Thursday, July 31, 2014

建筑房产大道业务一条龙 怡克伟士蓄势待发

从建筑承包到大道特许经营,如今再延伸至产业发展,怡克伟士(EKOVEST,8877,主板建筑股)绝非墨守成规的集团。
转捩点就在90年代末的亚洲金融风暴,让怡克伟士得到启发,学会“肥水不流外人田”,开始累积资产,积极规划如何扩充业务。
在董事经理拿督林景清的掌舵下,怡克伟士没停下脚步,反而蓄势待发准备再创高峰。
怡克伟士啃骨头创造价值
怡克伟士(EKOVEST,8877,主板建筑股)董事经理拿督林景清在接受《南洋商报》专访,除了大谈集团各大业务,还透露集团接下来的行动。
他特别谈及集团盈利前景,以及回馈股东的计划。
与怡克伟士董事经理拿督林景清的专访,是从推行白沙罗淡江大道(DUKE)第二期工程聊起。
“我们拥有特许经营权,(大道)建筑也是旗下独资建筑公司负责……就像别人所言:肥水不流外人田。”
对他的坦诚,感到有点惊讶,因为身为集团掌舵人,鲜少说得太白,大家都是点到即止,心知肚明。
确保原料供应
不过,这的确就是怡克伟士的强项,业务层面能够涵盖上、中、下游,不但确保肥水不流外人田,还能够全权掌握自己的发展。
“白沙罗淡江大道(DUKE)……我们负责建筑,承包也是自己(旗下公司),建筑行政也是自己(旗下公司),本身又是大道的特许经营。”
“人家会说:你全部做完,没有transparency(透明度)。其实,你要从另一个方向思考。你所拥有的(业务),是可以互补的。”
林景清提到,怡克伟士当年在东马的拿笃起步,从中累积到的经验,就是确保自己的原料供应。
“若没有本身的原料,当大家都推出计划,原料届时都缺货了。所以,我们要确保原料供应。”
同时,他指怡克伟士负责项目管理,就可以了解客户所需。
怡克伟士在1985年由丹斯里林刚河创立,并从1993年上市迄今,一直都为股东交上令人满意的成绩单。
林景清说:“不是卖花赞花香,从集团的纪录就可以看到,从创立到挂牌到现在,每一年都是获利,没有亏损。”
这是怡克伟士的优势,因为集团业务从上至下且够全面,可良好控制进展和赚幅。
集团也持续竞标合约,呈交基建建议书,推行并购行动,扩充计划不停顿。
除此之外,集团打造基本设施,有助纾于解道路阻塞或疏通水流,部分还获得政府辅助金。
金融风暴扩张契机
让怡克伟士持续扩张的契机,在于1996年亚洲金融风暴前。
集团当时仍是传统的建筑商,争取到许多工程。白沙罗淡江大道也是其中一个当时无法建成的工作之一。
集团也获颁不少发展商的建筑工程,然而,却在完工后收不到钱,累计近4000万令吉。
结果,对方把一些未动工的工程,当作支付欠款,交给怡克伟士。
林景清感叹,当时耗了9年才可回本,更让集团体悟到:他们可以成为发展商,难道自己就不能?
“倒不如我自己买地,更不用被拖欠款,可直接跟购买房子的屋主收钱。他们的企划,全是我们负责规划,所以倒不如自己动手。”
这促使怡克伟士决定延伸业务,并向外国公司取经,了解到与政府合作的好处,让公共和私人领域互惠互利。
继续献议建大道
怡克伟士打造白沙罗淡江大道后,在今年上半年也完成收购该道的其余30%股权,意味着全权掌握了这条大道。
然而,这却不意味着怡克伟士的大道业务就此划下句点。
林景清直言,怡克伟士向政府提呈许多基建建议书,主要都是大道建设。
“有一点眉目,所以优先给你们知道。当然,除了我们,还有很多公司向政府建议。我们建议不只是一项,我们还会继续呈建议。”
他透露,集团呈交两三项建议书给政府,但相信不会在近期内就获得政府回应。因为政府通常会逐步实行,确保建筑领域发展可细水长流。
基于未获批准,该集团暂无法透露建议的大道地点,但林景清还是有在访谈中提到,确定会坐落于巴生谷。
对于大道建设,林景清秉持另一番看法。
“我们做大道的概念,就是shortcut(打造捷径)。我们不是做一个绕道或什么。我们就是用最短的距离(打造大道)。”
怡克伟士的做法,是利用科技观察和直升机巡逻,探讨哪里有汽车阻塞问题,再研究可利用何种路线,缩短距离和纾解阻塞问题。
“建筑是会比较辛苦……大家都吃肉,骨头放一边。我就拿那些骨头吃。吃肉的就是要走很远,我就抄捷径。”
停车转乘概念新颖
除了向整体提呈大道建议书,怡克伟士也有意提出另一项建议———“停车转乘”(Park and Ride)的概念。
林景清表示,集团计划在目前经营的大道,甚至以后有机会经营的大道,打造停车转乘的设施。
“我们会选择大道与轻快铁、捷运、单轨火车交接点,建议给政府做一个站,让驾驶可直接从大道,进去停车场,然后转乘公共交通。我们下一期的概念是这样。”
他以第二期白沙罗淡江大道为例,点出大道在泗岩沫与大马铁道(KTM)车站有交接点,临近大道收费站,附近也有发展项目。
一旦获悉通往市区的道路阻塞,驾驶人就可直接转入,避开车龙,同时平衡道路使用量。
不过,他坦承预算只可吸引约三成的车辆,使用停车转乘设施。据悉,怡克伟士早前已接获政府原则上的批准。
此外,怡克伟士也与交通顾问联系,探讨如何综合私人、公共交通与科技。
“不只是大道而已,还要有科技,才可以解决交通阻塞。”
亿国城最热门产业
包含办公楼、购物商场、酒店和服务式公寓蕉赖的亿国城(EkoCheras),是目前怡克伟士最热门的产业项目,1400个单位的公寓大部分已售出,仅剩下土著单位。
发展总值16.3亿令吉的亿国城,占地11.98英亩,从2013年第三季动工,估计2016年竣工。
林景清忆起当初购买这批土地,价格相当便宜,账面值大约每平方尺50令吉,且还未重新估值。市价目前已涨至每平方尺700至800令吉。
配合亿国城计划,怡克伟士建造新路段缓解当地交通问题,而获得政府8050万令吉的辅助金。
怡克伟士将保留酒店、办公楼和购物商场,确保集团的经常收入,近期已有酒店业者接洽。
“酒店……对方是来自英国……还在洽商中,但还没签署协议。通常酒店业者只是止于服务,但对方有意认购酒店20%股权。”
林景清表示,酒店会打造成3或4星级,主要吸引游客到拥有许多美食的蕉赖,还有亿国城的中档购物商场可逛。
怡克伟士目前在巴生谷、新山金海湾(Danga Bay)和关丹,拥有共71英亩地段。
该集团还有发展总值100亿令吉的多项产业计划将陆续推行,足以让集团繁忙至2019年。
生命之河如火如荼
在政府主催整修及美容河流大计“生命之河”(River of Life),怡克伟士为其中一家交付合作伙伴(PDP),联营伙伴为马资源(MRCB,1651,主板建筑股)。
2011年12月开始推行的生命之河,迄今似乎没有看到显著进展,不免冷人质疑身为交付合作伙伴之一的怡克伟士,是否有全力履行责任。
“其实我们做了很多。大家无法望到大路和建筑后方的河流而已。”
林景清表示,清理工作早已开始,从河口开始延伸,如今也开始美化工作,让人民可见证到,生命之河其实进行得如火如荼。
他解释,清理工作不只是在河流,还有两旁的非法屋、巴刹、污水、垃圾等,也得给公众讲解河流清洁的重要。
河流清理工作已完成约40%,美化工作也在6月动工了。
全长110公里的生命之河,分为11个版块,怡克伟士近期获颁第7个版块的提升与美化工程,预计2016年首季竣工。
他提到,市政局早前要求生命之河周边的建筑,要打造两个大门,其中一个就是面对生命之河,不再是以往把厨房、停车场、转电站等面对河流。
到访许多曾经面对类似情况的国家,林景清发现大家数十年前也面对如今巴生河的情况,但较后却成功转变。
要打造宛如韩国的清溪川,抑或犹如美国圣安东尼的生命之河,林景清相信,除了清理、美化工作,还需要教育人民。
“往后,这里会变成旅游景点。桥下会有档口,不会有阴暗角落,人们也会感到安全。当然设施也需要保养……不是说今天做得很漂亮,明天回来全是垃圾。”
怡克伟士与马资源联营,担任生命之河交付合作伙伴,可从河流清理工程抽取1%回酬。
不过,若能提出比负责规划相关设计或系统的公司更廉宜的建议,他们就能与政府分享所省下的金额,最高可索取1亿令吉。
周边产业蓄势待发
怡克伟士集团在生命之河第1个版块拥有许多地皮,从今年开始会陆续推行周边产业计划,包括EkoTitiwangsa、EkoGateway、EkoQuay、EkoPark Place和EkoAvenue。
EkoGateway是集团接下来另一个主打计划,涵盖服务式公寓、购物商场和酒店,发展总值达到27.9亿令吉。
计划将在第三季推介,料末季动工,2023年完成打造占地14.5英亩的EkoGateway。
当地原本有发出恶臭的小河流,怡克伟士计划把河流美化,融入EkoGateway计划。集团还为此获得政府1.17亿令吉辅助金。
从怡克伟士负责的计划可见,集团所到之处,都会着手建造或提升当地基建设施。
林景清说:“这地点(EkoGateway)原本没人要。你有了基建设施,它的价值就不同了。基建好了,就要美化。”
作为交付合作伙伴,怡克伟士通过EkoGateway以身作则,打造行人走道、脚踏车通道,顺着生命之河,从EkoGateway一路延伸至谷中城。
集团接下来将推介发展总值5.07亿令吉的EkoTitiwangsa计划,涵盖零售商店和服务式公寓,预期2018年竣工。

