RHB

RHB

Postby winston » Wed May 25, 2011 9:58 am

Not vested

Valuation/Recommendationï‚·

Maintain HOLD and target price of RM9.30. Our target price is pegged to its 1-year forward P/B of 1.6x (1SD above 10-year average) and valuing
it at 11x FY12F PE. Entry price is RM7.90. M&A news could continue to drive the share price performance.

Share Price Catalystï‚·

Potential new strategic shareholders who will take up part of EPF’s stake, and stronger fee income from its investment banking division.

Source: UOBKH
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Re: RHB Capital

Postby Muhajir » Mon Jun 13, 2011 2:05 pm

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UPDATE 3-ADCB plans to sell RHB stake to Abu Dhabi fund

* ADCB has 25 percent stake in Malaysian bank RHB
* RHB target of separate take over bids by Malaysian banks
* ADCB shares close down 0.96 percent


ABU DHABI, June 12 (Reuters) - Abu Dhabi Commercial Bank <ADCB.AD> (ADCB) plans to sell its RHB <RHBC.KL> stake to Abu Dhabi investment fund Aabar and has won Malaysian central bank approval to start talks, it said on Sunday.

The Abu Dhabi lender, whose 25-percent stake in RHB is valued at around $1.6 billion, had held a first round auction to sell the stake, drawing wide interest.

But proposed takeover bids for RHB itself from Malaysian rivals Maybank <MBBM.KL> and CIMB <CIMB.KL> put a spanner into the works. [ID:nL3E7GV231]

"In connection with the bank's strategic review of its stake in RHB Capital ... the bank received approval from Bank Negra (the Malaysian central bank) to enter into negotiations with Aabar Investments regarding a potential sale transaction," ADCB said in a bourse statement on Sunday.

A sale to Aabar, which had expressed early interest in the RHB stake, allows ADCB to quickly generate funds rather than wait for the Malaysian takeover saga to play out, people familiar with the matter said.

Abu Dhabi owns 55 percent of ADCB.

"Abu Dhabi somehow wants to retain a stake in RHB and it makes sense for Aabar to buy it and broaden its banking investment portfolio," said an Abu Dhabi source familiar with the matter. "From ADCB's viewpoint, it needs cash and its strategy is to be a local player rather than overseas."

Aabar, majority-owned by Abu Dhabi government investment vehicle International Petroleum Investment Corp (IPIC) , last year bought a 4.99-percent stake in Italy's Unicredit <CRDI.MV>.

Its chief executive said at the time that the fund "always had a strategy to invest in financial services." [ID:nLDE65N0US]
Aabar was not immediately available for comment on Sunday.

The fund is also the biggest shareholder in automaker Daimler <DAIGn.DE> and signed on as cornerstone investor in Glencore's recent IPO.
"Aabar is seen to be a preferred bidder as it makes sense for an internal Abu Dhabi solution," said a separate source familiar with the matter. "The transfer to another Abu Dhabi entity may be easier right now."

ADCB had hired Goldman Sachs <GS.N> and BofA-Merrill Lynch as advisors on the transaction to sell its position in Malaysia's fifth-largest bank with a $7.3 billion market value.

An earlier ADCB auction of the stake had drawn interest from Japan's Sumitomo Mitsui Financial Group (SMFG) <8316.T> and Carlyle [CYL.UL], sources said. [ID:nL4E7GK1KN]

ADCB declined to comment on whether it planned to sell the stake directly to Aabar or the fund was taking part in another round of bidding.
"Pricing is key here and it would be interesting to see how much Aabar is willing to pay," said an Abu Dhabi banker, speaking on condition of anonymity.

Shares in ADCB closed down 0.96 percent on the Abu Dhabi bourse <.ADI> on Sunday.

Source: Reuters
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Re: RHB Capital

Postby behappyalways » Tue Jan 13, 2015 2:16 pm

CIMB and RHB Said Planning to Scrap Biggest Malaysian Merger
http://www.bloomberg.com/news/2015-01-1 ... erger.html
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Re: RHB Capital

Postby winston » Sun Jan 03, 2016 9:28 am

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THOMAS YONG
CEO of Fortress Capital Asset Management (M) Sdn Bhd
Stock pick: RHB Capital Bhd


Since the termination of its proposed merger with CIMB Bank Bhd, RHB Cap has embarked on an internal re-organisation programme.

In 2015, RHB Cap has completed its implementation of an employee mutual separation scheme that will generate cost savings of RM190mil per annum.

It has also completed a rights issue in December 2015 that raised RM2.3bil. This capital raising exercise effectively strengthens its core equity Tier-1 capital ratio to about 11%, meeting the BASEL III requirement.

