@Rebecca40, kami di forum ini semuanya pelabur, bukan penjudi. Kami berpuas hati dengan pulangan tahunan dalam lenkongan 15%. Macam mana boleh capai pulangan mingguan empat angka? Cetak duit pun tak begitu cepat.
Yes, we should be disappointed with its share price but not its dividend. This is the third time in three years RHB Bank investors would be receiving yearly dividends amounting to 40 sen a share, giving a yield of slightly over 7%.
Outlook. We expect NIM to improve next quarter, coming as a result of active liability management to help optimize funding cost. Also, credit growth is seen to chug along, especially with potential lumpy business loan drawdown in 1H24. That said, net credit cost (NCC) may normalize down QoQ after stepping up for two consecutive quarters (3Q-4Q23). In any case, we are slightly concerned on its relatively low LLC of 72% (vs pre-pandemic level of c.85%) as buffers have thinned and, in our view, difficult to pad any potential deterioration in asset quality. Forecast. Unchanged since 4Q23 results were in line. Retain HOLD and GGM-TP of RM6.00, based on 0.79x FY24 P/B with assumptions of 9.3% ROE, 10.9% COE, and 3% LTG. This is in line to its 5-year average of 0.79x but beneath sector mean of 0.89x. We feel the valuation is fair since its ROE output is similar to pre-pandemic level. Moreover, it has always traded at a discount to industry average. Overall, RHB’s risk-reward profile appears to be balanced, as there are no new positive catalysts to spur share price upwards. In addition, the bank’s LLC of 72% is below pre-pandemic level of c.85% but peers are instead printing in above this rate, which makes us slightly concerned.
PETALING JAYA: Malaysia is in a sweet spot to enter a prolonged bull market, says prominent fund manager Tan Teng Boo.
According to the founder and owner of icapital.biz Bhd, the benchmark FBM KLCI could potentially rise to 2,500 – 3,000 points in the next three to five years, citing it is a “realistic target”.
Speaking at a media briefing on the market outlook yesterday, Tan said his optimism over Malaysian equities was premised on the country’s strengthening economic fundamentals and political stability.
“Now is the time to buy Malaysian stocks. We are looking at the beginning of a major bull market,” Tan said.
“Our market is cheap and our currency is cheap,” he added, noting that he expects a greater inflow of foreign funds to the Malaysian equity market in the coming days to further lift the FBM KLCI.
This guy has parked half of iCAP’s fund as FDs. Not for one year. Not for two or three years. But for over a decade! He has been waiting for the market crash for as long as I can remember.
During this long period, we had 1MDB, the collapse of oil price in 2015 and in 2020, five prime ministers since 2018, and the Covid pandemic. Yet he picked up no bargain.
During those intervening years, on dividend adjusted basis, 1. QL was up from RM1 in 2011 in almost RM6 today 2. Allianz was up from RM3 to RM19 3. United Plantation was up from RM3 to RM21 (yes, iCAP did buy into UP lately, currently a tiny 2% of its portfolio)
Even Maybank was up from RM3.7 to RM9.5 during the period.
How much did iCAP’s earn from the cash that it locked in bank FD’s? Not to mentioned 1.5% was handed over as management fee every year.
TTB is also a big fan of China. What is China stock market return over these years?
With such track records, I’m actually worried that now he has a U-turn and starts predicting Bursa's bull run!
At RM5 a share, RHB Bank would be trading at a PE of 7.5 and a dividend yield of 8 and would become the sole counter listed on Bursa to trade at such a low PE and high dividend yield. Do you think this is possible?
Remember whatever TTBoo says is a grain of truth. Investing has risks. With WW3 looming, a big crash (surely coming, but dunno when !) is always lurking in the corner. Therefore you can't put all your funds in equities ! 20% ...in Holding positions. Then some amounts to get in and out for some profits.. Investing has risks. Good luck to all of us, including me ! 😊
I have invested in RHB, Maybank and CIMB past few years. is anything wrong with RHB counter? the dividend is great. price didn't move much so no big paper gain. my question is why maybank and cimb go up but not RHB?
RHB Bank is unlikely to have any problems. It should be trading at a PE of at least 10 to 12 or at least RM6.60 a share but its major shareholders are unwilling to support it at this price. It is so frustrating to see other GLC KLCI Index component counters trade at PEs of above 20 or even 30 like MISC, IHH, Airport, Tenaga etc while RHB Bank struggles at below RM6.
You can find DRP from RHB report at Bursa Malaysia: "Second Interim Dividend • The Group declared a second interim dividend of 25 sen per share, consisting a cash payout of 15 sen per share and an electable portion under a Dividend Reinvestment Plan of 10 sen per share."
RHB Bank investors have to accept this harsh reality. You invest in the bank for its generous dividends, there would be practically little or no capital gains.
A word of advice: Don't invest in counters where EPF is the largest shareholder, eg RHB Bank, MRCB. Invest in counters where Khazanah is the largest shareholder, eg CIMB Bank, Tenaga, Malaysia Airport Holdings etc.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
goldenhope
241 posts
Posted by goldenhope > 1 month ago | Report Abuse
Lower profit due to allowance for credit losses RM230 mil.