TAlk & waTCH.....MBSB..

獲利超預期‧馬屋業財測調高

• 熱股評析
 

 2013-02-04 17:32

（吉隆坡4日訊）馬屋業（MBSB，1171，主板金融組）2012財政年核心盈利表現超預期達3億9千370萬令吉，亮麗業績續烘托其前景發展，僑豐研究上修其2013年財測9%。

受良好業績表現及高派息消息激勵，馬屋業今日一開市即高開15仙至2令吉41仙，並一度來到最高價2令吉46仙，爾後漲勢不再，緩緩走低至2令吉39仙收市，漲13仙或5.75%。

馬屋業2012財政年營業額漲60.86%至9億7千萬令吉，淨利上升37.58%至4億4千670萬令吉，若將該公司排除脫售資產所獲5千540萬令及的一次性賺益，核心淨利按年躍升22.2%。

僑豐研究表示，馬屋業的業績表現主要受回教金融業務激增87%所帶動，而其中貸款業務獲50.8%成長更是首要功臣。

管理層的2012年貸款增長目標為20至25%之間，然50.8%的增長超越了他們的預期，儘管呆賬比率也同時提昇了11.2%，惟整體資產管理尚屬良好，存款率也增長了59.1%，使公司的存貸款比例（Loan-to-Deposit ratio）維持在112.9%。

“相信管理層將維持其強勢貸款成長，我們對馬屋業2013年與2014年貸款增長目標分別維持在20%及15%。＂

料擴大企業融資

僑豐研究指出，馬屋業計劃將個人貸款、房屋貸款及企業貸款在其貸款業務組合中保持均等比重。去年該公司因積極提振個人貸款業務的成長，目前已佔66.3%比重，而房屋貸款與企業貸款比重則分別下跌至13.1%及20.1%。

“因此我們估計該公司在今年將著眼於擴大企業融資部份，或特別針對公司尚未觸及的教育與油汽領域企業融資。＂

綜合上述看法，僑豐研究上修2013年財測9%至4億4千870萬令吉，以及公佈2014年財測5億1千760萬令吉。

馬屋業建議最終股息9仙與特別股息18仙，進而讓每股股息達33仙，周息率15%。

僑豐研究維持馬屋業“買進＂評級，並將財測基準年份延至2014財政年，而把目標價從之前的2令吉81仙調至3令吉15仙。（星洲日報／財經）

我之前看过很多前辈在自己的部落格写关于MBSB馬屋業的股评，所以我也开始留意这只股了，let 看看它是否拥有潜能。。。。

Summary of MBSB's business activities

Malaysia Building Society Berhad is a Malaysia-based company. The Company is engaged in the granting of loans on the security of freehold and leasehold properties, and provision of retail financing and related services. The Company operates in four segments: financing, which is engaged in the granting of loans on the security of freehold and leasehold properties and provision of retail financing and related services; property development, which is engaged in the development of residential and commercial properties; letting of real property, which is engaged in the letting of office buildings, and hotel operations, which is engaged in the letting of hotel rooms, sale of food and beverage and other related income. Other business segments include project management and investment holding.

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000
1	Revenue	487,525	347,142	1,831,560	1,269,438
2	Profit/(loss) before tax	245,747	101,198	656,227	428,262
3	Profit/(loss) for the period	183,606	83,827	446,651	325,432
4	Profit/(loss) attributable to ordinary equity holders of the parent	183,606	83,827	446,651	325,432
5	Basic earnings/(loss) per share (Subunit)	15.11	8.35	36.75	32.43
6	Proposed/Declared dividend per share (Subunit)	27.00	7.00	33.00	12.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.2066		0.9298