RHB Cap will proceed with an internal restructuring to establish RHB Bank Bhd as the group’s listed holding company, assuming RHB Cap’s listing status. This will improve tax efficiencies and eliminate holding company inefficiencies.

Regional expansion is progressing healthily and we expect to see further growth from regional businesses compared to the current 14% contribution to top line.

Our primary premise for picking RHB Cap is its attractive valuation. Its current share price trades at a price-to-earnings ratio of 8.8 times and a price-to-book ratio of 0.72 times, which is lower than the level seen during the global credit crisis in 2008.

This valuation level should allow the stock to withstand any near term market challenges and offers investors an opportunistic base for price revaluation going forward.

Source: The Star
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Re: RHB Capital

Postby winston » Wed Aug 24, 2016 2:56 pm

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RHB Bank Q2 earnings at RM350m

RHB Banking group managing director Datuk Khairussaleh Ramli explained that while the group's Q2 performance eas was affected by one large impairment on securities, “we are on the right track to achieve our long-term objectives set under the reframed strategy of focusing on performance”.

KUALA LUMPUR: RHB Bank posted lower earnings of RM350.17mil in the second quarter ended June 30, 2016 after a one-off full impairment on a corporate bond in Singapore.

The country's fourth largest fully integrated financial services group said on Wednesday the impairment was for an equivalent of RM253.5mil, hence impacting the earnings when compared with the RM559.02mil a year ago.

Source: The Star

http://www.thestar.com.my/business/busi ... at-rm350m/
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Re: RHB Capital

Postby winston » Wed Feb 22, 2017 2:02 pm

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RHB Bank falls to Feb 3 low

KUALA LUMPUR: Shares of RHB Bank Bhd fell to a low of RM4.95 – the lowest since Feb 3 – on profit taking on the banking group despite Buy calls by research houses and in the absence of any negative news.

At 11.35am, it was down 19 sen to RM4.95. There were 2.01 million shares traded.

The FBM KLCI fell 1.01 points or 0.06% to 1,705.54. Turnover was 1.20 billion shares valued at RM778.67mil. There were 364 gainers, 324 losers and 357 counters unchanged.

At the current price, it is among the cheapest banking stock as it is trading at a price-to-earnings of 11.17 times.

Its 52 week high was RM5.25 on Feb 13 this year and the 52 week low was RM4.03 on Feb 29, 2016.

UOB Khian Malaysia Research, Nomura and KAF have Buy calls with target prices at RM5.40, RM5.60 and RM5.70. However, Maybank Investment Bank Research has a Hold at RM5.25.

Source: The Star
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Re: RHB Capital

Postby winston » Sat Feb 25, 2017 11:41 am

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RHB Bank posts higher FY16 earnings of RM1.68b

BY JOSEPH CHIN

KUALA LUMPUR: RHB Bank Bhd posted a set of improved earnings at RM1.68bil in the financial year ended Dec 31, 2016 on higher operating profit before allowances due to lower funding costs and also due to healthy growth in current accounts and saving acccounts (CASA).

It said on Friday the earnings were up 1.6% from the RM1.66bil in FY15. Revenue however dipped to RM10.57bil from RM10.77bil a year ago.


Source: The Star

http://www.thestar.com.my/business/busi ... -rm1pt68b/
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Re: RHB Capital

Postby winston » Mon Mar 20, 2017 9:00 pm

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Talk of AMMB-RHB merger surfaces again

By Adeline Paul Raj

(March 20): Talk of potential merger between mid-sized lenders AMMB Holdings and RHB Bank seems to have resurfaced in the banking industry, with a source telling The Edge that an adviser — a big accounting firm — has been working on certain aspects of the perspective union.

"The firm was brought on board to help study this. It's been kept very hush-hush given the sensitivity [of the matter]. It's a very small group that is aware of this," the source says.

A merger of the two would create the country’s fourth largest banking group by assets, behind Malayan Banking , CIMB Group Holdings and Public Bank — based on their asset size as at end-2016.

The combined RHB-AMMB entity’s assets, at RM365.88 billion ($115.42 billion), would be only slightly behind that of Public Bank’s RM380.05 billion.

According to the source, there have been preliminary discussions on the matter among some of the key shareholders of both banks over the last few months.

“Some of the parties have been meeting outside the country to have discussions. But it’s all still at an early stage ... it has not come to a point where the banks are asking the regulator [Bank Negara Malaysia] for permission to have offi cial talks with each other yet,” the source says.

Whether all this activity will eventually lead to offi cial talks being held, remains to be seen. To be sure, this is not the fi rst time such discussions for an RHB-AMMB merger have been held.

The last time was in mid-2015. The Edge had in August that year reported that discussions among some of the key shareholders of RHB (then known as RHB Capital) and AMMB about a potential merger had to be put on hold following political headwinds at the time.

