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KLSE: AFFIN       AFFIN HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.35 2.96     +0.61 (25.96%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
05/12/2017 2.27 2.90 +0.63 (27.75%) BUY MIDF Price Target News
05/12/2017 2.27 2.75 +0.48 (21.15%) BUY KENANGA Price Target News
05/12/2017 2.27 2.70 +0.43 (18.94%) HOLD HLG Price Target News
04/12/2017 2.32 3.30 +0.98 (42.24%) BUY MIDF Price Target News
04/12/2017 2.32 2.75 +0.43 (18.53%) BUY KENANGA Price Target News
04/12/2017 2.32 2.70 +0.38 (16.38%) HOLD HLG Price Target News
06/10/2017 2.58 3.00 +0.42 (16.28%) BUY KENANGA Price Target News
07/09/2017 2.56 3.30 +0.74 (28.91%) BUY Market Access Securities Price Target News
05/09/2017 2.54 3.30 +0.76 (29.92%) BUY MIDF Price Target News
05/09/2017 2.54 3.00 +0.46 (18.11%) BUY KENANGA Price Target News
05/09/2017 2.54 2.80 +0.26 (10.24%) HOLD HLG Price Target News
17/07/2017 2.61 2.80 +0.19 (7.28%) HOLD HLG Price Target News


Price Target Research Article/News (past 6 months)
05/12/2017  MIDF Affin Holdings Berhad - OPEX And Provisions Will Normalise
05/12/2017  KENANGA Affin Holdings Berhad - Transformation Volatility
05/12/2017  HLG Affin Holdings - Opex Will Normalize in 4Q17
04/12/2017  MIDF Affin Holdings Berhad - Higher OPEX And Provisions, But Will Normalise
04/12/2017  KENANGA Affin Holdings Berhad - Unexpected Higher VSS Cost
04/12/2017  HLG Affin Holdings - 3Q17: Impacted by VSS Cost
06/10/2017  KENANGA Affin Holdings - Reduction in Workforce
07/09/2017  Market Access Securities Affin Holdings - Viewing It In The Continuum
05/09/2017  MIDF Affin Holdings - NOII Growth Led The Way
05/09/2017  KENANGA Affin Holdings - Supported by Strong Fee-based Income
05/09/2017  HLG Affin Holdings - Good Progress Towards Affinity
17/07/2017  HLG Affin Holdings - Green Light for Its Reorganzation



  anthonylow likes this.
 
shortinvestor77 I don't think so. One of my former colleague after getting PR can't even get a job there. He also survived and found out the same things happened to many PRs.
03/10/2017 17:07
darrenliew As always some will be more successful than
others. So many factors in play. Main thing the opportunities are greater
03/10/2017 17:18
Beza AFFIN was reported to be planning to reduce its workforce by 6%, which will incur an additional RM50m to its opex. While we trim its FY17E earnings by 8%, our FY18E is maintained as we had previously accounted for a lower CIR. Maintain OUTPERFORM.

Reduction in workforce. It was highlighted in the media yesterday that Affin Holdings Bhd (AFFIN) is planning to reduce its workforce by as much as 6% or 300 staff. The media quoting senior AFFIN’s management mentioned that the reduction is “part of its strategy to be an efficient financial entity while improving productivity”. The scheme which is virtually a Voluntary Separation Scheme or VSS will likely be offered towards year end. The VSS is expected to add an additional RM50m to its opex for FY17.

VSS to be completed by 4QFY17. We understand that a VSS has been initiated since last month with the bulk likely to be completed by the end of the year. However, we were not surprised with cost reduction via VSS as AFFIN had highlighted before that it intends to improve productivity via operational efficiency under its AFFINITY TRANSFORMATION PROGRAMME with the target to reduce its Cost to Income ratio (CIR) under 50% by 2020 (FY16: 56.5%).

FY17E tweaked slightly downwards. Our FY17E estimate is shaved by 8% to RM547m as we input in the additional costs incurred for the VSS. Our FY18E earnings is maintained as we had imputed in a lower CIR at 57% (vs FY17E CIR of 59%) previously to account for management’s strategic initiatives to improve operational efficiency going forward.

Better yielding assets. We favour AFFIN due to its improving NIM. While we are conservative on its loans (FY17E: ~5%), we are positive on its selective asset growth on better priced loans, which will translate to better NIM for AFFIN. For 1H17, NIM improved by 4bps, which was due to better pricing as the focus was on better yielding assets. The higher NIMs were supported by high Average Lending Yields of 5.3% (vs industry 4.6%) with the focus on the affluent HP segment and SME. We understand from management that its NIMs are above the regulatory 100%. Improving NIMs were also boosted with the exit of nearly RM1.5b loans in the form of revolving credit, as these loans interest margins were below the bank's hurdle rate and hence easier to exit. With the focus on better pricing assets, we are confident of AFFIN maintaining its improved NIM with potential higher cost of funds curtailed with the recent issue of the RM1b MTN programme (Feb 2017) to support funding and translating into stable cost of funds.

