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Tuesday, 22 May 2012

Timecom Share Grant Plan简介

Timecom Share Grant Plan简介

-推出以股票为奖励员工的机制。
-在特别大会批准后才能实行。
-为期至少8年,不超过十年。
-赠送给符合资格的员工,有3种奖励类别
-赠送的股票不超过paid up capital 10%
-CEO不参与这项计划(他不拿股)

好处
1。吸引人才
2。保留人才
3。激励人才

坏处
1。我们的股权被稀化
2。EPS被稀化
3。NA被稀化


基本上我支持这个计划。
将心比心,让员工成为股东是让他们忠于公司和尽力发挥的好办法。
赢了他们的归属感,也赢了他们为公司尽心尽力的筹码。
(当然我们又想马儿好,又想马儿不吃草)

不过注意,赠送的股票可以来自:
1。新发股
2。从市场买回来的股
3。混合新发和从市场买回来的股

如果十巴仙都是1来的,

那么希望那班员工创造的价值可以追得上那10%的 dilution.

如果十巴仙都是2来的,

那我们股东就爽了,股价应该会被拉高。

所以我认为应该是3,

至于什么影响,就要看比例如何,业绩怎样等。

所以我也不知这个是凶是吉,但今天股价的反应似乎良好。
不知是巧合,还是看好这计划。
表面来看,照顾员工,应该也会照顾股东吧。。。

无关股票,18以下勿看

最近常在论坛吹水,认识了几位网友文笔很不错。
他们很喜欢写情意绵绵的精句。
由于本人dry了很久,看到大家都忙着写情诗给他们的爱人,
结果被刺激到了。手痒也写了些文来恶搞。
先说对不起内容有点那个,但只是玩笑一场。哈哈!


 ---------------------------------------------------------------

看妳吃力地不断敞开与关闭大户,让他们粗暴地进出

听妳不断地重复道歉与道谢的话,让他们加倍的兴起

他们贪婪地触摸着妳,而妳却无力反抗,

我心急如焚,我心如刀割,我终于忍无可忍, 大喝一句





臭小孩!不要玩电梯                 不要打我
           
 
 
 
 
 
 
-----------------------------------------------------------


妳收下了钱。。。

就得默默忍受他们粗暴的双手在你身上贪婪的触摸

直到最后,你还不可控制的喷出大约一杯份的液体

而他们

还满怀期待的伸入那个肮脏的手进去妳身内搜索

我很不甘心,我也很无奈,我不想和他们一样

但我控制不了我自己

我最后屈服于我的欲望


对不起。。我不想的。。。。但。。

我实在忍不住了,尤其是在这种环境下。。。

于是。。。我也让妳收下了我的钱

我轻轻触摸了妳,也让妳喷了,我手也伸了进去。。。


神阿,原谅我。。。





对个正在跑步减肥的人来说,看到路边的卖可乐机器是多么难把持得住阿)





不要打我
   








Friday, 18 May 2012

Timecom 2012 第一季财报

Timecom第一季财报出炉了。业绩还算过得去。

简报:
1。Revenue RM81.3 million 比上季 RM83.2 million 低2%,给的原因是假期多客户用量减少。
2。PBT RM29.6 million比上季 RM25.6 million 多,因为上季one-time adjustments of operating
expenses ;这季减记少,得到的股息较高。
3。弱点还是没变,但收购案基本上已完成,过后相关新业务会带来贡献。
4。今天闭市价RM2.71 aka RM0.542,价值出来了,但现在外围跌到乱,可能要引入新资金了,不过一定要看图做事。
(可恶的HLEBroking 每天 maintainence



Comparison between the current quarter and the immediate preceding quarter

Consolidated revenue for the current quarter of RM81.3 million is RM1.9 million or 2% lower than the consolidated revenue of
RM83.2 million recognised in the quarter ended 31 December 2011. The reduction mainly arises from lower voice and data usage.
Voice revenue in the current quarter had been affected by lower usage due to the number of public holidays in the first quarter of
the year.
The Group’s profit before tax for the current quarter of RM29.6 million was, however, RM4.0 million higher than the consolidated
profit before tax recorded in the fourth quarter of 2011 of RM25.6 million mainly due to one-time adjustments of operating
expenses recognized in the previous quarter. The increase in profit before tax also due to lower depreciation charged during the
quarter and higher dividend income from available-for-sale financial asset in the current quarter.