10年购地部署 洞悉先机低价购地
怡克伟士去年开始打入产业市场,但其实集团早从10年前就开始购地,为产业业务作准备。
怡克伟士在新山金海湾拥有25英亩土地,当年是以超低价每平方尺4令吉买入,近期价格已跳涨至每平方尺近1000令吉。
林景清直言,这是怡克伟士一贯作风,一旦获利、拥有资金,就会买入地皮,然后保留至日后发展或脱售。
“我们相当熟悉基建……我们通常会在当地拥有基建前就购地,所以才能以低廉价格收购。当你看到基建,土地就不再廉宜了。”
针对关丹12英亩的地段,林景清表示如今蓄势待发,当地正推行东海岸经济特区(简称ECER),土地价格有望走升。
他点出,土地周边有许多独立洋房,较后还有中国钢铁厂进驻,将推高当地对公寓的需求。
无论是亿国城,抑或生命之河周边地段,怡克伟士都是在基建和重要企划出现前,开始累计土地。
“当然说很容易,最重要还是要拥有现金和持续持有土地的能力。”
应鼓励外国人置产 产业市场没有过热
政府去年开始宣布各种打房措施,刚好也是怡克伟士开始推行产业计划的时候。
对于打房措施,林景清不认同我国有产业市场过热的情况,更没有所谓供应过剩的情况。
“发展商是当有人买,才会打造。所以,不会有供应过剩的情况。只会有竣工却没有人居住的情况出现。”
他指出,声称没有能力购屋的人士,都是因手上产业不增值才会诸多投诉的投机者。
“若要产业价格不高涨,就应该允许更多建设。供应多了,价格才会回落。这对投机者不是好消息,所以他们才会吵。”
对政府而言,他认为应该鼓励外国买家来马置产,而不是推行打房措施。
“我国在亚洲金融风暴后,等待多年才有外资回流。如今外资要来马置产,却被阻止。这就像从冰箱拿出冰冻的鱼,还没解冻,又放进冰箱。”
2015财年开始收成
怡克伟士的佳绩,有目共睹。多年的等待和努力,集团终可在2015财年开始收成。大道业务目前虽在账目上是蒙亏,但未来三年第二期工程将有建筑业务填补缺口,2017年竣工之际就有盈利入账。
早前以现金支付马资源,收购大道30%股权,让集团得以节省贷款利息。因此,林景清不排除当盈利开始入账,集团将以股息或红股,回馈股东。
“我们估计盈利会大幅涨升。我们手上合约总值24.1亿令,未完成订单高达22.7亿令吉,以过往纪录,建筑计划通常有15%盈利入账,就有逾1亿令吉进账。”
集团2015财年开始还有产业计划亿国城的贡献,加上100%持有大道,表现肯定比往年优异,盈利、营收料可翻倍。
集团2013财年营业额报1亿4096万令吉,净利达到5003万5000令吉。
截至2014财年首9个月,集团营业额为1亿8295万令吉,净利达到1008万6000令吉。
怡克伟士的目标,是建筑、产业和大道特许经营业务,以40:30:30的比例贡献盈利。
有意逐步提高派息
至于股东最为关注的股息,林景清表示,怡克伟士每年至少派发0.5仙的股息,2014财年暂未确定会否派发更高股息。
“若资金没有特定用途,就会以股息派发给股东。如果没有要购地,我们就会派发股息。”
不过,他提到怡克伟士如今市值已冲破10亿令吉,所以,有意逐步把盈利派发给股东。
该公司在2012和2013财年,分别派发了每股5仙、1仙的股息。
他承诺,股东可放眼怡克伟士未来数年交出更亮眼成绩,同时以更高的股息回馈股东,坚守怡克伟士之名(源自Ekonomic In-vest-ment简写)。

