Highlights
KLSE: AEONCR (5139)       AEON CREDIT SERVICE (M) BHD MAIN : Finance
Last Price Today's Change   Day's Range   Trading Volume
9.71   -0.06 (0.61%)  9.70 - 9.89  157,000
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Overview

Market Cap: 2,463 Million
NOSH: 254 Million
Avg Volume (4 weeks):192,740
4 Weeks Range:9.12 - 10.40
4 Weeks Price Volatility (%):
46.09%
52 Weeks Range:7.70 - 16.86
52 Weeks Price Volatility (%):
21.94%
Average Price Target: 10.53
Price Target Upside/Downside: +0.82

Financial Highlight

Latest Quarter | Ann. Date 31-May-2020 [#1]  |  25-Jun-2020
Next QR | Est. Ann. Date: 31-Aug-2020  |  26-Sep-2020
T4Q P/E | EY: 10.54  |  9.49%
T4Q DY | Payout %: 3.76%  |  39.60%
T4Q NAPS | P/NAPS: 6.0493  |  1.61
T4Q NP Margin | ROE: 14.56%  |  15.23%

Headlines

Date Subject
30-Jun-2020 [转贴] 5分钟看懂AEONCR(5139) Q1 2021季报 & 股东大会详情 - ~ 第一天
29-Jun-2020 AEON Credit Service (M) - Anticipating Lower Lmpairment Losses
26-Jun-2020 AEON Credit - Below Expectations
26-Jun-2020 AEON Credit Service (M) - Higher-than-Expected Provisioning
26-Jun-2020 AEON Credit - Impairment Rises as MCO Hinders Collections
25-Jun-2020 【业绩更新】- AEONCR 净利下跌69%,明天要不要卖掉哦?
11-Apr-2020 AEONCR(5139)深度季报分析
11-Apr-2020 [转贴] [AEON CREDIT SERVICE (M) BHD:当前季度的总交易和融资量与去年同期相比增长了17.5%至16.46亿令吉] - James的股票投资James Share Investing
10-Apr-2020 【行家论股/视频】永旺信贷 经济不好呆账有风险
10-Apr-2020 AEON Credit - a Recessionary Year in FY21E
10-Apr-2020 Mplus Market Pulse - 10 Apr 2020
10-Apr-2020 PublicInvest Research Headlines - 10 Apr 2020
10-Apr-2020 AEON Credit Service - FY20 Within Expectations
13-Mar-2020 Mplus Market Pulse - 13 Mar 2020
13-Mar-2020 PublicInvest Research Headlines - 13 Mar 2020
10-Mar-2020 Banking - 4Q19: An Unexciting Period; Caution Lies Ahead
04-Mar-2020 下跌股:永旺信贷RM13.2支撑
03-Mar-2020 Banking (NEUTRAL, Maintain) - a 25bps Rate Cut to Stimulate the Economy
02-Mar-2020 Banking (NEUTRAL, Maintain) - Jan20: Moderation in Loans Growth After a Strong Dec
19-Feb-2020 Trading Stocks - Aeon Credit Service (M)

Business Background

Aeon Credit Service M Bhd primarily offers credit cards and other loans and financing options to consumers in Malaysia. The company earns more than 80% of its revenue from interest and financing charges on the loans it provides. Fees provide the remaining revenue. Vehicle financing, with a roughly even split between cars and motorcycles, accounts for more than half of the loans the company has outstanding. Remaining loans outstanding are in the personal financing, consumer durables financing, and credit card categories. Aeon Credit issues credit cards under the Visa and Mastercard brand names.
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  7 people like this.
 
