KLSE: RCECAP (9296)       RCE CAPITAL BHD MAIN : Finance
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General Meeting

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Ann. Date Date Time Type Venue View
29-Aug-2012 21-Sep-2012 10:45 EGM Dewan AmBank Group 7th Floor, Bangunan AmBank Group 55 Jalan Raja Chulan 50200 Kuala Lumpur Meeting Detail
29-Aug-2012 21-Sep-2012 10:30 AGM Dewan AmBank Group 7th Floor, Bangunan AmBank Group 55 Jalan Raja Chulan 50200 Kuala Lumpur Meeting Detail
28-Aug-2013 20-Sep-2013 10:30 AGM Ballroom 1, Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor, Malaysia Meeting Detail
19-Aug-2014 11-Sep-2014 10:30 AGM Dewan Berjaya, Bukit Kiara Equestrian & Country Resort Jalan Bukit Kiara, Off Jalan Damansara 60000 Kuala Lumpur, Malaysia Meeting Detail
10-Aug-2015 02-Sep-2015 11:00 EGM Nexus Ballroom 1, Level 3A Connexion@Nexus No 7 Jalan Kerinchi Bangsar South City 59200 Kuala Lumpur Meeting Detail
10-Aug-2015 02-Sep-2015 10:30 AGM Nexus Ballroom 1, Level 3A Connexion@Nexus No 7 Jalan Kerinchi Bangsar South City 59200 Kuala Lumpur Meeting Detail
22-Dec-2015 14-Jan-2016 10:30 EGM Ballroom 1, Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor Malaysia Meeting Detail
22-Jul-2016 24-Aug-2016 10:00 AGM Ballroom 1 Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor Darul Ehsan Meeting Detail
20-Jul-2017 29-Aug-2017 10:30 AGM Ballroom 1, Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor Darul Ehsan Meeting Detail
30-Jul-2018 06-Sep-2018 10:30 AGM Ballroom 1, Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor Darul Ehsan Meeting Detail
25-Jul-2019 28-Aug-2019 10:30 AGM Ballroom 1, Tropicana Golf & Country Resort Jalan Kelab Tropicana 47410 Petaling Jaya Selangor Darul Ehsan Meeting Detail
21-Aug-2020 22-Sep-2020 10:30 General Main Hall, Level 1, PJ Tower, No. 18 Jalan Persiaran Barat 46050 Petaling Jaya Selangor Meeting Detail
24-Aug-2021 23-Sep-2021 10:30 General Online meeting platform hosted on the Securities Services e-Portal at https://sshsb.net.my/ provided by SS E Solutions Sdn. Bhd. at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, Meeting Detail
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  7 people like this.
Moolala 7c in july + 7c in Nov = 14c dividend this year
26/05/2021 9:16 AM
nextan Very good company, longterm tp 5.00
26/05/2021 9:59 AM
kywoo There is hardly any counter in Bursa that can show a steady and consistent growth in net profits and dividend in the past 6 years despite economic uncertainty. Before 2015, RCECap had some rough times and the dividends then were miserable. However, after some restructuring and change in management strategy since 2015, the company never look back but continue to grow from strength to strength. Even very good companies like Nestle, Maybank, F & N and Hong Leong Industries etc suffered downturn in profitability in 2020 because of the covid pandemic. However, RCECap was hardly affected but continued to strengthen.

The average PE of Bursa's counters is around 15. Some counters are in fact trading at PE of over 50. I really cant understand why the company's PE has always been under 8 or 7. This fantastic company should be given a PE of around 10 at least. One would only give a PE of 7 or 8 to a company that is without any growth prospect in profit or dividend or perhaps to a company with high volatility or uncertainty in profitability. This is certainly not the case with this company.