Friday, July 18, 2014

关键绩效指标提高竞争力 土著料掌握70亿商机

首相拿督斯里纳吉说,政府官联投资公司(GLIC)和官联公司(GLC)的关键绩效指标,预料会在今年带来70亿令吉的商机。
他说,这项关键绩效指标具包容性,以绩效、透明和有利市场为基础,有助于令土著社群更具竞争实力。
纳吉也是财政部长。他今日主持土著经济理事会第8次会议后,在土著议程领导机构(TERAJU)宣布新晋土著企业家创业贷款计划(Superb)的第二系列15名得主仪式上,发表谈话。
他较后也颁发证书给15名得主;第二系列新晋土著企业家创业贷款计划的补助金为750万令吉,今年4月的补助金为650万令吉(13名得主)。
第三系列计划将在本月18日开放,纳吉促更多年轻的土著企业人士参与,包括来自沙巴和砂拉越的企业人士。
与会者包括副首相丹斯里慕尤丁、首相署部长拿督斯里阿都华希与拿督斯里依德利斯贾拉、国际贸易及工业部长拿督斯里慕斯达法、城市和谐、房屋及地方政府部长拿督阿都拉曼,以及土著议程领导机构主席胡斯尼沙烈。
成立50供应商9新公司
纳吉说,官联投资公司和官联公司今年的新倡议,包括通过供应商发展计划成立50家新供应商、9家新支柱公司、通过创业及竞争计划,增加7亿令吉的款项。
“另外还有总值20亿令吉采购拨款、5亿2700令吉的融资拨款及1亿令吉的企业发展拨款。
“此外,一个马来西亚培训计划(SL1M)及毕业生就业管理计划(GEMS)将进一步获得扩展,及在2014年培训2123名大学毕业生。
“今年估计发给土著的奖学金为1166份,比去年的584份高出一倍。”
纳吉说,官联投资公司和官联公司的关键绩效指标是由布城官联公司高效益委员会(PGC)发展,以为官联投资公司及官联公司设定关键绩效指标的方向与原则,和“改变游戏规则的倡议”。
13亿额外基金助土著
纳吉指出,根据官联投资公司和官联公司的关键绩效指标,将安排13亿令吉的额外基金,作为商业及房屋单位融资,而官联公司也将注资1亿令吉供给数码服务领域的土著,以提高他们的参与率、天分和能量。
他说,官联投资公司与官联公司将在PINTAR计划下额外领养4所学校,以及在Yayasan Amir下的37所新的信托学校。
他说,土著经济理事会议决监督今年的133项土著关键绩效指标,当中88项关键绩效指标或66%,供巩固企业界和业务。
“当中包括确定土著获得6条新大道的建筑合约、土著公司获得财政部机构(MKD)属下整体公司的主要供应商项目,及参与杂货店转型计划(TUKAR)的整体商店,大部分为土著所有。”

Thursday, July 17, 2014

Maybank launches cross-platform e-payment app

Maybank has introduced M2U Pay Snap&Sell, an innovative mobile application that enables individuals to sell their products anywhere and at any time on social media platforms.
According to Maybank, the app combines the simplicity of smartphone photography with the convenience of personal online commerce, using a secured online transaction service.
The seller only needs to snap a photo of the item for sale, share it on Facebook or Twitter, and the buyer will be able to close the purchase transaction through M2U Pay.
“M2U Pay Snap&Sell offers the convenience of sale management to the seller.  It features push notification of sale transaction details such as date and time, the buyer’s name, email and payment amount,” Maybank said in a press statement.
“To the buyer, the shopping experience is enhanced as payment is made directly to the individual retailer’s account through M2U. This removes the need to remember retailer’s account number or send proof of payment receipts as sellers are notified in real-time basis of any purchases made,” it added. 
Maybank head of virtual banking, Mohd Suhail Amar Suresh Abdullah, said the app was part of Maybank’s drive towards mobility in e-payments.
“M2U Pay Snap&Sell is aimed at facilitating online transactions amongst individuals and small businesses as part of Maybank’s commitment to offer banking convenience to all segments,” he explained.
Suhail added that given the increasing trend of individuals selling goods online in Malaysia, facilitating such payments would benefit customers and support economic growth in the country.
M2U Pay Snap&Sell is available on App Store and Google Play. 

Dow Ends at Record High

The Dow Jones Industrial Average closed at a record level on Wednesday for the 15th time this year, as better-than-expected corporate earnings and deal talk lifted broader markets.

The Federal Reserve’s Beige Book, which said that economic conditions and labor markets showed improvement across the country into early July, gave stocks a late lift.

AirAsia X confident of returning to the black

AirAsia X Bhd will return to the black in the second half of the year as its aggressive expansion into North Asia reaches the average 12-month breakeven point, said chief executive officer Azran Osman-Rani.

On Tuesday, the long-haul, low-fare airline affiliate of the AirAsia Group signed a memorandum of understanding for 50 A330neo aircraft valued at US$13.8bil (RM44.16bil) with Airbus. Signed at the Farnborough International Airshow, this is the world’s first airline commitment for the new version of the A330neo launched by Airbus this week.

In this landmark deal, AirAsia X will be the launch customer and the delivery of the A330neo will take place between late 2017 and 2024.

The A330neo incorporates the latest-generation Rolls-Royce Trent 7000 engines and reduces fuel consumption by 14% per seat, making it the most cost-efficient, medium-range widebody aircraft in the market.

A clearly happy Tan Sri Tony Fernandes, who is AirAsia X co-founder and director, said Airbus really did listen to its customers.

“We have been encouraging Airbus to launch this new version of the A330 for some time now. They said no. But for those of you who know AirAsia, you know we don’t take ‘no’ for an answer,” he said.

“This deal really is amazing for a Malaysian company. Airbus listened to us and is building this plane for us. The A330neo has a more efficient burn rate. This is the aircraft we truly need to develop further our low-cost, long-haul model. We are 100% sure that the A330neo will be quite unbeatable in its size category,” said Fernandes.

