【AEONCR 5139 交流专区】永旺信贷

icy97

Date of change	04 Jul 2017
Name	MR AJITH A/L JAYARAM
Age	36
Gender	Male
Nationality	Malaysia
Designation	Director
Directorate	Executive
Type of change	Appointment
Qualifications	Year 1998University Putra MalaysiaDiploma in Computer Science
Working experience and occupation	September 2005Credit Management DepartmentAEON Credit Service (M) BerhadJune 2009Senior Manager, Credit Management DepartmentAEON Credit Service (M) BerhadJune 2012Assistant General Manager, Head of Credit Management DepartmentAEON Credit Service (M) BerhadNovember 2012Assistant General Manager, Head of Personal Finance DepartmentAEON Credit Service (M) BerhadMay 2013Assistant General Manager, Head of Credit Card DepartmentAEON Credit Service (M) BerhadApril 2014Assistant General Manager, Head of Consumer Credit Group (Personal Finance and Credit Card)AEON Credit Service (M) BerhadMarch 2015Assistant General Manager, Head of Regional Support DepartmentAEON Credit Service (M) BerhadNovember 2015Deputy General Manager, Head of Corporate Strategy GroupAEON Credit Service (M) BerhadJune 2017General Manager, Head of Corporate Strategy GroupAEON Credit Service (M) Berhad
Directorships in public companies and listed issuers (if any)	None
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	2,160 Ordinary Shares
Due Date for MAP	04 Nov 2017

icy97

Date of change	05 Jul 2017
Name	MR KRISHNAPPAN A/L S.P.S. SINGARAM
Age	50
Gender	Male
Nationality	Malaysia
Designation	Director
Directorate	Executive
Type of change	Resignation
Reason	Mr. Krishnappan A/L S.P.S. Singaram has been tasked with new assignment by the Company.
Details of any disagreement that he/she has with the Board of Directors	No
Whether there are any matters that need to be brought to the attention of shareholders	No
Qualifications	Member of Malaysian Institute of Certified Public Accountants and Malaysian Institute of Accountants.
Working experience and occupation	Mr. Krishnappan A/L S.P.S. Singaram began his career with KPMG Peat Marwick in 1987. In 1993, he joined Sime Darby Berhad as Finance Manager before joining Tanjung Serbaneka Holdings Sdn Bhd as the Group Finance Manager in 1996. Thereafter, he joined AEON Credit Service (M) Sdn Bhd as Finance Manager and was re-designated as Head of Finance, Legal and Administration Division in April 2010. In April 2013, he was made the Head of Corporate Services Division before assuming his current role as Head of Corporate Governance and Credit Policy Division in April 2015. He is also the Chief Compliance Officer and Head of Corporate Governance Division of the Company.
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	108,000 ordinary shares

icy97

AEON CREDIT SERVICE (M) BERHAD

EX-date	14 Jul 2017
Entitlement date	18 Jul 2017
Entitlement time	05:00 PM
Entitlement subject	Bonus Issue
Entitlement description	BONUS ISSUE OF 72,000,000 NEW ORDINARY SHARES OF AEON CREDIT SERVICE (M) BERHAD ("ACSM") ("ACSM SHARES") ("BONUS SHARES") TO BE CREDITED AS FULLY PAID-UP ON THE BASIS OF 1 BONUS SHARE FOR EVERY 2 EXISTING ACSM SHARES HELD ("BONUS ISSUE") AS AT 5:00 P.M. ON 18 JULY 2017 ("ENTITLEMENT DATE")
Period of interest payment	to
Financial Year End	28 Feb 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling Jaya, Selangor Tel : 03 7849 0777 (Helpdesk)Fax : 03 7841 8151/8152
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	18 Jul 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	72,000,000
Entitlement indicator	Ratio
Ratio	1 : 2

icy97

永旺信贷
贷款增提高利息收入

2017年7月6日

分析：MIDF投资研究
目标价：21.40令吉

最新进展：

永旺信贷（AEONCR，5139，主板金融股）截至5月杪首季，净利按年攀升21%至，7581万2000令吉，或每股净利50.15仙。

营业额按年扬16%，至3亿228万2000令吉，交易与贷款额达10亿5100万令吉。

行家建议：

归功于坏账回收较高，保险产品销售的佣金收入增加，推动首季净利表现符合预期，占我们和市场的全年预估26.9%和27.8%。

应收账款按年大增17.4%，至67亿令吉；同时，利息收入随着贷款总额扩大，取得按年17%的双位数增长，按季则微增5%，至2亿6660万令吉。

另外，营运开支占营业额的58.2%，比上财年同期的60.5%有改善。

我们正面看待首季业绩表现，相信今年经济增长前景乐观，可促使此盈利增长动力将延续至现财年。

因此，我们维持买入评级，目标价21.40令吉，是根据2018财年2.6倍的3年历史平均账面价格计算，距离当前股价还有12.1%的上涨空间。



【e南洋】



利好全面反映‧永旺信贷涨势受限

（吉隆坡5日讯）永旺信贷（AEONCR,5139,主板贸服组）2018财政年首季业绩表现，大致符合市场预测，惟分析员普遍认为，公司良好业务表现仍可持续，惟这些利好已全面反映在股价上，短期上涨空间有限。

