Posted by pantor > 2016-08-04 21:03 | Report Abuse

good rebound. fat dividend is coming soon

Posted by MATB > 2016-08-05 11:20 | Report Abuse

very solid bottom at nearing 14.00. TP 17.50

Posted by Thelastone > 2016-08-11 12:11 | Report Abuse

Rebound coming.....

Posted by X1918B > 2016-08-18 18:26 | Report Abuse

gogogo man

Posted by GladyStrayer > 2016-08-18 19:13 | Report Abuse

Employees will be happy if there's bonus. Congrats!

Posted by Duitlai > 2016-08-19 09:32 | Report Abuse

Bonus if , price will trend higher

Posted by Piggybank > 2016-08-24 08:19 | Report Abuse

 Earnings still on a growth path: ACSM recorded a NP growth of +10% y-y in FY16 (Feb yr-end), +8% y-y for 1QFY17 and based on street estimates, growth is expected to continue with +6.2% y-y/+7.3% y-y FY17E/FY18E (despite earnings contraction within the banking sector). In my view, there is potentially upside risk to these numbers (volume growth), as ACSM’s target market are more sensitive to interest rate cuts (we expect another 50bps) and fiscal measures targeted for the low-middle income, which we expect in 2H16, i.e. min wage & civil servant wage increases, reduction in EPF contribution, more BR1M payouts.
 Growth much stronger for underlying receivables growth, versus the 8-10% NP growth and according to management is on track to grow +20% y-y in FY17E, (FY16: +20% y-y; 1QFY17: +21% y-y to RM5.8bn). Motorcycle financing (29.9% of receivables), auto financing (29.5% of receivables) and personal financing (22.4% of receivables) are the three top categories. We do note that there is some conscious slowing down in general easy payment (GEP i.e. white goods financing) and used car financing and a greater emphasis on personal financing and credit cards (~200k cards in circulation).
 Slowing economy, yet NPLs declined to 2.42% 1QFY17 (from 2.74% in 1Q16), due to ACSM’s prudent risk management policies and in-house expertise and processes having been in the business for over 20 years. Mr Lee believes that borrowers typically will continue repaying as long as they are employed. Classification of NPL happens after 3 months of non-payment, written-off after 6 months of non-payment. Net credit costs also fell to 3.32%, the lowest in 9 quarters.
 No real competitor as ACSM is sandwiched between money-lenders and banks, with >70% of its c.1mn customer base earning < RM3,000/mth and coupled with the average loan ticket size of RM8,000 and average tenure of 4 years, ACSM is in a segment which does not interest the banks. It’s direct competitors are Bank Rakyat (unlisted) and MBSB (MBS MK, RM0.86, NR) but both have been unsuccessful in migrating from super-safe civil servant salary deduction lending to the “free market” i.e. ACSM makes about 13-15mn calls a year to customers to remind them to pay on time. Parkson Credit, Singer Credit, Wilayah Credit also offer consumer financing and motorcycle financing but we understand are much smaller places in this space.
 Not as strictly regulated unlike the banks, ACSM only needs to ensure its capital ratio (total equity/receivables) does not fall < 16% as required for all credit card issuers. ACSM is given the freedom to set pricing, with gross yield from 14% for used car financing to as much as 27% for general easy payment.
 Beneficiary of lower interest rates? ACSM will not immediately benefit from declining interest rates in terms of lowering its funding cost as close to 70% of its funding is fixed-rate (to match its fixed rate lending base) and locked in for 5-6 years from Japanese banks (LT fixed-rate at c.4.28% which is way better than any local bank offers) and the balance (which will benefit from lower interest rates), 30% from local banks (more ST facilities), for an average funding cost of around 4.2%. This is against the overall gross yield for ACSM at ~20%. Lower interest rates should improve demand and a relief for their customers.
 Trading at 8.3-8.7x PER, below market average 15x, with 29% ROE and 4.2-4.6% div yield: Adjusting for RM14.4mn/p.a. distribution paid to perpetual note holders (below net earnings line), ACSM is trading at trading at 8.4-8.7x ann. 1QFY17/FY17E PER or 8.3x FY18E based on consensus estimates, offering a 4.2%/4.6% FY17E/18E dividend yield. ROE were ~35% in FY2014/15 but is lower ~29% in FY16.

Posted by Patrick Ngian > 2016-10-06 07:01 | Report Abuse

https://researchnews.affinhwang.com/Research/DailyReports/20160926/Affin%20Hwang%2020160926%20AEONCredit%20CU%20(2).pdf

Posted by malaysiaku > 2016-12-10 10:26 | Report Abuse

AEONCR- peminjam wang yang disahkan, diluluskan, dilesenkan...apa lagi yang nak diminta? dividen setiap tahun pasti ada..

