KLSE: AEONCR (5139)       AEON CREDIT SERVICE (M) BHD Main : Finance
Last Price Today's Change   Day's Range   Trading Volume
12.78   +0.10 (0.79%)  12.60 - 12.88  138,800
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Market Cap: 8,281 Million
NOSH: 648 Million
Avg Volume (4 weeks):185,825
4 Weeks Range:11.98 - 13.98
4 Weeks Price Volatility (%):
52 Weeks Range:11.98 - 19.84
52 Weeks Price Volatility (%):
Average Price Target: 19.05
Price Target Upside/Downside: +6.27

Financial Highlight

Latest Quarter | Ann. Date 31-May-2017[#1]  |  04-Jul-2017
Next QR | Est. Ann. Date: 31-Aug-2017  |  04-Oct-2017
T4Q P/E | EY: 29.78  |  3.36%
T4Q DY | Payout %: 1.13%  |  33.60%
T4Q NAPS | P/NAPS: 1.5844  |  8.07
T4Q NP Margin | ROE: 24.34%  |  27.09%

Market Buzz

Date Type Subject
14-Aug-2017 Insider DATO' ABDULLAH BIN MOHD YUSOF (a company director) disposed 5,000 shares at 12.510 on 22-Sep-2015.
19-Aug-2017 Forum 2 New Comments


Date Subject
05-Jul-2017 AEON Credit - Positive Trajectory Continues
05-Jul-2017 AEON Credit Service (M) - Within Expectations
05-Jul-2017 Mplus Market Pulse - 5 Jul 2017
05-Jul-2017 PublicInvest Research Headlines - 5 Jul 2017
22-Jun-2017 AEON Credit - Insurance Business To Be A Core Segment
22-Jun-2017 PublicInvest Research Headlines - 22 Jun 2017
26-Apr-2017 AEON Credit - Unexpectedly Strong
26-Apr-2017 AEON Credit - Unexpectedly Strong
26-Apr-2017 AEON Credit Service (M) - Within Expectations
24-Mar-2017 AEON Credit Service (M) - Proposing Bonus and ICULS
24-Mar-2017 Mplus Market Pulse - 24 Mar 2017
24-Mar-2017 PublicInvest Research Headlines - 24 Mar 2017
19-Jan-2017 AEON Credit - The Rally May Not Last Long
23-Dec-2016 资产素质改善.加强营收.永旺信贷获利料续增
23-Dec-2016 AEON Credit (HOLD, maintain) - A strong rebound qoq
23-Dec-2016 AEON Credit - Strong Quarter Numbers
23-Dec-2016 Mplus Market Pulse - 23 Dec 2016
23-Dec-2016 PublicInvest Research Headlines - 23 Dec 2016
23-Dec-2016 AEON Credit Service (M) - Within Expectations
16-Dec-2016 AEON Credit Service (M) – Crediting Value To Investors - Don Low

Business Background

AEON Credit Service (M) Berhad (AEON Credit) is engaged in the provision of easy payment schemes, personal financing schemes and issuance of credit cards under the brand names of Visa and MasterCard. The personal financing schemes and easy payment schemes are based on Islamic principles. AEON Credit has four regional offices, 30 branches and service centers located in shopping centers and towns and a network of more than 4,400 participating merchant outlets. During the fiscal year ended February 20, 2011 (fiscal 2011), the immediate and ultimate holding companies were AEON Credit Service Co., Ltd. and AEON Co., Ltd., respectively. As of February 20, 2011, the Company had more than 800,900 card members for the various products. During fiscal 2011, the Company launched two in one Aeon MasterCard credit card with JCard loyalty points function and expanded the Motorcycle Easy Payment (MEP) scheme to provide financing for higher cubic capacity motorcycles.
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  6 people like this.
SpaceNeedle Alex, you can sell the right starts today.
16/08/2017 07:38
Alex Foo now i have 1600 AEONCR-LR. Do i have odd lot situation? If yes, what should i do?
16/08/2017 09:50
Alex Foo i think i start to get it

meaning 1600 / 10.99 = 145.58 shares = odd lot right?

so i can push to....

2198 / 10.99 = 200 shares

so, i need to buy 2198 - 1600 = 598 = 600 AEONCR-LR now....

then i pay RM2,198 to subscribe for AEONCR-LR......

so that in between or until the end of 3rd year, I can convert it to 200 mother shares of AEONCR.