SilverHawk Market price in future earning very effectively this time. Tough years for coming two years. The only loss for my portfolio for this 2 years. Big dent.
10/04/2020 10:32 AM
James Ng https://klse.i3investor.com/blogs/general/2020-04-11-story-h1505924282.jsp
[转贴] [AEON CREDIT SERVICE (M) BHD:当前季度的总交易和融资量与去年同期相比增长了17.5%至16.46亿令吉] - James的股票投资James Share Investing
11/04/2020 10:29 AM
TP_yes_SL_no seems difficult how it will fare in this low interest rate environment
11/04/2020 11:14 AM
shareprofit not bad for aeoncr...unlike bank, credit charge intrest charges 12-18%..more will overdue and pay in installment in crisis..lower intrest rate meaning lower cost of borrowing for aeoncr...hidden gem!
17/04/2020 9:54 AM
Hahaqwe same goes to RCECAP, lower interest rate = lower cost of borrowing. Maybe national bank will cut interest rate again this year. You can see RCECAP qr since last qr, interest rate cut. Profit go up by 20%. And now interest rate cut 2 times already, even go for the third times.
17/04/2020 8:50 PM
zhangliang Hahaqwe is right, i like RCE. I think same 4 Aeoncr, can do well. Don’t think the analyst report is fair
19/04/2020 4:13 PM
Mk Jr gg
20/04/2020 12:26 AM
jj buy
21/04/2020 10:06 AM
ahteck85 This is a gg counter
24/04/2020 3:33 PM
mf Businesses allowed to operate during MCO can go full capacity tomorrow
28/04/2020 5:57 PM
Kpin Yeoh Yesterday news a lot of ppl flocked to Pajak shop to loan money, same thing will happen to AeonCr. They will have more revenue and profit grow in the near future.
05/05/2020 9:32 AM
shareprofit RCE is not a bad stock but lousy price trend and following amongst investors, aeoncr provide good growth story...diff is now stock price is back to few yrs ago but growth is powering ahead...easily 30% stock price increase by end of the year
05/05/2020 10:40 PM
jj buy
06/05/2020 12:07 AM
RedEagle The Board of Directors of MBSB has recommended a Single-Tier Final Dividend of 3.0 sen net per Ordinary Share for the financial year ended 31 December 2019 ("Proposed Dividend").

Based on the total number of ordinary shares issued of 6,713,401,615 as at 31 December 2019, the Proposed Dividend payable would be approximately RM201.4 million.

The Board of Directors has determined that the option to reinvest via the Dividend Reinvestment Plan ("DRP") shall apply to the entire portion of the Proposed Dividend. The approval for the Proposed Dividend will be sought at the coming Annual General Meeting.

Under DRP, shareholders will have the following options in respect of the electable portion:-

(a) elect to exercise the option and thereby reinvest the entire electable portion (or a part thereof) at the issue price of the new MBSB shares ("DRP Price") and to receive cash for the remaining portion of the dividend (in the event that only part of the electable portion is reinvested); or

(b) elect not to exercise the option to reinvest and thereby receive their entire dividend entitlement wholly in cash.

There will be no brokerage fees and other related transaction costs payable by shareholders on the new MBSB shares allotted pursuant to the DRP.

The Books Closure date in respect of the Proposed Dividend will be announced after the Annual General Meeting.

This announcement is dated 6 May 2020.
06/05/2020 6:47 PM
Hahaqwe You wont get this price again for next 10 years. Unless a big crisis coming. Why don't collect? Since all foreign fund sold.. Now it's consolidating period. Look at RCECAP even go historical high in 52 weeks. This stock potential gain over 40%! Just hold for long-term.
09/05/2020 8:41 PM
Foker Market don't recognised its potential yey
12/05/2020 2:01 PM
ImFromTheFuture agreed. parked some position already
12/05/2020 2:11 PM
hoh13 According to Aeoncr annual report, the company now facing unprecedent challenge and foresee a challenging long term future.
29/05/2020 3:34 PM
David Last I checked, the moratorium offered by AEONCR is 1 month.