Posted by malaysiaku > 2016-12-12 01:55 | Report Abuse

tak seronok sebab saham agak mahal untuk ikan bilis dari kampung.....tapi banyak pula members aku kat office dah jadi ahli Aeon.....aku pun sama....haha......

Posted by cyeec2000 > 2016-12-12 09:16 | Report Abuse

Bussiness bagus?

Posted by stockmanmy > 2016-12-12 09:47 | Report Abuse

AEONCR, one of my favourites.

Posted by malaysiaku > 2016-12-16 13:30 | Report Abuse

overvalued punya stok....tak sesuai untuk ikan bilis.....chase high, risiko pun tinggi...... risiko tanggung sendiri...tapi bagus juga ada dividen.....

Posted by paperplane2016 > 2016-12-19 16:04 | Report Abuse

We expect AEONCS’ receivables to grow at 19% yoy in FY17E, 18% yoy in FY18E and 16% yoy in FY19E (Fig 1), which is above the banking sector’s household loan growth rate of 5.7% yoy as at July 2016) driven by on-going and new initiatives implemented by the group such as:
i) expansion of the personal financing loan segment, with a maximum tenure of 10 years from 5 years previously by targeting primarily the higher income group;
ii) further penetration into the high-yielding SME/micro-financing segment;
iii) cross-selling of easy-payment schemes, insurance products and credit cards to AEON BiG’s existing 2.2m customers;
iv) establishment of additional four new customer service centres, bringing altogether to 64 service centres;
v) signing up new merchant agreements (electronics/electrical, IT gadgets, jewellery, bicycle shops). This move will also help to drive fee income growth.
We believe that the SME financing segment will provide a new avenue for growth as AEONCS could also tap on the booming e-commerce business and other new start-ups where there are a lot of cross-selling opportunities, especially credit card instalment plans.

Posted by paperplane2016 > 2016-12-19 16:04 | Report Abuse

Apart from the above, the recent hike on civil servants’ wages
commencing July 2016 and the introduction of the RM1,200 minimum
wage for civil servants will be another driver to boost consumption
spending, and the spill-over effect will be on purchases of small-ticket
items such as electrical goods, electronic & IT gadgets, household
furniture as well as increased the affordability to borrow personal loans (to
supplement lifestyle needs such as weddings, renovations, etc

Posted by paperplane2016 > 2016-12-19 16:07 | Report Abuse

Compared to the banking industry’s household sector gross impaired loan
ratios, AEONCS’ gross NPL ratio (at 2.4% as at May 2016) is higher as
their portfolio of receivables are in riskier assets (used car, motorbikes)
and non-collateralized. Nonetheless, AEONCS cash flows are
compensated by a higher effective interest rate of around 16-17% against
a borrowing cost of 4.2%.

Posted by paperplane2016 > 2016-12-19 16:07 | Report Abuse

Despite industry concerns on defaults among the lower-income groups in
the non-banking financial institutions, we understand that the issue which
was triggered by the availability of easy-credit (with long tenure up to 25
26 September 2016
Affin Hwang Investment Bank Bhd (14389-U)
Page 4 of 8
years) and easy personal loans refinancing schemes (back in July 2013),
did not affect AEONCS in a significant way. This was due to AEONCS’
management in-depth understanding of the consumer-financing business,
adhering to proper risk management underpinned by tight credit approvals,
strict scoring system as well as its prompt collection practices.

Posted by Lim Chew Hong > 2016-12-22 20:57 | Report Abuse

Another quarter of good result, when will people start noticing this stock ?

Posted by paperplane2016 > 2016-12-23 09:02 | Report Abuse

just accumulate while ppl sleeping..............great

Posted by stockmanmy > 2016-12-23 09:27 | Report Abuse

smart people are accumulating.

Posted by stockmanmy > 2016-12-23 09:31 | Report Abuse

when CAGR is in double digits, PE is in single digits, this is what value investors look for
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We expect AEONCS’ receivables to grow at 19% yoy in FY17E, 18% yoy in FY18E and 16% yoy in FY19E (Fig 1), which is above the banking sector’s household loan growth rate of 5.7% yoy as at July 2016) driven by on-going and new initiatives implemented by the gr

Posted by paperplane2016 > 2016-12-23 09:43 | Report Abuse

wow........

Posted by paperplane2016 > 2016-12-23 23:33 | Report Abuse

If bulls is here also. This stock won't go wrong. Forget banks. Aeon credit is much better.

