【AEONCR 5139 交流专区】永旺信贷

弹煮

想跟我争买最高价？你休想。

最多给你买到第二高价

Mr.Business

要研究研究AEON Credit的IPO资料了，不知道AEON Credit会不会是下一匹千里马呢？

thomas2

原帖由 Mr.Business 于 16-11-2007 08:22 PM 发表
之前申请几个IPO都拿不到，所以不是很想申请。是想上市当天买进。。。不知各位有何看法？我怕买到最高价。。。

aeon credit 的potential在哪里？？
怕他是第一天就跌的公司。。。

Mr.Business

为何你认为他是第一天就跌的公司呢？

Mr.Business

AEON Credit过去的新闻。

Non-banks seen as threat to established banks

Updated : 14-03-2007
Media : The Star
Story By : SUSAN TAM

PETALING JAYA: Non-bank entities that offer easier access to consumer credit, insurance products and other financial services could pose a threat to established financial institutions in the long run, several analysts argue.

However, some contend these institutions serve niche markets that larger players tended to ignore because they were not often deemed profitable.

The rising number of players offering financing for specific target markets gives diversity to the financial market and possibly provide competition to the existing players.

The non-bank players include AEON Credit Services Bhd, Tune Money Sdn Bhd and the upcoming BMW Financial group.

A local analyst said Tune Money offered low-cost solutions for customers.

'This will possibly impact the market and affect players involved in the insurance and unit trust businesses. Existing players may have to adjust margins with the entry of players such as Tune Money,” he told StarBiz.

He added that as long as these non-bank institutions took risks that they could manage, profitability would not be an issue.

”Niche markets always present a business opportunity, but they need to find an average credit risk to sustain the business,” he said.

Last year, the BMW group announced it planned to offer one-stop sales and financing resources. The German marque signed an agreement with Sime Darby Bhd to acquire SimeLease (M) Sdn Bhd and SimeCredit (M) Sdn Bhd for the venture. About two years ago, US-based General Electric International Inc (GE) also expressed interest in starting a consumer finance business in Malaysia by 2008.

The analyst said this type of financing or service was not for all consumers, as demand would still exist for ongoing products. However, he said offering such solutions to customers would definitely bridge the gap ignored by the larger players.

“Larger players or banks are cautious in offering such easy solutions, so these players are capitalising on these opportunities,” he said.

The analyst also said micro-financing or micro-credit services were successful in Hong Kong and the United States, and this trend might pick up locally.

OSK Research manager Chan Ken Yew, however, said players such as AEON Credit would not pose a threat to larger players as the business was focused on a small segment of the market.

“Rather, I find these services complementary to AEON's existing retail business. It is unlikely to compete with banks as they cover a segment banks might have neglected,” he said.

Chan said these financial services were offered to boost existing margins and help cut costs of doing business.

Another analyst at a bank-backed research house agrees with Chan. He said such services were based on a high risk and high return business model, so the service providers would not be able to compete with banks.

“Sustainability is not an issue with these services as there will always be demand for them, but the impact on existing financial markets is minimal,” he said.

[ 本帖最后由 Mr.Business 于 16-11-2007 09:30 PM 编辑 ]

Mr.Business

AEON Credit过去的新闻。

AEON launching financing scheme for SMEs

Updated : 28-03-2007
Media : The Star

KUALA LUMPUR: AEON Credit Service (M) Bhd will launch a new financing scheme for small and medium enterprises (SMEs) in June as part of its diversification plans, managing director Naruhito Kuroda said.

He said that through AEON Biz, the company would help small businesses to purchase office equipment or other essentials.

"We will not be providing loans to SMEs but are instead helping them finance equipment,'' he told StarBiz yesterday.

He said AEON would conduct a trial run next month to gauge the demand from the SMEs, adding that the company would offer a maximum of RM30,000 financing.

Kuroda also said the company would continue to explore opportunities to raise capital.

He did not discount the possibility of listing AEON in the later half of the year, or early next year.

