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KLSE: AFFIN       AFFIN HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.59 2.96     +0.37 (14.29%)
* 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
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
31/05/2017 2.70 3.30 +0.60 (22.22%) BUY MIDF Price Target News
31/05/2017 2.70 2.90 +0.20 (7.41%) HOLD KENANGA Price Target News
31/05/2017 2.70 2.80 +0.10 (3.70%) HOLD HLG Price Target News
29/05/2017 2.82 2.55 -0.27 (9.57%) SELL UOBKayHian Price Target News
29/05/2017 2.82 3.30 +0.48 (17.02%) BUY MIDF Price Target News
29/05/2017 2.82 2.85 +0.03 (1.06%) HOLD KENANGA Price Target News
29/05/2017 2.82 2.80 -0.02 (0.71%) HOLD HLG Price Target News


Price Target Research Article/News (past 6 months)
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
31/05/2017  MIDF Affin Holdings - Change In Focus Bearing Result
31/05/2017  KENANGA Affin Holdings - Healthy NIM Ahead
31/05/2017  HLG Affin Holdings - Clear the air on asset quality
29/05/2017  UOBKayHian Affin Holdings: 1Q17: Sharp Spike In Operating Cost And Gross Impaired Loans
29/05/2017  MIDF Affin Holdings - Driven By Strong PPOP
29/05/2017  KENANGA Affin Holdings - Another Round of Surging Fee Income
29/05/2017  HLG Affin Holdings - Making progress but asset quality still weak



  anthonylow likes this.
 
4444 15-Sep-2017 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 24,800 shares on 12-Sep-2017.
15-Sep-2017 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 185,800 shares on 11-Sep-2017.
15-Sep-2017 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 222,600 shares on 18-Aug-2017.
https://klse.i3investor.com/quoteservlet.jsp?sa=ss&q=AFFIN
15/09/2017 17:13
4444 EPF still selling. Use bank money to pump and dump stocks? Sooner or later sure Affin suffer loss. EPF you are the best FM.
15/09/2017 17:18
TheContrarian EPF selling well absorbed, price goes higher.
15/09/2017 22:55
kktom we are always lose to the big timer like EPF as they are IN or OUT no need commissions.Up one cent they still make money.
18/09/2017 21:37
TheContrarian Actually EPF only selling because they want to rebalance their shares portfolio by shifting more proportion to Shariah counters.
19/09/2017 16:04
latlut thecon sifu ar.. does the MFRS 9 impact finance counter like affin and insas?
19/09/2017 16:30
kktom seem no one interested in affin.volume was pityful low,hahahha
19/09/2017 20:09
TheContrarian Insas is not a bank, so no impact except for maybe its leasing and money lending business which are small. As for Affin AND ALL OTHER BANKS, a higher general (not specific) loan loss impairment ie. general provision for doubtful debts on loans is required. The new Standards will introduce a new term "Expected Credit Losses" (ECL) where a charge for loan impairment must be made from the first day the loan is disbursed/given out. All existing loans previously given out must also be impaired although the loans never defaulted. However Bank Negara will allow loss impairment made on existing loans against other reserves rather than the P&L. Hope you can understand as I try to explain as simple as possible.
19/09/2017 21:04
TheContrarian To me these additional loan loss impairments are general provisions on the good loans. It's a "better safe than sorry" measure to protect banks from unexpected major crisis which previously wiped out several big US and European banks.
19/09/2017 21:13
TheContrarian There will be a one time very huge charge on the existing loans which have not been previously impaired under the ECL model.
19/09/2017 21:16
TheContrarian Bank Negara has however allowed this one time huge charge not to be taken to P&L but to other reserves in the balance sheet. NTA for ALL BANKS will however be reduced.
19/09/2017 21:18
latlut tqvm thecon. you are the best.
19/09/2017 21:30
TheContrarian In my opinion the bigger the bank the greater the one time huge charge and the greater the reduction in NTA.
19/09/2017 21:32
darrenliew UOB KAYHIAN'S ANALYSIS WAS PROVEN RIGHT WHEN IT PEGGED AFFIN'S FAIR VALUE AT RM2.50 (WHEN IT WAS AT 2.82. IT ACTUALLY TOUCHED 2.49). IT WAS CORRECT IN POINTING OUT ITS VULNERABILITY TO ITS LOAN IMPAIRMENT RISKS.
NOW WITH THE IMPLEMENTATION OF THE MORE STRINGENT MFRS9, ALL BANKS WILL BE BADLY HIT.
FORTUNATE TO BE ABLE TO FOLLOW UOBKAYHIAN'S N BOUGHT SOME AT 2.50/2.51 AND EXITED AT BETWEEN 2.67 TO 2.68.
SPEAKING ONLY FOR MYSELF I THINK ITS GOING TO BE RISKY TO BUY BANK SHARES NOW WITH THE ENFORCEMENT OF MFRS9.
19/09/2017 21:52
shortinvestor77 Those worry should not be here. All banks know what to do to increase their profits. What Contarian said may not be true.
19/09/2017 22:19
darrenliew CORRECT. ALL BANKS WILL HAVE TO REACT
ACCORDINGLY. AFFIN HAD ALREADY SAID THAT
THEY HAVE TO CUT ITS DIVIDENDS.
20/09/2017 07:22
darrenliew HAVE TO BE REALISTIC. MFRS 9 IMPLEMENTATION IS REAL AND ALREADY EFFECTIVE
20/09/2017 08:51
aklobi I sense some scare tactics here. I urge investors not to over react.
22/09/2017 16:52
aklobi Darrenliew.. you chose 1 target price of 2.50 and ignored 9 target prices above 2.8? Some even 3.3! Maybe YOU need to be real.
22/09/2017 16:55
TheContrarian Affin's high NTA over its market price will provide a huge safety margin sheild when MFRS 9 takes effect on 01.01.2018, first QR will be March 2018, to be released in May 2018.
22/09/2017 17:48
joetay afg have been quiet for the past yr while affin has been was 50% up at 1 stage.

