♦ AFG held an analyst briefing yesterday in connection to its recent 1QFY03/11 results. Mr. Sng Seow Wah was present for his maiden analyst briefing as the new Group CEO. While the group’s strategy and targets remain largely intact, we do note that some subtle changes have been made, which could reflect the new CEO’s direction ahead for the group. We set out below the salient points from the briefing.
Alliance Financial Group Berhad : New CEO’s Presence Starting To Be Felt - 24/08/2010
Showing posts with label Alliance Financial Group. Show all posts
Showing posts with label Alliance Financial Group. Show all posts
Tuesday, August 24, 2010
Monday, August 23, 2010
Alliance Financial Group Berhad : Boosted By Low Impairment Allowance For Loans - 23/08/2010
♦ 1QFY11 beats estimates ... AFG’s 1QFY03/11 net profit of RM111m (+43% qoq, +140% yoy) was ahead of our and consensus estimates, making up 28-29.3% of our and consensus full-year forecasts. The key variance was lower-than-expected allowance for impairment on loans. Pre-impairment profit, however, was within estimates.
Alliance Financial Group Berhad : Boosted By Low Impairment Allowance For Loans - 23/08/2010
Alliance Financial Group Berhad : Boosted By Low Impairment Allowance For Loans - 23/08/2010
Thursday, August 19, 2010
Mandarin Version : Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
A bullish candle suggests follow-through momentum likely ahead. After
rallying to a high of RM3.18 in Apr 2010, the share price of AFG encountered a
correction to a low of RM2.63 in May. It launched a technical rebound in Jun to a high of RM3.05 but settled sideways near RM2.95 for more than a month. Only in Aug, the stock regained its upward momentum and ended yesterday at RM3.04 after testing a high of RM3.07. It recorded a bullish candle to suggest follow-through buying momentum likely in the near term.
Mandarin Version : Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
rallying to a high of RM3.18 in Apr 2010, the share price of AFG encountered a
correction to a low of RM2.63 in May. It launched a technical rebound in Jun to a high of RM3.05 but settled sideways near RM2.95 for more than a month. Only in Aug, the stock regained its upward momentum and ended yesterday at RM3.04 after testing a high of RM3.07. It recorded a bullish candle to suggest follow-through buying momentum likely in the near term.
Mandarin Version : Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
A bullish candle suggests follow-through momentum likely ahead. After
rallying to a high of RM3.18 in Apr 2010, the share price of AFG encountered a
correction to a low of RM2.63 in May. It launched a technical rebound in Jun to a high of RM3.05 but settled sideways near RM2.95 for more than a month. Only in Aug, the stock regained its upward momentum and ended yesterday at RM3.04 after testing a high of RM3.07. It recorded a bullish candle to suggest follow-through buying momentum likely in the near term.
Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
rallying to a high of RM3.18 in Apr 2010, the share price of AFG encountered a
correction to a low of RM2.63 in May. It launched a technical rebound in Jun to a high of RM3.05 but settled sideways near RM2.95 for more than a month. Only in Aug, the stock regained its upward momentum and ended yesterday at RM3.04 after testing a high of RM3.07. It recorded a bullish candle to suggest follow-through buying momentum likely in the near term.
Alliance Financial Group Berhad : Next Resistances At RM3.10 and RM3.30… - 19/08/2010
Monday, June 21, 2010
Alliance Financial Group Bhd : A “Double Buy” Signal On The Momentum Indicators… - 21/6/2010
AFG closed last Friday at above the immediate resistance of the 40-day SMA. After trending in the downtrend in Nov 2009 to Feb 2010, the share price of AFG recovered on a steady uptrend to RM3.18 in Apr. Thereafter, the stock retreated on profit-taking pressure, and reached a low of RM2.63 in May. After weeks of struggle near the RM2.80 hurdle, it gained the upper hand last Friday, as it registered a huge bullish candle on the chart to end the week at RM2.90. It closed marginally above the 40-day SMA immediate resistance level at RM2.895.
Alliance Financial Group Bhd : A “Double Buy” Signal On The Momentum Indicators… - 21/6/2010
Alliance Financial Group Bhd : A “Double Buy” Signal On The Momentum Indicators… - 21/6/2010
RHB Equity 360 - 21 June 2010 (Sino Hua An, Timber, B-Toto; Technical: KKB Eng, AFG) - 21/6/2010
Company Update
- We now believe that Sino Hua-An’s hope of returning to the black in FY12/10 is becoming frail, as: 1) The spread between the prices of metallurgical coal (input) and metallurgical coke (output) is likely narrow in the near term; and; 2) Prices of by-products, in particular, crude benzene and tar oil, are likely to remain soft on
the back of the lacklustre crude oil price movement.