Posted by paperplane2016 > 2016-12-23 23:40 | Report Abuse

艾芬黄氏研究表示，尽管市场竞争强劲，惟相信永旺信贷管理层将继续进行各项措施，包括个人贷款业务将瞄准高收入群作为目标、进入中小企业（SME）或小额贷款市场和通过Aeon Big及新代理商提升疲弱的应收账增长。

艾芬黄氏指出，预计应收账增长在2018至2019财政年成长料减速至16至18%，而利息收入则逐渐减少至15.5至16.5%。

Posted by paperplane2016 > 2016-12-23 23:43 | Report Abuse

We maintain our HOLD rating on AEONCS with a TP of RM14.70 (based on 8x PER for CY17 EPS of 184.3 sen). We foresee a slight moderation in receivables growth at 16-18% p.a. for FY18-19E (led by weakening in the once robust motorcycle segment) while the lucrative effective interest rate is expected to taper down to between 15.5-16.5% (FY18-19E) from 19- 20% back in FY13-14 owing to change in product focus to the lower risk segment. AEON Credit’s strict risk management standards will continue to preserve its asset quality apart from an improving collection system. Downside risks – rising household debt level, increase in defaults. Upside risks: rebound in consumer sentiment, higher wages growth

Source: Affin Hwang Research - 23 Dec 2016

Posted by paperplane2016 > 2016-12-28 10:04 | Report Abuse

wow, good result also no volume, funny

Posted by paperplane2016 > 2017-01-05 01:20 | Report Abuse

I wonder why not many pick this stock....

Posted by ykykykyk > 2017-01-05 13:39 | Report Abuse

No ppl goreng ma

Posted by optimus9199 > 2017-01-06 14:13 | Report Abuse

good stock nothing to worry.

Posted by fattycat > 2017-01-06 21:33 | Report Abuse

Share price rm14.8
If buy 10000units nid rm148000 . ..
5000units also nid rm74000
no money buy ......

Posted by Ej Lee > 2017-01-07 11:00 | Report Abuse

Buy 100 shares RM 1480.... round up to RM 1500 after brokerage and misc charges.

Posted by Ultramen > 2017-01-09 08:38 | Report Abuse

i buy(accumulate) 500 shares each time~

Posted by paperplane2016 > 2017-01-09 14:11 | Report Abuse

add little last week. this few weeks see if can add

Posted by paperplane2016 > 2017-01-13 12:40 | Report Abuse

finally moving

Posted by Ultramen > 2017-01-14 17:20 | Report Abuse

fly too fast，still buy not enough.

Posted by 2017ks > 2017-01-14 23:48 | Report Abuse

where got flying fast ,if flying fast it should be trading above 20 not still at the level 15

Posted by enjoyinglife > 2017-01-15 00:00 | Report Abuse

Is it possible to enter now?will it be too high?

Posted by paperplane2016 > 2017-01-15 00:17 | Report Abuse

Later rm20 you will ask for similar question again.....

Posted by enjoyinglife > 2017-01-15 08:11 | Report Abuse

Btw I'm asking rm15 not in future things right?

Posted by enjoyinglife > 2017-01-15 08:13 | Report Abuse

Paperplane2016..Are u sure will raise to rm20?

Posted by Patrick Ngian > 2017-01-15 08:45 | Report Abuse

Last time this counter's PE ratio hit 16 before, current PE is only 10. It may reach Rm 26 or more If market revalue its earning per share's growth potential.

Posted by enjoyinglife > 2017-01-15 09:04 | Report Abuse

Any supporting news for potential growth on this counter?

Posted by stockmanmy > 2017-01-15 10:51 | Report Abuse

That is the smartest comment.
This is the reason I am attracted here.




Patrick Ngian
133 posts
Posted by Patrick Ngian > Jan 15, 2017 08:45 AM | Report Abuse

Last time this counter's PE ratio hit 16 before, current PE is only 10. It may reach Rm 26 or more If market revalue its earning per share's growth potential.

Posted by Patrick Ngian > 2017-01-15 12:48 | Report Abuse

enjoyinglife Any supporting news for potential growth on this counter?


for the last 5 years, its EPS grew 20+% every year. You need the right business model, excellent management and team to be able to deliver this kind of return. For the next 5 years, i think the growth will be double digit too as they just penetrated into SME loans and its receivables is growing at a very healthy rate. Looking forward to see their financial result this quarter.

Posted by stockmanmy > 2017-01-15 14:01 | Report Abuse

good business, good people, good numbers....waiting for what?

Posted by paperplane2016 > 2017-01-15 17:06 | Report Abuse

Waiting for push

Posted by paperplane2016 > 2017-01-15 17:10 | Report Abuse

I can only say something big can happen 1q

Posted by enjoyinglife > 2017-01-15 20:12 | Report Abuse

Should be go for it then.:)

Posted by teoct > 2017-01-17 20:37 | Report Abuse

Don't forget Aeon Credit Malaysia is also invested in Aeon Credit Philippine and Aeon Credit India. Now these two associates are in their infancy, when they grown up they will be like Aeon Credit Malaysia, by then should be more than RM20 ......

Posted by Tai KT > 2017-01-17 20:52 | Report Abuse

One word, buy.