*OUTLOOK AND PROSPECTS*
FYE2021 has begun with unexpected adversity brought on by
the COVID-19 pandemic and other factors. The emergence
of COVID-19 has signifi cantly altered the country’s economic,
business and operating landscape.
Nonetheless, the Company has responded proactively to
this crisis to protect customers and staff, while maintaining
business operations. The crisis has exacerbated existing
operating conditions, but it has also presented opportunities
for improvement.
COVID-19 has expedited the deployment and rollout of
the Company’s digitalisation efforts. It has necessitated a
more thorough assessment of present operations towards
increasing effi ciency and reducing costs. Equally important,
the present scenario has showcased the Board’s and
Management’s concern for the welfare of all AEON Credit
employees, with everyone being retained despite the
downsized operations occasioned by the ongoing Movement
Control Order (“MCO”).

Having mapped out the necessary strategies and
implementation plans, AEON Credit is ready to meet the
business challenges head on and propel itself into the future
with courage, determination and strength. The Company
is prepared to initiate changes to current business policies,
identify potential areas of growth and introduce new products
while looking to maximise successful ongoing business sectors
29/05/2020 5:52 PM
David In FYE2020, AEON Credit registered various business and
non-financial highlights. This included revenue growth of
17.1% year-on-year to reach a new high of RM1,598.78
million. Profit after tax stood at RM292.05 million, a reduction
of 17.6%, attributed mainly to the increased Impairment Loss
of 46.0% compared to the previous year.

"attributed mainly to the increased Impairment Loss"
29/05/2020 5:54 PM
LA777 Bought some today.
03/06/2020 3:32 PM
lazygrunts why this stock suddenly going up?
03/06/2020 3:33 PM
LA777 Bottom fishing now, good to keep.
03/06/2020 3:40 PM
LA777 1st TP 12.
04/06/2020 8:05 AM
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ >>>>

Posted by Ricky Yeo > Oct 21, 2019 1:48 PM | Report Abuse

Outside of AeonCr topic, one thing I have been thinking for sometime is whether dividend affects valuation.

On one hand, theoretically, dividend doesn't affect valuation. Since valuation comes from all the future cash flow a business can generate aka Operations cash flow minus maintenance capex, so whether a company pays dividend or not is irrelevant.

But on the other hand, dividend does affect valuation. Because of time value of money. The cash receive today is worth more than one received tomorrow. And in a lot of cases, high dividend paying stocks have been valued based on their dividend i.e dividend growth model. And it also seems to be the case that dividend paying stocks do trade at a higher multiples.

So something interesting to think about.

>>>>>


How do you value a business?

The value of a business is the discounted value of all its future free cash flow.

We look for companies that can generate good earnings that translate into cash flows from their operations. After taking into account maintainance capex, we are left with their FCF (owner's money).

What do we look for in the FCF?

Consistent and growing. These are important as a company that can generate consistent and growing FCF over a LONG TIME, will definitely grows its intrinsic value (its worth) over the period.

Is dividend important?

Yes, for those investing for regular income, this maybe important. On the other hand, if the company can use the FCF to grow its business at a high rate of return, you may wish to not receive regular dividends today, but to let the company grows the profit over time. At a future date, the returns received will be higher.


Does dividend affect valuation?

It shouldn't. Only the FCF and the discount rate. Your ability to choose a company with economic moat and able to generate consistent and increasing FCF is the key. Whether it pays dividends or not is not material.


Why then is dividend important?

Where the company cannot generate high rates of return on retained earnings, they should return the FCF to the shareholders who can try to deploy them to other companies offering higher returns.

For some, dividend is important because it is one of the safeguard they use in their search for "safe" company. A company able to pay consistent dividend for many years without excessive borrowings is at least profitable in its operations. But this is for the novice.

There is a lot more to investing, dividend is just one issue of many important issues to study.
04/06/2020 12:47 PM
shareprofit if current RCE price is higher than before covid, AEONCR price will have a lot of catching up and going up....sit tight
04/06/2020 1:15 PM
Davedeli I think its because RCE's PE is 30% lower then RCE. So I think RCE have to catch up to AEONCR's PER. AEONCR's price have already priced in the potential growth, but it has been disrupted by covid19 and the low interest.

I'm not sure whether AEONCR can enjoy lower cost of funds from the lowest interest rates.
04/06/2020 4:56 PM
Davedeli It'll drop back to the RM9.00 consolidation range.
04/06/2020 4:57 PM
AlfI3 RM9 wud b its comfort zone after d recent 50 basis OPR declines?