With this deal, the AirAsia Group has ordered a total of 586 aircraft from Airbus, making it one of Airbus’ biggest customers.

Azran said that in a nutshell, the A330neo was a game-changer for AirAsia X, as the cost efficiency doubled to 26% for longer-haul flights, for example, to Europe.

“Yes, we will definitely be studying the viability of Europe. The A330neo certainly makes it more feasible. For the nearer term, the China market is looking very good. Our focus continues to be on North Asia and Australia,” said Azran.

On AirAsia X raking in a profit soon, Azran said that while AirAsia X had been recording losses, it was mainly due to start-up investments from its aggressive expansion to increase market share for its operations.

Azran added that not all the A330neo were for expansion, and some would be to replace AirAsia X’s older planes. At present, AirAsia X has 23 planes and will take delivery of between seven and eight planes yearly.

AirAsia X started operations in Thailand earlier this year. For the first three months, it recorded a load factor of 88%. Azran said AirAsia X’s Indonesian affiliate will start operations later this year.

On the same day, AirAsia was named the “World’s Best Low-Cost Airline” at the 2014 World Airline Awards, making it the sixth consecutive year it has won the award.

“When it comes to low-cost carriers, Malaysia is the best in the world,” said Fernandes.

Not to be left behind, AirAsia X was hailed as the “World’s Best Low-Cost Airline – Premium Class Seat” and the “World’s Best Low-Cost Airline – Premium Cabin” award winner at the awards.

Wednesday, July 16, 2014

AirAsia X inks MoU for US$13.8b Airbus deal

AirAsia X has inked a memorandum of understanding (MoU) to purchase 50 A330neo plus an additional 50 purchase rights with Airbus in a deal valued at US$13.8bil.

AirAsia X, the long haul, low fare airline affiliate of the AirAsia Group said late Tuesday this was the world's first airline commitment for the new version of the A330 launched by Airbus this week.

"The deal is valued at US$13.8bil at catalogue prices and deliveries will take place between 2018 and 2024," it said.

The agreement was signed at the Farnborough Airshow in the UK by AirAsia X chief executive officer Azran Osman-Rani and Airbus president and CEO Fabrice Brégie.

Present to witness the signing of the MoU was and was witnessed by AirAsia X co-founder and director Tan Sri Tony Fernandes, AirAsia X chairman Tan Sri Rafidah Aziz and Airbus chief operating officer, customers, John Leahy.

AirAsiaX said the latest MOU from AirAsia X further consolidates the position of the AirAsia Group as one of Airbus's largest airline customers in the world. In total the Group has ordered 536 aircraft Airbus, excluding today's MOU. These include existing orders from AirAsia X for 61 Airbus Widebody aircraft.

The A330-800neo and the A330-900neo are two new members of the Airbus Widebody Family launched in July 2014 with first deliveries scheduled to start in Q4 2017. The A330-neo incorporates latest generation Rolls-Royce Trent 7000 engines, aerodynamic enhancements and new cabin features.

The A330neo reduces fuel consumption by 14% per seat, making it the most cost efficient, medium range Widebody aircraft on the market.

Airbus said A330neo operators will also benefit from a range increase of up to 400 nautical miles and all the operational commonality advantages of the Airbus Family.

Fernandes said AirAsia had been encouraging Airbus to launch this new version of the A330 for some time now.

"I am pleased that they are offering this choice and bringing us the aircraft we truly need to develop further our low cost long haul model.

“We are 100% sure that the A330neo will be quite unbeatable in its size category and we look forward to enabling more people to fly further more often aboard this great aircraft."

Rafidah said as AirAsia X grows its network by building hubs across the region, it was important to continue to innovate on all fronts including the latest and most efficient aircraft to provide a hassle free travel experience as it connects its long haul network and that of the AirAsia Group.

Monday, July 14, 2014

CIMB move will fan merger fire

THE preliminary talks for merger between CIMB Group (pic), RHB Capital Bhd and Malaysia Building Society Bhd (MBSB) indicate that some merger fever is at least getting back into the Malaysian market.
Unlike elsewhere in Asia, especially in China and Japan where mergers and acquisitions (M&As) are active, the Malaysian market has remained pretty quiet. Even in nearby Singapore, there are ocassional large M&As in the property sector.
Having said that, within the Malaysian banking sector, there are already many strategic partnerships in place.
This potential merger between CIMB, RHB and MBSB, if it materialises, will bring CIMB a step closer to realise its ambition of being a top regional player.
CIMB is already present in the major Asean markets, having acquired strategic stakes when prices were good.
It has built a presence in Indonesia when RHB Cap has just experienced a setback in failing to get approval for the acquisition of a stake in Bank Mestika.
CIMB, with substantial experience in investment banking and stockbroking, will also lend its experience in running the enlarged RHB Cap/OSK group.
However, this is not the first time CIMB has proposed to merge with RHB. Back in 2011, there was a similar proposal which did not include MBSB, and that had lapsed after three months.
The block of 21.43% belonging to Abu Dhabi-based Aabar Investments Pte Ltd was up for sale with the asking price of two times book value at RM10.80 per share.
This was deemed too expensive.
The timing was better now, as the book value had improved to 1.5 times at RM10.70 per share, said an analyst.
However, the current talks are expected to last many months.
It is also high time for the Employees Provident Fund (EPF), which owns 40.76% of RHB Cap and 64.73% in MBSB, to relinquish some control of the banking groups.
Ever since its acquisition of a large stake in RHB Cap, which was eventually pared down to 40.76%, there have been criticisms that EPF should focus on being an investment fund and not banking.
But RHB Cap has continued to do well and yield good dividends.
Under the potential merger, it will be a question of valuation for the expected share swap between EPF and the potentially enlarged CIMB group.
Altogether, it will be a potentially exciting combination with RHB Bank’s strength in commercial banking and the commercial bank that CIMB is building.
After three years and several pre-emptive steps to control property loans, Bank Negara is finally raising interest rates by a tad 25 basis points.
Is that enough to bite?
That would raise monthly instalments by just 3%, something which analysts say will affect more of the lower income group.
But Bank Negara is not expected to raise interest rates again in the foreseeable future.
“They will probably stop and look at it again,’’ said an analyst.
It will be more of an impact on sentiment as the current feeling is that cheap financing is too readily available.
In tandem with the rise in interest rates, deposit rates are also expected to go up by 0.25%.
That is aimed at attracting more savers especially those who are flush with funds and looking for investments with better returns.
Sometimes, in their search for higher returns, they fall victim to financial scams and lose all their hard-earned money.
The public spotlight on money laundering is gathering momentum.
Singapore prosecuted a record number of money laundering cases and seized more than S$115mil (RM295.5mil) of suspected criminal proceeds last year, said New Straits Times Online.
The Commercial Affairs Depart-ment received 22,417 suspicious transactions reports last year, a 25% increase from a year earlier, said the report by the agency on its website.
It provided financial intelligence to foreign agencies in 341 instances, up from 160 in 2012.
Singapore’s white-collar police has also tripled its financial investigation resources.
Being an internal transport hub and financial centre, Singapore is ever alert to potential cases of cross-border money laundering and terrorism financing risks.
It is not Singapore alone but all countries in the region have to step up their alert systems and share information on this latest cross-border crime.
Columnist Yap Leng Kuen reckons that with CIMB potentially moving into RHB Cap, other banking groups like Maybank may also move to flex their muscles in the competitive world of banking.