Alex correct?
16/08/2017 10:00
Alex Foo how to calculate the intrinsic value of AEONCR-LR as of today?
16/08/2017 10:03
CharlesT Better sell LR now....it's trading at RM0.33 premium (RM1.20X10.99=Rm13.19 minus RM12.86)
16/08/2017 10:07
smartly if you have 1600 aeoncr-lr means no odd lots.
16/08/2017 10:08
huat888 Conversion: seems no cash involved. Please read the Prospectus 2.3 -2.5.
16/08/2017 10:16
Alex Foo ic...then? pay RM1,600? Then how many mother share can i get next time?
16/08/2017 10:17
sharegain Base on mother share price of 12.80, the theoritical LR price shall be 12.80/10.99-1.00 = 0.165.
It is overvalue now at 0.21
16/08/2017 10:18
Alex Foo ok...sold d.....i tot works like normal rights issue whereby i need to fork out money to convert. It's ok la, i play mother share only =)
16/08/2017 10:21
Alex Foo aeoncr is a good company. Japanese management
16/08/2017 10:22
CharlesT Aeoncr-LA is not a good proxy play as it can only be converted into mother share by 10.99LA (no cash required). Kind of like SPSetia-PA.
16/08/2017 10:24
Alex Foo ic...tq charles hehe....where u been these while? u no play hrc?
16/08/2017 10:27
smartly CharlesT is correct. better sell lr as it is not worth anymore since mother is trading at 12.62 now...
16/08/2017 10:44
smartly LR is overprice !!!
16/08/2017 10:47
huat888 LR trading period : 16 - 27 August
16/08/2017 11:04
KClow Buy aeoncr. Its going to rm20 soon. Lr going up.cos big fish buying lor. They want increase holding to 75percent then privatise at rm50 3 to5 years down the road
16/08/2017 11:46
SpaceNeedle We get LR (right) now. We can then buy LA (ICULS) with RM1 each. After we have LA, we have option to convert this LA to mother share (no cash involved) anytime from day 1 to 3 years time. After 3 years, all remaining LA will auto convert to mother share.

LR or later LA most probably will have premium (over price) because these financial derivatives have gearing ratio to their mother share. For instance you can now see the Aeoncr rose from RM12.44 to RM12.60 (+1.2%), but the Aeoncr-LR has risen from RM0.13 to RM0.20 (+53.8%). So over price is acceptable in this case.
16/08/2017 12:08
Alex Foo ic...then it seems no difference subscribing to LR/LA....coz after all we already commit capital since day 1....

if i buy mother only, after 3 years, i can pocket capital gain also
if i buy LA only, after 3 years, i am forced to conversion to mother. I will realise capital gain also.

Correct me if i'm wrong. LR/LA exercise is mainly to fund AEONCR. That would increase share base of AEONCR by 15%. Somemore AEONCR need to pay 3.5% coupon for these stuffs....

But with more monies now, AEONCR is in better position to utilize proceeds for expansion purpose, hopefully leading to better ROE.
16/08/2017 12:40
KClow So much ANALysis ah? Just buy only dont talk so.much lor
16/08/2017 13:04
KClow All fees apply. Only free is if u tafikai in ur own hse or condo bathroom. Rest all got fees ler.
16/08/2017 14:01
Jia Jiun How long can I hold AEONCR-LR if I plan to sell it soon? within this 3 years?
16/08/2017 14:10
tiow LR is valid until next Friday, 25 Aug 17 only...
16/08/2017 16:28
SpaceNeedle Alex, as an investor if you are confident with the company future performance. Invest in lr/la will make higher return as these derivatives are leveraging as mentioned before. On the other way, it will make more loss if it performs not good. So there is still difference between them.

For company management, yes they issue loan stock to raise fund for capex to grow business.
16/08/2017 16:46
Alex Foo @space

is it? i dunno...can give a calculation example?

i now hold 800 mother share. I'm confident with japanese management.
16/08/2017 16:47
SpaceNeedle Use LR=(Share price-10.99)/10.99
16/08/2017 19:14
evelygtc What is the fair price of AEONCR. I want to buy, but at what price? Can any experience investor advise me?
16/08/2017 19:28
CharlesT Wrong...10.99LA to b converted into one mother share...no cash required
16/08/2017 21:41
CharlesT Its premium now
16/08/2017 21:41
smartly Hua Joshuaayoung, your calculation wrong lah.....
16/08/2017 21:47
smartly currently LR is trade at a premium. overprice but it is normal for la to trade a premium.
16/08/2017 21:49
cpng Convert rate is surrender 10.99LA to convert into 1 mother share upon listing date till mature date anytime you wish.To my point of view,the nature of this LA is same with those company warrants which shall enjoying some premium compare to the mother.

