Showing posts with label aeon. Show all posts
Showing posts with label aeon. Show all posts

Tuesday, 7 July 2020

同一天进行的AEON和AEONCR股东大会


AEON和AEONCR在同一天进行了年度股东大会，
由于都能从家里直接看股东大会直播，
所以幸运地让我听了不少的重点。

 先来说说AEON方面好了。（想看AEONCR的可以跳到下面。）

 以前的AEON股东大会，
大部分的股东提问都由Executive Director Mr Poh问答，
不过这次半年前新上任的Managing Director Mr Shafie却很积极地回答各种提问，
令我对他留下非常好的印象。

 可能有很多人觉得比起举办实际的股东大会，
举办线上股东大会可以省很多钱，
不过管理层说了其实省下来的钱很Insignificant。

 然后有很多股东提问关于公司未来运营的方针，
和应对疫情的策略等。

 Mr Shafie的回答很清楚，
就是公司接下来一、两年都不会扩张开新Mall，
并且会把发展资金都投资在Digital Asset而非Physical Asset。

 重点就是这个：
https://myaeon.com.my/

 可能你会说现在才开始网上购物，
已经太迟了吧......
但有变通好过没变通。

 以前公司不把网上购物当作重点，
现在则开始认真对待，
把资金全都投入进去，
可能会有所转机呢？

 当然我个人也希望AEON的网上购物能够做得好，
那么我就不用每次都得亲自过去AEON买东西~

接下来是AEONCR方面。

 过去一年公司注重在M40层级客户，
推出了一系列产品：
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

 公司目前在MOPED贷款市场的市占率是30%左右，
Consumer Financing方面，
公司开始扩展以囊括一些跟健康管理有关的产品，
如脚踏车和按摩椅等。

 关于SME Financing方面，
公司说会非常小心谨慎，
只会在公司整体放贷Portfolio中占有不明显的比例，
毕竟公司的专长是在Consumer Financing。

 公司目前的Average interest rates是介于3.16%到4.49%之间，
Average yield是17.09%左右。

 公司主要的Funding是来自Bank borrowings和Debt Capital Market，
利率减低对公司的好处是Funding Cost降低了。

 MCO期间，
公司分行全部停止营业，
但在CMCO期间，
申请个人贷款的客户增加了。

 因为MCO期间公司让客户自动两个月不用还贷款，
所以目前NPL没有受到影响。

 尽管可以两个月不用还贷款，
但还是有30%左右的客户照常还款。

 然后公司也推出AEON Relief Program，
让无法一次过还累计两个月贷款的客户refinance那笔数目，
可以分期长达两年慢慢还。

 这项服务申请期限到9月30日，
目前已有20%左右的客户参与ARP。

 有股东提问说AEON E-wallet会如何跟市面上各种E-wallet竞争？

 管理层回答说AEON E-wallet不会跟市面上的E-wallet竞争，
因为AEON E-wallet的定位只是Retail Loyalty E-wallet，
(个人觉得比较像是会员卡之类而已....)
然后今年12月31日之前所有普通的AEON会员卡都会换成E-wallet的AEON Member Plus Visa Card。

 有股东提问公司有没有打算进军Digital or Virtual Bank，
管理层说公司一直都不会拒绝任何的机会，
并会持续寻找新的商机。

 以上就是一些部分的股东大会内容。
面对疫情，
AEON选择专注在网上购物，
推出AEON Online。

 AEONCR则体贴客户，
担忧客户还不起贷款，
不只让客户两个月不用还款，
还推出AEON Relief Program帮助客户。

 这两家公司面对变故而做出改变，
在未来会对公司盈利有何帮助呢？

 就让我们拭目以待吧！

 投资就是自己思考，自己做决定，
并对自己所做的决定负起责任。

感谢阅读。

 以上言论没有任何买卖建议，
大家买卖自负。




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AEON & AEONCR AGM which happened at the same day


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.
List of articles year 2018
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Monday, 9 March 2020

AEON最新季度财政报告


好久没更新部落格了，
就先写个简单的季度财报文章来热身一下。

 如标题所述，
这次要来看看AEON的最新季度财政报告：

看起来盈利好像进步了很多，对吧？

 但别忘了，
2019年的业绩是采用最新的会计准则，
所以：

到最后其实第4季的盈利还少过去年的第4季.............

