Sunday 24 June 2018

AEONCR AGM 2018


The AEONCR AGM was held during school holiday period this year.

 Since I didn't attend AGM for a very long time already,
and currently school holiday period so less cars on the road,
so I decided to attend the AGM.

 Sadly,
when I reached the registration counter,
all the gift bags already finished distributing.........

 I have left my name and phone number with the staffs,
hopefully AEONCR will compensate me with something~

 A picture of the AGM:

I will write down some important points in the AGM at below,
but I can't guarantee that it will be 100% accurate,
since I am not good at catching the voice coming out from a mic.

 Also,
the "important points" are solely based on my own opinion,
so I might miss out certain things,
the best is still attending the AGM by yourselves.

 The important points:

 1) Credit card users grew by 260,000, 14% growth.

2) The result from Transformation:

No wonder nowadays no more counter for payment,
everyone is using ATM machine at the branch to repay money.

 By the way,
we can receive the credit card within 45 minutes if we applied at Mid Valley branch.
3) This year Business Plan:

Last time the customer base is B40,
now expanding into M40 with lower risk,
and more products engineered for M40 will be introduced.

This year will be launching E-wallet and E-money.

 Seems like the E-wallet will be the main focus of AEONCR this year.

 MD explained everything by himself,
E-wallet will enable the company to be closer to the customer.

 Last time is consumer-shop-AEONCR.
After having E-wallet,
it will be consumer-AEONCR-shop.

 Also,
E-wallet will pool the customers of AEONCR, AEON and AEONBIG altogether,
and release its greatest potential of the customers pool,
then will work with other business network.
4) The tax audit:

The hearing date is 20th July,
and the company expected that it might take one to two years.

 The company has confident with the lawsuit,(of course they will say like that)
but plan B is prepared too.

 The company already submitted tax for the interest income from the Sales Receivables,
so if the Sales Receivables really judged by the court as "sold as profit so must submit tax",
then the tax submitted for the interest income of the Sales Receivables must be returned to the company,
if not it will be double taxed.

 There is shareholder worried about the currency exchange rate will affect company profit,
but the management said it was fully hedged.

 Another shareholder complaint that AEONCR is not a bank,
but have to follow the rules set by Bank Negara to have atleast 16% Capital Adequacy Ratio,
which is unfair.
The company responded that they kept trying to reflect it to Bank Negara,
and will continue to do it.

 A shareholder asked about the business at India,
the company said that it is still losing money,
since the business environment is different than here ASEAN,
but the company will not give up India,
because India market has a lot of potentials in it.

 That's all for the important points that I noted down in AGM,
but I still recommend everyone to attend the AGM and listen to what the management said for the most accurate information.

 Investment is about doing own thinking, making own decision.

 Thanks for reading.


I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.


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