Many banks profit had been severely distorted by this contineous OPR down turns
04/06/2020 11:05 PM
Davedeli Well, that's what it seems....
Not sure why other finance counter like HLFG and RHB has recovered to it pre-covid price though..
05/06/2020 8:52 AM
cucubud Dividend announced is not attractive enough?
17/06/2020 10:07 AM
EatCoconutCanWin bank in trouble. better stay away.
25/06/2020 5:46 PM
ivanlau consider good QR result during mco period ........ the current share price already reflect it , coming Qr will back to normal ...........
25/06/2020 8:06 PM
memorylane March - May 2020 report.. this quarter already covered the worse during MCO period... catch the falling price tomorrow before it rebounce back end of the day....
25/06/2020 8:42 PM
Collect Agreed, result is decent for Mar-May, suprisingly fast for management to release
26/06/2020 7:18 PM
tradetoinvest Expect to come down to rm9. Perhaps after 17.07.
26/06/2020 10:06 PM
Juniper Tomorrow x-date, hopefully can go above RM10.00 today
30/06/2020 8:49 AM
junnian0814 looks like a little bit hard
30/06/2020 12:47 PM
Juniper From the edge this morning, Affin Hwang Capital Research has reaffirmed its "buy" call for AEON Credit Service (M) Bhd at RM9.51, with a higher target price (TP) of RM12.70 (from RM12.30), based on an unchanged price/earnings (P/E) target of 13 times estimated calendar year 2021 (CY21E) earnings per share of 97.9 sen.
07/07/2020 11:36 AM
malva Affin Hwang Capital Research has reaffirmed its "buy" call for AEON Credit Service (M) Bhd at RM9.51, with a higher target price (TP) of RM12.70 (from RM12.30), based on an unchanged price/earnings (P/E) target of 13 times estimated calendar year 2021 (CY21E) earnings per share of 97.9 sen
08/07/2020 8:51 AM
malva remain upbeat on AEON Credit given its value-chain transformation initiatives, new products and market diversification through its B2C2B (business-to-consumer-to-business) model, which are game changers in this digital age in reaching out to more customers,
08/07/2020 8:51 AM
malva The research house said AEON Credit reported poor results for the first quarter ended May 31, 2020 (1QFY21), with net profit declining by 68.5% year-on-year (y-o-y) and 67.2% quarter-on-quarter (q-o-q), largely due to a higher impairment loss on receivables
08/07/2020 8:52 AM
malva recent discussion with management on the outlook for 2QFY21, we learnt that credit collection initiatives post the moratorium period in April-May 2020 had yielded better results.
08/07/2020 8:52 AM
malva net credit cost in FY21 is expected to remain elevated as we expect a potential rise in AEON Credit’s gross non-performing loan (NPL) level,
08/07/2020 8:52 AM
malva research firm revised down its FY21 net earnings forecast for AEON Credit by 14% as it adjusted net credit cost higher to 412 basis points (bps), from 353bps, and simultaneously revised up interest expense by 20% owing to an increased debt level
08/07/2020 8:52 AM
malva tweaked receivables growth to -3.6% y-o-y for FY21E from -4% due to a positive growth of 1.2% q-o-q in 1QFY21.
08/07/2020 8:52 AM
malva for FY22E, we raise our earnings forecast by 6.3% as we account for a lower net credit cost of 304bps (from 334bps). We expect AEON Credit’s gross non-performing loan ratio to ease from a projected 2.3% in FY21E to 1.9% in FY22E,
08/07/2020 8:52 AM
malva On a more positive note, the research firm said AEON Credit had stepped up collection initiatives from delinquent borrowers after the moratorium period (April to May 2020) came to an end
08/07/2020 8:53 AM
malva Key downside risks are a rising unemployment rate and increased defaults.
08/07/2020 8:53 AM
gongkia f&&ck the research firm, else we would all be rich listen to them.
08/07/2020 1:04 PM


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