 AEON的业务主要分为Retail Business和Property Management Services。

 当中Retail Business的营业额比去年进步了4.5%:

Property Management Services的营业额则进步了2.8%。

 管理层有提到说如果没有MFRS 16的冲击，
Retail Business的盈利其实增加很多：

另一方面，
要是没有MFRS 16，
Property Management Services的业务其实是退步的：

 所以说MFRS 16在一方面带来好处，
却在另一方面带来坏处。

 管理层对未来的展望：

主要还是担心经济会被新冠肺炎所影响。

 最后是人见人爱的股息：

每股4 sen，
跟去年一样。

 以上就是本次关于AEON最新年度和季度财政报告的要点，
若你觉得有所不足的话，
欢迎到BURSA网站自己下载一份来细读。

 新冠肺炎的爆发，
导致人们拥去超市以囤积必需品，
短期来说对零售业是好的，
但长期来说，
却会严重影响国家经济，
并为零售业带来坏处。

 现在只希望新冠肺炎能够尽早消失。

 本人复归部落格的热身文章就写到这里，
以后可能会写一写关于本人经历手术的感想，
也可能不会写出来，
看心情再说吧！

 感谢阅读。

 以上言论没有任何买卖建议，
大家买卖自负。










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AEON Latest Quarter Financial Report


It has been a long time since I updated the blog,
so I will start with warming up by writing a simple article about quarter financial report.

 As what stated on the topic,
this time let's have a look at the latest quarter financial report of AEON:

 Looks like the profit from operations improved a lot, right?

 But please don't forget that the financial result of year 2019 is using the latest accounting standard,
thus:

At the end the profit for the 4th quarter was actually less than the same quarter at year 2018.........

 AEON has two business segments which are Retail Business and Property Management Services.

 The revenue for Retail Business improved by 4.5%:

The revenue for Property Management Services grew by 2.8%.

 The management also mentioned that besides the MFRS 16 impact,
the profit for Retail Business actually improved a lot:

HOWEVER,
if without the impact of MFRS 16,
the result of Property Management Services is actually worse:

So MFRS 16 has its own pro and cons.

 The current year prospects:

 Mainly is the concern of  Covid-19 outbreak which might impact the economy.

 Lastly,
the lovely dividend:

4 sen per share,
same like previous year.

 That's all for the important points of latest financial report,
if you feel like something is lacking,
feel free to go to BURSA website to download and read it

 As for the outbreak of Covid-19,
people will be rushing to buy and accumulate necessary things,
which is good for the retail industry in short term.
However if the outbreak is long,
then it will definitely impact the economy and bad for the retail indudstry.

 Now we can only hope that the Covid-19 will be gone as soon as possible.

 That's all for my warming up article,
next time I might write about the surgery which I went through last month,
or maybe not,
depends on my mood~

 Thanks for reading.

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

 List of articles of year 2018

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Wednesday, 5 June 2019

AEON股东大会+最新季度财政报告


2019年的5月30日正是AEON公司的股东大会，
既然是在学校假期，
可以避免塞车，
加上地点是在毗邻高速大道的酒店，
所以我就决定久违地出席股东大会。

 由于刚好在股东大会开始时间时抵达，
所以基本的Door Gift已经派完，
我得到的只有：

话说现在AEON股价是RM1.50左右，
买1 lot是RM150左右，
买了100股去股东大会拿价值RM60的voucher，
其实还挺值的~

 以下是我拍下的一些Slide Show照片和我觉得值得记录的要点：

可以看到过去几年Retail Sales的成长是少过GDP Growth的。
至于要如何解读就看个人了，
是Retail Sales会追上GDP Growth？
还是就一直lagged behind呢？

 或者说，
是人民消费意识低？
还是说零售业者不了解顾客的消费意愿？

 然后Mr Poh先谈零售业务：

AEON的零售业务方面，
Foodline其实是有7.1%的成长。

 零售业务的组成：

根据区域的区分：

 各区域平均的成长：

然后是那些2017年经过装修后，
在2018年重新营业6个月后的业绩：

关于零售业务方面，
MD也有说接下来的重点会是重新装修--REFURBISHMENTS。

 而REFURBISHMENTS的主要目的，
比起提高销售，
更是为了提高盈利，

 AEON在马来西亚已经有一段历史，
AEON商场的平均年龄也来到了13岁，
很多旧商场已经跟不上现代顾客的需求，
所以需要重新装修来迎合需求，
并卖出更多高margin的产品。

 主要关注的两个领域将会是食品和儿童商品。

 管理层也有承认说北部区域的商场表现都不好，
中部区域的旧商场也很多，
还特地提到我从小去到大的AEON Bukit Raja，
说这家AEON在被AEON Bukit Tinggi和AEON Shah Alam的夹击下，
需要多加考虑该如何处置。

 然后是Property Management方面：

就连AEON也只能勉强把Occupancy rate维持在90%上下：

MD有说此部分的盈利下跌有几个因素，
其中一个就是高折旧。

 还有就是租金问题，
以及高能源开销。

 最后还语重心长地说：“The current business environment is uncomfortable.”