RHB Equity 360 - 21 June 2010 (Sino Hua An, Timber, B-Toto; Technical: KKB Eng, AFG) - 21/6/2010
- We now believe that Sino Hua-An’s hope of returning to the black in FY12/10 is becoming frail, as: 1) The spread between the prices of metallurgical coal (input) and metallurgical coke (output) is likely narrow in the near term; and; 2) Prices of by-products, in particular, crude benzene and tar oil, are likely to remain soft on
the back of the lacklustre crude oil price movement.
RHB Equity 360 - 21 June 2010 (Sino Hua An, Timber, B-Toto; Technical: KKB Eng, AFG) - 21/6/2010
Friday, June 18, 2010
Corporate Highlights - 18/6/2010
♦ Gaming
Sector Update : Positive Outlook From G2E Asia Conference
♦ Alliance Financial Group
News Update : New Group CEO Appointed
Corporate Highlights - 18/6/2010
Sector Update : Positive Outlook From G2E Asia Conference
♦ Alliance Financial Group
News Update : New Group CEO Appointed
Corporate Highlights - 18/6/2010
Alliance Financial Group Berhad : New Group CEO Appointed - 18/6/2010
Sng Seow Wah appointed as new group CEO. AFG announced yesterday that it had appointed Sng Seow Wah, a Singaporean, as its new group CEO following approval from BNM. This appointment does not come as a surprise as press reports last month had already identified Sng as a replacement for Datuk Bridget Lai.
Alliance Financial Group Berhad : New Group CEO Appointed - 18/6/2010
Alliance Financial Group Berhad : New Group CEO Appointed - 18/6/2010
RHB Equity 360° - 18 June 2010 (Gaming, AFG, Sunway, SP Setia; Technical: Petra Perdana)
Top Story : Gaming
Positive Outlook from G2E Asia Conference Sector Update
- Last week, we attended the G2E Asia gaming conference in Macau, which is an annual conference focused on the trends and prospects in the Asian gaming market and the players behind it. The first day of the conference focused on the economic and regulatory issues in those Asian gaming jurisdictions beyond Macau, while the second day featured analysis on topics ranging from table games and non-gaming amenities to VIP play.
RHB Equity 360° - 18 June 2010 (Gaming, AFG, Sunway, SP Setia; Technical: Petra Perdana)
Positive Outlook from G2E Asia Conference Sector Update
- Last week, we attended the G2E Asia gaming conference in Macau, which is an annual conference focused on the trends and prospects in the Asian gaming market and the players behind it. The first day of the conference focused on the economic and regulatory issues in those Asian gaming jurisdictions beyond Macau, while the second day featured analysis on topics ranging from table games and non-gaming amenities to VIP play.
RHB Equity 360° - 18 June 2010 (Gaming, AFG, Sunway, SP Setia; Technical: Petra Perdana)
Wednesday, June 2, 2010
Corporate Highlights - 2/6/2010
♦ Evergreen Fibreboard
Visit Note : Higher Dividend Payout, Outlook Remains Favourable
♦ Semiconductor
Sector Update : Chip Sales Up 50.4% Yoy And 2.2% Mom
♦ AFG
Briefing Note : Setting the tone ahead
♦ SapuraCrest
News Update : Tapping the IPF market in Middle East
Corporate Highlights - 2/6/2010
Visit Note : Higher Dividend Payout, Outlook Remains Favourable
♦ Semiconductor
Sector Update : Chip Sales Up 50.4% Yoy And 2.2% Mom
♦ AFG
Briefing Note : Setting the tone ahead
♦ SapuraCrest
News Update : Tapping the IPF market in Middle East
Corporate Highlights - 2/6/2010
Alliance Financial Group Berhad : Setting The Tone Ahead - 2/6/2010
We attended AFG’s analyst briefing yesterday and set out below the key higlights.
Growth areas for FY11... AFG’s strategy remains as a niche player given its small size. The key areas identified to drive growth for FY11 include:
1) fee income - key product opportunities in FX, treasury and wealth management;
2) “koop” loans – management believes this segment is still attractive given a large, under-penetrated market of 1.2m civil servants, attractive pricing and salary deduction mechanism to help ensure strong asset quality; and
3) wealth management – includes bancassurance and asset management.