肯纳格研究指出，永旺信贷2018财政年首季净利符合该行预测，将其2018年核心净利预测稍为上调3%、2019年则上调5%。

肯纳格研究认为，永旺信贷盈利前景亮丽、资产素质良好及股本回酬率偏高，惟目前股价已全面反映各项利好。反而有点担心估值过高，及债券股全面转换为母股将冲淡公司盈利表现。

评级下调

肯纳格研究对其2018财政年核心净利预测，稍为上调3%至2亿7140万令吉，并推出2019年净利预测为2亿8440万令吉，包括假设其核心净利成长5%及融资应收款项成长7%。

惟在考虑到其过高估值、债券股全面转换所产生的盈利冲稀，及推行大马财报标准9措施所带来的不确定因素等利空，肯纳格研究还是下调其评级。

艾芬黄氏研究指出，永旺信贷2018财政年首季核心净利7220万令吉，按年起22%及按季跌6%，符合该行预测。该行认为，由于公司股价已经涨升，建议投资者沽售套利。

该行指出，公司的融资应收款项按年扬升17.4%，惟按季成长则萎缩。这使艾芬黄氏研究认为，未来季度营运开支将上升，由业务扩张及数码措施额外资本开销推动，从而拉低净利，使该行维持沽售评级及目标价。

艾芬黄氏研究认为，该公司建议2配3比例，发售债券股筹集4亿3200万令吉资金，料将负面冲击其股价表现。预料其年度融资应收款项成长放缓至12%至17%，2018至2020年的回酬率，料将下跌至15.4及16.2%，因转向较低风险业务领域。

MIDF研究指出，该行对永旺信贷强劲的盈利成长给予正面态度，预料将可持续至2018财政年，特别是获得今年乐观经济成长利好支持。

今日闭市，永旺信贷涨32仙，收报19令吉40仙。

文章来源：
星洲日报／财经·文:李文龙·2017.07.05

icy97

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING
Description	AEON CREDIT SERVICE (M) BERHAD ("ACSM" OR THE "COMPANY")RENOUNCEABLE RIGHTS ISSUE OF 432,000,000 3-YEAR, 3.5%, IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS AT 100% OF ITS NOMINAL VALUE OF RM1.00 EACH IN CASH ("RIGHTS ICULS") ON THE BASIS OF TWO (2) RIGHTS ICULS FOR EVERY ONE (1) EXISTING SHARE HELD TO RAISE RM432,000,000 ("RIGHTS ISSUE")
(Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 23 March 2017) We refer to the announcements dated 23 March 2017, 27 March 2017, 28 April 2017, 3 May 2017, 4 May 2017, 5 June 2017, 6 June 2017 and 21 June 2017 in relation to the Rights Issue. On behalf of the Board of ACSM, CIMB Investment Bank Berhad (“CIMB”) is pleased to announce that in respect of the Rights Issue, the Board of ACSM has determined that: the conversion price for the Rights ICULS has been fixed at RM10.99 for each new Share (“Conversion Price”); and the final entitlement basis for the Rights Issue is two (2) Rights ICULS for every one (1) existing Share held. The Conversion Price represents: (i) a 15.0% discount to the TEAP of RM12.93 per Share taking into account the Rights Issue, calculated based on the 5-Market Day VWAMP of the Shares up to and    including 26 July 2017, being the last trading day of the Shares prior to the date of this announcement, of RM13.28; and (ii) an approximately 17.2% discount to the 5-Market Day VWAMP of the Shares up to and including 26 July 2017, being the last trading day of the Shares prior to the date of this announcement, of RM13.28. This announcement is dated 27 July 2017.