Our TP is maintained at RM3.00 based on a blended FY18E PB/PE ratio of 0.60x/10.8x. Currently, valuations are undemanding translating into 0.6x P/B (vs its 1-year historical high of 0.7x P/BV). Maintain OUTPERFORM.

Source: Kenanga Research - 06 Oct 2017
06/10/2017 09:20
titus i wait for affin to turn from Rm2+ to 3, wait until my neck also long a'dy......mayb come back after cny and see go ang pow or not la....
06/10/2017 15:53
shortinvestor77 ok. Titus.
10/10/2017 14:38
Mittens Waking up soon!
02/11/2017 12:28
titus Koyak a'dy la. We r the 1 better wake up soon
02/11/2017 20:24
darrenliew The coming implementation of MFRS 9 will hit banks hard with higher provisions for doubtful loans,
Significantly larger impairment provisions will result in lower profits and reduced dividends.
Some banks with poorer quality loan portfolios will be hit harder. Includes Affin Bank.
Already evident in its last 2 quarterly results with higher impairments due to its R & Rs (Loan Restructuring & Rescheduling) . Going forward such impairments can worsen based on the more stringent impairment procedures/conditions under MFRS 9
10/11/2017 20:38
Mittens When q3 results?
14/11/2017 20:53
titus Q3 should be end of nov loh. Didn't really see the last 2Q impairment in detail but eps is higher compare to last year same Q. Also, eps has been rising steadily and nta also continue to rise leh. So wait for 2 more weeks and see how le.....
15/11/2017 08:57
Vin Cullen Financial counter all drop..
15/11/2017 16:51
syevanee terrible bank stock..
16/11/2017 20:18
kktom It is not small n beautiful stock but small n ugly stock instead.
17/11/2017 20:53
Jon Choivo In terms of valuations, Affin is quite undervalued, and has room to leverage up as it has gearing of 7X compared to the 9-10 of the top banks.

However, i dont see them being able to obtain enough deposits to leverage up. I only hold 2% of portfolio in affin. Only due to the undervaluation to its fair value.

May buy more if it drops more than 15%.
20/11/2017 00:35
titus I heard from news MFRS will only be implemented starting next year. Meaning the upcoming Q till year end should still be good. Well, it has fallen a lot and decided to hold because I need to have some banking stock in my portfolio. And also banking on any M&A announcement ^_^.
Banks are looking to grow bigger and M&A could be a possible ways and hopefully lady luck struck on Affin.
20/11/2017 08:59
darrenliew Must remind myself.
The trend is your best friend. Never go against it.
Property Sector downgraded due to general weak property market with sentiments aggravated significantly by BNM Reports and all the Gurus's / Negative analysis causing much fears resulting in the bearish trend engulfing most property counters.
20/11/2017 15:43
darrenliew Will also negatively impact banking stocks due to its linkages to the latters' loan portfolios for property financing both in its lending business volumes as well as its risks of higher provisions for impairments especially with the impending implementation of MFRS9
20/11/2017 15:44
Vin Cullen Break the supprt line..
Will collect at RM2.15...
20/11/2017 16:22
darrenliew Agree with Vin. The negative impact from the double whammy of Property Sector downgrade (which affects its lending business to the housing and construction industries) and the impending enforcement of the much stricter provisions for loan impairments under MFRS9 (which will hit its profitability and hence reduce its Dividend payouts) can gradually push down its share price to its previous support price range of 2.00 to 2.15 which hovered around here at the beginning of the year.
22/11/2017 17:16
darrenliew Provisions for impairments will now include those loans under R &R (Restructuring and Rescheduling) even tho these have not defaulted under their existing terms & conditions..
Hence MFRS9 's negative impact the the banks' bottom lines can be substantial and pervasive
22/11/2017 17:42
darrenliew In view of the many uncertainties going to have significant impact arising from the recent downgrade of our property sector and the impending enforcement of MFRS 9 on our Banking industry, decided not to have any further investments in these 2 sectors until more facts and figures are available by the 1Q OF 2018
22/11/2017 20:22
TheContrarian Darrenliew, how's Tropicana and L&G doing?
22/11/2017 20:45
darrenliew Had punted quite heavily on Trop several times over the past 2 years. Started it after it had fallen down to the 1.22 to 0.98 range. Recalled that it was very heavily geared at that time and its share prices gyrated with every news/announcements on its degearing moves (eg sale of its Mall in SS2 for rm540m, etc) and its quarterly results/Dividends announcements, My 1st venture was very profitable. Subsequent rounds were slightly profitable to breaking even only,
I am now completely out of Trop. (fundamentals, profits and dividends are intact but its share pricing valuation do not seem to be able to make any headway).

L&G : Entry prices 0.215 to 0.22 post RI. Holding them for long term as its various catalysts (Tg Malim landbank near the proposed New Proton City under China's Geely and the proposed redevelopment of its prime lands currently housing its Sports Club in Sri Damansara, etc) will take some time to eventuate. Meanwhile its fundamentals remain sound n continues to be profitable in the midst of the property sect slowdown/downgrade. I think its latest 2 projects (senaparc in Senawang is being priced right while its Foresster2 in Sri Damansara should also do well being in a prime location and riding on the success of its Foresster1). Lets hope we will get at least 1 sen Dividend for the current Fin Year (taking into account its RI dilution).

