AFFIN BANK BERHAD

KLSE (MYR): AFFIN (5185)

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Last Price

2.65

Today's Change

+0.04 (1.53%)

Day's Change

2.58 - 2.69

Trading Volume

5,449,000

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Discussions
2 people like this. Showing 50 of 3,771 comments

TheContrarian

In light of the resignation of both CEO and Chairman of LTAT it is obvious that the new Defense Minister is not in agreement with the selling of 25% stake to Sarawak. The block size to be sold may well be reduced, possibly to 20%.

1 week ago

TheContrarian

I don't understand why it (the 'resignation or retirement' fiasco) is being disputed, but I have resigned and stated the reason. However, I still respect the organisation (LTAT) and won't reveal the content of the letter (that was sent to both the minister and ministry secretary-general Datuk Seri Isham Ishak)," he said when contacted.


It was previously reported that Business Times had sighted Raja Affandi's cover letter dated Feb 7 that was addressed to Isham's office, clearly saying that the former had resigned from his position.

"I hereby refer to the matter mentioned above. Attached herewith is one (1) original copy of my resignation letter as the chairman of the Armed Forces Fund Board for the attention of YBhg. Datuk Seri," the letter said.

The day after the letter was sent, LTAT announced that Raja Affandi had retired.

Two days later, the former armed forces chief denied that he had retired, but had in fact resigned.

Earlier today, Defence Minister Datuk Seri Mohamed Khaled Nordin persisted in standing by the LTAT statement that Raja Affandi had retired and not resigned.

Raja Affandi's departure came just a week after chief executive Datuk Ahmad Nazim Abdul Rahman tendered his resignation.

Nazim served LTAT for 31 months after his appointment to the post on June 15, 2021.

The two departures came a month after it was reported that LTAT's planned restructuring had been put on hold.

1 week ago

TheContrarian

Thank you Affin for the huge gain in the past 2 weeks.

1 week ago

TheContrarian

CGS-CIMB Research says having Sarawak as a key shareholder of Affin Bank would be positive for the bank, as it could catalyse its business growth in the state through closer working relationships with the Sarawak government.

“The growth could be in the areas of business loans (ranging from SME to corporate loans), investment banking deals, treasury and ESG-related businesses (for financial services),” it says in a Jan 17 report.

It believes, however, that it will take time for the bank to realise the benefits.

“It will take time (more than one year) for any positive benefits to materialise, as Affin Bank needs to formulate a plan, expand its network and strengthen its operations in Sarawak. To achieve this, [it] would have to incur additional costs (larger number of branches and employees in Sarawak) while revenue would only increase gradually over time,” it says.

As such, CGS-CIMB cut its investment call on Affin Bank to “reduce” from “add”, but maintained its target price at RM2.26.