icy97

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING
Description	AEON CREDIT SERVICE (M) BERHAD ("ACSM" OR THE "COMPANY")RENOUNCEABLE RIGHTS ISSUE OF 432,000,000 3-YEAR, 3.5%, IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS AT 100% OF ITS NOMINAL VALUE OF RM1.00 EACH IN CASH ("RIGHTS ICULS") ON THE BASIS OF TWO (2) RIGHTS ICULS FOR EVERY ONE (1) EXISTING  SHARE HELD TO RAISE RM432,000,000  ("RIGHTS ISSUE")
(Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 23 March 2017) We refer to the announcements dated 23 March 2017, 27 March 2017, 28 April 2017, 3 May 2017, 4 May 2017, 5 June 2017, 6 June 2017, 21 June 2017 and 27 July 2017 in relation to the Rights Issue. On behalf of the Board of ACSM, CIMB Investment Bank Berhad (“CIMB”) is pleased to announce that ACSM had on 1 August 2017 entered into an underwriting agreement with CIMB and Nomura Securities Malaysia Sdn Bhd (collectively, the “Joint Underwriters”) for the underwriting of an aggregate of up to 174,096,000 Rights ICULS, representing 40.30% of the total issue size of the Rights Issue (the “Underwritten ICULS”). The Underwritten ICULS represent the remaining Rights ICULS for which no undertaking to subscribe has been obtained by ACSM. This announcement is dated 1 August 2017.

icy97

[tr][/tr]

EX-date	11 Aug 2017
Entitlement date	15 Aug 2017
Entitlement time	05:00 PM
Entitlement subject	Rights Issue
Entitlement description	AEON CREDIT SERVICE (M) BERHAD ("ACSM OR THE COMPANY") RENOUNCEABLE RIGHTS ISSUE OF 432,000,000 3-YEAR, 3.5%, IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS AT 100% OF ITS NOMINAL VALUE OF RM1.00 EACH IN CASH ("RIGHTS ICULS") ON THE BASIS OF TWO (2) RIGHTS ICULS FOR EVERY ONE (1) EXISTING SHARE HELD AS AT 5.00 P.M. ON 15 AUGUST 2017 TO RAISE RM432,000,000 ("RIGHTS ISSUE")
Period of interest payment	to
Financial Year End	28 Feb 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul Ehsan MalaysiaTel : +603 7849 0777 Fax : +603 7841 8151/8152
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	15 Aug 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	432,000,000
Entitlement indicator	Ratio
Ratio	2 : 1
Rights Issue/Offer Price	Malaysian Ringgit (MYR) 1.000

Despatch date	17 Aug 2017
Date for commencement of trading of rights	16 Aug 2017
Date for cessation of trading of rights	28 Aug 2017
Date for announcement of final subscription result and basis of allotment of excess Rights Securities	12 Sep 2017
Listing Date of the Rights Securities	21 Sep 2017

Last date and time for	Date	Time
Sale of provisional allotment of rights	25 Aug 2017	at	05:00:00 PM
Transfer of provisional allotment of rights	30 Aug 2017	at	04:00:00 PM
Acceptance and payment	06 Sep 2017	at	05:00:00 PM
Excess share application and payment	06 Sep 2017	at	05:00:00 PM

招财龟-秀明

想請問有關AEONCR-LR，

若打算持有的話，是不是每年都能獲得3.5%的利息？
當LR到期以後，是不是會自動轉換成股票，還是需要再支付一筆費用才能轉換成股票那種？

Tony-Pua

红股除权后．永旺信贷股价相应调整
http://www.sinchew.com.my/node/1674400/

读者SALLY CHEN问：

永旺信贷（AEONCR，5139，主板金融组）早前的红股2送1是什么？除权日是什么？我发现这段时期股价不断往上冲，根据其他股票分析好像最终会跌到一半，想了解用意何在及这个股是否还有投资的价值（因为起到那么贵了）？

答：

红股2送1是什么？

1.先说公司派送红股，它是上市公司将未分配利润以股票红利形式派发给股东。它将净利不以“现金”形式派发，而是通过股票形式分配给股东，使公司净利润加以资本化为公司的股本。

在派送红股后，公司资产、负债、股东权益总额及结构并没有发生改变，但总股本增加及每股净资产也相应地降低了。

若是红股2送1，即是公司股东每持有2股的股票，将获得公司派发1股的红股股票。举个例子，即若是你持有公司的2000股的股票，将获得派送1000股，1000股则获派送500股，以此类推。

至于除权日期（2017年7月14日），则是享有分派红股有效权益的截止日期。在除权日当天开始，当天所购买公司股票则没有享有红股权益。

理论上而言，在除权日后，公司股价将相应地做出调整。

若以永旺信贷为例，若是红股除权日前的每股市价为20令吉，2股市价为40令吉，在派发1股红股，则等于3股的股票价值仍是40令吉，或是40令吉除以3，使股价相应调整至每股13令吉33仙。

成长强劲
前景稳健

2.你认为永旺信贷股价起到那么贵，相信是公布红股计划后尚未除权的那一段时期，它的股价不断往上冲时期。公司在红股尚未除权之前，即在2017年7月5月，公司宣布2018财政年首季业绩后，一些证券研究剖析该公司，是否还值得投资，可供参考。