Financial Results
Reference No TD-120518-39143

Company Name
:
TIME DOTCOM BERHAD
Stock Name
:
TIMECOM
Date Announced
:
18/05/2012
Financial Year End
:
31/12/2012
Quarter
:
1
Quarterly report for the financial period ended
:
31/03/2012
The figures
:
have not been audited

Converted attachment :



Please attach the full Quarterly Report here:
tdc _BursaM_ Mar-12.pdf


Remark:






Currency
:
Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2012

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/03/2012
31/03/2011
31/03/2012
31/03/2011
$$'000
$$'000
$$'000
$$'000
1Revenue
81,260
70,060
81,260
70,060
2Profit/(loss) before tax
29,629
22,883
29,629
22,883
3Profit/(loss) for the period
29,252
22,883
29,252
22,883
4Profit/(loss) attributable to ordinary equity holders of the parent
29,252
22,883
29,252
22,883
5Basic earnings/(loss) per share (Subunit)
1.16
0.90
1.16
0.90
6Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7Net assets per share attributable to ordinary equity holders of the parent ($$)
0.7300
0.6900

Remarks :



Definition of Subunit:









Thursday, 17 May 2012

重温持股策略

记录下-
16/5/2012马股下滑25点,下跌股多达822只。
据说是欧债危机又复发,外围因素拖累马股,有传熊市初现。
资金寻求安全资产,美元升值,马币贬值,原产品如黄金石油也纷纷下滑。




重温我的持股策略。

1。低风险- Stareit -RM0.93
下跌有限,反正看的是股息。
除非跌到Div Yield10%, 不然不会进场。

2。中风险- MBB - RM8.56
可能会持续下跌,最期待能加码的股。
会酌量加码,如果创新低,不排除从别股调资金来这里。

3。高风险-Timecom-RM2.91
5股合一后一路下滑,应证了分拆涨,合并跌的说法。
2.91/5=0.582, 加回0.02=0.602,到达了我的买进价。
给它一年时间看如何,但千载难逢机会来时又没资金会卖出。

4。评估中 - YTLP-RM1.54, YTKP-WB RM0.39
这就是所谓的千载难逢的机会,不过不知是福是祸。
感觉上就像07-08的MBB,但不同的是这个是私人掌多数股权公司,可能会倒。
按照牌面看,倒闭机会小,转亏为盈机会大(其实只是YES亏钱)。
难得的是减少派息,赶走了一班股东,压低了股价。
忧虑:大股东不断卖WB和回购YTL母公司,有人说要私有化,我觉得纯粹筹资。
上次看图不照图的讯号就买进WB, 这次要好好看图,可能分批买进

Tuesday, 1 May 2012

4月尾的投资成绩

5月了,放上截至4月尾的投资成绩。

1。买进了YTLP-WB,原因在《莫买当头跌》里解释了。

2。MBB的回酬还没算进已公布的股息。

3。大致上还满意,除了买YTLP-WB带少许冲动外(太早入场)。

4。自年头都没注入新的资金进股票户口,7月将再次注入新的资金。

5。没做多余动作,买进的都可长期拥有。





30-Apr-12




COMPANY % by Cost Average Buy In Price Current Price Capital Gain (%) Net Dividend Yield % (Jan-March2012) 
STAREIT 26.88 0.86 0.950 10.47 4.56
MAYBANK 34.33 7.79 8.630 10.78 3.30
TIMECOM 10.88 0.60 0.710 18.33 0
YTKP-WB 7.95 0.57 0.525 -7.89
CASH 19.96




100.00



No Dividends = Better?

这篇文章很清楚地解释了single tier tax,值得一读。

-------------------------------------------------------------



No Dividends = Better?
April 10, 2012
In this article, we explain how a dividend is taxed, and whether dividends are good or bad to investors.
Author : Khor Jay Ee

--------------------------------------------------------------------------------

Key Points:

Malaysia is currently having two dividend tax systems in place
There is no extra layer of tax being deducted when dividends are paid out
The difference in tax impact between dividends and no dividends depends (details below)
Tax impact should not be a main concern when looking at whether a unit trust pays dividends or not


"I Prefer Not To Receive Dividends Because I Pay More Tax..."