Further more this LA carrying 3.5% coupon rate with 3 years term.So the fixed return gains after 3 years mature would be the interest receive 3*3.5%=10.5%.

Based on today mother share price $12.62,we can use conservative method of 10% premium on top of mother $12.62*10% premium =
$13.88,LA listing fair market value should be $13.88/10.99=$1.26.

As the current LR trading at $0.20,there is trading value.

Correct me if I am wrong.
16/08/2017 22:56
Patrick Ngian Theoretically, the right traded on 16/8 should be price at 0.148 if the mother shares is 12.62. If you hold 1000 Aeoncr, you can pay & subscribe 2000 ICULS. And if converted to mother shares you will get (2000/10.99) 181.98 mother shares. The different is the profit if you sell the shares at 12.62 which is about Rm 296.63. Rm296.63/ 2000 right = 0.148. The right price should not be far from the profit you will get from the conversion , bcos if there is any different , a trader can arbitrage and earn risk free return.

Currently the price is ~0.2 is a premium to the theoretical price. If those don't chose to increase share holding, better sell the right and buy at current mother shares price.
16/08/2017 23:21
Patrick Ngian Aeoncr-LR is not the same as aeoncr-LA(loan stock) , a lot of ppl kind of confused here. The aeoncr-LR is a right for you to exercise to buy aeoncr-LA and will expiring on 28-8-17, the Aeoncr-LR of what existing aeoncr shareholder received will become worthless after 28-8-17. For those who exercise their right and pay to buy Aeoncr-LA. You will receive Aeoncr-La after ceasation of the right and you have another right to convert your loan stock to the mother shares at 10.99 anytime within 3 years (or mandatory conversion on the end of 3rd year) with no conversion fee as you already pay to exercise your right before.
17/08/2017 07:06
smartly yup. should sell LR and buy mother. no need to pay & exercise.
17/08/2017 09:06
tiow Could anyone advise, as I just purchased some LR shares and intend to subscribe / buy LA eventually, how should I go about for this LA subscription, if I go thru. either methods of Rights subscription form or Internet banking ?
17/08/2017 12:18
tiow Just downloaded the form, thx a lot !!
17/08/2017 14:13
Dragonpick Switching most of it to Petronm to take advantage of strong upsurge soon.
17/08/2017 14:18
tiow However I also the existing shareholder of AeonCr, hence I guess can combine the given rights ICULS + newly purchased LR's allotted rights, into (A) Acceptable section, of ICULS applied, right ?
17/08/2017 14:30
Alex Foo summoning aeoncr shareholders. Anyone know if frs adoption will affect aeoncr?
17/08/2017 14:43
tiow Nobody know the financial impact of Mfrs9 yet, included AeonCr management, they are currently assessing this adoption...might know only by earlier next year.
17/08/2017 15:35
keong90 if i am buying LR and waiting to convert to LA with cost of RM1 each and after this to aeoncr, so my cost of each aeoncr will be 10.99+RM1+price of LR?
18/08/2017 09:26
jeffwkh very confuse here....ok I got 9500 LR credited to my account. if I sell all LR am I still entitle to buy LA by using the form? sorry after reading all make me confuse......
18/08/2017 10:13
Freeeasy Tiow, i think aeoncr dont need follow bank law. Cos they didnt provide saving service.
18/08/2017 13:02
Freeeasy Jeff, LR is a token to topup rm1 to hold LA. If u sell ur token, then no right to topup as well.
18/08/2017 13:05
Freeeasy Sure not entitled
18/08/2017 13:06
jeffwkh freeeasy thanks your explaination is much clear....
18/08/2017 13:58
Hua Joshuaayoung deleted wrong calculation post.
18/08/2017 18:41
remus Hi i just bought some LR yesterday, I am new to AEON Credit & not a existing shareholder. How do i convert it to LA? Do i need to submit a form? Where to download it? I can't find the info on the website https://www.aeoncredit.com.my/ Many thanks in advance!
19/08/2017 11:20
Freeeasy Remus, i think u shd call ur remiser..put sufficient money into ur trading account....then remiser can settle every thing for u....
19/08/2017 14:47


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