bank rotation play soon???
22/09/2017 17:58
TheContrarian Affin was up greatly at one time because of the issuance of call warrants by CIMB and RHB at almost the same time.
22/09/2017 18:01
joetay i think cimb/rhb must have made big losses on their cu/cv warrants. the exercise price is so nice for buyers. those that bot back then must had made alot.

now small/mid banks r starting to look interesting again.
22/09/2017 18:16
TheContrarian They sold off Affin shares as expiry date approached.
22/09/2017 18:20
joetay that could explain the decline from jun.

seems like cimb/rhb knows how to play a tight game.
22/09/2017 18:27
TheContrarian I did ok on the call warants, bought as low as 17 sen at the time Trump won the American Presidential Election and sold at around 72 sen, over 300% gain, my best percentage return this year.
22/09/2017 18:48
joetay yup, Trump made some of us very happy, including me that day.

net my klci dec16 shorts and long some cheap jan/mar17.

still learning warrant theory, no field experience yet.
22/09/2017 19:03
TheContrarian Usually I avoid call warrants because the tenor is very short. Affin's was an exception because I felt the mother share was so undervalued and back in November market was temporarily bearish because ringgit was under pressure approaching 4.50 to US Dollar.
22/09/2017 19:33
joetay i went in the mkt ard the same time as well.

wanted to take call warrants, but as not familiar, stay safe and take position in shares/futures.

have been looking at call warrants for a some time, but always feel that liquidity is a big issue at times.

dont want to get trapped.
22/09/2017 19:44
TheContrarian Yes, for some call warrants, liquidity is an issue.
22/09/2017 21:43
TheContrarian If overall stock market appears toppish then call warrants will be risky as the tenors are too short for the mother shares to surge.
22/09/2017 21:49
joetay thx for the advice @TheContrarian.

will take ur words to mind when i do calculations.
22/09/2017 22:54
darrenliew NO ONE CAN BE SURE THAT HIS SELECTION OF THE VARIOUS PRICE TARGETS IS RIGHT OR WRONG. BASICALLY IT BOILS DOWN TO CONSIDERATION OF FUNDAMENTALS, TIMING , GUT FEELING, AND ONE'S LUCK. MY FIRST ENTRY INTO AFFIN WAS WHEN ITS TRADING AROUND 2.25/2.28. EXITED AROUND 2.88 TO 2.95. FOR MY SECOND ROUND I DID LOOKED AT THE VARIOUS TARGET PRICES . I DECIDED TO AIM FOR UOB KAYHIAN'S 2.50. LUCKY TO ACHIEVE IT AROUND THIS PRICE AND DECIDED TO QUIT AGIN AT ABT 2.66/2.67.
NOTHING GREAT BUT RETURNS WAS OK.