The market can be irrational in the short term but will be rational in the long run. I am sure the market will award a higher PE to RCECap in the medium term. Perhaps in the PE region of 11 to 14.
26/05/2021 11:50 AM
Moolala I second that
26/05/2021 12:19 PM
nextan Sir if the PE 15 how much is the tp?
26/05/2021 2:26 PM
Moolala you can calculate yourself, use trailing EPS x PE
26/05/2021 5:13 PM
nextan Thanks bro...
26/05/2021 7:09 PM
Goh123 3.70?
26/05/2021 7:53 PM
zigua 290!
02/06/2021 5:11 PM
Moolala major shareholders buying shares, they know business is going to be good and share price is undervalued
03/06/2021 10:32 PM
kakashi1888 @nextan @Goh123.... if PE 15 then the share price would be around RM5+-. Hope this help you. Cheers
04/06/2021 12:59 AM
Goh123 Major shareholder buy back. ... something want happen?
08/06/2021 6:35 PM
Sureinvest I think so. I think they are going to privatize this cash cow.
08/06/2021 6:37 PM
ming Yea.. but price now alrdy exceed NTA. Even privatise dont think will offer good price
08/06/2021 6:42 PM
kelvin17 there is basically no asset why should the boss wanted to privatise , he can set up another similar co at little cost instead of paying us rm 3
10/06/2021 5:01 AM
Bgt 9963 Post removed. Why?
10/06/2021 8:30 AM
stevenlowcb esos for staffs priced at RM 2.17 tomorrow list
10/06/2021 10:46 AM
JayC88 hopefully got chance to buy tmr
10/06/2021 12:51 PM
Goh123 Major shareholder buy in again huat ar
11/06/2021 5:24 PM
Moolala good earnings up ahead
11/06/2021 6:55 PM
observatory Published in The Edge today. "Positive views on RCE Capital maintained, despite FMCO"
12/06/2021 2:59 PM
Moolala The Edge has been publishing quite a few articles on RCEcap as of late, hopefully more fund managers will notice this gem and push the price up higher
12/06/2021 3:03 PM
observatory I’ll watch out for these few factors:

1. Revenue growth – can expect little growth given the loan book growth has slowed considerably. The management has turned cautious even before the pandemic. But I agree as it’s better to be too cautious than overly aggressive in this personal loan business

2. Asset quality – continues to hold up very well. It’s helped by the job security of its customer base (civil servant) where repayment is mostly through salary deduction.

3. Interest rate – It has benefited from lower funding cost in the past few years during the interest rate down cycle. But 10Y Malaysian government bond yield has recovered from the 2.5% low last year to current 3.2%. How fast will it rise in future, and how might it affect future cost of borrowing and therefore the net margin?

4. Valuation – This is a contentious topic. Some investors here feel that it’s undervalued. Based on Maybank’s projection of FY22E book value of RM2.37, currently RCE trades at 1.24X PB against expected FY22E ROE of 15.1%.

Instead of comparing against valuation of another lender like Aeon Credit (which stirs up a different kind of disagreement with AEONCR investors), I look up at BIMB, which also offers a lot of personal loan to civil servants (although also other banking, stock brokerage and insurance thrown in).

AM Invest projects 2021E BV at RM4.08, which is 0.84X PB, against FY21E ROE of 12.8%. In this not perfect comparison, RCE Capital doesn’t look too much undervalued in a relative sense. Besides, BIMB being a larger cap stock and more liquid could attract larger funds, and therefore in theory should enjoy higher valuation.

Anyway, like it or not, the share price is determined by the market. For me it's good enough to just hold and collect dividends regardless of share price movement, as long as fundamentals remain sound.
12/06/2021 3:56 PM
kywoo I do not agree that we should emphasize too much on the price versus book value factor in determining the fair value of a profitable and well managed stock. We should look at the company as an on going concern and not on a liquidation basis. If a company is not doing well and has been losing money every year, then the book value or net asset value becomes important. If the net asset value is much higher compared to the share price, it makes sense for some party to take over the company and strip its assets for sale. This is especially true for non performing property companies.

Take for example the net asset value of Nestle Malaysia. It is only 3.16 and yet the share price today is 135.4. Hence, the share price is 43 times its net asset value. This is because everyone expect Nestle to operate indefinitely over the foreseeable future and liquidation of its assets as unlikely.

The same principle should apply to RCE Capital. As the company is well managed and has a track record of increasing profit and dividend over the years, the more important consideration would be PE ratio and dividend yield. Barring unforeseen circumstances, the company is expected to operate well into the foreseeable future and continues to grow. Hence, the book value to price ratio becomes less relevant.

