RCE CAPITAL BHD

KLSE (MYR): RCECAP (9296)

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Last Price

2.45

Today's Change

-0.01 (0.41%)

Day's Change

2.44 - 2.46

Trading Volume

117,000

Financial

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Last 10 FY Result
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Revenue 335,880 329,941 323,632 299,457 293,459 282,609 262,570 245,906 223,331 162,386 131,186 130,261 10.63%
PBT 195,964 190,046 183,942 177,231 167,223 148,900 131,089 117,373 101,490 54,183 45,729 14,225 32.87%
Tax -48,452 -46,611 -45,158 -44,062 -42,590 -38,319 -35,556 -28,692 -22,541 -14,612 -9,524 -1,712 43.81%
NP 147,512 143,435 138,784 133,169 124,633 110,581 95,533 88,681 78,949 39,571 36,205 12,513 30.62%
-
NP to SH 147,512 143,435 138,784 133,169 124,633 110,581 95,533 88,681 78,949 39,571 26,816 3,124 52.39%
-
Tax Rate 24.72% 24.53% 24.55% 24.86% 25.47% 25.73% 27.12% 24.45% 22.21% 26.97% 20.83% 12.04% -
Total Cost 188,368 186,506 184,848 166,288 168,826 172,028 167,037 157,225 144,382 122,815 94,981 117,748 5.13%
-
Net Worth 784,150 784,150 806,136 870,773 770,987 673,303 584,402 519,794 432,371 449,670 519,781 636,370 2.66%
Dividend
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Div - 219,723 219,855 80,491 46,617 38,574 30,758 23,937 9,901 179,868 17,719 17,355 32.57%
Div Payout % - 153.19% 158.42% 60.44% 37.40% 34.88% 32.20% 26.99% 12.54% 454.55% 66.08% 555.56% -
Equity
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Net Worth 784,150 784,150 806,136 870,773 770,987 673,303 584,402 519,794 432,371 449,670 519,781 636,370 2.66%
NOSH 741,066 741,066 741,066 739,987 382,655 372,938 360,555 355,994 330,054 1,284,772 1,181,321 1,157,036 -4.82%
Ratio Analysis
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
NP Margin 43.92% 43.47% 42.88% 44.47% 42.47% 39.13% 36.38% 36.06% 35.35% 24.37% 27.60% 9.61% -
ROE 18.81% 18.29% 17.22% 15.29% 16.17% 16.42% 16.35% 17.06% 18.26% 8.80% 5.16% 0.49% -
Per Share
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
RPS 45.83 45.02 44.16 40.92 81.83 80.59 76.83 71.91 67.66 12.64 11.11 11.26 16.38%
EPS 20.12 19.57 18.95 18.25 35.03 31.83 28.02 26.03 23.92 3.08 2.27 0.27 60.32%
DPS 0.00 30.00 30.00 11.00 13.00 11.00 9.00 7.00 3.00 14.00 1.50 1.50 39.46%
NAPS 1.07 1.07 1.10 1.19 2.15 1.92 1.71 1.52 1.31 0.35 0.44 0.55 8.00%
Adjusted Per Share Value based on latest NOSH - 741,066
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
RPS 45.32 44.52 43.67 40.41 39.60 38.14 35.43 33.18 30.14 21.91 17.70 17.58 10.63%
EPS 19.91 19.36 18.73 17.97 16.82 14.92 12.89 11.97 10.65 5.34 3.62 0.42 52.45%
DPS 0.00 29.65 29.67 10.86 6.29 5.21 4.15 3.23 1.34 24.27 2.39 2.34 32.58%
NAPS 1.0581 1.0581 1.0878 1.175 1.0404 0.9086 0.7886 0.7014 0.5834 0.6068 0.7014 0.8587 2.66%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Date 30/06/23 30/06/23 31/03/23 31/03/22 31/03/21 31/03/20 29/03/19 30/03/18 31/03/17 31/03/16 31/03/15 31/03/14 -
Price 2.21 2.21 1.82 1.85 2.60 1.49 1.63 1.23 1.78 0.285 0.315 0.28 -
P/RPS 4.82 4.91 4.12 4.52 3.18 1.85 2.12 1.71 2.63 2.25 2.84 2.49 5.75%
P/EPS 10.98 11.29 9.61 10.17 7.48 4.73 5.83 4.74 7.44 9.25 13.88 103.70 -23.21%
EY 9.11 8.86 10.41 9.84 13.37 21.16 17.15 21.08 13.44 10.81 7.21 0.96 30.30%
DY 0.00 13.57 16.48 5.95 5.00 7.38 5.52 5.69 1.69 49.12 4.76 5.36 13.28%
P/NAPS 2.07 2.07 1.65 1.55 1.21 0.78 0.95 0.81 1.36 0.81 0.72 0.51 13.92%
Price Multiplier on Announcement Date
AQR T4Q 31/03/23 31/03/22 31/03/21 31/03/20 31/03/19 31/03/18 31/03/17 31/03/16 31/03/15 31/03/14 CAGR
Date 14/08/23 14/08/23 23/05/23 30/05/22 25/05/21 16/06/20 28/05/19 28/05/18 26/05/17 26/05/16 25/05/15 21/05/14 -
Price 2.23 2.23 1.92 1.76 2.73 1.81 1.63 1.33 1.83 0.75 0.335 0.32 -
P/RPS 4.87 4.95 4.35 4.30 3.34 2.25 2.12 1.85 2.70 5.93 3.02 2.84 4.84%
P/EPS 11.08 11.39 10.14 9.67 7.85 5.74 5.83 5.13 7.65 24.35 14.76 118.52 -23.89%
EY 9.03 8.78 9.86 10.34 12.73 17.42 17.15 19.50 13.07 4.11 6.78 0.84 31.45%
DY 0.00 13.45 15.63 6.25 4.76 6.08 5.52 5.26 1.64 18.67 4.48 4.69 14.30%
P/NAPS 2.08 2.08 1.75 1.48 1.27 0.94 0.95 0.88 1.40 2.14 0.76 0.58 13.04%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
8 people like this. Showing 50 of 3,919 comments