Some investors think that every time a dividend is paid out, tax is deducted on the dividend and hence would prefer no dividends paid out instead. The fact is: whether a unit trust (or a public-listed company for that matter) pays dividends or not, an investor would have already been taxed on his share of the unit trust’s (or company’s) profits. Yes you, as an investor, are already taxed before dividends even come into the picture. In this article, we explain how a dividend is taxed.


Let’s Go Back A Bit

A unit trust (or company) makes a profit, then pays tax to the Inland Revenue Board (IRB) amounting to 25% of its taxable profit and is left with after-tax profits. From this after-tax profits, the management decides whether or not to distribute dividends to investors, and how much of dividends to distribute. In our example, let's assume all of the after-tax profits are distributed as dividends to investors.

When a unit trust (or company) distributes dividends, unit holders (or shareholders) actually receive two things:

The net dividend, which is distributed by the company from after-tax profits; and
The tax credit (if any), which is passed on by IRB from the 25% income tax paid by the company on its taxable profits (see Illustration 1).
So going back to the assumption that tax is deducted on the dividend every time a dividend is paid out, this is simply not the case. There is no extra layer of tax being deducted when dividends are paid out. The tax is already reflected in the unit trust’s Net Asset Value (NAV) or in the case of a company, the share price regardless of whether dividends are paid out or not.



Illustration 1: Tax System (Assuming 100% of Profits Are Declared As Dividends)





So Are Dividend Payouts Good or Not?

From A Tax Perspective

Under the older imputation system which will be phased out by 1 January 2014 (Illustration 1, left column), it depends:

If you are in the 26% scale rate, you are liable for an extra 1% of tax on your dividends when you furnish your annual tax return. In this case, dividends are not good for you.
If you are in the 25% scale rate, it makes no difference on your tax payable.
If your scale rate is lower than 25%, the difference between the 25% tax credit and your scale rate will result in a tax refund from the IRB. In this case, dividends payouts are good for you.
However, under the new single tier system (STS) which is also in effect during the current transition phase (Illustration 1, right column), dividends are exempt from tax in the hands of unit holders (or shareholders). Also, the 25% income tax paid by the company will not be passed on as tax credits to shareholders. Hence in this case, dividends have no impact on a shareholder's tax payable.


From A Non-Tax Perspective

From a non-tax perspective, dividends are a good idea because an investor would have more cash in his or her hand, and also, investors generally do not want cash to be retained by the unit trust (or company) for fear that management may just let the spare cash idle instead of investing it and enjoying a yield . Also, it depends on the objective of the unit trust which is clearly stated in its prospectus; whether it aims to distribute dividends regularly or do away with any dividends at all. So really, it depends on what investors want, and how good the fund manager is at managing your money.



Conclusion

The tax impact should not be a main concern when looking at whether a unit trust pays dividends or not. More importantly and more relevantly, investors should determine whether or not they need the better cash flow that regular dividend payouts provide. On our platform, any dividend received is by default reinvested back into the unit trust and hence, investors would receive extra units of the unit trust. If an investor wishes to receive cash instead, he or she may sell off the extra units. We usually encourage investors to stay invested.

http://www.fundsupermart.com.my/ ... .tpl?articleNo=2234

莫买当头跌

以前买股完全不理会图表,所以连接刀的概念都没有。
只要看好公司前景,然后觉得此番下跌只是短期(~2-3年),长期而言公司还是具有优势的,就会买进。

这个策略的弱点是:
1。要对公司很有信心,毕竟股价在买进后下跌20-50%始终会有压力。
(暂时所持的股只有Timecom下跌会有压力因为没堡垒也没派息)

2。不靠图表,没有概念该股会下跌多少,average down也不知从何做起
(虽然通常不鼓励average down,但是如果MBB到RM7 我会买,
再跌到RM6我也会买,再跌只要有资金都应该会不断加码)。

3。资金不能被善于利用。如果该股在下跌趋势,该趋势可能维持1年有多,
太快进场造成买入价相对的高,而且资金可能失去买进其他更好的机会。
(例如Stareit跌了给到我Div Yield 10%,但MBB跌得更多,如果太早买进stareit就错过MBB了。毕竟现金有限。)