Mr.Business

Thursday July 12, 2007

Exposure to HK consumer credit sector
A possible investment strategy for taking part in China’s growth and yet minimising the downside risks is to look for stocks that would benefit from the sustained economic growth yet suffer least from any measures to curb the frenzy in China’s stock markets.This is where AEON Credit, an under-researched company listed on the Hong Kong stock market, fits in.

AEON Credit Service (Asia) Co Ltd is part of the AEON group from Japan and is a subsidiary of AEON Credit Service Co Ltd, a company listed on the Tokyo stock exchange.     

The principal business of AEON Credit is simple. It provides consumer credit finance services, which include the issuance of credit cards,vehicle financing, hire-purchase financing and personal loan financing.

The pie chart shows a breakdown of the credit given at the end of fiscal year 2007.

As a consumer financing company, AEON Credit's assets are mainly credit card receivables, instalment loan receivables and to a smaller extent,hire-purchase debtors.  

Of this total, about 85% are current assets. AEON Credit finances them with primarily long-term borrowings and through securitisation.

Not surprisingly, the borrowings are mainly from Japanese banks and mainly unsecured.  

Like any financing type of business, interest expense is its main expense.  


Other major items include staff cost, rental and advertising and promotion. Its revenue is driven by the volume of transactions.  

Although it is part of the AEON group, its volume of business is determined less by the performance of AEON Stores in Hong Kong than by the broad economic conditions.  

Provisions made for the receivables are also affected by such macro factors.  

AEON Credit has been expanding its branch network. Seven new branches were opened in fiscal year 2007 and four more branches will be set upin 2008, bringing the total to 32 branches.  

Capital expenditure, mainly for systems development, typically averages about HK$40 mil per annum.  

Due to its proximity to China, AEON Credit is eyeing the immense opportunities available there. Eventually, AEON Credit would want to set up a consumer financing business in China.  


In 1998, it set up a call centre in Shenzhen. While one of the purposes was to move the back office jobs to Shenzhen, this call centre is now involved in telemarketing, customer service,collection, etc.  

Meanwhile, AEON Credit is now a member of China UnionPay and thisallows cardholders of AEON Credit to withdraw renminbi through ChinaUnionPay
ATM network and also enjoy credit facilities at the ChinaUnionPay merchant network in Guangdong.  

AEON Credit is also setting up a guarantee company in China and will be lending to customers through a bank in China.  

Essentially, AEON Credit is preparing for the day when the consumer finance market in China is opened up.

At HK$6.79 and a paid-up capital of 418.8 million shares, Aeon Credit is capitalised at about HK$2.84bil.  

In return, investors get an exposure to Hong Kong’s fast recovering consumer spending and the immense potential of China’s consumer financing business.  

Given the attractive prospects, a single-digit price-earnings multiplefor fiscal year 2008 and a reasonably attractive dividend yield of 3.82%, i Capital rates Aeon Credit as a medium-term buy.

http://biz.thestar.com.my/news/story.asp?file=/2007/7/12/business/18276887&sec=business

[ 本帖最后由 Mr.Business 于 16-11-2007 09:59 PM 编辑 ]

Mr.Business

AEON Credit的新闻。

AEON Credit to target SME sector, new products

Updated : 16-11-2007
Media : The Edge
Story By : Lim Yu Min

KUALA LUMPUR: AEON Credit Service (M) Bhd, which is scheduled to be listed on Dec 12, has forecast a net profit of RM30.5 million for the financial year ending Feb 28, 2008 (FY08) and plans to boost earnings by targeting the SME sector and new products.

The net profit forecast for FY08 at RM30.5 million is an increase of 54.8% on-year while the company targets RM157.74 million in revenue for FY08, up 54.8% on-year. Compounded annual growth rate for revenue and profit after tax was 39% and 60% from 2003 to 2008.

¡§The growth in our FY08 earnings will come mainly from the company¡¦s core business -- provision of personal financing scheme and easy payment schemes,¡¨ AEON Credit managing director Naruhito Kuroda said at the release of the prospectus.

AEON Credit recorded a profit before tax of RM26.42 million in FY06 and RM41.1 million in FY07 for its easy payment and personal financing schemes.

However, its credit card operations reported losses since November 2005. The pre-tax losses were RM7.13 million in FY06, RM13.56 million (FY07) and RM5.88 million for the five months ended July 20, 2007, respectively, for its credit card operations.

