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CIMB (1023) : CIMB GROUP HOLDINGS BERHAD
ILoveDividend
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13 Jul 2014, 04:09 PMPost #1
拟换股进行回酬率稀释1% 联昌购兴业马建屋需280亿

吉隆坡11日讯)分析员认为,联昌国际(CIMB,1023,主板金融股)在合并兴业资本(RHBCAP,1066,主板金融股)和马建屋(MBSB,1171,主板金融股)中,需要祭出至少280亿令吉的收购成本。
这三家金融机构,昨日获得国家银行批准洽谈合并,并签署长达90天的专属协议,有望成为全马最大回教银行,更将马银行(MAYBANK,1155,主板金融股)从龙头位置踢下。
马银行投行研究指出,由于推测这项交易是由换股进行,相信涉及的大股东都不会要求太高出价,若以3家公司当前股价来计算,联昌国际的并购成本至少约280亿令吉。
从中可推算出,每1股兴业资本,可换联昌国际1.2股;每1股马建屋,则可换得0.3股联昌国际。
每股账面涨17%
同时,预计联昌国际需发行39亿新股,意味股本将扩大47%,股东基金将从400亿令吉,提高至680亿令吉,高于马银行的480亿令吉。
这三家公司的共同大股东公积金局(EPF),料将在合并后的大型银行集团中,持股24.8%;联昌国际大股东国库控股(Khazanah)股权,则将从29.2%,稀释至19.8%。
兴业资本的大股东中东Aabar投资和侨丰控股(OSK,5053,主板金融股),将分别持股5.4%和2.5%。
不过,联昌国际2015财年的每股盈利,在收购后仅会增强7%,这还不包括并购成本,预测回酬率将会稀释1%,报11.8%。
“但是,该集团的每股账面价值,可提高17%,达5.56令吉。”
分析员指出,基于13.5%稳定回酬率、6%增长和10.5%每股成本为前提,决定维持相等1.7倍价格对账面价值的8令吉目标价,仍有约10%上涨空间。

联昌股价跌 兴业马建屋扬
作为主导的联昌国际,因需发行新股稀释回酬率,今日股价走跌,反倒是兴业资本和马建屋趁势走高,兴业资本更创52周新高点。
联昌国际全日呈跌势,闭市报7令吉,跌24仙或3.31%。
相反的,兴业资本则为全场上升股冠军,盘中一度扬98仙或11.24%,攀抵9.70令吉,是52周来最高纪录;该股最终以9.18令吉挂收,涨46仙或5.27%,成交量有1078万2200股。
马建屋则是交投量大增,共有2984万2800股交投,收报2.46令吉,涨12仙或5.12%,盘中也一度飙12.82%,达2.64令吉。
昨日因上述三股暂停交易而被追捧的侨丰控股,今日却是回调,以2.21令吉挂收,跌7仙或3.07%。
有趣的是,市场猜测龙头位置不保的马银行可能加入战局,或是拉拢大众银行(PBBANK,1295,主板金融股)合并抗衡强敌,今日也双双小涨。
闭市时,马银行报10令吉,扬2仙或0.2%,大众银行则收报20.08令吉,涨2仙或0.1%。

3家机构并购好与坏一览
好处
联昌国际将一跃成为全马最大金融集团
总股东基金达680亿令吉,有更多空间在区域开拓视野版图。
可多元化商业银行顾客群
联昌国际主要顾客群为高收入个人;兴业银行以中产阶级为主;马建屋则锁定公务员。
多元化贷款组合
兴业资本专注在个人贷款和土著信托基金(ASB);马建屋以个人融资为主;合并后联昌国际集团的个人融资占总贷款比例,可从当前的3.5%,提高至10%。
创建大型回教银行
三家回教资产合并后将达1220亿令吉,马银行回教银行则为1270亿令吉。
扩展新加坡版图
兴业资本在狮城有3家分行,联昌国际仅有2家。
扩大本地股票经纪市场份额
一加一不仅仅等于二,联昌国际投行和兴业投行合并,本地交易市场份额可能翻倍!
坏处
业务重叠
商业、企业和投资银行都有重叠的可能,截至去年底,兴业资本全马共有194家分行,以及270个EASY分店;联昌国际有297家分行。两者综合将有491家分行,马银行则为399,一些分行料会整合。
区域版图重叠
兴业资本与侨丰投行合并后,与联昌国际一样,在新加坡、香港、中国、印尼、柬埔寨和泰国有触角,需要进一步整合。
呆账将稍微增加,拨备金将减少
截至3月底,马建屋总呆账率为7.6%,将让联昌国际的比率,从3.1%提高至3.3%。
马建屋和兴业资本的拨备金皆少于70%,很可能将联昌国际的拨备金覆盖率,从截至3月的83.8%,拉低至76.9%。

