Posted by Sin Kee Teng > 2016-10-06 10:06 | Report Abuse

agreed

Posted by USApg > 2016-10-06 10:50 | Report Abuse

mbsb different story...company still growth and no involvement loan to o&g sector...

Posted by Ong Tun Aik > 2016-10-06 11:24 | Report Abuse

so take profit 1st ..wait for the next wave? haha

Posted by value_invest > 2016-10-06 12:38 | Report Abuse

ya.. MBSB is different story...Look at the facts and figures... MBSB got more impairment of RM1bil to write of in the coming year..Growth is not impressive either.. Personally, MBSB is not offering GOOD value with the current selling down in banking stocks hich is trading below NTA and single digit PE...

Posted by stonenut2 > 2016-10-06 13:07 | Report Abuse

See MBSB FLY SOON!!!!

Posted by darrenliew > 2016-10-06 13:09 | Report Abuse

AGREED WITH USApg. THE COMMERCIAL BANKS WILL BE GREATLY HIT BY THEIR BIG LOANS TO AND BONDS BOUGHT FROM OIL & GAS COMPANIES. ONCE THE BONDS DEFAULTS THE LOSSES WILL BE HUGE AND FINAL (CANNOT BE RECOVERED UNLIKE HOUSING LOANS GRANTED BY MBSB WHERE THERE ARE POTENTIAL RECOVERIES AND WRITE BACKS INTO PROFITS)
MALAYSIAN COMMERCIAL BANKS HAD ALREADY REACHED THEIR FULL POTENTIALS WHEREAS MBSB IS GROWING. THE BUSINESS POTENTIAL FOR ISLAMIC BANKING PRODUCTS AND SERVICES IS HUGE OUTREACHING ACROSS THE WORLD. ITS A HUGE AND PROFITABLE MARKET FOR MBSB TO TAP. MBSB IS GROWING IN THE RIGHT DIRECTION

Posted by USApg > 2016-10-06 13:14 | Report Abuse

If company can achieve net profit of 1 billion in 2018, now mbsb valued at 5 billion, then p/e will be 5... This stock also trade below nta(1.2)...let see the big picture!

Posted by stonenut2 > 2016-10-06 13:23 | Report Abuse

MBSB only loan houses but not oil and gas..
so no problem!!! Rocket up!!!

Posted by USApg > 2016-10-06 13:30 | Report Abuse

Mbsb loan to public servant to buy affordable house, less risky!

Posted by Foo Kelvin > 2016-10-06 15:39 | Report Abuse

what happen these few days?

Posted by Ong Tun Aik > 2016-10-06 16:54 | Report Abuse

keep diving lol

Posted by value_invest > 2016-10-06 18:31 | Report Abuse

Just personal opinion in value investing... With the banking stocks coming down and value surface.... MBSB dont look cheap anymore... I might prefer banking stocks now...

Posted by darrenliew > 2016-10-06 20:02 | Report Abuse

LOTS OF POTENTIAL AND UPSIDE. WILL GIVE DETAILED COMMENTS TOMORROW.

Posted by MuttonCurry > 2016-10-07 08:52 | Report Abuse

Sold for small kuaci profit. Good potential but since BNM going to cut OPR ... i wait and see how in December. Now not so good for banking stoks

Posted by Jay > 2016-10-07 09:05 | Report Abuse

the comments here are really laughable. MBSB portfolio for mortgages is less than 15%, personal financing is the biggest chunk around 65%. basically this is the riskiest of loans to fund personal purchases and are unsecured, that's why undisciplined lenders like MBSB is suffering now while other players like AEON Credit and RCE is still doing fine

Posted by Jay > 2016-10-07 09:09 | Report Abuse

even if the banks take some hit in oil and gas provisions, I doubt their full year ROE will drop from around 10% to 4% like MBSB. so if you want to promote MBSB, please stick to rumours/insider news like getting banking licenses, CMY will push it up etc. which no one can actually refute instead of trying to twist fake infos as facts

Posted by value_invest > 2016-10-07 09:29 | Report Abuse

In fact, is was good value at rm0.70 MONTHS ago... AT the current price.. No catalyst .. Seem not cheap... Upside limited...