当时，永旺信贷首季净利为7580万令吉符合市场预测。MIDF研究给的目标价维持在21令吉40仙（红股计划还没有除权，若是红股除权后，目标价则相应调整至14令吉26仙，即21令吉40仙2÷3），或等于其3年传统平均股价账面比的2.6倍水平；当时给予“买进”评级。

MIDF研究认为，预料其盈利强劲成长料可持续至2018财政年，主要是今年大马经济成长表现展望依然乐观（消费市场良好将有助其信贷业务表现与成长）。

肯纳格研究给予目标价19令吉70仙（红股尚未除权，若除权后为13令吉13仙），当时市价为12令吉88仙，并给予“守住”评级。

当时，肯纳格研究认为永旺信贷的业务前景依然稳健，不过正面因素已经反映在股价里。该行认为，公司信贷业务的对象，锁定在零售领域客户的利基市场，使它在较为疲弱时刻推动贷款成长，比其他金融服务业者较具优势。

它拥有较好的资产素质及股本回酬率。同时该行认为，在推行大马财报标准9之前，该公司以1配2比例发售债券股，以图筹得4亿3200万令吉资金以符合新标准。

假设全部债券股转换为公司母股（3年内），转换价为10令吉75仙（包括红股计划完成在内），潜在2018财政年每股盈利冲稀将达约16%（尚未纳入其预测净利内）。

文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2017.08.20

icy97

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING
Description	AEON CREDIT SERVICE (M) BERHAD ("ACSM" OR THE "COMPANY")RENOUNCEABLE RIGHTS ISSUE OF 432,000,000 3-YEAR, 3.5%, IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS AT 100% OF ITS NOMINAL VALUE OF RM1.00 EACH IN CASH ("RIGHTS ICULS") ON THE BASIS OF TWO (2) RIGHTS ICULS FOR EVERY ONE (1) EXISTING  SHARE HELD TO RAISE RM432,000,000  ("RIGHTS ISSUE")
(Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 23 March 2017) We refer to the announcements dated 23 March 2017, 27 March 2017, 28 April 2017, 3 May 2017, 4 May 2017, 5 June 2017, 6 June 2017, 21 June 2017, 27 July 2017, 1 August 2017, 2 August 2017 and 15 August 2017 in relation to the Rights Issue. On behalf of the Board of ACSM, CIMB Investment Bank Berhad (“CIMB”) is pleased to announce that pursuant to the close of acceptance, excess applications and payment for the Rights ICULS at 5.00 p.m. on 6 September 2017 (“Closing Date”), the Company had received valid acceptances and excess applications for a total of 446,302,434 Rights ICULS. This represents an over-subscription of 3.31% over the total number of Rights ICULS available for subscription under the Rights Issue. Details of the valid acceptances and excess applications received are as follows:- No. of Rights ICULS % of total issue Total valid acceptances 427,868,165 99.04 Total valid excess applications 18,434,269 4.27 Total valid acceptances and excess applications 446,302,434 103.31 Total Rights ICULS available for subscription 432,000,000 100.00 Over-subscription 14,302,434 3.31 As stated in the Abridged Prospectus dated 15 August 2017, it is the intention of the Board of ACSM to allot the Excess Rights ICULS in a fair and equitable manner. The excess applications will be allotted in the following priority: - (i) firstly, to minimise the incidence of odd lots; (ii) secondly, for allocation to Entitled Shareholders who have applied for Excess Rights ICULS on a pro-rata basis and in board lots, calculated based on their respective shareholdings as per their CDS Account as at the Entitlement Date; (iii) thirdly, for allocation to Entitled Shareholders who have applied for Excess Rights ICULS on a pro-rata basis and in board lots, calculated based on the quantum of Excess Rights ICULS applied for; and (iv) fourthly, for allocation to renouncee(s) and/or transferee(s) (if applicable) who have applied for Excess Rights ICULS on a pro-rata basis and in board lots, calculated based on the quantum of Excess Rights ICULS applied for. In the event of any balance of Excess Rights ICULS after steps (i), (ii), (iii) and (iv) are carried out, steps (ii), (iii) and (iv) will be repeated to allocate the balance Excess Rights ICULS. Nevertheless, the Board of ACSM reserves the right to allot any Excess Rights ICULS applied for in such manner as the Board of ACSM deems fit and expedient in the best interest of the Company subject always to such allocation being made on a fair and equitable basis.  The Board of ACSM also reserves the right not to accept or accept the Excess Rights ICULS application, in full or in part, without assigning any reason. The Rights ICULS are expected to be listed on the Main Market of Bursa Securities on 21 September 2017. This announcement is dated 12 September 2017.