Alliance Financial Group Berhad : Setting The Tone Ahead - 2/6/2010
Growth areas for FY11... AFG’s strategy remains as a niche player given its small size. The key areas identified to drive growth for FY11 include:
1) fee income - key product opportunities in FX, treasury and wealth management;
2) “koop” loans – management believes this segment is still attractive given a large, under-penetrated market of 1.2m civil servants, attractive pricing and salary deduction mechanism to help ensure strong asset quality; and
3) wealth management – includes bancassurance and asset management.
Alliance Financial Group Berhad : Setting The Tone Ahead - 2/6/2010
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
Visit Note
♦ 2Q10 results expected to be stronger by around 5% qoq, from higher sales volume coupled with higher ASP. Current capacity utilisation rate is >80% while ASP strengthened by 3% in 2Q10 vs. 1Q10. Total cost of production has dropped by 2.5% in 2Q10 vs. 1Q10.
♦ Indonesia operations to be commissioned in 2H10. To be conservative, we have only assumed contributions to start from FY11 onwards. However, if the plant is commissioned on time, this could potentially raise our FY10 EPS forecast by 5%.
♦ Growth is expected to mainly come from an improvement of market share and reduction in cost of production. Plans to grow both its Thailand and Indonesia market shares to 5% (from <2%) and 10% (from 6%), respectively in the near term. May try to further reduce cost of production through the securing of rubberwood log supply (by acquisition) and ownership of third glue plant. Any acquisitions of existing MDF players would only take place earliest in 2012.
♦ FY10-11 net dividend payout assumptions of 40-45% translate to an attractive net yield of 6-7% p.a..
♦ FY10-12 earnings forecasts reduced by 1.4-3.2% p.a. after updating US$/MYR assumptions, FY09 numbers, and increasing dividend payout assumptions.
♦ Fair value of RM2.30 (from RM2.35) based on unchanged target PER of 11x FY12/10 earnings.
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
♦ 2Q10 results expected to be stronger by around 5% qoq, from higher sales volume coupled with higher ASP. Current capacity utilisation rate is >80% while ASP strengthened by 3% in 2Q10 vs. 1Q10. Total cost of production has dropped by 2.5% in 2Q10 vs. 1Q10.
♦ Indonesia operations to be commissioned in 2H10. To be conservative, we have only assumed contributions to start from FY11 onwards. However, if the plant is commissioned on time, this could potentially raise our FY10 EPS forecast by 5%.
♦ Growth is expected to mainly come from an improvement of market share and reduction in cost of production. Plans to grow both its Thailand and Indonesia market shares to 5% (from <2%) and 10% (from 6%), respectively in the near term. May try to further reduce cost of production through the securing of rubberwood log supply (by acquisition) and ownership of third glue plant. Any acquisitions of existing MDF players would only take place earliest in 2012.
♦ FY10-11 net dividend payout assumptions of 40-45% translate to an attractive net yield of 6-7% p.a..
♦ FY10-12 earnings forecasts reduced by 1.4-3.2% p.a. after updating US$/MYR assumptions, FY09 numbers, and increasing dividend payout assumptions.
♦ Fair value of RM2.30 (from RM2.35) based on unchanged target PER of 11x FY12/10 earnings.
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
Tuesday, June 1, 2010
Corporate Highlights... - 01/06/2010
♦ Strategy / Earning Review : Downdraft Of Fear; Longer-term Outlook Still Positive
♦ Benchmarking
Market Update : Anticipating The Mid-Year Review
♦ Banking
Sector Update : Apr ‘10 System Data – Broadly Stable
♦ Sunway Holdings
News Update : Secures RM210m Building Job From SunCity
♦ Maxis
Results / Briefing Note : Delivering On Dividends
♦ Alliance Financial Group
Results Note : Lower-Than-Expected LLP Helps Beat Estimates
Corporate Highlights...-01/06/2010
♦ Benchmarking
Market Update : Anticipating The Mid-Year Review
♦ Banking
Sector Update : Apr ‘10 System Data – Broadly Stable
♦ Sunway Holdings
News Update : Secures RM210m Building Job From SunCity
♦ Maxis
Results / Briefing Note : Delivering On Dividends
♦ Alliance Financial Group
Results Note : Lower-Than-Expected LLP Helps Beat Estimates
Corporate Highlights...-01/06/2010
Alliance Financial Group Berhad : Lower-Than-Expected LLP Helps Beat Estimates - 1/6/2010
Above expectations... AFG’s 4Q net profit of RM77.3m (-22.7% qoq, +>100% yoy) beat our but was within consensus estimates with FY10 net profit of RM301.4m (+31.6% yoy) accounting for 116% of our and 103% of consensus net profit forecasts respectively. While we had expected 4Q LLP to normalise (after recovery of a corporate loan in 3Q), nevertheless, the credit charge of 6bps for the quarter was significantly lower than expected. AFG did not declare any dividend for the quarter. FY10 total DPS was 6.4 sen tax exempt vs. FY09: 6.35 sen tax exempt.
