NST Online Business Times : latest
NST Online Business Times : latest |
| Aeon Credit Service among early top gainers Posted: 19 Dec 2012 06:58 PM PST AEON Credit Service (M) Bhd (ACSB) emerged among the top gainers in the early session of trading on Bursa Malaysia this morning, after posting bullish financial results yesterday. The company, which is involved in the business of credit, surged 12 sen or 0.99 per cent to RM12.20 at 10.26 am, after hovering between RM12.12 and RM12.20. The company's pre-tax profit surged by 41.5 per cent to RM129 million for the nine months ended Nov 20, 2012 from the RM91.16 million recorded in the same quarter of last year. This was due to continued growth in business coupled with an improved cost efficiency from sharp growth in receivables in the year and lower ratio of net impairment.
HwangDBS Vickers Research said the results were within its expectations, led by robust loan growth in personal and vehicle financing. It expects the strong growth in vehicle, general and personal financing to continue, with the credit cards business moderating, as a result of Bank Negara's tighter lending guidelines for credit cards issuance. The research house has maintained its "hold" recommendation on ACSB with higher target price of RM11.30 against RM9.80 previously. "This is based on 9.5 times calendar year 2012 earnings per share as we roll forward our valuation base to 2014. "We expect the strong loan and earnings traction to continue, but current valuation which is more than +2SD (standard deviation) above its mean, has priced in the positives," it said. Bernama |
| MBSB eyes big projects in Sarawak Posted: 19 Dec 2012 07:05 PM PST In line with its business expansion plans, Malaysia Building Society Bhd (MBSB) is eyeing several big property projects in
Its President and Chief Executive Officer, Datuk Ahmad Zaini Othman said MBSB, with five sales and service centres in Sarawak, had the necessary expertise and experience to provide property financing services to big scale property undertakings. "The high level of confidence and trust placed in us by depositors, especially in Sarawak, certainly bodes well for the company's expansion plans," he added. He was speaking at the "An exclusive Moment with MBSB" appreciation dinner here last night. UiTM Sarawak's new 404-hectare campus in Kota Samarahan, is expected to accommodate another 4,000 students, in addition to the existing facility. Its permanent campus in Mukah, scheduled for completion in October 2015, will accommodate 2,000 students. Ahmad Zaini is confident of the strong business potential in Sarawak for the company, having opened its first branch in the state in Kuching, 13 years ago. For the first nine months of this year, he said, MBSB achieved a record profit before tax of RM410 million, which was a 26 per cent increase of RM83 million, compared to the RM327 million achieved for the same period last year. He added that a strong growth in deposits at an annual average of 21 per cent for the last three years was also recorded. MBSB, whose largest investor is the Employees Provident Fund(EPF), has 36 sales and service centres and 12 representative offices nationwide at present. Bernama |
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