1 week ago

beluga

Sarawak to Take Over Bintulu Port and Establish State Bank
SIBU, 13 Feb - Premier of Sarawak, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg, revealed plans for significant developments aimed at bolstering the state's economic sovereignty.
"In June 2024, we are going to take over Bintulu Port to Sarawak," declared Premier, highlighting a pivotal move for the state's economic autonomy.
The port, which has been under federal government control for the past 43 years, will now fall under the authority of Sarawak as per the constitution.
"We have negotiated, and the federal government has agreed to give back the port to Sarawak," he added, emphasizing the successful conclusion of talks between the state and federal authorities.
He said this in his speech during Annual Chinese New Year Gathering 2024 organised United Chinese Association Sibu Division Sibu Kingwood Hotel.
Furthermore, Abang Johari revealed plans to establish a unified ports authority in 2024, consolidating all ports under one governing body.
"All the ports will be under one authority, and we will introduce a law to that effect," he stated, underlining the state's commitment to streamlining port operations and management.
Addressing the financial challenges faced by Sarawak, The Premier unveiled plans to establish a state-owned bank.
"Sarawak has had difficulty obtaining loans from peninsular banks, as our local banks were absorbed by larger institutions," he explained.
Negotiations to acquire a significant stake in Affin Bank are nearing completion, with the Premier expressing optimism about Sarawak's imminent ownership of its own bank.
"Maybe in one or two months, we will have our own bank," he projected, withholding details about the bank's structure until the appropriate time.
Highlighting the strategic significance of the state bank, he emphasized its role in bolstering Small and Medium Enterprises (SMEs) and fostering economic growth.
"This bank will boost our SMEs, making them very active participants in our expanding economy," he affirmed, outlining the bank's pivotal role in Sarawak's economic development strategy.
Also present were, TYT Yang di-Pertua Negeri Sarawak, Tun Dr. Wan Junaidi Tuanku Jaafar and wife, Toh Puan Fauziah Mohd Sanusi, Premier's wife Datuk Amar Hajjah Juma'ani Tun Tuanku Bujang, Deputy Premier Prof. Datuk Amar Dr. Sim Kui Hian and wife, Minister of Tourism, Arts and Culture Malaysia Dato Sri Tiong King Sing, Minister for Tourism, Creative Industry and Performing Arts Dato Sri Haji Abdul Karim Rahman Hamzah and other distinguished guests.

1 week ago

metaverse

Johor's special zone was initially planned by KJ during Pak Lah and the biggest mystery is that not many people know who was behind the Sarawak planning. Unlike those Sabah linked speculative counters they kept mentioning those big names like JP Morgan or Goldman Sachs but Sarawak never reveal who was their top investment advisors doing all these highly strategic planning and the footprint on Port and Banking etc looks very familiar 😁

1 week ago

metaverse

When you need to buy water from JB you have to integrate your economy with JB so that the water will keep flowing and for the same reason if you need to rely on Sarawak's RE you have to integrate your economy with Sarawak so that the RE will keep flowing. Affin Bank is in the forefront of all these exciting economic developments and those who are late to the party the night is still young...

https://www.theborneopost.com/2023/08/14/abg-jo-swak-sovereign-wealth-future-fund-to-start-operation-on-jan-1-2024-with-initial-appropriation-of-rm8-bln-from-state/

https://www.mas.gov.sg/news/media-releases/2023/brunei-darussalam-central-bank-and-mas-deepen-cooperation-in-financial-supervision

1 week ago

metaverse

KUCHING - Malaysia’s Sarawak state aims to provide up to one gigawatt (GW) of renewable energy to Singapore by 2032, with negotiations to supply the electricity via submarine cables now at an advanced stage, according to Sarawak state energy unit Sarawak Energy Berhad (SEB).

https://www.straitstimes.com/asia/se-asia/sarawak-in-talks-to-supply-1-gw-renewable-energy-to-s-pore-by-2032-sarawak-energy

If I read the news correctly, Sarawak will incur zero cost in this power supply to Singapore as the undersea cable will be built by Singapore at their own cost. The big question is why don't Singapore buy from Peninsular Malaysia with cheaper startup cost? Yes, the answer maybe related to RE to comply with the world's highest standard of ESG but those who have high tech knowledge must know this kind of undersea cable can be used to transmit high-speed data (Broadband over Power Lines) and all these developments are pointing to one direction that is AI technology and maybe in future the plan is to link up to Indonesia Nusantara and then all the way to Australia. Never underestimate the imagination of our small neighbor as they always think ahead of time and always several decades ahead of us in economic planning.

1 week ago

metaverse

S'pore the 4th largest buyer of Nvidia chips, accounts for 15% of company's revenue

This volume placed Singapore as the fourth largest purchaser of Nvidia's chips behind the U.S. (34.77 per cent), Taiwan (23.91 per cent), and China (22.24 per cent) for the third quarter of 2023. The company's revenue derived from Singapore was also larger than the rest of the world combined, excluding the top three purchasers. There are more than 70 operational data centres in Singapore, accounting for 60 per cent of Southeast Asia's total data centre capacity.

https://mothership.sg/2023/12/singapore-nvidia-buyer/

Singapore's power supply deal with Sarawak basically will put Sarawak directly on the map of the global AI value chain just like last time PDC established by Tun Dr Lim Chong Eu with HP moved in to Penang and then a chip cluster was developed and create more downstream industries and created Unisem and MPI and so on.