icy97

强资产化．数码化控成本．永旺信贷盈利仍看俏

（吉隆坡15日讯）永旺信贷（AEONCR,5139,主板金融组）资产强化措施可保赚益，拥有利基的个人贷款和着手通过数码化程序管控成本，尽管未来贷款可能走疲，盈利前景仍受分析员看好。

肯纳格研究认为，永旺信贷透过资产强化措施，有信心保住赚益；营运策略未有大改变，专注于应收账款之增长和保住赚益。

永旺信贷早前公布的首季业绩显示，应收账款仍然按年增长17%，特别是从个人融资，特别是平均1万令吉的利基个人贷款。

与此同时，分行的营运数码化紧锣密鼓实行，分析员认为营运开销可逐步改善，更大程度数码化与成本监控，可进一步改善赚益。

肯纳格预期其成本对收入比可保持在34.6至35.1%，处于34至35%的3年期成本收入比水平内。

该行预期永旺信贷所收账款比率亦同时改善，主要是实施更严谨核准贷款程序，这样可降低减值与呆账机率，呆账目前处于健全的2.5%水平。

该行维持保守的8%常年总贷款增长率，预期未来增长可能走疲。

永旺信贷料于9月21日完成以2配1发红股，1配2比例发售不可赎回可转换无担保债券（ICULS）的每单位转换价，7月21日已订为10.99令吉，上述筹资活动总共筹集4亿3200万令吉现金。

上述债券倘若全面转换，可转换成3930万股，潜在稀释2019财政年每股盈利达15%。

尽管如此，管理层有意使用该筹资作为维持健全的资本适足比率（CAR），以预备实施大马财报第九准则（MFRS9）时的潜在减值走高。国行要求的CAR比率高于16%，上季的CAR比率约20%。

肯纳格假设其中1亿5500万令吉用来减低银行贷款，2018与2019财政年负债比调低至0.1倍。一旦贷款走低和资本结构强化，可获大马评估机构（RAM）更优异评级，并享受更低融资成本。

维持“反映大市”评级

肯纳格维持“反映大市”评级，在10月首周发布财报前，维持2018与2019财政年财测，发红股完成后目标价保持13令吉13仙。

该行看好永旺信贷具韧力盈利前景和上财政年11.2%的高股本回酬率，惟转换ICULS债券可能短期对股价构成压力。

文章来源：
星洲日报／财经 ‧报道：张启华‧2017.09.16

icy97

缺乏利多．永旺信贷存隐忧

（吉隆坡3日讯）永旺信贷（AEONCR，5139，主板金融组）红股和附加股计划顺利完成，但仍扫不去MIDF研究对其未来前景的隐忧，主要是集团营运表现未见起色，未来前景仍存在不明朗性，不排除因利多缺席而调低投资评级可能。

MIDF研究在上周与永旺信贷首席财务员李吉祥会晤后，对附加股取得3.31%超额认购感到正面，主要是这反应出股东对公司未来前景的信心。

永旺信贷今年3月建议以2送1派送红股，再以1配2比例发售不可赎回可转换无担保债券（ICULS），最多筹措4亿3200万令吉来偿还长期银行贷款。

永旺信贷已将ICULS转换价定为10令吉99仙，可转换股票数量为3930万股，MIDF研究表示，假设悉数转换，这可能稀释公司每股账面值14.8%，但基于ICULS转换仍不明朗，因此未对盈利预测进调整。

不过，虽然MIDF研究对附加股筹资活动完成感到欣慰，但却发现永旺信贷业务自上季开始没有什么变化，管理层仍专注于转型活动，以显著改善其营运开销。

“永旺信贷净利息赚益因纳入低回酬的二手车融资持续呈跌，最新数据更显示净利息赚益年减50个基点至11.7%，但管理层强调2018和2019财政年净利息赚益不会显著恶化，主要是公司战略贷款组合再平衡措施将可确保净利息赚益可维持在健康水平，因此我们相信2018和2019财政年净利息赚益起伏将介于正负50基点。”

综合以上，MIDF维持永旺信贷2018和2019财政年盈利目标及“买进”评级，等候2018财政年次季财报出炉方定夺，一旦缺乏短期催化因素，不排除下调评级可能，目标价则维持在14令吉27仙。

文章来源：
星洲日报‧财经‧报道：洪建文‧2017.10.03

icy97

永旺信贷次季赚7139万

2017年10月6日
（吉隆坡5日讯）永旺信贷（AEONCR，5139，主板金融股）截至8月31日次季，净利按年增长29.33%，并宣布派每股21.13仙中期单层股息。

