Showing posts with label aeoncr. Show all posts
Showing posts with label aeoncr. 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。




Posted by at No comments:
Labels: , ,

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
Posted by at No comments:
Labels: , ,

Tuesday, 14 April 2020

AEONCR最新季度财政报告


原本想说写一篇题目为《写在疫情之时》，
但想来想去，
却写不出任何东西。

 最后，
还是决定写一写AEONCR最新的季度财政报告好了。

 首先来看看业绩：

营业额还算有所进步的，
但利息支出也高了很多，
所以第4季的盈利只比去年同一季好看一点点。

 NPL ratio也从去年的2.04%跌到今年的1.92%：

Operating expense占营业额的比例也从去年的62.3%降到60.4%：

Funding cost则因为receivables的增加而水涨船高。

 这一次也有谈到疫情对公司的冲击：

基本上就只有self-service terminals，
以及上网申请贷款和网上付款在运作而已。

 公司对未来的展望：

最后是股息：

一股只有14sen，
跟去年同时期的22.35sen相比少了很多。

 不过还好，
至少还肯派息~

以上就是本次最新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。

 AEONCR的股价已经从年初的RM14.14跌到现在的RM9以下，
是令我在今年投资亏损的主因之一。

 你问我现在值不值得投资？

 我不知道。

 毕竟面对现在这百年难得一遇的瘟疫，
又有谁能够预知未来的发展呢？

 我当时就认为疫情最多就是像当年的SARS一样，
不会感染超过百万人。

 结果？？

 我的经验令我狠狠地被打脸了。

 在这里还是奉劝大家，
投资就是自己思考，自己做决定，
不过你如果想要跟一些投资大师的意见也可以。

 有的投资大师说接下来还会大跌，
有的说只会大起，
有的说情势不明朗，股价不会有变动。

 三个结果，
总会有一个中。

 反正这么多投资大师，
那么你跟对的机率是三分之一~~~

 感谢阅读。

 以上言论没有任何买卖建议，
大家买卖自负。



Posted by at No comments:
Labels: ,

AEONCR Latest Quarter Financial Report


Originally I wanted to write an article titled <<During the pandemic.......>>,
however I wasn't able to write down anything after squeezing my brain to the fullest.

 THUS,
I decided to just write about the latest quarter financial report of AEONCR which was released few days ago.

 First,
let's look at the financial result:

The revenue grew but so did the interest expense,
thus the quarter profit was only slightly better than the 4th quarter last year.

 Good news is that the NPL ratio dropped from 2.04% to 1.92%:

The ratio of total operating expense against revenue also dropped from 62.3% to 60.4%:

The funding cost increased accordingly to the growth of receivables.

 The impact of COVID-19 pandemic also being mentioned:

Basically only the self-service terminals,
online application and online payment still functioning now.

 Prospects for current year:

Lastly,
the final dividend:

Only 14.00 sen per share,
less than the 22.35 sen per share last year....

 Well,
atleast the company still willing to distribute dividend~

 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.

 The shares price of AEONCR dropped from RM14.14 until now below RM9,
the main reason of my negative return currently.

 Is it worthy to invest at AEONCR now?

 I DON'T KNOW.

 The current pandemic is huge and causing a lot of damages to the economic,
which no one had ever experienced before,
so is hard to predict what will happen next.

 At first,
I predicted that it will just be like SARS last time,
it won't affect more than millions people.

 At the end?

 My SARS experience resulted a punch on my face.

  Anyway,
investment is very personal,
and you should think by yourself,
make your own decision.

 Well,
if you want to follow the advice from some so called investment master also can.

 Some investment masters said that the market will drop more,
some said will rise,
some said the situation still unclear thus only a small fluctuation on the shares price.

 The three outcomes listed above,
one of it will definitely come true.

 Since there are so many investment masters out there,
your chance of following an advice correctly is 1/3 ~~~

 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



Posted by at No comments:
Labels: ,

Friday, 11 October 2019

AEONCR最新季度财政报告


话说AEONCR释出最新的季度财政报告时，
我因为烟霾问题而流亡国外，
只是读了读报告，
并没有好好地写下部落格。

 一直到今天终于有时间，
才决定好好地写下来。

 记得当时是朋友在Whatsapp分享了业绩报告，
所以我一开始就知道这次的盈利跌得很难看，
当然也马上跑去BURSA网站下载来看。

 首先，
营业额是有进步的：


但继续往下看，
我就开始听到心碎的声音在我体内响起：

再继续往下看，
我的心更是碎得一塌糊涂：

唉......
当时还在想是不是在做恶梦..........

 不过如果跑去看Cashflow Statement:

 最后一行的Operating profit还是显示着有进步。

 当然，
因为多拨出的Impairment loss毕竟不是真的100%损失，
当然要填补回cashflow里。

 接下来看看管理层的发言：

其实生意量还是有所增长，
NPL ratio也从去年的2.07%降到2%。

 不过支出对比营业额却从去年的63.8%上涨至74%，
因为更高的Impairment loss和promotional expenses:
Funding cost也是比去年高。

 下面就有提到说因为MFRS 9会计准则，
所以Impairment loss高了很多：

最后是对于未来的展望：

只提到营业额成长了19%，
盈利方面只字不提。

 股息方面：

还好还是保持了每股22.25sen。

 以上就是本次关于AEONCR最新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。

总的来说，
首先我个人并没预料到MFRS 9会计准则会对盈利的表现方式影响那么大，
以前所认为的AEONCR高成长和低PE的两大优势，
其中低PE已经荡然无存。

为此，
我会重新审视AEONCR在我投资组合里的地位。

投资就是自己思考，自己做决定。

感谢阅读。




Posted by at No comments:
Labels: ,

AEONCR Latest Quarter Financal Report


When AEONCR released the latest quarter financial report,
I was not at Malaysia to save myself from the haze,
so I only read the report without writing anything down on my blog.