看到YTLP最近负面新闻一箩箩:
但管理层还是一样的人,资产危机就是大马发电厂和yes 4G。
最坏打算是大马发电厂作废,yes 应该会转亏为盈(他们说2015)。
潜在机会就是发电厂续约,yes提早转亏为盈,还有那个讲了很久的收购海外资产。
(所以现在想要知道它的segmental breakdown是如何,
ytlp楼有大大告诉我只会减少EPS RM0.04,
一切还要算详细点。。。)

最近才决定要学看图,明明知道是downtrend,还是一时改不了,觉得便宜就进了 。
从基本面(公司前景),不后悔;但从看图,大错特错,就算不等反转信号,至少也买在盘整,而不是接刀。
可能我对图表的信心和依赖还不是很强。



----------------------------------------------------------------------------------------------------------
下文和下图是chua88 兄在基本面技术派智囊团的楼分享的。
看了觉得很不错!可以用来提醒自己的弱点。




http://www.investalks.com/forum/ ... 056&pid=1237826
莫买当头跌
2010.06.21
(精华)
表面来看,股价是每次跌了就会起,起了就会下跌,这仿佛是一个不变规律,但在投资的领域里却不完全正确。因为事实上股价下跌后,不一定能上扬回到之前的高峰,更甭说达到更高的水平?而股价上扬后,又是否一定会下跌至以前的低点,或跌得更低?其实了解涨落的定律并不是最重要,最重要的是:在股价上扬时,上扬到什么程度股价有下跌的风险;而在跌势中,又会下跌到什么程度才出现回弹?一个专业的投资者,尤其是个人投资组合者,绝对不会根据表面的惯例来进行他的投资事业,那么专业的投资者对股价涨落的规律,持着什么看法呢?
对于个人投资组合或散户来说,当股价正在上扬时,是非常难买入股票的,因为会认为买在高价等于买在涨势的尾端,害怕股价即将会下跌,所以眼见股价不断的上扬,却没有信心买入。相反的,当看见股价开始下跌时购兴才起,心想股价下跌后必定会走高,但往往在买入后才发现股价不起反而还继续下跌,有的甚至延续跌势至数月。许多投资者就是被困在此窘境,年复一年的重复在涨势中悔恨买不到,而在跌势中后悔买太早。
在正常的状况之下,股价从跌势转为涨势的特征是股价出现较高底(Higher Low)及新高(New High);而从涨势转为跌势,股价则会形成较低的高峰(Lower High)与新低(New Low)。当然,不是每一家上市公司的股价都能有固定的惯性或图形。但对于有固定惯性或图形的股项而言,这都是投资者可以采用技术分析来投资的最佳选择。只要投资者掌握好转势的特征,就能减低错误买入的几率。
虽然说便宜莫贪,但人性本来就喜欢以较低的价钱来买入任何东西。就算明知股价处于涨势是有利的,却偏偏难以接受要以比昨天更高的价位来买入股票,因为这和人本性的自然心态有冲突,所以要做到『宁买当头起』是说易行难。
因此,投资者在分析时就必须更理智的判断状况,尽量减少被情绪左右。在一个涨势中,股价收高的天数必定多于收低的天数,所以投资者比较容易买到比昨天高的价位,这也证明买对了方向,那投资者又何必感到害怕呢?只要做好投资的追踪止损计划,就能控制风险。
相反的,在跌势中,股价收低的天数,都会比股价收高的天数来的多,所以在跌势中,投资者不必争先恐后,便可以很容易的以低价买入,所以买到“便宜货”是理所当然的,投资者无需感到高兴,更不表示投资者眼光独特,因为这些投资者买入后却往往发现股价仍然处于跌势中,投资者被逼持票成为“长期投资者”而后悔莫及。这就是为何我们不断的在强调『宁买当头起,莫买当头跌』的重要投资原则。
结论:
投资者必须谨守制定的投资计划,清楚当初买入股票的目的是了什么?若买入股票是认为股价有上扬的机会,既然如此,为何偏偏在跌势中寻找股项?而不选择正处于上扬趋势的股项?如果股价处于上扬趋势中,股价自然会一步一步上扬,所以投资者不必贪求以低价买入,因为若能轻松地以低价买入时,往往都是买在跌势。相信许多投资者都认为投资成功绝对不是因为侥幸。趁低吸购的投资者买入时那个不是认为他买入的那一天就是股价跌势的最后一天?但事实上要买在跌势中最低点的机率是非常的渺小,那何不买在『当头起』?



http://www.investalks.com/forum/ ... 056&pid=1237466

chua88: 以下个人主观看法,不要太认真,
个人买股原则,不要去接掉下刀, 无论股价多便宜,更何况这是downtrend股。
搶反弹也必须有buy signal 出现,没有胜算就不买。


 

All divisions boost Maybank unit

印尼市场开始带来很好的贡献,好事!好事!

