投资理财记事本
Rcecap 2020Q4 季度报告
RCE CAPITAL BERHAD (9296)
|
Name |
RCE CAPITAL BERHAD |
|
Stock Code |
9296 |
|
市值 |
680M |
|
股票的总数 |
375M |
|
PE as at 28/5/19 |
6.15 |
|
ROE as at 28/5/19 |
15.33 |
|
NTA as at 28/5/19 |
1.92 |
|
DY as at 28/5/19 |
4.97% |
|
Current price as at 28/5/19 |
1.81 |
企业背景
RCE资本是一家投资控股公司，主要从事融资服务，而大部分客户来自于政府公务员。旗下的三大子公司都扮演着不同的角色和贡献：
- RCE Marketing Sdn Bhd(RCEM)为客户提供个人融资
- EXP Payment Sdn Bhd经营和管理贷款偿还的事务
- RCE Factoring Sdn Bhd则为工商企业提供商业融资服务
跟普遍上的融资服务相比，Rcecap采用独特的借贷与收贷机制提供贷款给公务员后再从他们的薪水里分期扣除以偿还贷款(Salary Deduction Scheme)， 所以风险可算是比其他借贷公司来得低。可是作为一家非银行金融机构，RCE资本其实在贷款方面有一定的局限。由于没有银行执照，RCE资本不可通过收取存款来获得供融资的资金，要取得便宜的资金来源也不比银行有优势。可是在目前低利率的环境中对RCE资本却是一大利好，因为低利率将大大降低公司的融资成本。
Rcecap与其它金融公司最特别的不同之处在于其采用独特的借贷与收贷机制提供贷款给公务员后再从他们的薪水里分期扣除以偿还贷款 (Salary Deduction Scheme) 。这样的机制足足降低了公司面对坏账与折损的危险。
概括来说，RCECAP就是合法的大耳窿，营业模式与银行相当接近，可是唯一不同的是Rcecap并不能通过收取存款来获得借贷的资金。可是也因为如此，在低利率的环境下，相比起传统的银行业务，低利率反而有助于公司获取更低利率的融资。
股息政策
公司将会在2019财政年维持20-40%的股息政策。如果依照2020年110M的净利计算，2020年的股息将介于5.9sen至11. 7sen。按照目前1.81的股价，股息率将介于3.26%-6.46%，对于一个成长股可说是相当吸引。
2020Q4营业额与净利的表现
Rcecap的净利自2017Q1至今已经维持了16个季度的上升，这种成绩在大马的上市公司中也算是绝无仅有了。在2020Q4的营业额方面，公司的营业额成长了5.6Million ，比起同期2019Q4的67.4Million一共成长了8.3%。营业额的成长主要是因为借贷数目的提高同时带领更高的利息收入。在净利方面，即使在这个季度公司面对更高的应收账款减值拨备，公司的净利对比同期仍然稳定增长了4.6Million或19.4%。更高的减值拨备主要是为预期恶劣的经济环境以及国内生产总值的下降而有所准备。
虽然对比上个季度2020Q3的31M，Rcecap的净利下降了大约2.7Million，不过这主要是因为先前提起的减值拨备而导致，对比上个季度4.7M的预期减值拨备，这个季度的预期减值拨备为8.3M，足足上升了3.5M。倘若移除这个预期减值拨备的上升，这个季度公司还是维持QoQ成长的。
|
Revenue |
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
Quarter 1 |
30M |
+23% |
37M |
+37% |
51M |
+11% |
57M |
+10% |
63M |
+6.35% |
67M |
|
Quarter 2 |
32M |
+23% |
39M |
+43% |
56M |
+8.9% |
61M |
+6.5% |
65M |
+7.69% |
70M |
|
Quarter 3 |
33M |
+24% |
41M |
+39% |
57M |
+10% |
63M |
+6.35% |
67M |
+8.21% |
72.5M |
|
Quarter 4 |
34M |
+29% |
44M |
+29% |
57M |
+10% |
63M |
+6.35% |
67M |
+8.96% |
73M |
|
Net Profit |
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
Quarter 1 |
6M |
+50% |
9M |
+88% |
17M |
+17% |
20M |
+15% |
23M |
+4.78% |
24.1M |
|
Quarter 2 |
5M |
+100% |
10M |
+80% |
18M |
+16% |
21M |
+7.5% |
23M |
+18.26% |
27.2M |
|
Quarter 3 |
3M |
+333% |
13M |
+61% |
21M |
+4% |
