Posted by pineapple8888 > 2019-07-10 01:21 | Report Abuse

http://dlvr.it/R853L8

Posted by RainT > 2019-07-10 12:08 | Report Abuse

PH government no money

need find money

Posted by chl1989 > 2019-07-10 13:14 | Report Abuse

buy more

Posted by paperplane > 2019-07-10 20:09 | Report Abuse

Hehe. Knock knock. Bayar tax ya

Posted by VSLSB > 2019-07-10 21:22 | Report Abuse

Fundamentally one of the better non bank institution with low default rate. I dont think tax claim from government will be of substantial impact to its business.

Posted by remus > 2019-08-01 13:04 | Report Abuse

Huh today plunge 1.45%, huge sell volume. What is the bad news ?

Posted by VSLSB > 2019-08-02 00:52 | Report Abuse

remus: As long as fundamentals are intact, it shouldn't be an issue. Price will always fluctuate.

Posted by chl1989 > 2019-08-06 00:17 | Report Abuse

safe heaven

Posted by chl1989 > 2019-08-15 14:33 | Report Abuse

sma200 broken :(

Posted by eskay67 > 2019-08-22 13:18 | Report Abuse

Quote from Kenanga research update on 28 June : “While the group may continue to grow its market share, we believe it would come at a necessary enlarged cost of credit.” I believe this is not a conservative view, instead it is a realistic expectation under current market environment ...

Posted by chl1989 > 2019-08-27 10:54 | Report Abuse

back to 14 :)

Posted by VSLSB > 2019-08-27 11:42 | Report Abuse

eskay67: Although that is true, do not forget that Aeon Credit intends to move up market (i.e. M40) which usually translates to higher loan value and corresponding interest.

Posted by chl1989 > 2019-08-29 11:12 | Report Abuse

dropping everyday. what is wrong?

Posted by gongkia > 2019-08-30 10:22 | Report Abuse

are u worry :)

Posted by oldfox99 > 2019-09-06 13:54 | Report Abuse

any impairment loss to declare for aeon credit this year ?? did they provision the tax penalty in their account ?? MRFS change any impact to them ???

Posted by chl1989 > 2019-09-06 14:50 | Report Abuse

sad case. gone case. drop everyday haha

Posted by eskay67 > 2019-09-26 17:23 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6293193

Posted by chl1989 > 2019-09-26 17:24 | Report Abuse

gone case

Posted by chl1989 > 2019-09-26 17:35 | Report Abuse

back to rm8 :)

Posted by Chin Leong > 2019-09-26 18:02 | Report Abuse

MFRS really big impact to them

Posted by chl1989 > 2019-09-26 19:01 | Report Abuse

ham 7 ad

Posted by Ricky Yeo > 2019-09-27 09:58 | Report Abuse

Some context on MFRS9 - https://www.pwc.com/my/en/assets/publications/alert123-mfrs9.pdf

"One of the main criticism on the MFRS 139's impairment model is the delay in recognition of credit losses due to the need for a loss event to occur. Understandably, the biggest change under MFRS 9 would be, impairment based on expected credit losses even if a loss event has not occurred. This would result in entities needing to book in day 1 credit losses."

Posted by chl1989 > 2019-09-27 13:34 | Report Abuse

coming 2 qrs will be worse yoy. wait for it to dip below rm10

Posted by brushsoo > 2019-09-27 16:40 | Report Abuse

further add on to the note below, the additional expected credit loss is a non-cash items, and only impact PL.

"One of the main criticism on the MFRS 139's impairment model is the delay in recognition of credit losses due to the need for a loss event to occur. Understandably, the biggest change under MFRS 9 would be, impairment based on expected credit losses even if a loss event has not occurred. This would result in entities needing to book in day 1 credit losses."

Posted by SilverHawk > 2019-09-27 17:59 | Report Abuse

After panic dumper finish, it will bounce back no worry.

Posted by SilverHawk > 2019-09-27 18:01 | Report Abuse

If now still at MFRS 139, this QR is at 110M profit vs MFRS9 49M. Everything still remains good, revenue historical high. Only different is presentation style with different accounting method.

Posted by hellbender > 2019-09-30 17:15 | Report Abuse

YES...accounting treatment didnt impact cashflow. Revenue is still strong... dont understand the selloff.

Posted by chl1989 > 2019-10-01 12:35 | Report Abuse

but the question is, when will the profit be back to 80-90mil?

Posted by chl1989 > 2019-10-01 12:36 | Report Abuse

if it cant go back to the profit level, the selloff is justified

Posted by chl1989 > 2019-10-01 12:36 | Report Abuse

n it should drop more

Posted by SilverHawk > 2019-10-01 15:55 | Report Abuse

Flying or crying now @_@

Posted by chl1989 > 2019-10-01 16:00 | Report Abuse

no one can answer this question: will the profit go back to 80mil since this is just change of accounting standard. if the ans is yes, buy more. if the ans is no, bye

Posted by Guilefighter > 2019-10-01 18:41 | Report Abuse

silverhawk already answer your (chl1989) question, just that you still dun understand what he meant..