1 week ago

TheContrarian

Posted by rlch > 1 week ago | Report Abuse

If you like bank BIMB is cheaper. Also good dividend counter.

Thank you for the recommendation, I have moved some of my sale proceeds of Affin to BIMB.

6 days ago

rohank71

BIMB is most under rated. they grew too fast but may have capital adequacy issue soon if they keep growing at 15%. Good problem but may require a rights issue, hence the weight on the stock.

6 days ago

rohank71

long term holders, pls buy BIMB but not for short term play as we don't know the Rights Issue impact. BIMB is strong hold for long term.

6 days ago

TheContrarian

EPF keeps accumulating BIMB and selling Affin.

6 days ago

calvintaneng

TheContrarian

If Epf still selling and selling Affin when got Sarawak news also no use

So i suggest you consider palm oil shares better 🌴🌴🌴

Last time Cpo was Rm2200 and cost of Cpo production was Rm1400

Gross profit was 57%

Now cost of Cpo production gone up to Rm2000 but Cpo price shot up to Rm3800 - Rm3900 range

So now with Rm1800 profit at new cost of Rm2000 the gross profit now very high at 90%

If you consider gross profit up from 57% to 90% is actually up by another net increase of 57% from 57% gross profit

6 days ago

calvintaneng

In principle Palm oil co now earn net extra 100% increase in overall profit

And we should take a closer look at 🌴🌴🌴 as its earnings now 🔥🔥🔥

6 days ago

TheContrarian

@Calvintaneng, thanks, will look into some cheap palm oil counters.

6 days ago

TheContrarian

Yesterday took Mr Calvintaneng advice and bought Cepat at 71 sen, now Cepat 74 sen. Thank you.

5 days ago

TheContrarian

I have put my Affin sale proceeds into good use by buying BIMB at 2.24 to 2.25 and Cepat at 0.71.

5 days ago

calvintaneng

TheContrarian

Yesterday took Mr Calvintaneng advice and bought Cepat at 71 sen, now Cepat 74 sen. Thank you.

8 hours ago

Very smart move

But also get some TSH and hold till Rm2.00
Then Rm3 to Rm5!

See

How nice to know TSH RESOURCES got 94,700 Acres Lands in IKN NUSANTARA

Book Value about Rm5,000 per acre (Current market value as high as Rm1 Million per acre

See

https://www.youtube.com/watch?v=P27JpoUUUsw

Investing like this now we know why Warren Buffet said, "I know I will be rich"

5 days ago

aklobi

Personally, I am refraining from buying any stocks until there is a market correction. I believe the market has risen tremendously, and keeping the cash is safer.

4 days ago

beluga

“Maybe in one or two months, we will have our own bank and the structure I cannot reveal to you tonight...“I will reveal at the right time how we want to structure the bank. In other words, this bank will be the bank that boosts our small-medium enterprises (SMEs) because we want our SMEs to be very active and participate in our expanding economy,”

excerpt from news article : https://www.theborneopost.com/2024/02/14/sarawak-to-continue-pursuing-economic-restructuring-this-year-under-pcds-2030-says-abg-jo/

“I will reveal …. HOW WE WANT TO STRUCTURE THE BANK..” ??!!

Tan Sri Abang Johari, how big is Sarawak shareholding block that will ALLOW you to STRUCTURE the bank the way you want ? It’s definitely NOT 30% ! It is obvious with that kind of confidence level, I think you must be referring to a shareholding block of 50% at minimum!! You need to buyout Bank of East Asia’s stake for you to “structure the bank"

ps : Temasek Holdings and Ong Beng Seng via Vertical Theme Sdn Bhd is the largest shareholder with 29% shareholding in Alliance Bank Malaysia Berhad (ABMB) . ABMB second largest shareholder is EPF with 10% shareholding only. ABMB has only 2 non-independent directors out of total 10 directors.

