K&N Kenanga Enhanced Asset Size and Market Share A re-rating is warranted. Acquiring ECM Libra Investment Bank (ECM IB) will catapult Kenanga into the number 3 position by equity trading value market share. More significant, however, is that the group has returned to the black with much improved asset quality, while the merged entity could potentially be the largest stand-alone investment bank (IB) in the country. Trading at an adjusted P/BV of just 0.6x, valuations are undemanding. Kenanga is Not Rated but we have tacked on a fair value of MYR0.90 (38% upside), pegged to a peer average P/BV of 0.8x, supported by an estimated ROE of 6.8%.
not really since Kenanga already take over ECM so the share price supposingly cant be around 0.6-0.65 range for too long it should be higher n tie with the company later NAV etc..
ECM before been acquired already not really making profit. So, I did not expected much after Kenanga acquired ECM. However, for long term, I still feel that Kenanga can do better than what they are doing now.They need to do more research on shares and let people 'buy' their research. This way, people will gain faith in Kenanga and will use them as their trading partner.
From the trend, it looks going up in this few days. But I still think that it is hard for Kenanga to break through 62 cents unless there is special news coming up
bravo .... finally, a superb result after 5 moody years ..... looks like it's going to hit $1.00 soon .... I have grabbed some @ $0.595, how about you?
Most counters are being manipulated be it little or much. That's why we need to monitor and try to go with the manipulation and try to get something out from it.
I think, no matter who is going to buy over the shares from Deutsche Bank, it is not an going to help much to sustain the share price at high price (some rumours say CMSB is interested to buy the shares). The new share holder will just hold the shares (around 16%) and it is not going to change the Board of Directors. Kenanga will still doing the business as usual. This is only my opinion.
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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....
kcfan
1,881 posts
Posted by kcfan > 2012-06-15 21:44 | Report Abuse
股价账面比1.27倍
收购案预期将在今年底完成,K&N肯南嘉表示,收购价相对益资利投资银行截至2012年1月31日总值6亿8770万令吉的净资产高出1亿8740万令吉,或相当于1.27倍的股价对账面比率。
谢玮良认为,国内现有的金融业者数目和种类将在未来2至3年完全不同,“我们将积极探掘更多并购机会,但不会是今天。”
但询及是否会在完成合并益资利投资银行后裁员时,谢玮良回答该集团将会花时间来评估合并后所需的工作范围才决定。
“无论如何,集团不会停止拓展脚步,这将创造潜在就业机会。”
营业额料增15%
K&N肯南嘉资深董事李国基也透露,此收购案将提振集团年度营业额10%至15%,归功于更大的客户群和分销网络。
此交易完成后,K&N肯南嘉分行总数将增加至31间。
“此规模将可使集团从个人投资者截取更高赚幅的业务。”
为了配合宣布上述重大消息,两家金融集团皆在今日申请暂停交易一天,将在下周一(18日)恢复交易。
截至昨日闭市,K&N肯南嘉和益资利金融作价分别为65仙和86.5仙,今年迄今也分别录得0.8%和12%的涨幅。