RCE Capital Berhad : Strong Start To The Year - 16/08/2010

♦ 1QFY03/11 results in line. RCE’s FY03/11 got off to a strong start with
1Q net profit of RM23.6m (+27.5% yoy; +3.8% qoq) accounting for 28%
of our and 26% of consensus full-year net profit forecasts respectively.
Nevertheless, we consider the results to be in line with expectations given
the low provision for doubtful debts made during the quarter (15.7% of
full-year estimates), which tends to be lumpy. As expected, RCE did not
declare any dividend.

RCE Capital Berhad : Strong Start To The Year - 16/08/2010

RCE Capital Berhad : Strong Finish To The Year And Dividends Surprises - 27/05/2010

4QFY03/10 results within expectations. RCE’s 4QFY03/10 net profit of RM22.8m (+23% yoy; +9% qoq) was within our and consensus expectations with FY10 net profit to RM81.1m (+21.8% yoy) accounting for 102.5-103.5% of our and consensus net profit forecasts. Note that 4QFY10 results include a RM6.6m charge for the group’s ESOS scheme, excluding which, FY10 net profit would have come in around 9-10% ahead of our and consensus estimates.

RCE Capital Berhad : Strong Finish To The Year And Dividends Surprises -27/05/2010