http://www.nanyang.com/node/634459?tid=462
jimmychew
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09 May 2015, 09:47 AMPost #2
http://tw.gigacircle.com/3838227-1
http://tw.gigacircle.com/3820467-1
omightycap
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12 Jan 2016, 09:04 PMPost #3
O'Mighty commented on CIMB because we were quite pissed on what they put us through today...

See Link to know what happened
https://www.facebook.com/omightycap/posts/567390033424668
kwok_39
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20 Sep 2017, 05:13 PMPost #4

It's a bargain for CIMB to drop to this low.Its just shareholder sells large chunk of share.Please remember tht quite a sum if bank shares at their all time high like Maybank and Public Bank and other when u all see 10 years chart.Its CIMB tht bad.No.

mea05key
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15 Nov 2018, 09:58 PMPost #5

I compare between Maybank and CIMB stocks in my blog. Which has stronger fundamentals and is cheaper? Please share your feedback

http://jyinvesting.com/maybank-klse-maybank-cimb-klse-cimb/

 

Hutson
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19 Feb 2019, 03:00 PMPost #6

so how now? 

scotthong
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23 Nov 2019, 03:22 AMPost #7

CIMB (1023) - Technical Analysis

Technical Analysis

===========

Long term view

===========

- CIMB shares price started a long term uptrend since Jan 22, 2016, and it tried to challenge MA240 but it failed to trade above MA240.

- However, there was a significant volume entered the market to support CIMB shares prices and it continued the upward trend and record higher high until May 14, 2018, where is the second extraordinary volume in the past 2 years.

- Furthermore, it led CIMB shares price traded below MA240 which is a starting point of downward in long term views.

- It is a good learning point for a technical

More: https://www.fundamental-technical-analysis.com/malaysia/author/HONG-WEI-GIET

scotthong
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23 Nov 2019, 03:23 AMPost #8

CIMB (1023) - 技术分析

技术分析

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长期观点

========

- CIMB股价自2016年1月22日起开始长期上涨,并试图挑战MA240,但未能成功站在MA240以上。

- 然而,有大量交易进入市场支持CIMB股价,并且继续它的上涨趋势,直到2018年5月14日,第二次异常交易量出现。它确实是过去两年中最高的卖盘交易量。

- 此外,这导致CIMB股价跌至MA240以下。这是长线起跌点。

- 从技术分析的角度来看,这是一个

 

更多: https://www.fundamental-technical-analysis.com/malaysia/author/HONG-WEI-GIET

whytwocare
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15 Feb 2020, 10:02 AMPost #9

[CIMB LATEST ANALYSIS] Further selling pressure causes CIMB to be attractive for dividend play: 

https://malaysiainvestment88.blogspot.com/2020/02/klse-malaysia-best-dividend-stock-for.html

lipkarlock
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22 Mar 2020, 12:31 AMPost #10

[Latest March 2020 Dividend Yields Stock]
https://malaysiainvestment88.blogspot.com/2020/03/latest-klse-stock-best-dividend-updated.html

Check out the updated dividend yield due to Covid-19 and how to select the best dividend stocks.

YAPSS
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16 Apr 2020, 05:07 PMPost #11

YAPSS Quick Summary and Free 10 Years Financial Data of CIMB Group Holdings Berhad:
https://www.yapss.com/post/cimb-group-holdings-berhad-cimb-1023

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