 总的来说，
由于接下来的重点是重新装修，
所以CAPEX花费会比较少，
新商场的开设会暂缓下来，
并多开设Daiso和AEON Wellness：

还有2019下半年的重头戏：


股东大会同一天闭市后，
AEON最新季报就出炉了。

 有注意我的投资组合的，
就应该知道我之前已卖光AEON，
只留下100股出席股东大会。

 卖出的原因，
是因为AEON Nilai开张，
而通常新商场开张都会有一笔大开销，
所以我认为这一次的业绩会比较难看。

 结果............
我被AEON狠狠地打脸了：

很痛一下.........

 不过再继续看下去，
才发现是因为今年会计准则有所改变：

不管怎样，
业绩跟我预料的倒转，
反而有所进步。

 第一季的零售和产业管理业务的营业额都有所进步，
多亏于装修好了的商场和新开张的商场：

零售业务的盈利表现良好：


 反观产业管理方面却因为租金和折旧而有所逊色。

 最后是公司对未来的展望：

总结一句话，
就是充满挑战性。

 综观AEON的股价，
已经跌到我刚踏入股市一、两年的价位，
7年前的AEON是这个股价，
7年后的AEON也是这个股价。

 值不值得投资呢？

 投资就是自己思考，自己做决定。

 感谢阅读。
















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AEON AGM + latest quarter financial result


The AGM of AEON was held at 30th May 2019,
which around school holidays.

 Since the traffic was less congested and the AGM venue was at somewhere just beside highway,
so I decided to attend it.

 Since I arrived around the starting time of AGM,
so the door gifts already finished distributing,
I only received this:

The shares price of AEON is around RM1.50,
buying 1 lot will just cost around RM150,
receiving RM60 voucher after buying 100 shares of AEON,
sounds worthy~

 Below are some of the pictures of the slide presentation and important points which I think is worthy to write it down:

We can see that the growth of Retail Sales are less than GDP Growth,
but how to interpret it depends on individual.

 Will the Retail Sales catching up with GDP Growth?
Or will it be always lagged behind?

 In another words,
is it that consumers spending is really low?
Or the retailers do not really understand what the consumers willing to spend at?

 Mr Poh talked about retails segment first:

The Foodline division actually had a 7.1% growth.

 The composition of merchandises:

By regions:

The performance of retail stores at different areas:

Also,
some stores which went through refurbishments and re-opened for more than 6 months:

For the retail segment,
the MD said that the focus will be on REFURBISHMENTS.

 The target of REFURBISHMENTS is not just to increase the sales,
but to increase the profitability also.

 AEON already at Malaysia for quite long and the average age of stores are around 13 years,
most of the old stores are running behind customer behaviors,
thus REFURBISHMENTS are needed to meet up with customer expectations,
and to be able to sell higher margin products.

 The two main focus areas will be the food and kids products.

 The management also mentioned that the stores at the northen area are not performing well,
and a lot of old stores at the central area.

 The management also mentioned about AEON Bukit Raja,
the shopping mall which full of my childhood memories~
This store is performing badly because of AEON Bukit Tinggi and AEON Shah Alam.

 As for the Property Management segment:

The occupancy rate is maintained at around 90%:

MD mentioned that some reasons of profit dropping,
are of high depreciation,
rental expenses and high energy cost.

 He also said that:"The current business environment is uncomfortable."

 The focus of AEON will be REFURBISHMENTS which requires less CAPEX,
the opening of new mall will slow down,
instead will open more Daiso and AEON Wellness:

AEON Mall Taman Maluri will be opening soon:

AEON also released financial report after market hour on the same day of AGM.

 If you paid close attention to my portfolio,
you should know that I already sold my AEON shares,
left with only 100 shares to attend AGM.

 The reason why I sold it,
was because of the opening of AEON Nilai at Q1 2019,
which the opening of new mall always caused higher expenses,
so I thought the financial result will not be good this time.

 Ended up................
AEON gave a slap on my face:

Quite painful..................

 Anyway,
this is because of using new accounting standard:

Out of my expectation,
the financial result improved.

 Because of the newly renovated stores and newly opened malls,
the revenue increased:

The retail segment is performing well:


 However,
the property management services wasn't doing good because of rental and depreciation.

 The current year prospects:

 In one word -- CHALLENGING.

 Looking at AEON shares price now,
it already dropped to the price many years ago when I 1st started shares investment.

 7 years ago and now,
the shares price is the same.

 Is it worthy to invest now?

 Investment is about doing own thinking, making own decision.

 Thanks for reading.
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