-------------------------------------------------------------------------

All divisions boost Maybank unit

JAKARTA: Malayan Banking Bhd’s (Maybank) Indonesian unit PT Bank Internasional Indonesia Tbk (BII) recorded a
78% increase in its net profit to 267 billion rupiah (RM87.95mil) for the first quarter ended March 31, due to strong loan growth, better performance of the bank’s core businesses, and improvement of the overall banking operations.

Maybank said in a statement yesterday that the decline in provision expenses due to improving asset quality also contributed to the stronger bottom line.

The bank also continued to book strong loan growth in the first quarter.

Khairussaleh: ‘
BII continues to grow.’

It recorded a 23% consolidated loan growth from 56.7 trillion rupiah in March 2011 to 69.8 trillion rupiah in March 2012, consisting of 25.7 trillion rupiah or 37% from consumer loans, 17.1 trillion rupiah or 24% from SME loans, 8.4 trillion rupiah or 12% from commercial loans, 18.2 trillion rupiah or 26% from corporate loans and 372 billion rupiah or 1% from syariah banking.

“The solid loan growth has brought the total asset to 96.5 trillion rupiah, an increase of 25% from the previous corresponding period,” Maybank said.

“The bank’s growth across its business segments was accompanied by improved asset quality,” it said, adding that BII’s gross non-performing loans (NPL) level dropped to 2% from 2.57% previously and net NPL improved to 1.04% from 1.40%.

Maybank said the improvement in asset quality was achieved mainly through the bank’s prudent and disciplined banking practices as reflected by continuous effort in strengthening its risk management and credit processing as well as closer monitoring of existing borrowers.

In the same statement, BII president director Datuk Khairussaleh Ramli said he was pleased with the bank’s first-quarter results, adding that it was a good beginning for the year.

“I am indeed excited with the growth prospects of BII, as it continues to grow together with Indonesia. Our objective is to ensure that our business growth and performance are sustainable across all business segments, and we continue to capture market share profitably while ensuring good asset quality,” he said.

Maybank chairman and president commissioner of BII, Tan Sri Megat Zaharuddin Megat Mohd Nor said BII’s sustained strong growth trajectory further strengthens it as Maybank’s franchise in Indonesia, serving widening communities across the archipelago.

“With increasing organisational capabilities and regional linkages to the Maybank group, our staff are fully energised to fulfill customer needs, from simple to ever sophisticated products and services in this most dynamic economy of Asean,” he said.

对银行的坏消息


对银行的坏消息:

1。印尼可能要投资那里银行的机构减持股份。
(MBB被迫削减股份,BII售股已经延迟几次了,因为现有股价低于MBB当时的收购价和当局政策逆转。
但CIMB影响更大,因为印尼收入占了一大部分。)

新闻背景
http://www.investalks.com/forum/ ... 297&pid=1021319
http://www.investalks.com/forum/ ... 297&pid=1072211


2。银行业利息赚幅减少。
(近几年全球低利息环境下无可避免,但MBB有不断增加非利息收入来源如主理IPO,回教保险和Kim Eng)

30042012 banking hlib.pdf (893.66 KB)



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印尼央行6月公佈銀行股權結構條例

東南亞
2012-04-30 11:14
(印尼‧雅加達30日訊)央行方面宣佈,將於今年6月公佈銀行股份擁有權結構條例。相關條例將在一個月內完成擬訂工作。


央行行長達爾敏‧納蘇蒂安週五在雅加達指出,有關銀行股份擁有權結構的規定,顯示政府小心處理銀行股權問題。正如他曾經說過的,
若銀行大多數股份不在一個機構或個人手上,那麼,業主會更加謹慎小心。
“有關規定適用於任何銀行,我國銀行也好,外國銀行也好。如此做並非為了限制外國人在銀行業的股權。另外我方將安排股權過渡期。”