Alliance Financial Group Berhad : Lower-Than-Expected LLP Helps Beat Estimates -1/6/2010
Alliance Financial Group Berhad : Lower-Than-Expected LLP Helps Beat Estimates -1/6/2010
Wednesday, May 12, 2010
Corporate Highlights - 12/5/2010
Alliance Financial Group
♦ Company Visit : Poised For The Next Leg Of Growth
♦ Daibochi
Briefing Note : Earnings Contribution From New Contracts To Come Onstream In 2H10
Corporate Highlights - 12/5/2010
♦ Company Visit : Poised For The Next Leg Of Growth
♦ Daibochi
Briefing Note : Earnings Contribution From New Contracts To Come Onstream In 2H10
Corporate Highlights - 12/5/2010
Alliance Financial Group Berhad : Poised For The Next Leg Of Growth - 12/5/2010
New CEO could be announced in the coming weeks... According to press reports, the Board has identified a replacement for Datuk Bridget Lai as group CEO and will announce the person’s name once BNM approves the appointment.
Alliance Financial Group Berhad : Poised For The Next Leg Of Growth - 12/5/2010
Alliance Financial Group Berhad : Poised For The Next Leg Of Growth - 12/5/2010
RHB Equity 360° - 12 May 2010 (AFG, Daibochi, B-Toto, Kencana, Petra Perdana, Kurnia Asia, Hartalega, PetGas; Technical: Latexx)
Visit Note
♦ According to press reports, the Board has identified a replacement for Datuk Bridget Lai as group CEO and will announce the person’s name once BNM approves the appointment.
♦ Notwithstanding the absence of a CEO these past few months, management reassured us that it was business as usual for the group with consumer and commercial banking remaining as the main areas of focus for the group. Management targets “above industry” loan growth, which we believe is achievable given the group’s niche in the SME and consumer segments.
♦ Despite having the highest CASA as a percentage to total deposits, AFG’s unadjusted NIM is the third lowest among peers. Nevertheless, we think this would mean that the company has room to manoeuvre and can be competitive in terms of pricing (which would indirectly translate into loan growth).
♦ AFG is expected to announce its 4QFY03/10 results next week. We expect AFG to post 4Q net profit of around RM35-45m (vs. 3QFY10 net profit of RM99.9m) with the qoq drop resulting from the normalisation of LLP (after the recovery of a corporate loan in 3Q) as well as another RM9.6m impairment provision on the Idaman CLO (3QFY10: nil for Idaman CLO). We do not expect any final dividend.
RHB Equity 360° - 12 May 2010 (AFG, Daibochi, B-Toto, Kencana, Petra Perdana, Kurnia Asia, Hartalega, PetGa...
♦ According to press reports, the Board has identified a replacement for Datuk Bridget Lai as group CEO and will announce the person’s name once BNM approves the appointment.
♦ Notwithstanding the absence of a CEO these past few months, management reassured us that it was business as usual for the group with consumer and commercial banking remaining as the main areas of focus for the group. Management targets “above industry” loan growth, which we believe is achievable given the group’s niche in the SME and consumer segments.
♦ Despite having the highest CASA as a percentage to total deposits, AFG’s unadjusted NIM is the third lowest among peers. Nevertheless, we think this would mean that the company has room to manoeuvre and can be competitive in terms of pricing (which would indirectly translate into loan growth).
♦ AFG is expected to announce its 4QFY03/10 results next week. We expect AFG to post 4Q net profit of around RM35-45m (vs. 3QFY10 net profit of RM99.9m) with the qoq drop resulting from the normalisation of LLP (after the recovery of a corporate loan in 3Q) as well as another RM9.6m impairment provision on the Idaman CLO (3QFY10: nil for Idaman CLO). We do not expect any final dividend.
RHB Equity 360° - 12 May 2010 (AFG, Daibochi, B-Toto, Kencana, Petra Perdana, Kurnia Asia, Hartalega, PetGa...