Posted by value_invest > 2016-10-07 09:30 | Report Abuse

good luck to everyone here..

Posted by kllow > 2016-10-07 10:38 | Report Abuse

Momentum is weak now...Chance to enter !

Posted by Jay > 2016-10-07 10:53 | Report Abuse

look out for IFRS 9 implementation by 1 Jan 2018. provisions for all financial companies (banks or non-banks) are expected to spike and hit their profits, especially risky portfolios like personal loans. for MBSB, impairment program will last until end 2017 which will then immediately be followed by IFRS 9 provisions so investors could be looking at potential 2 years of bad results ahead, unless IFRS 9 implementation is delayed again

Posted by value_invest > 2016-10-07 10:56 | Report Abuse

Agreed... MBSB is heading for this direction, i think is very positive.. ... Will be good AFTER 1st round of provision end 2017 and 2nd round meeting IFRS9 in 2018...

Posted by darrenliew > 2016-10-07 11:15 | Report Abuse

VALUE INVEST. AGREED. HENCE IT WAS AVERY GOOD MOVE BY MBSB TO INITIATE ITS 2 YEAR IMPAIRMENT PROVISIONING PROGRAMME FOR RM1.7B FROM 4Q 2015 TO 3Q 2017.
IT IS ALSO A POSITIVE INDICATION THAT IT REMAINED PROFITABLE (ALTHO DOWN) AFTER ABSORBING THE PROVISIONINGS.
IN FACT DESPITE CONTUNUING PROVISIONINGS IN ITS 2Q, IT 2Q PROFITS INCREASED BY 80% FROM 35M IN 1Q TO RM63M. POSSIBLE FOR ITS 3Q PROFITS TO REGISTER SUCH IMPROVEMENT.
ALSO IN 22 OCT 2013, IT DECLARED A 5 SEN DIVIDEND. POSSIBLY A 3 SEN DIVIDEND THIS MONTH?

Posted by darrenliew > 2016-10-07 11:16 | Report Abuse

MBSB'S RETAINED EARNINGS STOOD AT A GOOD RM726M. IT CAN PAY SUCH DIVIDENDS AGAIN

Posted by darrenliew > 2016-10-07 11:16 | Report Abuse

A 3 SEN D IS GOOD ENOUGH

Posted by darrenliew > 2016-10-07 12:10 | Report Abuse

HIGH POSSIBILITY FOR FULL YEAR PROFITS TO BE MORE THAN RM200M (ALREADY REACHED RM98M BY MID YEAR. HENCE BESIDES ITS RETAINED EARNINGS OF RM726M, IT WILL BE IN A POSITION TO PAY A DIVIDEND N ANNOUNCE IT THIS MONTH

Posted by value_invest > 2016-10-07 12:19 | Report Abuse

GOOD... Everyone make own judgement.. Just sharing here.. Comparing to other banking stocks which offer good value... Just feel MBSB not seem very cheap... Everyone make own judgement.. No wrong or right answer... I have been following this stock since RM0.70.... just opinion..

Posted by stonenut2 > 2016-10-07 12:21 | Report Abuse

When fly reach rm1.50
then you will know the price is cheap now lor..
lol...

Posted by fred2758 > 2016-10-07 12:22 | Report Abuse

traders collecting at 0.90

Posted by fred2758 > 2016-10-07 12:22 | Report Abuse

TP 0.97

Posted by MusangK1ng > 2016-10-07 15:50 | Report Abuse

downward trendline since 9/29 has broken

Posted by stonenut2 > 2016-10-07 15:53 | Report Abuse

FLYING!!!!