Sunday, July 13, 2014

大马人的举债生活

近几年来,亚洲家庭债务迅速攀升,隨著利率出现走升跡象,引发亚洲家庭偿债能力的质疑。

据匯丰的一项研究显示,在荣景期,新加坡与泰国的信贷成长超过美国;而在2001至2007年金融海啸前,马来西亚、中国、香港与韩国的借贷成长幅度也大於英国。
更甚的是,到了2013年,以家债佔国內生產总值比率来看,大马、台湾和泰国已经超越美国,当中大马情况更是区域最严重。
你的债务太高了吗?借钱所为何事?还得起钱吗?还有钱消费吗?本期“焦点策划”將深入剖析大马人的债务状况。
亚洲偿债能力受考验
研究显示,一个国家的信贷成长速度与金融风险的產生有很大关联;而若就个人或家庭来说,借钱太快太凶,与倒债危机的发生则息息相关,而“负资產”的效应可能会令人措手不及。
匯丰经济学家纽曼说:“过去几年来,亚洲消费者债务普遍攀升,不仅贷款买新房,也贷款买汽车、摩哆车与所有渴望事物。”
野村证券日本除外的亚洲经济学苏巴拉曼说,虽然亚洲仰赖总体审慎政策,如较严格的贷款对所得比率规定等,使亚洲债务被公认为“较为安全”,但未来可能不乐观。
他说,有充份理由相信,由於规定有漏洞,政策已逐渐失效。目前消费者享有比美国更低的利率保护,衍生出房市泡沫,隨著亚洲升息潮来临,可能有更多问题浮现。
苏巴拉曼表示,未来12个月亚洲至少有半数中央银行行將升息,甚至可能比美国还早行动,已形成高度风险。
亚洲家庭重蹈欧美覆辙?
2008年全球金融危机大爆发,家庭债务的居高不下,无疑是主要的元凶之一。
从这个角度来看,亚洲经济体(包括大马)近年来家债水平急速攀升,是否意味著可能重蹈欧美国家在6年前的覆辙呢?
有人认为,欧美消费者过度挥霍,而亚洲人理財审慎、偏爱储蓄,因而,有关倒债风暴不可能发生在亚洲,然而,最新的一项研究却顛覆了这个看法。
根据匯丰全球研究显示,亚洲消费者的债务在过去数年急速增高。若以各经济体在截至2013年及截至2007年的家债佔国內生產总值(GDP)作为比较,发现大部份亚洲经济体的债务水平都出现明显的上攀跡象。
虽然各亚洲经济体当前的家债佔GDP都还没到达美国於2007年危机前夕的水平,但若只比较截至2013年的水平,大马、台湾和泰国已经超越美国,其中大马更是区域內情况最严重的主要经济体。
韩国和新加坡的家债佔GDP虽低於美国,但还是高过英国。至於越南、印度、印尼与菲律宾,家债水平则相对较低;中国方面则在近年显著上涨。
亚洲过去6年家债成长快
更重要的是,匯丰全球研究表示,部份亚洲经济体在过去6年来的家债增长速度,比美国与英国在2001至2007年这6年来的家债增长速度更快。
“债务增长的速度比债务水平本身,更是引发金融风险的关键。”
大马举债情况严重
当中,泰国与新加坡在过去6年的家债增长速度,超越美国在全球金融危机前6年的家债增长速度;大马、中国、香港与韩国的速度则超越英国在2001至2007年的增长步伐。
无论如何,考虑到亚洲的家庭贷款受到较严格的条款管控,其中房贷的贷款与估值比率(LTV)更是远低於美国与英国的水平,更没有复杂的衍生工具混淆风险,因此匯丰全球研究认为,不太可能会发生突发性的泡沫爆破。
不过,基於大部份的消费支出都是凭藉贷款推动,所以对金融环境的紧缩非常敏感,无论是出自更严格的监管审查亦或资金成本的上涨。
匯丰全球研究坦言,儘管亚洲的家债水平不会像西方国家般引发巨大的系统性金融风险,但却在经济增长方面存在著隱忧:如果失去对依赖贷款的消费,亚洲的消费支出实际上到底有多强韧呢?
换句话说,一旦出现升息、收紧信贷措施或甚至资金不足情况时,不但家庭偿债能力受到置疑,亚洲实际消费能力也將受到连锁效应的拖累。
生活成本高
加重负担
再把焦点放回大马,大马家债高企早已是不爭的事实,而导致国人债台高筑的主要原因,几乎都离不开理財不当、入不敷出等因素。
然而,隨著政府积极向2015年的3%赤字目標迈进的当儿,隨即而来的高生活成本也开始浮现成为国人的债务梦魘。
政府在去年开始祭出多项津贴合理化计划,电费、燃油、白糖等物品价格相继上涨,国人因而必须面对此类物价涨高后所带来的高通膨压力。
考虑到政府將持续推行津贴合理化计划,生活成本將会持续攀升,加上消费税(GST)即將上路,同时国行有可能在短期內升息,不排除会进一步加重消费者的財务压力,进而削弱贷款者的还款能力。
中年陷困人数增
根据国家银行旗下信贷諮询与债务管理机构(AKPK)公佈的最新截至3月份数据指出,该机构接获的寻求財务辅导服务人数取得50%的成长率,远高於过去4年来的23%平均成长。
与此同时,在寻求財务辅导服务的人士中,参与与该机构旗下债务管理计划(DMP)的人数也跟著同步增高。值得一提的是,在报名参与债务管理计划的人士当中,年过40岁的参与者人数出现上升的跡象。
