加5亿令吉，市场预计，此举不仅仅是迎合巴塞尔III（Basel III）的条例而已，更是支撑其业务计划的大计。
艾芬控股属于国内银行集团业者之一，虽是小型银行集团，但其大股东的财力雄厚。
集团三大股东分别为母公司武装部队基金局（LTAT，持有35.22%股权）、莫实得（20.69%股权，前两者合计达55.91%）和香港东亚银行（BEA，23.52%）。
艾芬控股的主要业务包括商业及回教银行、证券行及基金管理、货币经纪以及人寿与普通保险，旗下公司包括：
艾芬银行集团（艾芬银行和艾芬回教银行，皆持有100%股权）
艾芬货币经纪（Affin Money Broker，100%股权）
艾芬投资银行集团（艾芬投资银行和艾芬资金管理，100%股权）
艾芬人寿保险（51%股权）
艾芬普通保险（33.6%股权）
借力东亚银行
在扩展海外业务计划上，艾芬控股考虑借东亚银行一臂之力，进军中国回教银行市场，提供回教金融产品与服务。
为此，集团旗下的商业银行，冀望可获有关当局的首肯，成为首家进军当地回教银行业务的业者。
同时，艾芬控股仍然有意收购印尼Ian Perdana银行，前提是当地的政策，可让外资购入至少51%的控制权。
Ina Perdana在印尼拥有逾20家分行，一旦收购Ian Perdana银行的计划落实，未来可以为银行业务的营收作出强劲的贡献。
不仅如此，集团也可能透过合并或申请投资银行执照的方式，让旗下投资银行业务打入印尼市场。
肯南嘉投资研究更对艾芬控股注入资本的计划持有正面观点，相信可强化集团的资本水平，支撑业务扩展计划，并预计任何进一步集资活动可能进行潜在收购。
每股净资产劲扬逾31%
在业绩表现方面，营收、盈利、每股盈利、每股股息仍至每股净资产，在过去5年皆呈增长趋势。
艾芬控股的营业额，已从2007年的21亿8500万令吉，增长到2011年的26亿6000万令吉。
净利走势更为强劲，从2007年的2亿5200万令吉。在同期间内，已倍增至5亿800万令吉，一举创下新高记录。
每股盈利则从2007年的19.11仙，逐年提高至19.60仙（2008年）、24.88仙（2009年）、32.70仙（2010年）和33.99仙（2011年）。
股息派发上，从2007年和2008年的5仙，再增加至2009年的8.5仙和2010年的9仙，2011年更是写下历史新高，派发12仙股息。
在这些有利的因素之下，已促使艾芬控股的每股净资产，由2007年的RM2.85，劲扬逾31%至去年的RM3.74。
以周五的闭市价格RM3.05和2011年股息计算，其周息率将近4%；相比每股净资产，其交易价位已出现逾18%折价，而本益比只有9倍。
截至2011年，该集团的现金与现金等值总值达96亿7511万8000令吉，或相等于每股约6.5仙。
股息再投资 回报滚雪球
近期，艾芬控股也宣布推行股息再投资计划，让投资者可选择领取现金股息或者换取新股（全数或部分）。
在选择新股的情况下，投资者也将享受到复利的魔力，长期方面，就能看见投资如滚雪球般的回报。
值得一提的是，股息再投资计划发行予投资者（股东）的新股价格，都会比市价低于不超过10%。
放眼2012年，集团设下的关键绩效指标，包括股票回酬（ROE）达9.6%；资产回酬（ROA）1.0%；以及每股盈利增长至38.3仙。
然而，国行“自律融资指南”，可能影响借贷业务，集团预计贷款增长走下坡，料增长10%至11%（去年为14.4%）。
另外，不少经济学家认为，国家银行有望在今年降息，隔夜政策利息下调介于25至50个基点。
联昌国际投资研究估计，在利息下调25至50个基点的情况下，银行业者的净利料下跌1%到3%。
尽管如此，鉴于艾芬控股的浮动利率贷款占贷款组合不超过一半，因此有望从中受惠，且盈利可走高1到3%。
不过，在经济前景仍未明朗化之前，降息可能不足以抵消市场低迷和消费能力紧缩的风险。
投资交流站
问：
主持人，你好，想请教你，为何某些公司要回购自己的股票，这是否是私有化的前兆？若某家公司私有化，过了期限而又不卖出股票会如何？谢谢解答。
读者：Soh Kian Woei
答：
一些公司回购自己的股票，并不意味着是私有化的前兆。在全球股市中，不少企业也是如此。
一般上，公司在股票回购完成后，可以将有关股票：
1.注销：在此情况下，在盈利维持的情况下，因股份在市场的流动量减少，进而提高每股盈利。
2.作为库藏股：可在未来注销、用作为派发股息股，或其他用途等，而同样地，库藏股也不参与每股盈利的计算，也可提高每股盈利。
3.脱售：以高于回购价卖出有关股份，从差价上获利。
此外，股票回购其他原因也包括：
1. 在市场不动荡之际，稳定和提高公司的股票价格，防止股价暴跌。
2. 防止其他企业的兼并与收购活动，通过回购公司股票维持控制权。
3. 重新资本化等等。
若某家公司私有化，在还未除牌的情况下，仍可在公开市场脱售手上的股份。如果在除牌期限仍未卖出股票，你依然是该公司的股东。
鉴于该企业不再是上市公司，持股者遇到的问题包括：难以在市场上脱售股份且受到限制、公司可以不派发股息及企业价值无法在市场上作出反映等。
主持人，你好，想请教你，为何某些公司要回购自己的股票，这是否是私有化的前兆？若某家公司私有化，过了期限而又不卖出股票会如何？谢谢解答。
读者：Soh Kian Woei
答：
一些公司回购自己的股票，并不意味着是私有化的前兆。在全球股市中，不少企业也是如此。
一般上，公司在股票回购完成后，可以将有关股票：
1.注销：在此情况下，在盈利维持的情况下，因股份在市场的流动量减少，进而提高每股盈利。
2.作为库藏股：可在未来注销、用作为派发股息股，或其他用途等，而同样地，库藏股也不参与每股盈利的计算，也可提高每股盈利。
3.脱售：以高于回购价卖出有关股份，从差价上获利。
此外，股票回购其他原因也包括：
1. 在市场不动荡之际，稳定和提高公司的股票价格，防止股价暴跌。
2. 防止其他企业的兼并与收购活动，通过回购公司股票维持控制权。
3. 重新资本化等等。
若某家公司私有化，在还未除牌的情况下，仍可在公开市场脱售手上的股份。如果在除牌期限仍未卖出股票，你依然是该公司的股东。
鉴于该企业不再是上市公司，持股者遇到的问题包括：难以在市场上脱售股份且受到限制、公司可以不派发股息及企业价值无法在市场上作出反映等。
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