Posted by Recklesscy > 2016-10-07 16:03 | Report Abuse

This uptrend looks so flat

Posted by stonenut2 > 2016-10-07 16:14 | Report Abuse

Just waaiting for the wood to wake up!!
TRUST MBSB

Posted by Jay > 2016-10-07 20:30 | Report Abuse

i understand that everyone has their own opinion, but please don't misread my comments.

IFRS 9 is scheduled to be implemented from 1 Jan 2018, which means non of the financial companies have complied or are complying with this standards yet (partly because the accountants are also still unsure how exactly to implement it). so MBSB's impairment program (2015-2017) is just to clean up their old books to get to the normal standards of a bank. when IFRS 9 kicks in, they will need to make new provisions again because of change in accounting requirements. non-bank lenders like MBSB, Aeon Credit etc. probably will get hit worse relative to banks because their portfolios are riskier.

Posted by Jay > 2016-10-07 20:31 | Report Abuse

please read the quarterly results closer. the earnings improvement qoq was only due to higher provision in 1Q so 2Q looks better. operating profit without provisions was in fact weaker in 2Q. management also mention that provisions will be roughly the same amount as 2Q in the coming quarters up till end 2017. so the only possible improvement in profit is from the RM1.1b rights issue proceeds.

RM200m annual profit is not hard to achieve, because it would be one of the lowest in the last 5 years. but by today's share price, it is a RM5.3b market cap company, so are you happy with earnings yield of 3.8% or 26.5 times PE?

for dividends per share, please don't look at past years because number of shares has changed post rights issue. if full year profit RM200m, dividend by latest number of shares EPS is only around 3.5sen. so 3 sen is not impossible but that would need a very high payout. past 3 years dividend payout were ~30%, so if EPS 2016 around 3.5sen then dividend probably will be around 1-2 sen.

Posted by Jay > 2016-10-07 20:35 | Report Abuse

current valuation is around 0.8x book (not 0.5x for those still looking at book value before rights), which is higher than Affin (0.5x), on par with Ambank (0.8x) and only slightly lower than RHB (0.9x). PE is even more damning where trailing 4Q Affin is 9.3x, Ambank 9.5x, RHB 15x while MBSB is 29x. even assuming RM200m annual profit also PE around 26x.

so the price may still go up but not because it's undervalued. in fact it's grossly overvalued compared to other financial peers. it's only good for speculation because it's a penny stock now

Posted by cyeec2000 > 2016-10-07 20:47 | Report Abuse

Their management has to be prudent, the capital raised from right issue will be lost if more loan to be impaired..

Posted by USApg > 2016-10-07 21:10 | Report Abuse

馬建屋的29倍本益比是因為之前的會計沒有計算壞悵撥備！後來馬建屋考慮成為銀行，所以才進行二年一次性的壞賬撥備！如果之前的的會計有考量撥備，以前的淨利就會下降，現在的本益比就會下降！不可拿銀行股來做比較，銀行每一年都會為借出去的錢做評估，然後計算撥備！

Posted by TheContrarian > 2016-10-08 11:05 | Report Abuse

darrenliew, someone is upset that you are promoting MBSB here.

Posted by darrenliew > 2016-10-08 13:24 | Report Abuse

ITS OK. ANY ONE IS WELCOME TO AIR THEIR VIEWS. i3FOFUM IS A GOOD CHANNEL TO EXCHANGE MARKET INFO N NEWS. ANYWAY MY VIEWS ARE BASED ON FACTS N NEWS WHICH ARE ALREADY AVAILABLE IN PUBLIC DOMAINS. I WOULD JUST HIGHLIGHT THEM N ADD IN MY
PERSONAL INTERPRETATIONS N WHICH NOT CALLS TO BUY OR SELL. IN FACT I HAD ON DIFFERENT OCASSIONS HIGHLIGHTED BOGH POSITIVE AS WELL AS NEGATIVE ONES WHENEVER SUCH NEWS ARISE. ANYONE CAN JUST IGNORE MY COMMENTS. MY APOLIGIES IF I HAD UNINTENTIONALLY UPSET ANYONE.