该公司次季净赚7138万5000令吉，或每股35.51仙，上财年同季净利达5519万4000令吉，或每股27.07仙。

同时，营业额从2亿6913万令吉，按年上扬15.68%至3亿1132万令吉。

次季总交易和贷款额，按年增5.1%至10亿2800万令吉。

截至8月31日，贷款应收账项达68亿7800万令吉，按年增加16.2%。

截至8月杪呆账为2.48%，高于去年同期的2.43%。

其他营运收入则达2688万7000令吉，主要包含收回的坏账、销售保险产品所得的佣金，及“忠诚计划”手续费。

合计上半年，净利按年增长24.83%至1亿4720万令吉，或每股73.13仙；营业额则起15.61%至6亿1360万令吉。

派息21.13仙

永旺信贷亦宣布，派发每股21.13仙中期单层股息，除权日在10月17日。

此外，基于安排好执行商业计划，所以，该公司预计能够在本财年维持业绩表现。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Aug 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Aug 2017	31 Aug 2016	31 Aug 2017	31 Aug 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	311,322	269,128	613,604	530,766
2	Profit/(loss) before tax	95,793	73,175	197,662	157,291
3	Profit/(loss) for the period	71,385	55,194	147,197	117,921
4	Profit/(loss) attributable to ordinary equity holders of the parent	71,385	55,194	147,197	117,921
5	Basic earnings/(loss) per share (Subunit)	35.51	27.07	73.13	57.87
6	Proposed/Declared dividend per share (Subunit)	21.13	30.50	21.13	30.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	4.8500		6.6300

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EX-date	17 Oct 2017
Entitlement date	20 Oct 2017
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim single-tier dividend of 21.13 sen per ordinary share for the financial year ending 28 February 2018
Period of interest payment	to
Financial Year End	28 Feb 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul EhsanTel: +603 7849 0777Fax: +603 7841 8151/8152
Payment date	07 Nov 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	20 Oct 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.2113

icy97

永旺信贷
3年财测上修

2017年10月7日

分析:艾芬黄氏投行研究
目标价：14.25令吉

最新进展

永旺信贷（AEONCR，5139，主板金融股）截至8月杪次季，净利按年增长29.33%，企于7138万5000令吉，并宣布派每股21.13仙中期单层股息。

次季营业额从2亿6913万令吉，按年上扬15.68%至3亿1132万令吉。

行家建议

该公司2018财年首半年净利表现超出我们的预期，但符合市场预测，年涨26%至1亿4040万令吉，归功于高贷款回收和低融资成本。

同期贷款回收按年走高11%，但部分被高营运开销和融资成本抵消。

因贷款回收有所改善，应收账款净借贷成本按年走低25个基点，至342个基点。

应收账款持续蓬勃增长，年增16%，稍低于2018财年预测的17.4%。

考虑到高贷款回收和低利息开销，我们上修2018至2020财年的净利预测，介于2.5%至5%。

我们维持应收账款年增长预测，分别为2018财年的17.2%、2019财年的14.5%，及2020财年的12%。

因此上调评级至“买入”，并根据上修后的11倍本益比，推算出14.25令吉目标价。



【e南洋】



业绩强劲后续看好　永旺信贷股价起飞

財经 最后更新 2017年10月6日
（吉隆坡6日讯）受惠于利息收入增长和账款回收率增加，永旺信贷（AEONCR，5139，主板金融股）交出的2018財政年上半年（截至8月31日止）业绩符合市场预测。分析员看好该公司上半年良好的势头可延续，因此部份分析员上调其財测和评级。

永旺信贷股价在周五应声上涨，以13令吉高开后，迅速上探至13.18令吉全天最高水平，飆升38仙或2.97%。隨后，该股收窄涨幅，最后收报12.94令吉，全天上扬14仙或1.09%，为全场上升榜第8名。