 Until now,
I finally have time to write it down.

 I remember that I already knew that the result was very bad since my friend shared it with me,
then I quickly went to download the report from BURSA website.

 First of all,
the revenue improved:

But when I continued to read,
I started to hear the sound of my heart breaking:

The more I read,
the more broken my heart was:

How I wished it was a nightmare only.............

 HOWEVER,
when I went to look at the Cashflow Statement:

 The Operating profit still showed a good improvement.

 Well yeah,
since the extra impairment loss is not real 100% loss,
of course need to put it back into cashflow.

 Next,
Let's read the comment by management:

The revenue improved by 21.8%,
and the NPL ratio dropped from 2.07% to 2% only.

 However,
because of higher impairment loss and promotional expenses,
the ratio of total operating expense against revenue rose from 63.8% to 74%:
The funding cost also higher than last year.

 Below also mentioned that higher impairment loss was because of the MFRS 9 accounting standard:

Lastly,
the current year prospects:

Only mentioned that the revenue grew by 19%,
no mentioning of profit...............

 As for dividend:

Thankfully still maintained as 22.25 sen per share.

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

 Frankly speaking,
I didn't expect that the new MFRS 9 accounting standard will affect the profit so much.

 As a result,
the two advantages of investing at AEONCR: High growth and low PE.
PE is not low anymore.

 Thus,
I will re-consider how much should I invest at AEONCR.

 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.

List of articles of year 2018
Posted by at No comments:
Labels: ,

Saturday, 6 July 2019

AEONCR股东大会2019年 + 最新季度业绩


6月20日是AEONCR股东大会的日子：

今年的股东大会不是在学校假期期间，
考虑到KL市中心早上严重塞车，
从我家出发应该会耗时2个小时(虽然只有50公里远.....)，
我只好忍痛从股息中拨出一笔钱，
在前一晚就先到InterContinental酒店过夜：

幸好酒店泊车费用是AEONCR出~~~

 当天股东大会的Slideshow重点：

 首先，
过去一年的生意量增长是多得个人贷款、摩托车贷款和信用卡这三个领域：

过去一年也因为招了很多M40客户，
所以公司资产素质有所改善。

目前E-wallet方面，
公司还在整合AEON和AEONBIG的客户Database。

 等这些都完成后，
才会跟其他领域的关键公司合作，
让AEON E-wallet使用者不只在AEON，
在其他地方消费也能享有更多优惠：

生意方面，
之前都是消费贷款为主，
接下来会推行Objective Financing，
让客户不只购买消费品，
连医疗、结婚或房子装修等都能跟AEONCR贷款。

 SME Financing方面，
公司也获得了新的准证，
之前只能贷款给SME公司购买Equipment hire purchase，
现在也能贷款给SME公司当作Working Capital：

接下来是股东发问环节。

 公司有提到说每年target的LOAN成长是10%-15%，
然后信用卡每年target双位数成长。

 有股东提问关于美元波动的影响，
CFO说其实公司的美元贷款已经是fully hedged了，
在每3个月的季报里可能会出现波动，
但到最后Settlement时是没有影响的，
毕竟美元贷款成本从一开始就已经固定好了。

 公司的美元贷款其实都是来自日本银行，
日本银行的美元贷款利率只是4%，
而且提供上面所说的对冲优势。

 关于跟税收局的官司，
管理层说官司应该会拖个几年，
衡量了官司成本和公司及股东的利益，
管理层认为官司应该继续打下去，
毕竟对这场官司有信心。

 在现场我才真的感受到，
管理层对这场官司的信心，
亲自来股东大会是值得的~

 有股东担忧关于公司进军SME贷款领域，
管理层也说公司在消费贷款领域算是专家，
但在SME贷款领域还是新手，
所以会谨慎地进行。

 有股东担忧世界经济，
特别是美国和中国的贸易战，
管理层说他们也只能做好本分，
专注于马来西亚这里的生意。

 以上就是我在AEONCR股东大会里的所见所闻，
想知道得更详细的话，
下次欢迎亲自出席~

 股东大会之后过了差不多一个星期，
AEONCR就释出了最新一季的财报。

 一开始我看到营业额有所增长，
是很高兴的，
但继续往下看到高涨的Operating expense...........

还有更高的Finance cost:

看得我心里一凉，
这一季的业绩没以前那么好看了..............

生意量是越做越大，
NPL也终于低过2%，来到了1.92%。

 Operating expense增加的原因有两个：
1)更高的impairment losses on financing receivables
2)Promotional expenses

Finance cost更高的原因则是因为higher borrowings。

 公司对今年的展望：
公司觉得可以保持如今的业绩表现。

 季度报告就到此为止，
觉得不详细的话欢迎去Bursa网站下载来看。

 至于AEONCR是不是还值得投资呢？

 投资就是自己思考，自己做决定。

 感谢阅读。








Posted by at No comments:
Labels: ,
Subscribe to: Posts (Atom)