RCE Capital : Loan book continues to grow Outperform
2QFY10 Results
- 2QFY03/10 results (+2.1% qoq and +16.2% yoy) in line, 1HFY03/10 net profit +25.4% yoy.
- Continued loan growth (net loans grew 4.9% qoq and 30.3% yoy). Decelerated given larger base and
consumers turned more conservative..
- Margin recovered despite high “business acquisition” costs and increased competition from banks.
- Some banks have already gained access to this segment of the lending business but it has yet to impact
RCE’s loan book expansion.
- We believe its fat margin and ability to track thousands of accounts with small loan amount would help the
group to face more competition ahead.
- Fair value is pegged at RM1.08 (11x CY10 EPS).
Maintain Outperform.
Financial Summary (20091105FA00143)
Company Name RCE CAPITAL BHD
Stock Code / Short Name 9296 / RCECAP
Date & Time Announce 05/11/2009 6:01:30 PM
Subject Quarterly rpt on consolidated results for the financial period ended 30/9/2009
Content
Financial Year End : 31/03/2010
Quarter : 2
Report Status : Unaudited
CONSOLIDATED INCOME STATEMENT
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD
30/09/2009 30/09/2008 30/09/2009 30/09/2008
RM'000 RM'000 RM'000 RM'000
1 Revenue 59,882 54,627 126,865 101,740
2 (a) Profit/(loss) before income tax, minority interests and extraordinary items after share of profits and losses of associated companies 24,974 19,534 49,933 36,607
(b) Net Profit/(loss) from ordinary activities attributable to members of the company 18,914 16,281 37,447 29,852
(c) Net profit/(loss) attributable to members of the company 18,914 16,281 37,447 29,852
(a) Basic (based on ordinary shares - sen) 2.52 2.29 5.12 4.21
4 (a) Dividend per share (sen)
5 Net Assets Per Share Attributable To Ordinary Equity Holder Of The Parent (RM) 0.47 0.42
Remarks
Submitted By/Contact Person:
JOHNSON YAP CHOON SEN
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