Was very lucky to have taken profit on NOTION about 2 weeks before its fire incident.
So sorry to see his kind of unfortunate event.

Generally somewhat cautious towards the general stock market in view of the lofty valuations of the foreign bourses (many hitting all time highs). Waiting for a clearer picture on Bursa during the 1st 3 months of 2018 before deciding whether to be more active/aggressive.

Took my family to a 3 week holiday in Sydney and a 5 day visit to Jakarta.
Sydney is very nice. Plenty to see and do but expensive due to our poor RM.
Jakarta has nothing much to offer alto surprisingly the people there are very nice and helpful.

Just taking this opportunity to blah blah. Excuse me
22/11/2017 21:40
darrenliew This fear had been at the back of my mind during my earlier comments above (about Lofty Share prices . A sharp correction is overdue )
"Fed officials fear financial market 'imbalances' and possibility of 'sharp reversal' in prices
Minutes from the Oct. 31-Nov. 1 Federal Open Market Committee meeting indicate some worry about rising financial markets."
23/11/2017 08:35
kelvin61 Cheapest banking stock on Bursa. Selling half its book value and running on single digit PE. Gem of a stock at current price. Don't lose this golden opportunity, cheers.
27/11/2017 23:17
darrenliew : With the adoption of the new International Reporting Standard 9 (IFRS 9) next year -- or MFRS 9 as the Malaysian equivalent is known -- the amounts banks have to set aside for expected loan liabilities or provisions could jump as high as 50%, which could hurt earnings, weigh on capital ratios and potentially affect dividend payout, experts say.
Under the new accounting standard, banks will be required to switch to an expected loss model, as opposed to the incurred loss model that is used now under the current accounting standard or MFRS 139.
Essentially, this means banks will have to make provisions in anticipation of future losses, rather than the current practice of making provisions only when loans have been classified as impaired.
Hence, for a performing loan, banks will have to make provisions on the basis of projected losses over 12 months. If there are signs that the loan's credit quality is weakening, then losses will have to be booked over the loan's entire lifetime.
28/11/2017 08:22
onward Oh no...very bad result
30/11/2017 18:23
onward And no dividend... Disappointed.
30/11/2017 18:25
beso q3 net profit halved
another counter to gap down on monday
30/11/2017 18:35
Jon Choivo Unlikely to gap down, negatives mostly priced in. They did say VSS was going to be RM50m but wasnt expecting headcount to also grow? Wtf?Position is still very small, keep only lah.
30/11/2017 20:38
Vin Cullen VSS bad for short term but ofcourse good for longer term..
Start from 1Q18 will be better year for affin
30/11/2017 23:55
darrenliew Differring view point:
The worst is yet to come for 2018 with the more stringent loan impairemenst enforcement under the MFRS 9 (detailed posting above) w.e.f. 1/01/2018
01/12/2017 09:37
ks55_ No dividend. Below RM 2 coming.
04/12/2017 12:36
Vin Cullen Hand itchy..
Below RM2.30 buy abit and hold first
04/12/2017 14:53
TheContrarian Affin BOD has taken note of ks55's comments and have decided to declare a 4.5 Sen dividend.
05/12/2017 18:49
ivan9511 thecontraraian..last time if I not mistaken you said already sold affllin and take profit
now you buy back ?
05/12/2017 18:51
TheContrarian Yup, bought back.
05/12/2017 18:52
Vin Cullen FY17 9 sen dividend!!
What a great stock !! Bravo !
05/12/2017 19:00
TheContrarian Vin Cullen, you only buy banks?
05/12/2017 19:03
Vin Cullen Ya..currently holding ambank and affin..
Sold cimb last month
05/12/2017 21:09
titus lol....ada dividend ohh....not bad
05/12/2017 22:01
TheContrarian It was a pleasant surprise.
05/12/2017 22:13
titus hehe...christmas come early this year...will get the dividend before christmas and then can go for christmas shopping....lol
06/12/2017 08:37
Jon Choivo Not sure if i should buy abit more anot, i do dislike affin as a bank, but dat price tho. Rce is better i think, more undervalued and better business.
06/12/2017 12:23
smokingjoe sheesh!! payment is after Christmas (29/12/17)- will have to splurge with my credit card
06/12/2017 13:24
Vin Cullen Target RM2.60 .. Kekeke !!
06/12/2017 14:49
titus Payment after christmas? Ooo...must hv seen it wrongly. Anyway, cimb gave a tp 2.80. Dunno how close it can get la.
06/12/2017 15:12
TheContrarian Tell CIMB to buy up Affin.
06/12/2017 22:33
titus I wish I have some influence over cimb....lol
hear affin launched an etf yesterday. Not sure how s this benefitting the company....moe revenue?
07/12/2017 09:04
Vin Cullen ETF Is like buying index..
Other market already got EPF program..
07/12/2017 14:03


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