The AGM of AEON and AEONCR were held at the same day,
luckily I was able to listen parts of both the AGM since both were virtual AGM,
which I just watched it at the comfort from my house.
I will talk about AEON first. (You can skip to below for AEONCR.)
I attended AEON AGM few times before,
usually Executive Director Mr Poh is the one who always answer shareholder's questions.
HOWEVER,
this time the newly appointed Managing Director Mr Shafie is the one who anwered most the questions,
he only appointed around half year ago but already left a good impression at me.
A lot of people thinking that virtual AGM can save a lot of money comparing with the actual AGM, but the management said the money saved is actually insignificant.
Many shareholders also asked question about future strategy,
changes because of the outbreak.
The answer from Mr Shafie is very clear,
there will no new mall opening for the next one to two years,
instead the company will invest more at Digital Asset and not Physical Asset.
The main point is this:
https://myaeon.com.my/
Maybe you will say that is too late to start online mall now,
but changes is better than just standing still right.
Last time AEON didn't take the online shopping seriously,
but now the management changed attitude,
and started focus on it,
so maybe there will be light at the end of the tunnel?
Personally I also hope that AEON online shopping platform will be a success,
so that I don't have to go to AEON but instead just a few clicks at home then the groceries will come to my house~
Next is about AEONCR AGM.
For the past one year,
the company focused more on M40 customers and designed all these products:
1) Executive Personal Financing scheme
2) Premium MOPED financing
3) Premium bicycle for Objective financing
4) New car & Japanese used car financing
5) Platinum credit card
The company market share at MOPED financing market is around 30%.
As for Consumer Financing,
the company expanded to healthcare related products,
such as bicycle, massage chair and etc.
For SME Financing,
the company said that they are always prudent and careful at it,
and it will remain insignificant in total financing porftfolio,
since the company is expert at Consumer Financing.
The average interest rate is between 3.16% to 4.49%,
average yield is aroud 17.09%.
Main funding is from Bank borrowings and Debt Capital Market,
the low interest rates favor the company because the funding cost will be lower.
During MCO period,
all the branch stopped operating,
but during CMCO period,
there is a rise in Personal Financing application.
The NPL ratio still remains low since the customers enjoyed loan deferment for 2 months,
however 30% of the customers chose to opt out from it.
The company also started AEON Relief Program,
so that the customers who are not able to repay that 2 months repayment,
they can refinance it for max 2 years.
The program application will be lasted until 30th September,
currently around 20% customers applied for it.
There is a shareholder asked about how AEON E-wallet will be competing with the many E-wallets?
The management replied that AEON E-wallet will not compete with other E-wallets,
as its position is just Retail Loyalty E-wallet,
(personally I feel like it is just eletronic member card....)
all the current AEON member card users are required to change to AEON Member Plus Visa Card by the end of this year.
When asking about Digital or Virtual Bank,
the management replied that they are always open for opportunities and continue to look for new business.
That's all about what I heard from the virtual AGM.
During the outbreak,
AEON chose to focus on online shopping.
AEONCR chose to help the customers,
by having 2 months loan deferment and AEON Relief Program.
How will the changes help with the profitability of the company?
Let's just wait and see!
Investment is about doing own thinking,
making own decision,
and you take full responsibility of your 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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My investment return for 1st half year 2020
KAWAN AGM 2020
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NESTLE latest quarter financial report
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