考虑到40岁以上人士的收入水平相对较为成熟与稳定,因此这一现象实属不合理,显示出生活成本因通膨而攀升对收入相对稳定的贷款者也带来更大的压力。
年龄介於30至40岁者则依然是財务问题最为严重的群体,佔据债务管理计划总参与人数的40%。考虑到相关年龄层贷款者往往开始独立生活、组建家庭並且累积资產,较普遍面对债务问题也不难理解。
缘何债台高筑?
信贷諮询与债务管理机构的报告显示,债务管理计划参与者面对债务问题的因素,最主要的还是由差劲的財务规划所致,有22.8%的参与者因此而拖欠还款。
虽然因为高生活成本而面临债务问题的参与者人数只佔总额的4.9%,比例相对较低,但却较去年9月份时的4.2%增长了70个基点,是唯一一项出现稳步增高的欠债因素。由此可见,百货通膨对消费者带来的压力確实已经在一定的程度上引发国人的债务问题。
另外,隨著政府削减多项津贴,市场的消费情绪也跟著受到衝击,进而对企业的营运环境带来负面影响。在债务管理计划的参与者当中,便有15.6%是因为生意失败或收入放缓而陷入债务问题,为继財务规划不当和高医疗保健开销(17.4%)后的第3大因素。
其它的因素还包括对信用卡的使用失控(11%)、失业或被裁(9.9%)、预料之外的財务承担(4.5%)等。
此外,生活成本持续攀升,较低收入群体难免承受最大的衝击。在参与债务管理计划的人士当中,便有超过一半(53%)的参与者的年收入低於2万4千令吉。
至於年收入介於2万4千令吉至4万令吉之间的参与者,共佔总参与人数的32%。年收入超过4万以上参与者人数则只有15%,可见高收入群体对高通膨的抗压能力还是相对强健,不会是主要受到衝击的对象。
產业与个人贷款
主要债源
国人的债务主要来自於哪方面呢?
信贷諮询与债务管理机构的数据显示,在参与债务管理计划的人士当中,有92.5%是受困於汽车贷款、房贷、卡债以及个人贷款,其中绝大部份参与者(82.7%)的债务问题都结合上述两种或以上的贷款。
同时,根据国行公佈的2014年4月份金融领域贷款数据,可见国人最大部份的贷款仍是由房贷所组成。根据该数据指出,为购买住宅產业的贷款量达3千592亿8千700万令吉,佔总贷款量的28.7%;购买非住宅產业的贷款则达1千616亿6千600万令吉,佔总贷款量的12.9%。
紧隨在后的是充作企业营运资本的贷款,共达2千877亿7千100万令吉,佔总贷款量的23%。
为购买交通工具的贷款量则达到1千643亿5千300万令吉,佔总贷款量的13.1%,为国人第3大部份的贷款用途。
在这当中,92.4%是用以购买轿车的贷款,达1千518亿5千600万令吉或佔总贷款量的12.1%。
相对而言,信用卡债务的比例则比较小,只有337亿7千100万令吉,或佔总贷款量的2.7%。
精明举债
审慎理债
专家建议,不管负债多少,都必须妥善管理。
即使欠款微不足道,你亦必须坚持准时还款,避免债务失控。如果你拖欠还款,利息或罚款均会迅速累积。
若不妥善管理,债务问题將日益扩大。过度借贷会导致財政困境、精神压力,甚至破產收场。你应时刻保持审慎,避免过度借贷,也不要向多个信贷来源借贷。
因而,在进行借贷之前,请考虑以下事项:
1)编製预算表,详列每月的支出、储蓄和借贷,然后计算自己的还款能力。
2)预留一笔资金以备不时之需(例如:失业、浮动利率贷款的还款额上调、紧急开支等。)
3)只借取你需要和能轻鬆偿还的金额。即使你有资格借取较高金额,亦切勿贸然提高借贷额。
4)比较不同机构的贷款利率,並留意任何额外费用。
5)因应个人需要选择合適的贷款种类。
6)按时还款以免被罚息,並儘快清还债务,以减少所支付的利息总额。
7)如无必要,避免向多个信贷来源借钱,以方便处理还款。
解决债务问题的方法
如果你无法偿还贷款或预见即將拖欠还款,请立刻行动。如置诸不理,债务问题將会急速扩大。
1)审视收支预算
是否有一些非必要的开支可以削减或推迟,以助偿还债务?
2)每月儘量偿还欠款
至少偿还每笔贷款的最低还款额,以免影响你的信贷评分。如果你有能力增加还款,就应首先偿还利率最高的贷款。
3)优先偿还有抵押债务
如抵押贷款,而非如信用卡等无抵押债务,以免居住的屋业被收回。
4)告知贷款机构你出现了財政困难
在很多情况下,贷款机构会愿意研究你的情况並与你共同解决问题,例如延长贷款期或安排暂时延迟还款。
5)考虑合併你的贷款
你可考虑合併不同的债务和信用卡结欠,变成一笔有固定还款时间表的贷款。透过合併贷款,你或能节省利息支出,並將多项欠款整合为一,方便管理债务。
结语:
专家建议,不管负债多少,都必须妥善管理。即使欠款微不足道,你亦必须坚持准时还款,避免债务失控。如果你拖欠还款,利息或罚款均会迅速累积。