The idea then had been to merge the two groups in a share swap valued at about US$10 billion, under which RHB was the acquirer, The Edge report said, citing sources familiar with the matter.

CIMB Investment Bank had been advising on the merger. However, the plan was shelved shortly after AMMB got embroiled in a controversy surrounding 1Malaysia Development Bhd.

AMMB and RHB have a common shareholder in the Employees Provident Fund (EPF).

The pension fund is the largest shareholder in RHB with a 40.7% stake, and a 11.68% stake in AMMB.

“We are not aware of any such [merger] activity. As a shareholder, we will always wait for an official announcement before considering the merits of any corporate proposal,” an EPF spokesperson tells The Edge.

While it remains to be seen if the talks will take off , what is certain is that any merger between RHB — currently the fourth largest lender — and AMMB, the sixth, will be difficult.

For one, pricing will be a major issue, especially for the two foreign shareholders — Australia and New Zealand Banking Group (ANZ) and Aabar Investments PJS — that hold major stakes in AMMB and RHB, respectively.

Aabar, which has a 17.69% stake in RHB, proved to be a stumbling block to a proposed mega merger of CIMB Group, RHB and Malaysia Building Society two years ago because it had what was deemd unreasonably high exit price expectations.

For another, analysts say while AMMB and RHB could make a good fit, there would be duplications in some of their businesses, which would make layoff s inevitable.

Banks that embark on mergers these days look to derive cost synergies more than anything else, they point out.

“Any merger of this scale which involves layoffs, given it’s all about cost synergies, will not happen this year for sure. This is seen to be an election year ... no one would dare do this deal and reduce headcount because of a merger at such a sensitive time,” observes a banker.

That AMMB is an M&A candidate is no surprise — ANZ has been keen to sell its stake for some time now as part of a larger plan to exit from minority banking stakes in the region, while the second largest shareholder, founder and chairman Tan Sri Azman Hashim, who holds 12.97%, may be more open to selling as he is retiring from almost all his positions within the banking group over the next two years.

Apart from EPF, Azman — who is 78 this year and holds his stake through AmCorp Group — will be a point man in any deal. He has a big say in who takes up the ANZ stake as he has the first right of refusal on it.

ANZ CEO Shayne Elliott told reporters last November that it would be looking to sell its minority stakes in AMMB and three other Asian banks over the next 12 to 18 months. Private equity firms and some Chinese banks had shown interest in the stake previously, but nothing came out of it.

Over at RHB, the OSK Group’s Tan Sri Ong Leong Huat — the third largest shareholder (7.77%) after the EPF and Aabar — may be keen on a merger as he is understood to want to exit banking to focus on his property businesses, sources say.

Source: The Edge Malaysia

http://www.theedgemarkets.com.sg/articl ... aces-again
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Re: RHB

Postby winston » Wed Apr 26, 2017 9:03 pm

RHB Bank not in merger talks with AMMB

On the bank’s loan performance, Khairussaleh said the small and medium enterprise (SME) segment would at least maintain last year’s growth of 15% this year.


Currently, he said the retail segment constitutes 49-50% of the total portfolio, followed by corporate (31%), while SME makes up the remaining of 19%.

“We hope to increase the retail portfolio to 55%, reduce corporate (portfolio) to 25% and SME would rise to about 20% in the long term,”


the O&G loan only accounted for 3.6% of the total loans, hence, the impairment from the segment was considered manageable.



Source: The Star

http://www.thestar.com.my/business/busi ... with-ammb/
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Re: RHB

Postby winston » Tue May 23, 2017 5:17 pm

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Malaysia's RHB Bank 1Q Net Profit Down 11.4% at MYR500.28 Million

By Yantoultra Ngui

KUALA LUMPUR, Malaysia-- RHB Bank Bhd. (1066.KU), Malaysia's fourth-largest lender by assets, said Tuesday its net profit for the first quarter ended March dropped 11.4% compared with the year before, mainly due to lower total income and higher impairment losses for loans.

Net profit for the January-March period declined to 500.28 million ringgit ($116.22 million) from MYR564.89 million the same period a year ago, according to its financial statement in a local stock exchange filing.

Revenue fell 3.4% to MYR2.62 billion during the quarter from MYR2.71 billion a year ago.

RHB Bank said it expects to deliver a better performance this year. It said loan growth in the Malaysian banking sector is expected to range between 5.5% to 6.0%, with lending to businesses being the key growth driver, though household loans growth is expected to be moderate.

Shares of RHB were 0.4% lower at MYR5.39 at the midday break, before the earnings announcement. Shares of the bank have climbed some 14% year-to-date.

Source: Dow Jones Newswires
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