EX-date 14/05/2013 Entitlement date 16/05/2013 Entitlement time 04:00:00 PM Entitlement subject Special Dividend Entitlement description Special Dividend of 18% less 25% Income Tax Period of interest payment to Financial Year End 31/12/2012 Payment date 30/05/2013 a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers 16/05/2013 b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit 14/05/2013 c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. Number of new shares/securities issued (units) (If applicable) Entitlement indicator Percentage Entitlement in percentage (%) 18
Source: AmeSecurities- MBSB’s closest competitor is Bank Rakyat, which is a dominant player in the personal financing domestic market. In FY07, Bank Rakyat’s personal loan book was at RM22bil, which was close to where MBSB’s current personal loan size is currently, at RM20bil as at endMarch 2013. Just on the RM22bil personal loan size alone, Bank Rakyat’s net earnings hit RM679mil in FY07, vs. RM562mil in FY06. In the following year, Bank Rakyat’s net earnings leaped to RM1.1bil in FY08.
- MBSB has hinted at the likelihood of a rights issue in the immediate term. We have now reflected a rights issue in our forecasts. We have assumed a rights issue on a 7-rights-for-5-shares basis, at RM1.15/rights share. ROE remains strong at above 20% for FY13F with the rights issue. We believe the company may possibly consider a higher dividend payout. We have revised upwards ourdividend forecasts, translating into net DPS yield of 4.5% FY13F, 5.1% FY14F and 6.1% FY 15F.
- We expect the following new fundamental rerating catalysts for MBSB:- (a) sustained NIM in its upcoming quarterly net earnings; (b) strong net interest income; (c) low impaired loans from its new business; (d) generous dividend yield; (e) new record net earnings of at least RM600mil for FY13F.
extract CIMB Research: Thanks to its strong growth and good qualities, MBSB has been attracting strong buying interest with its share price up by 41.2% YTD. Still, its FY14 P/E remains attractive at 7.4x (based on consensus). We like MBSB for its 1) swift loan growth, 2) superior margin, 3) high ROE, and 4) improving asset quality. Assuming a 10-20% discount to Malaysian banks‟ CY14 P/E of 11.4x, the target P/E for MBSB could be between 9.1x and 10.3x. Applying this to the consensus FY14 EPS of 40 sen for MBSB, the stock could be valued at RM3.66-4.12.
We like MBSB for its 1) swift loan growth, 2) superior margin, 3) high ROE, and 4) improving asset quality. Assuming a 10-20% discount to Malaysian banks' CY14 P/E of 11.4x, the target P/E for MBSB could be between 9.1x and 10.3x. Applying this to the consensus FY14 EPS of 40 sen for MBSB, the stock could be valued at RM3.66-4.12.
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....
mm310
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Posted by mm310 > 2013-05-09 14:43 | Report Abuse
heading to 3.10 ....