央行向新加坡金融管理局傳達上述信息,事關星展集團接管我國“金融銀行”計劃。央行方面會見新加坡金融管理局官員時表示,
關於銀行股權限制條例出台之後,將辦理接管申請。

他指出,凡有意接管我國銀行的任何外國投資者,將受到同樣的對待。正因如此,
央行至今沒有發出新的接管銀行許可證,並駁回所有的申請。(星洲互動)

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Pressure on bank’s net interest margin

By DALJIT DHESI
daljit@thestar.com.my

This is due to competition and stiffer guidelines

PETALING JAYA: Net interest margin (NIM) for banks, which has been under pressure since mid-2010,
is expected to come under further compression, with an analyst projecting it to hover around
2.2% this year compared with about 2.3% last year.

Analysts attributed the continued margin pressure to competition in certain loan segments,
stringent responsible lending guidelines, efforts to shore up deposits in view of the Basel III requirement
to have stronger liquidity and capital base, and stagnation in the overnight policy rate.

RAM Ratings head of financial institution ratings Wong Yin Ching said NIMs this year would likely
remain under pressure due to stiff price competition, particularly in certain loan segments such as
residential mortgages by offering attractive packages.

The strong drive for deposits in anticipation of the more stringent Basel III liquidity requirements
as well as to keep a healthy loans-to-deposits (LDR) ratio would keep funding costs elevated, she said.

Wong said: “NIM's outlook for a particular bank largely hinges on the institution's loan and funding mix.
In view of the potential slower growth in household loans with the imposition of the Responsible Lending Guidelines in January,
certain banks have placed greater emphasis on lending to SMEs, which generally yield higher margins.



“Banks with a high proportion of low-cost current and savings account deposits will also benefit from lower funding costs.
On the whole, we expect the average NIM for the banking system this year to hover around 2.2% compared with the estimated 2.3% in 2011.”

Growing non-interest income, therefore, would be key for banks, she said, adding that wealth management,
bancassurance and treasury-related products and services were the main areas of focus.
NIM is a measure of the difference between the interest income generated by banks and the amount of interest paid out to depositors.
LDR, which assesses a bank's liquidity level, is the amount of a bank's loans divided by the amount of its deposits.
ECM Libra Capital head of research Leong Hon Sze said although there was an uptick from a low in January,
NIM margin fell back in February and with no directional movement of interest rates, NIM would continue
to be subjected to competitive downward pressure.

He said Maybank was expecting a contraction of 10 basis points in the group's NIM this year,
citing continued competitiveness in the financial services market resulting in thin margins for some
financing products offered due to price competition between banks.

“Banks with exposure to Indonesia face higher risk of interest margin compression,
as NIM margins in Indonesia are more than double Malaysia's, and Bank Indonesia favours lower intermediation costs,'' Leong noted.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said he expected NIMs would continue to shrink this year.
He attributed this partly to the replacement of low-cost deposits to higher-cost deposits and a stagnation of banks' hire-purchase portfolio.

“Low-cost deposits, typically of no more than three years duration, placed at low rates during the global financial crisis
are now maturing and will be replaced by slightly higher cost deposits,'' he added.

Furthermore, he said the cumbersome procedures under the recent amendments to the Hire Purchase Act
as well as the lending guidelines would impact the hire-purchase portfolio of banks.

A slowdown in hire-purchase portfolio growth was negative for NIMs as the gross yield automatically dropped off
as the portfolio aged, Pong said, adding that a continuously growing hire-purchase portfolio, essentially, is needed to keep the NIM level.

Meanwhile, Alliance Research banking analyst Cheah King Yoong takes a different view. He said NIMs were expected to stabilise
or even strengthen this year with the rolling out of higher interest margin loan products and stabilisation in the cost of funds.

He expected the Economic Transformation Programme-related loans and SMEs to be the key loan drivers this year as
they were expected to yield higher interest margins compared with mortgage loan products.

“Although we believe that competition among banks to attract deposits remains high, we do not foresee competition
to increase dramatically this year since most domestic banks have healthy LDR.

“Furthermore, the moderation in our loan growth projections (11.0% this year versus 13.6% in 2011)
means that banks do not need to aggressively acquire deposits to meet the loan growth.

“Nonetheless, we anticipate banks with high exposure to retail loan segments to suffer from ongoing NIM compression,” Cheah added.

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