Posted by SilverHawk > 2019-10-02 09:29 | Report Abuse

FRYING now 。。。 @.@

Posted by ironcrowz > 2019-10-02 10:53 | Report Abuse

Share by @Ricky Yeo https://www.pwc.com/my/en/assets/publications/alert123-mfrs9.pdf

"One of the main criticism on the MFRS 139's impairment model is the delay in recognition of credit losses due to the need for a loss event to occur. Understandably, the biggest change under MFRS 9 would be, impairment based on expected credit losses even if a loss event has not occurred. This would result in entities needing to book in day 1 credit losses."

Old MFRS 139, recognise credit loss when it happens
New MFRS 9, recognise credit loss when it is "expected" to happen (it is subjective to management judgement, everything's kinda like a guessing game here)

In AEONCR case, we all know they do consumer and motor financing, which usually have a higher interest rate but also a higher default rate, hence a higher "expectation" in credit losses, so they recognise these losses early.

They'll know if they over- or under- provided for these provisions when they collect more (or less) repayment than they initially expected. If more, they'll reverse out these provisions eventually, if less they'll provide even more.

Assuming no major changes in business model, AEONCR's cashflow will remain unnchanged.

So now, do you want them to "expect" low credit losses eventhough they are in a high interest high default business, just to make you feel good with high short-term profit or; do you want them to "expect" high credit losses, prudently reflecting the business nature but it'll lead to lower short-term profit?

Posted by SilverHawk > 2019-10-02 22:30 | Report Abuse

Fair value at 16 to 17.30 。。。 Lets see how it move 。。。

Posted by KennyChua > 2019-10-04 16:55 | Report Abuse

limit down kah...gg

Posted by KennyChua > 2019-10-04 16:55 | Report Abuse

put fd http://www.leesharing.com/october-fixed-deposit-promotion/

Posted by StockStalker > 2019-10-04 23:07 | Report Abuse

Net asset value per share has declined to RM5.98 from RM6.37 which is mainly due to the opening downward adjustment to retained earnings of RM344.53 million arising from the adoption of MFRS 9 and a higher capital base from ICULS conversion. Similarly, earnings per share were accordingly impacted, and declined to 133.55 sen from 139.23 sen, notwithstanding a recorded increase in earnings for the year.

Posted by StockStalker > 2019-10-04 23:36 | Report Abuse

There could be fundamental dilutive risks with an estimated balance of 49.1 million units of ICULS remaining, which if fully converted could expand its share base by a further 4%.

Posted by StockStalker > 2019-10-05 00:00 | Report Abuse

RM12 is better.

Posted by ironcrowz > 2019-10-08 11:03 | Report Abuse

@StockStalker

How to get 4%? My calculation up to FY2019 is only another 1.8% to be diluted, which is 4,468,311 shares.

How to get RM12? A 1.8% or even 4% dilution only affect the PE ratio minimally, so how do u justify?

Posted by SilverHawk > 2019-10-08 13:44 | Report Abuse

Dilution is nearing insignificant. If there is good dilution, u will see it directly at diluted eps. Company had clearly stated that dilution is nearing zero, so had totally ignored the diluted eps column.

Posted by StockStalker > 2019-10-11 11:48 | Report Abuse

@ ironcrowz

Good pick up, thanks.
Dilution should be 1.8% instead of 4% as per Kenanga Research - 27 Sept 2019.
Perhaps Kenanga can explain how they got the 4%.

https://klse.i3investor.com/blogs/kenangaresearch/226971.jsp

Posted by StockStalker > 2019-10-11 13:18 | Report Abuse

@ ironcrowz

PBV of 2.0x on BVPS of RM5.98 = RM12

Posted by SilverHawk > 2019-10-11 14:48 | Report Abuse

Flying 。。。

Posted by ironcrowz > 2019-10-16 11:44 | Report Abuse

@ StockStalker

Why use BV? Also why use 2 times BV?

Good companies i always buy based on earnings

Posted by SilverHawk > 2019-10-18 11:44 | Report Abuse

16 now 。。。 呵呵呵

Posted by StockStalker > 2019-10-18 15:44 | Report Abuse

@ ironcrowz

Consumer Finance business is generally sensitive to economic conditions, and during period of declining economic growth, a conservative approach (based on PBV) to investing will provide adequate margin of safety.

Based on current market price, Aeon Credit's PBV 2.61 is higher than industry average of 1.9505 for Finance/Rental/Leasing business.

Besides, PBV 2.61 is much higher than all the major local Banks (PBV of Maybank 1.25 Public 1.83 HL Bank 1.47 CIMB 0.92) with more diversified financial services instead of strictly consumer financing.

In addition, Aeon Credit's DY 2.86% is lower than those of major local Banks (DY of Maybank 5.87% Public 3.63% RHB Bank 4.51% CIMB 5.23%). For comparison sake, Aeon Credit's DY is even lower than most local Banks 12 months FD rates.

I agree with investing decision for good companies to be based on earnings, provided in period of strong economic growth. Nevertheless, investing decision depends highly on individual's investment objective and risk appetite.

All the best and happy investing !

Posted by SilverHawk > 2019-10-18 18:07 | Report Abuse

16.40 now hehe ...
Those panic sold after QR, now new round of panic ...