Do you think the Singapore sovereign wealth fund & Mr Ong, a Singaporean think they “own” Alliance Bank or “structure Alliance bank the way they want"? Hmmm… Let alone Affin Bank second largest shareholder has 24% shareholding (already with 2 nominee directors in the board as part of their agreement with Affin)

1 day ago

beluga

https://theedgemalaysia.com/article/anz-claims-unable-control-ambank-says-report

ANZ, yes, we know you can’t just turn up and demand things. We know you don't CONTROL or OWN the bank despite 24% stake in the bank and the nomination of two of directors to its board. Not even at 30%. :)

1 day ago

metaverse

Malaysia’s Southern Bank rejects hostile offer

The robust defence from the country’s second-smallest bank sets the scene for a highly charged takeover battle, the largest in Malaysia’s financial sector to date and one that could result in one of the biggest deals in south-east Asia this year.

Southern Bank’s blunt statement to the stock exchange did not identify its potential alternative partner. But it said it had asked the central bank for permission to enter into negotiations, a local requirement.

“The board believes an alternative takeover partner will be available that will maximise value to our shareholders,” Southern said, describing the would-be partner as a “major local financial institution”.

Hong Leong Bank and Public Bank have been widely touted as possible partners for Southern, which said last week it was looking for a “white knight” suitor after months of talks with BCH failed to yield a friendly deal.

https://www.ft.com/content/f0b07fc0-9d4a-11da-b1c6-0000779e2340

1 day ago

metaverse

Another senior member of LTAT leadership resigns

KUALA LUMPUR: Another member of the Armed Forces Fund Board's (LTAT) leadership has resigned, making it three resignations over the past one month at the pension fund for 120,000 serving members of the Malaysian Armed Forces.

The head of strategic asset allocation for LTAT, or senior director of strategy, Dayana Rogayah Omar, 39, has tendered her resignation.

https://www.nst.com.my/business/corporate/2024/02/1015046/another-senior-member-ltat-leadership-resigns

1 day ago

beluga

https://www.facebook.com/unitkomunikasidanpenerangansarawak/videos/1445819359341639

watch from clip 34:00/54:56 onwards for 1 min

"that is why you have been reading of our move to take a majority stake in one commercial bank....... "

"...... that is why we must have OUR OWN commercial bank that will give support to our private sector... "

1 day ago

GSX1111

Majority stake typically will trigger GO..now is a guessing game on price

1 day ago

GSX1111

those bank that with sell call, it is a trap so that can buy low

1 day ago

klee

The white hair aka pekmo of sarawak passed on this morning.Sarawak will usher in a new era.Nusantara of indon will further spur the development in the state.This bank will have all the benefits.

14 hours ago

klee

first target rm3

14 hours ago

metaverse

祸兮福所倚,福兮祸所伏。I think not many people in Sarawak especially Chinese communities like baimao beside few super rich billionaires timber tycoons as baimao was Sarawak King in olden time and treated Sarawak as his private kingdom. Due to his selfishness which disallowed no one to touch his private kingdom including those corrupted leaders from West Malaysia so until now Sarawak remains a well protected area and on the way to become the economic powerhouse in Malaysia.

13 hours ago

beluga

hopefully the price will be premium times price book ratio ... that's also typical price for controlling stake.

12 hours ago

aklobi

Congratulations to all the diehard Affinians still holding on to the stock. Affin never disappoints.

12 hours ago

EngineeringProfit

I will buy back later

12 hours ago

LubeTrader

beluga, from your experience what's the perceived acceptable premium assuming Affin is trading 0.6x PB, for successful takeover?