The losses were mainly due to the low number of cards issued and low volume of card transactions in the competitive market.

Hence, the company was not able to achieve the required cost efficiencies for the break-even point and profitability. The expenses include advertisements and promotions for market penetration efforts by AEON Credit as a new player in the credit card business.

However, Kuroda said the company expected its credit card business to record its first profit in FY10.

¡§We have a strategic growth and expansion plan which involves the introduction and development of services to capture new customers in the SME sector, expansion into sub-urban and rural area and new easy payments products,¡¨ he said.

Other areas which AEON Credit was looking into were more co-branded credit and pre-paid cards, which it hoped would contribute to earnings after FY08, Kuroda said.

AEON Credit chairman Datuk Abdullah Mohd Yusof said the company was looking to create a synergy effect with retail merchants and business partners including its sister company ¡V- AEON Co (M) Bhd.

¡§We are confident that our listing will serve to enhance the stature of the company to market our products and expand our market position and customer base,¡¨ he said.

AEON Credit plans to be listed on the Main Board on Bursa Malaysia Securities on Dec 12 this year with an initial public offer (IPO) price of RM2.50.

The offer period of the IPO was from Nov 16 to 5pm on Nov 28.

The IPO comprises an offer for sale of 20 million existing shares of 50 sen each by the holding company of AEON Credit -- AEON Credit Japan and the issue of 22 million new shares of 50 sen in AEON Credit.

AEON Credit will raise RM55 million from the IPO which will be used to repay bank borrowings (RM41 miilion), working capital (RM8 million), asset investment (RM3 million) and listing expenses (RM3 million).

The company has 26 AEON branches and AEON-Spots nationwide catered to provide customers service.

The AEON Credit easy payments schemes are offered at more than 5,000 participating merchant outlets worldwide. AEON Credit has more than 450,000 credit cards and AEON Express card members worldwide.

¡§We expect to expand the branch network to a total of 60 branches,including AEON-Spots and plan to increase the appointed merchant outlets to 6,000 by FY10,¡¨ said Datuk Abdullah.

[ 本帖最后由 Mr.Business 于 16-11-2007 10:05 PM 编辑 ]

Mr.Business

这里可以看到AEON Credit的Financial Highlights。。。。。。

Link...



[ 本帖最后由 Mr.Business 于 16-11-2007 10:08 PM 编辑 ]

thomas2

原帖由 Mr.Business 于 16-11-2007 08:40 PM 发表
为何你认为他是第一天就跌的公司呢？

不懂咧。。。不是很懂该公司的钱途如何....

Mr.Business

请问Cari网友，去哪里可以取得这IPO Prospectus的hardcopy?

AEON CREDIT所锁定的客户群是一般大银行没有服务到的，所以与其和其他银行进行肉搏战，它符合了蓝海策略的类型。有点像TUNE MONEY的低廉保险业。

股票行里都可以拿到。我都是向我的remisier要的。

Mr.Business

谢谢阿帕奇兄的答复。

thomas2

原帖由 Mr.Business 于 16-11-2007 10:29 PM 发表
请问Cari网友，去哪里可以取得这IPO Prospectus的hardcopy?

securites broker哪里能看。。
其他的可能要看看该公司本身有没有的拿咯。。。

v2_vehooi

请问哪一间投资银行做它的ipo呢？？？

henggh

原帖由 thomas2 于 16-11-2007 08:37 PM 发表


aeon credit 的potential在哪里？？

他拿正牌收一个月2%的利息
那些3，6，9，12，18，24，36个月的BAYARAN ANSURAN(分期付款）来买电器，家私就是有AEON CREDIT给的。
那些友族这么喜欢给他吃利息， AEON CREDIT的前景是一片光明的

henggh

我觉得RM2.50是值得咯。在上市短期内将会上到RM3.50

Mr.Business

我也是很看好AEON Credit。。。

thomas2

原帖由 v2_vehooi 于 17-11-2007 12:35 AM 发表
请问哪一间投资银行做它的ipo呢？？？

应该是CIMB