永旺信贷2018財政年次季（截至8月31日止）净利按年上升29.33%，至7139万令吉；营业额按年大涨115.68%，至3亿1132万令吉。

该公司上半年净利按年起24.83%，至1亿4720万令吉；营业额按年扬升15.61%，至6亿1360万令吉。

配合业绩公佈，公司建议派发每股21.13仙中期股息。

肯纳格研究分析员指出，永旺信贷2018財政年上半年核心净利和股息派发皆符合预期。

该公司上半年核心净利，分別佔肯纳格研究和市场全年预测的52%和51%。

该分析员指出，净利息收入增加和成本对收入比率（CIR）减低，大幅提振公司上半年盈利表现。

同时，他表示，儘管净利息赚幅下滑，但相信永旺信贷落实数码化后，將改善营运效率，加上严格的成本管控，预期成本对收入比率將维持在34.6%至35.1%。

MIDF研究分析员也认同地指出，该公司在分行启动数码化后，节省营运成本的效益已开始显现。

陆续在分行落实「去现金化」和「去纸化」作业，其超时成本和现金运转费用也分別减少53%和89%。

另一方面，艾芬黄氏资本分析员却认为，较高的贷款回收率和融资成本减少，是该公司上半年核心净利超越他全年预测的原因。

MFRS潜在风险

他说，上半年的回收率增长11%，也把净信贷成本拉低25百分点，至342百分点。有鉴于此，该分析员將2018至2020財政年的盈利预测，分別调高幅2.5%至5%。

该分析员给予该股「买进」评级，目標价大幅调高至14.25令吉，前期为9.80令吉。

安联星展分析员则认为，即將在2018年1月1日生效的大马金融会计准则（MFRS）第9条文，因存有不明朗因素，是该公司的潜在下行风险。

该分析员预期，信贷成本每增加10百分点，其盈利將减少2%。另外，消费情绪下跌將影响永旺信贷的贷款收入增长，並进一步衝击其信贷成本。

而MIDF研究分析员则表示，公司管理层谨慎管理信贷，料將抵消MFRS9带来的风险。同时，也相信该公司有充分的利好支撑公司贷款的成长和业绩表现。

MIDF研究分析员维持该股「买进」评级，並调高目標价至14.75令吉；安联星展分析员维持该股「守住」评级和13.20令吉目標价；肯纳格研究分析员也维持该股「与大市同步」评级和13.13令吉的目標价。【东方网财经】

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AEON CREDIT SERVICE (M) BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Conversion of Loan Stocks
Details of corporate proposal	Conversion of 3-year, 3.5%, Irredeemable Convertible Unsecured Loan Stocks to Ordinary Shares
No. of shares issued under this corporate proposal	29,014,613
Issue price per share ($$)	Malaysian Ringgit (MYR)   10.9900
Par Value($$) (if applicable)	Malaysian Ringgit (MYR)
Latest issued share capital after the above corporate proposal in the following
Units	247,121,855
Issued Share Capital ($$)	Malaysian Ringgit (MYR) 494,041,339.420
Listing Date	16 Oct 2017

icy97

Name	AEON FINANCIAL SERVICE CO., LTD.
Address	Kanda Mitoshiro-cho 1 Chiyoda-ku, Tokyo 101-8445 Japan.
Company No.	019901010887
Nationality/Country of incorporation	Japan
Descriptions (Class)	Ordinary Shares

Details of changes

No	Date of change	No of securities	Type of Transaction	Nature of Interest
1	11 Oct 2017	28,065,252	Others	Direct Interest
	Name of registered holder	AEON FINANCIAL SERVICE CO., LTD.
	Address of registered holder	Kanda Mitoshiro-cho 1 Chiyoda-ku, Tokyo 101-8445 Japan.
	Description of "Others" Type of Transaction	Conversion of ICULS

Circumstances by reason of which change has occurred	Conversion of Renounceable Rights Issue of Irredeemable Convertible Unsecured Loan Stocks ("ICULS") to Ordinary Shares
Nature of interest	Direct Interest
Direct (units)	157,017,252
Direct (%)	63.538
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Total no of securities after change	157,017,252
Date of notice	11 Oct 2017
Date notice received by Listed Issuer	13 Oct 2017

icy97

税收局基于3点再出招
永旺信贷被追税9682万

2017年12月13日
（吉隆坡13日讯）内陆税收局频密追税马不停蹄，今天再有另一家上市公司中招，即永旺信贷（AEONCR，5139，主板金融股），被追讨9681万9861令吉的税金和罚款。

该公司向交易所报备，接获税收局发出的通知，追讨2010至2016课税年的额外税金和罚款。

税收局是基于以下三点，追讨所得税和罚款。

第一，该公司以应收账项作为抵押，并向一家本地金融机构获得贷款；然而，税收局把该笔贷款交易，更改为销售应收账项。不过，税收局并无注明引用哪一项1967年所得税法令条款作出这项更改。

有理由挑战税收局

第二，税收局也把追税的追溯年限扩大两年，包含2010及2011课税年，但无注明原因。

第三，税收局对涉嫌提交不正确报税表作出罚款。

对此，永旺信贷已聘请税务律师及展开司法程序，以挑战这项追税通知的有效性和合法性。

永旺信贷说：“向税律师咨询后，公司认为，有正当理由挑战这项追税通知的有效性。特别是在公司向一家独立及著名的审计与税务机构获得专业意见之后，而且，2010和2011课税年的追税年限已失时效。”

该公司截至8月31日次季，净利按年增长29.33%至7138万5000令吉，营业额上扬15.68%至3亿1132万令吉。

合计上半年，净利按年增长24.83%至1亿4720万令吉，而营业额则起15.61%至6亿1360万令吉。

今年，税收局展开一连串追税行动，同样遭到追税的企业，包括万能（MAGNUM，3859，主板贸服股）、绿野集团（CHHB，5738，主板产业股）、实达集团（SPSETIA，8664，主板产业股）等。