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Saturday, July 12, 2014

More M&As ahead in the banking sector?

An analyst does not discount the possibility of a Maybank-Public Bank merger.
WITH the financial institution landscape shrinking fast, the number of banks in operation is countable. It will appear that moving forward, medium-sized banks will cease to exist.
As consolidation continues, the country may have only four to five sizeable banks.
The potential acquirers and acquirees include Malayan Banking Bhd (Maybank), Public Bank Bhd, Affin Bank Bhd, Alliance Financial Group Bhd, AMMB Holdings Bhd and Affin Holdings Bhd.
Nearly every bank has the capability to buy or merge with a new partner as it has undergone massive fund raising and placements to comply with the Basel III requirements since Jan 2013.
The Basel III guidelines calls for higher capital requirements with capital buffers as well as leverage and liquidity ratios. Most banks have embraced this.
Which are the banks that will appeal to suitors?
Definitely not Public Bank.
This bank with the highest ROEs (return on equity) in the market. It is too pricey for any bank to even consider. At a price-to-book valuation (P/BV) of 3.4 times, it is the most expensive bank in Malaysia.
All other banks are trading at less than two times P/BV. Malaysia’s largest financial institution, Maybank, and the second-largest CIMB, are both trading at P/BV multiples of only 1.9 times.
In May, Public Bank surprised the market when it proposed a RM5bil rights issue, effectively “over capitalising” in terms of its capital requirements for Basel III.
It was speculated that the rights issue was Public Bank founder Tan Sri Teh Hong Piow’s way of building up its war chest to discourage potential suitors from taking up substantial stakes in the company.
Meanwhile, the bank that is likely feeling the most heat from the three way merger would have to be Maybank. Its definitely hungry for more acquisitions.
Recall in 2011, Maybank and CIMB were vying to take over RHB Capital in a deal worth RM20bil.
The two banks had obtained permission from Bank Negara to hold talks with RHB Cap for a potential merger. However, in less than a month, the deal was abandoned.
It is certain now that they will not be looking to make a bid to acquire RHB Cap. “We do not discount the possibility of more mergers and acquisitions, including one between Maybank and Public Bank, hence creating an even bigger entity with a combined asset size of RM890.5bil,” said Affin Research analyst Tan Ei Leen.
Maybank is now on stronger footing as its regional expansion into Singapore and Indonesia has been bearing fruit. It is also targeting its international businesses to contribute some 40% of profit before tax by the end of 2015.
Currently, Maybank has a high dividend yield of 5.2%, and the bank is expected to sustain a pay-out ratio of around 70% to 80% due to its dividend reinvestment plan. It has a market cap of RM91.03bil.
Maybank’s major shareholder is Permodalan Nasional Bhd.
Another promising acquiree target is Alliance Financial Group (AFG), Malaysia’s smallest domestic bank with a 3% market share in both loan assets and deposits. It only has a market capitalisation of RM7.83bil at its P/BV of 1.8 times.
“It is one-tenth the size of the largest three banks by market capitalisation and one-third the size of the next three,” said UBS Research.
AFG has a niche consumer and small and medium enterprise franchise, and a large low-cost deposit base.
Its largest shareholder is Vertical Theme Sdn Bhd, which is a joint venture between Temasek Holdings and Lankah Bahagia Sdn Bhd.
AMMB Holdings Bhd which has a P/BV of 1.65 times and a market cap of RM21.64bil. It made two key acquisitions in 2012, and is already reaping the benefits of these new integrations.
AMMB bought Kurnia Insurans (M) Bhd for RM1.63bil in September 2012, and this propelled it to become the second largest general insurer in the country.
Three months later it bought MBF Cards (M) Sdn Bhd for RM623.4mil. AMMB is trading at a P/BV of 1.7 times.
Affin Holdings Bhd is the cheapest bank, trading only at a P/BV of some 0.83 times with a market cap of RM6.47bil.
In January, Affin acquired Hwang-DBS Investment Bhd for RM1.36bil, and this immediately boosted its stockbroking market share more than four-fold to 15% from 3.3% currently.
Initially, Affin had plans to acquire a stake in Bank Panin Syariah, but this was aborted after news emerged that Dubai Islamic Bank was acquiring 25% of the former.

Why RHB Cap, MBSB went for exclusivity clause

BANK Negara allowed competing bids for banks after the bitter takeover of Southern Bank Bhd by CIMB Bank Bhd in 2006.
This came about after Southern Bank’s major shareholder, Tan Sri Tan Teong Hean, felt that he could have got a better price if the central bank had allowed competing bids.
Subsequently, in 2011, when RHB was a takeover target, both Malayan Banking Bhd and CIMB Group Holdings Bhd put in competing bids for the banking group.
The offer was the same for RHB Capital Bhd, something which did not go down well with the Aabar Group that had a 25% block in the banking group.
The deal was scuttled when a transaction was done between two companies under the Aabar Group, valuing the RHB Cap shares at RM10.80 apiece.
“But the exercise was bad for RHB Cap. It was perceived as a company that was up for sale. It lost good people and customers,” says an official close to the Employees Provident Fund (EPF), which is a major shareholder in both RHB Cap and Malaysia Building Society Bhd (MBSB).
“The outcome was as though the EPF was putting the bank up for sale, which was not the case,” says the official. “There was too much disruption to the business.”
To avoid a similar situation, the boards of RHB Cap and MBSB have agreed to have exclusive negotiations with the CIMB Group for 90 days. The EPF is well-represented on both the boards.
“The EPF is sending the message that the bank is not for sale but open for a merger. If it wanted to sell its stake, it would have undertaken a competing bid,” says the official.
The official also adds that the valuations would be easy to estimate because the banking industry is transparent and well-regulated by Bank Negara.
“Everybody knows everything ... determining the price is not an issue,” says the official.
There have been several reports of Aabar Investments PJSC – which acquired a 22.5% stake at RM10.80 per share in 2011 – disposing its interest. The latest was a report two months ago speculating that a bank in Taiwan was keen on the stake.
“But it would be difficult for another bank to buy the block because it would only be an investment stake and the capital cost would be high with the Basel III requirements,” says the official close to the EPF.

Rashid behind record banking merger of RM2.2bil

IN recent times, the most expensive of all valuations for banking mergers would be the 2.25 times price to book (P/BV) valuation paid by Abu Dhabi’s Aabar Investment PJSC for a 25% stake in RHB Capital Bhd for RM5.9bil or RM10.80 per share in 2011.
However, the record for the most expensive transaction was made in 1996 when Rashid Hussain Bhd (RHB) founder Tan Sri Abdul Rashid Hussain helmed the merger of DCB Bank Bhd and Kwong Yik Bank – the country’s biggest banking merger at the time at RM2.2bil or a price to book value of 3.2 times.
The merger of Kwong Yik Bank and DCB Bank into RHB Bank aimed to turn RHB Bank into a major force in corporate and retail banking. This merger transformed RHB Bank to become the third largest banking group. Three months later, however, the financial crisis hit Asia.
Banking analysts said that the price to book valuation over the last few years for bank mergers and acquisitions have averaged at about 1.44x.
On the higher end, RHB Capital Bhd paid 1.77 times (x) for OSK Investment Bank in 2012, and Maybank paid 1.9x for Kim Eng Securities a year before that.
Meanwhile K&N Kenanga Holdings Bhd acquired ECM Libra Investment Bank Bhd for RM875.1mil or a P/BV of 1.27 times.
Earlier this year, Affin Holdings Bhd acquired selective assets of Hwang DBS for RM1.36bil. For the portion in Hwang DBS Investment Bank, Affin paid RM1.1bil which was derived based on a price-to-book (PB) multiple of 1.28x on the net assets of Hwang IB as at end-January 2013 of RM849.3mil.
It appears that recent transactions have become cheaper from five years ago, when the P/BV averaged closer to 2 times.
In 2007, DRB-Hicom Bhd acquired 70% of Bank Muamalat Bhd for slightly more than RM1bil, giving it a valuation of 2.1 times price to its net tangible asset.
In 2008, Hong Kong based Primus Pacific Partners Ltd acquired 20% of EON Capital from DRB-Hicom for RM1.3 bil or RM9.55 a share, which works out to about 2.2 times P/BV.
Two years later, EONCap was taken over by Hong Leong Bank Bhd in a RM5.06bil deal after much resistance from its biggest shareholder, Primus Pacific.
It took some 17 months for the deal to close, during which Primus Pacific took the bank and its directors to court to challenge the takeover.
Another notable deal was in 2007 when the Bank of East Asia bought a 25% stake in Affin Holdings Bhd at 1.3 times P/BV for about RM500mil.
The Australian and New Zealand Banking Corp also paid an average 1.7 times price to net tangible asset for its 24.9% stake in AMMB Holdings Bhd.