22M |
+9.8% |
25.2M |
+23.02% |
31M |
|
Quarter 4 |
11M |
-45% |
6M |
+250% |
21M |
+9% |
23M |
+3.04% |
23.7M |
+19.41% |
28.3M |
Prospects/展望
为了应对潜在的经济衰退以及新冠病毒引起的不确定性，公司会在不影响借贷资产素质的情况下开展更多的销售活动务求维持生意的稳定增长。目前Rcecap的PE只有区区的6而已，对比过往净利的增长，Rcecap的股价在过去三年几乎是停滞不前的。市场几乎对Rcecap的稳定表现不买账，似乎更趋向于波动剧烈的仙股。无论如何，公司无论在股息，净利的表现都是可圈可点的，对于股息还是价值投资者来说，Rcecap不失为值得注意的好股之一。
Profit & Loss Account/损益表
|
Rcecap |
30.6.18 |
30.9.18 |
31.12.18 |
31.3.19 |
30.6.19 |
30.9.19 |
31.12.19 |
30.3.20 |
|
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
|
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
63,235 |
64,964 |
66,976 |
67,395 |
66,938 |
70,176 |
72,502 |
72,993 |
|
|
|
|
|
|
|
|
|
|
|
Other Income |
3,649 |
3,876 |
4,102 |
3,866 |
4,836 |
7,024 |
5,153 |
5,235 |
|
Interest Expense Applicable to Revenue |
-18,526 |
-19,391 |
-20,033 |
-20,069 |
-20,353 |
-21,238 |
-20,320 |
-20,793 |
|
Staff Costs and Directors' remuneration |
-5,045 |
-5,799 |
-5,545 |
-4,989 |
-7,529 |
-5,609 |
-5,391 |
-5,645 |
|
Allowances for impairment loss |
|
|
|
-6,186 |
-4515 |
-5662 |
-4,698 |
-8,215 |
|
Depreciation of plant and equipment |
-733 |
-745 |
-678 |
-474 |
-416 |
-439 |
-523 |
-745 |
|
Other Expenses |
-11,456 |
-11,634 |
-9,333 |
-6,282 |
-5,663 |
-6,559 |
-5,724 |
-4,901 |
|
Finance costs |
-14 |
-15 |
-14 |
-13 |
-13 |
-12 |
-24 |
-84 |
|
Profit before taxation |
31,110 |
31256 |
35475 |
33248 |
33285 |
36795 |
40,795 |
37,845 |
|
Taxation |
-7,911 |
-7,804 |
-10,320 |
-9,521 |
-9,166 |
-9,637 |
- 9,995 |
-9,521 |
|
Profit for the period |
23,199 |
23,452 |
25155 |
23,727 |
24119 |
27158 |
30,980 |
28,324 |
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to owners |
23,199 |
23,452 |
25,155 |
23,727 |
24,119 |
27,161 |
30,980 |
28,326 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (Sen) |
|
|
|
|
|
|
|
|
|
Basic |
6.81 |
6.9 |
7.37 |
6.94 |
7.03 |
8 |
8.88 |
8.08 |
|
Diluted |
6.81 |
6.86 |
7.35 |
6.91 |
7.00 |
7.79 |
8.84 |
8.05 |
|
|
|
|
|
|
|
|
|
|
|
(Gross Profit margin) |
49% |
48% |
53% |
49% |
50% |
52% |
56% |
52% |
|
(Net Profit margin) |
37% |
36% |
38% |
35% |
36% |
39% |
43% |
39% |
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