其中，万能和子公司更被追讨4亿7647万令吉罚款和税金。【e南洋】

Type	Announcement
Subject	OTHERS
Description	AEON CREDIT SERVICE (M) BERHAD ("THE COMPANY") - NOTICES OF ASSESSMENT RAISED ON THE COMPANY
Pursuant to paragraph 9.04(f) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that on 12 December 2017, the Company was served with notices of additional assessment with penalties by the Director General of Inland Revenue (“DGIR”) as follows: Year of assessment                                                                Amount 2010                                                                   RM     9,581,111.71                           2011                                                                   RM   20,985,927.21 2012                                                                   RM  19,139,809.69 2013                                                                   RM   21,703,568.83 2014                                                                   RM   17,109,006.75 2015                                                                   RM     7,447,858.66 2016                                                                   RM        852,578.42 The Company has appointed tax solicitors and is initiating proceedings to challenge the validity and legality of the said notices of additional assessment. The said notices of additional assessment were raised by the DGIR among others, pursuant to: (a)        The DGIR varying the loan transaction collaterized by receivables undertaken by the Company with a local financial institution to that of a sale of receivables. The DGIR did not specify which provision of the Income Tax Act 1967 in making this variation. (b)        The DGIR also raised time barred assessments for the years of assessment 2010 and 2011. The DGIR also did not provide any reason for raising the time barred assessments. (c)        The DGIR imposed penalties for alleged submission of incorrect returns. Upon consulting its tax solicitors, the Company is of the view that there are reasonable grounds to challenge the validity of the said notices of additional assessment raised by the DGIR and the penalties imposed. This is especially so when at all material times, the Company had sought professional advice from an independent and reputable audit and tax firms on its accounting and tax treatment and further, the assessments for the years of assessment 2010 and 2011 are time barred. The Company will make further announcement if there is any material update on the above said matter. This announcement is dated 13 December 2017.

icy97

永旺信贷
被追税财测或下砍30%

2017年12月15日

分析:MIDF投资研究
目标价：14.75令吉

最新进展

永旺信贷（AEONCR，5139，主板金融股）被内陆税收局追讨9681万9861令吉的税金和罚款。

税收局发出通知，向公司追讨2010至2016课税年的额外税金和罚款。

为此，永旺信贷表示已聘请税务律师及展开司法程序，以挑战这项追税通知的有效性和合法性。

行家建议

按照过往案例，我们相信相关聆讯起码有经过数月才能完结，而最快结案的例子，也至少需要3个月。

因此，我们预计上述追税不会对公司的近期盈利（至少2018财年内）有任何即时影响。

虽然最终结果有可能会对永旺信贷有利，但我们依然不排除公司需支付税收局追讨款项的全额。

假设公司最早需在2019财年初缴付欠税，公司净利预计会大减约30%左右。因此，我们预测永旺信贷的合理股价，届时需下调7%至13.72令吉，投资评级也需下修至“中和”。

无论如何，在等候聆讯结果出炉前，我们继续维持财测，以及“买入”评级和14.75令吉目标价不变。永旺信贷的中期净利或会受追税影响，但公司的盈利增长前景不会因此有所改变。



【e南洋】

icy97

永旺信貸第3季淨利7055萬

2017年12月21日
（吉隆坡21日訊）永旺信貸（AEONCR，5139，主要板金融）截至11月底第3季營業額揚11.4%至3億1235萬令吉，淨利揚5.2%至7055萬令吉。

該公司今年首9月營業額揚14.2%至9億2595萬令吉，淨利揚17.7%至2億1775萬令吉。

永旺信貸向馬證交所報備，首9月交易和融資總額為達30億7500萬令吉；其他營運收入達8754萬令吉。

營運收入主要來自追討的壞賬、銷售保險產品的佣金收入及忠誠計劃的處理費。

此外，截至11月底應收賬款融資達70億3400萬令吉，揚13.2%；不良貸款（NPL）率為2.48%。

該公司預期，根據其商業計劃的預定執行情況，在截至2018年2月底的本財年度將可維持如是財政表現。【中国报财经】

SUMMARY OF KEY FINANCIAL INFORMATION 30 Nov 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Nov 2017	30 Nov 2016	30 Nov 2017	30 Nov 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	312,345	280,347	925,949	811,113
2	Profit/(loss) before tax	95,307	90,807	292,969	248,098
3	Profit/(loss) for the period	70,552	67,053	217,749	184,974
4	Profit/(loss) attributable to ordinary equity holders of the parent	70,552	67,053	217,749	184,974
5	Basic earnings/(loss) per share (Subunit)	28.86	27.32	112.30	94.50
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	21.13	30.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	6.0400		6.6300