As far as I am concerned, if the PE ratio of this company is well below 10 and its dividend yield is above 5.5%, I will continue to accumulate this counter slowly but surely. In fact, I started collecting this counter at around 1.60 early last year because I was attracted by its fundamentals. My only limitation is availability of cash to buy more.
15/06/2021 9:51 PM
observatory Hi kywoo, I certainly agree RCE Capital is well managed.

I cited the PB and ROE valuation method not because I value it on liquidation basis, but because it’s commonly used for most financial stocks. Maybank and RHB analysts also use this method to derive their TPs for RCE.

Thanks for sharing your investment journey on RCE. I could imagine adding this stock if I have not owned it as I feel it’s fairly valued (though you think it’s still undervalued). But like you, I’ve accumulated before Covid-19, though not anymore now given it’s one of my top holdings and I want to avoid too much concentration.
16/06/2021 12:00 AM
JayC88 rm3 surely is a tough nut to crack, but i'm happy buying up the dips. good one to hold long term and reap the dividends.
17/06/2021 6:19 PM
observatory Last Sat The Edge ran an article with the title “Bank Rakyat’s continued reliance on personal financing raises questions”. It talks about the space of personal financing which could provide useful info to RCE Capital shareholders.

I summarize the key points as below:

1. Bank Rakyat has a personal financing portfolio of RM59 billion, making up the 76% of total financing portfolio of RM78 billion.
2. For comparison, the size of Malaysian personal financing/ loan is RM104 billion. (RCE Capital’s portfolio is only RM1.7 billion)
3. Gross impaired financing is 2.12% (total portfolio). Compare against RCE Capital GIL at 4.0%
4. A BNM study in 2018 showed that Malaysian civil servants spend more than half their monthly salaries repaying debts compared with one-third for average borrowers.
5. Personal financing amounted to 34% of civil servants’ total debt as opposed to national level of 15%
26/06/2021 7:08 PM
Moolala Thanks for sharing
27/06/2021 2:59 PM
kywoo Thanks for sharing Observatory. I think RCE Capital has learn an expensive lesson in 2013. They were then too aggressive in penetrating the loan market to civil servants. There was no proper internal controls. As a result of some changes to the lending rules, they made some big write offs. Since then, they are very careful in their lending, limiting the size and tenure of their loans.

It appears to me that they do not want quantity but rather quality in their loan portfolio. They try to control their portfolio growth to no more than 10% per annum. At the moment, their portfolio size of RM1.7 billion represent less than 2% of the total market potential. A lot of room for growth but they are in no hurry. I have full confidence in their management. Slow, steady and profitable.
29/06/2021 10:44 PM
C 88 https://malaysiastock.biz/Company-Announcement.aspx?id=1330501

30/06/2021 8:12 PM
keong118 2.5
06/08/2021 10:35 PM
ooihk899 QR sui, grats to all shareholders
12/08/2021 5:19 PM
ooihk899 Good chance next Q will declare a higher interim dividend
12/08/2021 5:33 PM
Moolala Solid as a rock
12/08/2021 6:13 PM
thesteward I strongly believe this one stand a v high chance get the digital banking licence.
31/08/2021 8:41 PM
ooihk899 The boss start buying since 3rd June until now. Hope something is brewing.
31/08/2021 9:55 PM
thesteward Solid co
06/09/2021 1:25 PM
thesteward Hope to cu at 5
06/09/2021 1:25 PM
thesteward Holding tight long term investment
06/09/2021 6:02 PM
ipohwhitecoffee Solid fundamental co. Tan Sri Azman keep on acquiring from open market.
06/09/2021 8:41 PM
thesteward Yes indeed . V prudent businessman Tan Sri.
06/09/2021 9:20 PM
up2_sky continue acquire..Up Up
07/09/2021 9:14 AM
Hu00mun Up up up ⬆️
07/09/2021 1:21 PM
Beethoven VCP liao la.. mari mari ohm
07/09/2021 5:24 PM
maximus . this stock is a hidden gem....
07/09/2021 6:48 PM
thesteward Holding tight tight
07/09/2021 8:19 PM
thesteward Pattern splendid liao hopefully next week spike
10/09/2021 12:11 PM
thesteward Wah beautiful close . Go down n then up above last high is a very nice pattern lo
10/09/2021 6:18 PM
1345 Post removed. Why?
12/09/2021 5:07 PM
thesteward Switching my finance shares to rcecap
14/09/2021 10:11 PM

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