OTHER GUYS CAN SELECT THE HIGHER PRICE TARGETS. I HAVE NO MISGIVINGS. I ALWAYS BELIEVE IN SHARE MARKETS THERE ARE NO SURE BETS. I ALSO HAVE MY SHARE OF MISJUDGEMENTS
25/09/2017 13:21
darrenliew MFRS 9 IS GOING TO SERIOUSLY HIT ALL BANKS AND FINANCIAL ENTITIES'S COMING QUARTERLY PROFITS AS LOAN LOSS IMPAIRMENTS WILL JUMP UP. INVESTORS JUST CANNOT IGNORE THIS SIGNIFICANT NEGATIVE IMPACT ON THEIR FUTURE PROFITS
26/09/2017 18:54
freonsf what is MFRS 9?
26/09/2017 18:58
darrenliew ALSO WHEN PROFITS ARE DEPRESSED IT WILL MEAN LOWER DIVIDENDS PAYOUTS.
THAT'S THE NEW REALITY WE HAVE TO ADJUST TO WHEN CONSIDERING INVESTING IN THE BANKING AND FINANCIAL SHARES.
JUST SPEAKING FOR MYSELF AND MY LIKE-MINDED INVESTORS. THE OTHER GUYS ARE AT LIBERTY TO THINK AND REACT DIFFERENTLY
26/09/2017 19:13
aklobi darrenliew.. I still believe you are overreacting. You did say you sold and are out, yet you are running a negative campaign: not in the stock + negative campaign = scare tactic trying to push the stock lower. simples! I do appreciate honest advises, such as TheContrarian's. Unfortunately I can't say the same about you.
27/09/2017 21:21
plaxo 88 do you guys see any significant change in price once the proposed changes to the holdings of the bank are completed. Your expert advice pls.
28/09/2017 10:08
darrenliew DO NOT MATTER WHAT U THINK OF ME. YOUR OPINION IS NOT IMPORTANT TO ME.
I USUALLY DO NOT STOOP LOW TO PASS COMMENTS ON OTHER WRITERS.
I WILL JUST GIVE MY VIEWS AFTER GETTING NEW OR THE LATEST MARKET INFO.
MFRS 9 POSE REAL RISKS TO BANK SHARES
I AM SPEAKING FACTS. HENCE NOT JUST IMAGERY SCARE TACTICS.
28/09/2017 12:01
Mittens https://eresearchsystem.bursamalaysia.com/eResearch/webdownload.pub?id=20058
28/09/2017 20:09
shortinvestor77 http://www.klsescreener.com/v2/news/view/286925
29/09/2017 21:16
darrenliew CALLING FROM SYDNEY AU. IN THE MIDST Of MY 3 WEEK HOLIDAYS IN AUSTRALIA. BEAUTIFUL N VIBRANT COUNTRY.
MAYBE CAN SHARE MORE OF MY OPINIONS ON AFFIN NEXT WEEK
01/10/2017 10:20
darrenliew OBSREVED DURING OUR FLIGHT TO SYDNEY. THE PLANE WAS 50% FILLED WITH INDIAN FAMILIES. DURING OUR SUBSEQUENT VISITS TO VARIOUS TOURIST SPOTS IN N AROUND SYDNEY WE ALSO MET LOTS OF INDIANS. UPON ENQUIRIES THERE IS NOW A GROWING TREND AMONG INDIANS EITHER FROM INDIA MOTHERLAND OR MALAYSIA OR SPORE TO MIGRATE TO AU. THEY WILL SEND THEIR CHILDREN TO STUDY IN AU UNIVERSITIES. THRN STAY ON FOR EMPLOYMENT. GET PR N THEN BRING THEIR WHOLE FAMILIES TO MIGRATE TO AU. OR THEIR PROFESSIONALLY QUALIFIED CHILDREN GETS WORK PASS TO WORK IN AU FIRST THEN GET PR N LATER MOVE OVER THEIR FAMILIES. LOTS OF INDIAN I.T. PROFESSIONALS
01/10/2017 12:24
shortinvestor77 Employment for non citizens including PR is very difficult in AU. Do verify first.
02/10/2017 21:01
darrenliew CONFIRMED KNOW A SENIOR EXECUTIVE IN AMP AU. MANY IT QUALIFIED PERSONNEL
FROM INDIAN NATIONALS N OTHERS FROM
MALAYSIA N SPORE
WORKING WITH PROFESSIONAL WORK PASSES.
LATEST MIGRATION WAVE BY PERSONS OF INDIAN DESCENT TO AU. VIBRANT ECONOMY
GREAT OPPORTUNITIES.
03/10/2017 10:31
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


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