Posted by TheContrarian > 2016-10-08 15:02 | Report Abuse

darrenliew, you are a gentleman. You have taken time and trouble to share many, many useful information here and in other forums. Keep it up.

Posted by darrenliew > 2016-10-08 15:08 | Report Abuse

TQ. APPRECIATE IT

Posted by Jay > 2016-10-10 01:48 | Report Abuse

@USApg MBSB has always been making provisions because it needs to as a lending company, there's no such thing as provision once in two years' time. I agree that provisions could be lower without the impairment program but that's because they had it easy last time when they expand without making sufficient provisions. therefore MBSB actually should trade at a discount to banks because their asset quality is lousier and their accounting and governance standards lower

Posted by Jay > 2016-10-10 02:07 | Report Abuse

try to think why MBSB need this impairment program and why is it taking such a long time.

1. yes they want to evolve into a bank but banks recognise impaired loans after 3 months due. as far as I know other companies like Aeon Credit and RCE also recognise the same way. so was MBSB too aggressive last time? are they finally abiding with industry standards?

2. remember in the past few years there was a period when Aeon and RCE impaired loans went up? that's because BNM limited personal financing tenure to 10 years so suddenly a lot of borrowers repayment capability is in doubt. but looking at their trend, impaired loans peaked in a years time and slowly came off, why does MBSB has such huge amount to be cleared?

3. MBSB loans expanded from 18b in 2011 to 32b in 2013, a jarring 80% in 2 years and also scarily high in absolute terms. on hindsight, this should have been a huge red flag when a lending company expanded too fast. according to industry people I spoke to, MBSB was also one of the most aggressive when it comes to loan tenure and DSR which was why BNM had to impose some rules in 2013 to clamp down on the aggressive lenders like Bank Rakyat and MBSB. it was exactly during this period when huge amount of bad quality loans were racked up

4. but why need 2 years? well probably because one-off or few quarters' recognition could wipe off their entire retained earnings back then so it needs longer time to spread it over

Posted by Jay > 2016-10-10 02:19 | Report Abuse

I'm not against anyone promoting MBSB (I can't short it anyway). end of the day what is said and shared doesn't really matter as much as the actual profit from investing/trading. so if MBSB price go up from here and people make money then all is good.

I'm just clarifying why what some people thought were good fundamentals were not actually as good as they thought, especially when it comes to provisions and valuations because there seems to be a lot of misunderstanding on how financial companies are run compared to other industries

if someone has proper reasonings behind whether to buy/sell a company, there's no need to be afraid of constructive discussions. sometimes I may be wrong too but it's only through exchanging thoughts only everyone could learn

Posted by value_invest > 2016-10-10 10:16 | Report Abuse

Jay... i agreed with u.. I see your justification with facts and figures. GOOD... I see some comments without justification, e.g TP 1.00 or TP 1.50 or TP 2.00,, Or flying soon... Anywhere... This is good tat market has many kinds of players... Buying n selling... sMART INVESTORS LIKE U CAN MAKE $$$$$... If all people is so knowledgeable, it is very hard for u to make $$$.... For this stock, i know so many smart investors bought at 0.70 and sell at 0.90 making huge $$$$. At current price... just wondering how much the upside..

Posted by beso > 2016-10-10 10:41 | Report Abuse

will drop

Posted by stonenut2 > 2016-10-10 16:46 | Report Abuse

Welcome guys... if price no drop sure don't see you guys..
when up super quiet.

Posted by 631207115149 > 2016-10-10 16:49 | Report Abuse

what happen today, bro....mbsb

Posted by stonenut2 > 2016-10-10 16:50 | Report Abuse

Drop abit and people shouting like crazy...