The dealmakers

THE key drivers in the merger process are CIMB Group chief executive Datuk Seri Nazir Razak and the Employees Provident Fund (EPF) chief executive officer Datuk Shahril Ridza Ridzuan. Both are savvy in the investment world, but they need Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz’s blessings to see the proposed merger through.
DATUK SERI NAZIR RAZAK
AS the face of CIMB Group for the past 15 years, some perceive Nazir’s transition to bank chairman as a prelude to this mega merger.
He was quoted as saying: “I am not going anywhere and no one should be unduly concerned, as I would continue to helm the organisation, albeit in a different role.”
While CIMB Group’s involvement in this merger has caught many off guard, it is in the bank’s DNA to grow rapidly via mergers and acquisitions. Starting as an executive in the corporate advisory department of CIMB Investment Bank and subsequently becoming its chief executive at the tender age of 33, Nazir, among others, has played a key role in the bank’s transformation to a regional group.
Under his leadership, the lender acquired G K Goh Securities Pte Ltd and Bumiputra-Commerce Bank in 2005, Southern Bank Bhd in 2006, PT Bank Niaga Tbk in 2007, PT Bank Lippo Tbk and Bank Thai in 2008, and the Royal Bank of Scotland Group Plc’s Asia-Pacific investment banking businesses in 2012.
TAN SRI DR ZETI AKHTAR AZIZ
THE speed at which the financial institutions involved in this gargantuan deal received the approval from the central bank is a big sign that it is agreeable to it.
Having been named as one of the world’s best central bank chiefs, Zeti’s term with Bank Negara will be ending in 2016.
She has been quoted in media reports as saying that “there are just one or two things that I would like to do before stepping down, such as completing my work on Islamic finance”.
Hence, it is not surprising that the corporate exercise involves the formation of a mega Islamic bank. During Zeti’s, Malaysia has stamped its mark as the most important Islamic finance centre.
In one decade, she led Malaysia to become the world’s largest sukuk market, tripled Islamic banking assets to 21%, and enabled over 100 domestic and international Islamic financial institutions to operate in the country.
In the international financial arena, Zeti contributed to global acceptance of Islamic finance.
DATUK SHAHRIL RIDZA RIDZUAN
IT has been said that the EPF is a key driver in the merger, as it is the common major shareholder in all three parties.
Shahril has always been focused that EPF should not play an active role in its investments. This merger will solve his problem in two companies where it is the largest shareholder and has substantial influence over the appointment of key managers. They are Malaysia Building Society Bhd and RHB Capital Bhd, where the EPF has stakes of 64.73% and 40.76%, respectively.
Earlier this year, the EPF had reduced its interest in Malaysian Resources Corp Bhd and left its running to the Gapurna Group.
Shahril took over as CEO of the EPF from Tan Sri Azlan Zainol in April last year. However, his two-year term is likely to be extended.
He first joined the EPF on Dec 1, 2009 as deputy CEO (investment), where he was responsible for the organisation’s investment strategy and policy. He had contributed towards the sterling growth of EPF’s overseas investments from 5.96% in 2009 to 17.21% currently.

The dealbreakers

Shareholders f RHB Capital Bhd will have to decide whether to accept or reject an offer to merge the banking group. Below are the two key players in RHB Cap that could make or break the deal for the creation of a mega bank arising from the merger between CIMB Group Holdings Bhd, RHB Cap and Malaysia Building Society Bhd.
AABAR INVESTMENTS PJSC
AABAR Investments, the Abu Dhabi sovereign wealth fund, will be one the key players which will be closely tracked by investors in view of the proposed merger.
As one of the major shareholders with a 21.43% stake in RHB Cap, Aabar Investments will have a big say on the proposal. The Employees Provident Fund (EPF), the largest shareholder in RHB Cap, has a 40.76% stake in the banking group.
Whether the Abu Dhabi sovereign wealth fund will stay on or attempt to scuttle the deal will depend on the price.
Industry observers and analysts say Aabar has not been active in the management of the banking group and in the last couple of years has been courting numerous suitors as it seeks to exit from its investment in RHB Cap. Sources expect the deal for the proposed merger to be done at between 1.7 and 1.75 times book value (based on CIMB’s current valuation of 1.7 times). That valuation will be an opportunity, according to some industry watchers, for Aabar to dispose of its stake in RHB Cap as the book value of RHB Cap has increased since it purchased its stake from its sister company Abu Dhabi Commercial Bank at 2.25 times book value.
Public Investment Bank Bhd head of research Ching Weng Jin feels Aabar could be a willing seller, considering the cumulative 58 sen dividend it has received from its point of investment and more so with a share swap deal which it could benefit from the price upside of the merged entity.
In 2008, ADCB acquired the 25% stake in RHB Capital at RM7.20 per share, a 26% premium over the latter’s market price of RM5.70 then.
TAN SRI ONG LEONG HUAT
THE low-profile tycoon and OSK Group supremo has been in the news of late. In April, at OSK Holdings Bhd’s AGM, Ong said he had “no immediate plans” to divest his stake in RHB Cap given that its value had appreciated.
Upon completion of the merger between RHB Cap and OSK Investment Bank last year, his stake (held through OSK Holdings) in RHB Cap is 9.91%.
Will Ong agree with the proposed merger when it comes time to vote. A fund manager who monitors OSK Holdings feels that Ong, as a business man, will most likely agree with the merger. “After the merger, his shareholding is likely to be further diluted and if the price is right he will make an exit,” he notes.
Ong is the chairman of RHB Investment Bank Bhd. Based on the last-traded price of RHB Cap of RM8.72, the bank is worth 1.29 times its book value. OSK’s stake in the bank is worth RM2.2bil, which translates to about RM2.27 per OSK share.
Ong emerged as a substantial shareholder in PJ Development Holdings Bhd last November and was subsequently appointed non-independent and non-executive chairman on Dec 23.
Following the divestment of OSK Investment Bank to RHB Cap, the seasoned stockbroker said OSK Holdings would focus on property, among others, to develop the land next to OSK Plaza. The development is expected to have a gross development value of RM1bil.