Reserve some funds. Huge ESOS exercised and priced at only RM0.64 per share. Monday till ex-date for the dividend, may see selling pressure. The employees are short term investors. Probably borrowed to exercise the ESOS.
Currently I have 200,000 shares. Opportunity to accumulate more RCE at low price.
RAM Ratings has assigned final AAA/Stable and AA3/Stable ratings to Al Dzahab Assets Berhad’s (the Issuer) RM120.0 million Class A Sukuk and RM35.0 million Class B Sukuk, respectively. These represent the second issuance under Al Dzahab’s RM900.0 million Sukuk Murabahah Asset-Backed Securitisation Programme (the Programme); the first issuance (RM120.0 million Tranche 1 Sukuk) was completed in June 2016. Similar to Tranche 1, the issuance will be collateralised by personal-financing (PF) facilities originated by RCE Marketing Sdn Bhd (RCEM) through its business partners that are extended to civil servants. These facilities are repaid via non-discretionary salary deductions processed by the Accountant General's Department and Angkatan Koperasi Kebangsaan Malaysia Berhad, thereby substantially insulating the transaction from the credit risks of the borrowers as long as they remain in active service.
RAM’s cashflow assessment indicates that the underlying portfolio will be able to meet full and timely payment of the financial obligations of Tranche 2 under respective “AAA stress” and “AA3 stress” scenarios for the Class A and Class B Sukuk. The RM120.0 million Class A Sukuk and RM35.0 million Class B Sukuk will be backed by receivables with an outstanding principal value of RM175.2 million and RM4.2 million of cash balances, translating into respective overcollateralisation ratios of 49.53% and 15.77%.
Given the underlying portfolio’s weighted-average (WA) seasoning of less than 1 year against a WA original tenure of 9.63 years, however, the actual performance of the portfolio as it seasons may deviate from our cashflow assumptions. Furthermore, the historical data reflect a benign period for the industry as a result of regulatory changes. In the immediate term, we may see higher prepayments following the recent salary increments and the resetting of the minimum monthly wage (from RM850 to RM1,200) for civil servants, effective July 2016. That said, the prepayments are unlikely to be significant as the respective maximum loan tenure and amount are still capped at 10 years and at a percentage of the net salaries.
Al Dzahab is a special-purpose vehicle incorporated to undertake the securitisation of receivables originated through the business partners of RCEM. Under the Programme, the Issuer will, from time to time, issue sukuk to fund its acquisition of PF portfolios. Stop-issuance trigger events prohibit further issuance under the Programme should the Servicer’s ability to perform its obligations – including servicing the PF facilities – become impaired.
Not joking with you. There's plenty to pick up in i3, learnt a lot and hope to share constructive findings and opinion within my knowledge if I can. At least not those junk comment like "sell sell sell, better run....tat kinda BS." We are all adults, be responsible for what we said here. In terms of expertise, paperplane is on another level, much to learn from you. Happy trading everyone.
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....
Ryan Lynk
17 posts
Posted by Ryan Lynk > 2016-09-29 10:09 | Report Abuse
I buy back abit at 1.3