12 hours ago

klee

Politically sarawak n sabah will be allotted one third of all parliament seats in the near future,guaranteeing their 'king maker' role.Economically all the huge o& g reserves are there too.
Further in this era of green renewable energy,sarawak boasts the largest numbers of rivers for hydro power generation.

12 hours ago

klee

Go figure the future of affin in sarawakian hands.

12 hours ago

klee

Not forgetting Nusantara,sarawak's neighbour.

12 hours ago

klee

BNM approval is the final hurdle to clear to send affin into space.
And does BNM dare not to approve? :)

12 hours ago

LubeTrader

If everything is done according to procedure and above board there's no reason for BNM to disapprove.

12 hours ago

klee

Lets put it this way,if jib gor can get discount 50%,what is a bnm approval for just a mere increase in bank state?Politics do wonders.

12 hours ago

beluga

I posted the below 2 weeks ago. I'll copy and repost :

I believe that the purchase consideration for Affin Bank (ABB) is going to represent an average PBR of 1.3 times (with minimum 0.90). Coincidentally, BEA invested in ABB at 1.3 PBR times in 2007. It is my humble opinion. It is fine that you think it's a crazy valuation from me. We can agree to disagree. Everyone is entitled to their opinion.

Basis of and Justification for the Price Book Ratio (PBR) : precedent transactions involving the acquisition of financial institutions listed in Malaysia as below

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=226950&name=EA_DS_ATTACHMENTS

(page 8 : refer to 20/313).

Selected precedent transactions involving the acquisition of financial institutions listed in Malaysia PBRs ranging from 0.93 times to 2.35 times over the last 15 years from 2007 are as follows:

2013 Bank Islam Malaysia Berhad BIMB Holdings Berhad 1.88

2008 Bank Muamalat Malaysia Berhad DRB-Hicom Berhad 2.15

2018 Asian Finance Bank Berhad MBSB 1.30

2013 Hwang DBS Affin Holdings 1.28

2012 OSK Investment Bank Berhad RHB Capital Berhad 1.77

2012 ECM Libra Investment Bank Berhad Kenanga Investment Bank Berhad 1.27

2011 RHB Capital Berhad Aabar Investments 2.35

2011 EON Capital Berhad Hong Leong Bank Berhad 1.42

2008 EON Capital Berhad Primus Pacific Partners 2.21

2008 RHB Capital Berhad Abu Dhabi Commercial Bank 2.18

2007 Affin Holdings Bank of East Asia 1.30


2007 MIDF PNB 0.93

2007 RHB Capital Berhad Employees Provident Fund of Malaysia 1.76

2007 AMMB Holdings Berhad Australia and New Zealand Banking Group 1.29

11 hours ago

klee

And sarawak sovereign fund Rm8 billions in size n increasing.

https://www.asiaasset.com/post/27799-sswf3010-gte-1030

11 hours ago

klee

my best guess is the fund is being activated to buy affin in open mkt

11 hours ago

beluga

sarawak, ltat and mindef (government) wants to redistribute some wealth to the people.

11 hours ago

metaverse

Abang Jo is a humble person and always walk his talk but in corporate takeover deal this will back fire as you never tip off the wolf of wall street to plan ahead so both sides are trying to buildup war chest and what we see here is only the smoke and yet to see the real fire. So those who are late to the party the night is still young.

Quek Leng Chan is holding the ace card via BEA and the wind is so cold that he is really quiet about this deal and GO is out of the equation as BNM will not approve the talk if the deal involved privatization (just my wild guess) as BNM is trying to institutionalize our banking landscape to avoid the soup opera drama likes Silicon Valley Bank.

Knowing QLC's style on hostile takeover, he will squeeze the last drop of juice out of his opponent's pocket in order to cease fire and call it a day or meaning to say "2011 EON Capital Berhad Hong Leong Bank Berhad 1.42"

11 hours ago

klee

epf block,anyway its just matter of time

9 hours ago

EngineeringProfit

Optimism +++++

9 hours ago

klee

negative ppl can only be those who dunno fa,ta n current development of affairs

9 hours ago

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