jeffrey1166

just correction will bound back soon

2023-02-22 17:11

unicornbird

observatory, do you think RCE is undervalued now?

2023-02-22 18:25

ZackT73

when next dividend?

2023-04-20 09:14

alexnada

Next div should be announced in May...
Judging by how the major shareholders are buying the shares, it should be a good quarter, and hopefully a good div too

2023-04-20 11:48

ooihk899

Hopefully, just like what Jeffery1166 mentioned, another special dividend !!!!!

2023-04-20 12:51

ZackT73

If another special dividend den sui already

2023-04-20 15:54

jeffrey1166

ya wait more 2 weeks

2023-04-20 16:43

ooihk899

Normally, announcement will be made in last week of May.

2023-04-21 09:53

ooihk899

Wow, break new high, hopefully juicy dividend.

2023-05-05 09:08

ooihk899

Wakakakaka!!!!!!! 7 sen divy. Great!!!!!!!

2023-05-23 17:39

sheldon

7 sen is indeed good. Let's hope that it's sustainable.

2023-05-23 21:15

Moolala

judging by the healthy increase in financing receivables, I'd say the dividend is sustainable

2023-05-23 23:16

ooihk899

Since their new dividend policy is 60% to 80% payout ratio, we will
be getting more dividend in the future.

2023-05-23 23:43

ooihk899

πŸ˜πŸ˜‚πŸ€£

2023-05-23 23:44

ooihk899

Looks like will break RM2 this week!!!πŸ˜†

2023-05-24 09:13

ooihk899

Gratz to all RCE shareholder, broke thru RM2 already.

2023-05-26 10:22

jeffrey1166

ya hope can sustain will keep buying as well fair value on rm2.8

2023-05-27 18:44

ooihk899

If profit stable, dividend will be between 11 to 14.5 sen every year.
Slow is ===> Fast.
Many moons ago 'Slow Slow' collect, now 'Fast Fast' make money.

2023-05-28 13:09

ooihk899

Hmmm.... Looks like going to hit RM2.5 this week.πŸ˜ƒπŸ˜πŸ€£

2023-05-31 15:40

ooihk899

πŸ˜• Ops... looks like cannot hit RM2.5 this week.
Asia market all red red. China PMI bo sui.πŸ˜₯
Good luck to all.

2023-05-31 16:32

Moolala

breakout!

2023-06-06 12:33

jeffrey1166

ya heading 2.8

2023-06-06 17:05

Sohai Trader

this counter looks solid

2023-06-10 08:55

ooihk899

Hopefully can break 2.5 next week.πŸ˜€

2023-06-10 12:09

jeffrey1166

surely can

2023-06-11 15:19

Keqing Tan

waiting if can come down a bit below 2.00 want to collect some

2023-06-14 09:42

harrier

Macam susah mau cecah 2.00

2023-06-16 00:52

Tibbers

rm2.50 otw.

2 months ago

alexnada

What happened today?

2 months ago

Moolala

heading towards 2.5 and beyond!

2 months ago

ooihk899

Grats to all.

2 months ago

Tibbers

what a stock, growth counter + dividend. win win counter.

2 months ago

rchi

Dividend payout rate increases 100% is a very BIG deal.

2 months ago

Sohai Trader

RCECAP distributes dividend of 30 cents in FY 2023, this translates to dividend payout ratio of 63% (from The Edge)

As RCECAP announced a new dividend payout ratio of 60-80% for FY 2024 onwards, are we expecting that the dividend payout amount will be at around 30 cents or more for FY 2024 onwards, assuming the net profits remain the same and increasing yoy? If this is the case, the dividend yield for this Gem at the current price level is : 0.3/ 2.32 = 12.92%, which sounds awesome at the moment.

2 months ago

Learner King

FY 2023 dividend 30 cents is including 18 cents special dividend....

2 months ago

Learner King

So glad i'm never believe in so called sifu observatory analysis and i been enjoying the capital gain plus increase dividends every year and the share split in 2022! Keep up the good work Rcecap Management and run the company well ! Thank you rcecapπŸ˜„

2 months ago

ooihk899

What's wrong with you? Did observatory say he is a sifu?
Did he give a sell call????? Below was his comment.

Posted by observatory > 2023-02-15 19:52 | Report Abuse

The top line is helped by non-interest income of almost RM19m, which is a record high. NII now constitutes 28.5% of total income. As mentioned in the management review, it's primarily driven by "higher early settlement income arising from increased refinancing activities".
The question is, could refinancing activities be near its peak now?

More reassuringly, financing receivables have been growing above 6% YoY in the last and current quarters, reversing the slow down that started in 2020. As long as management remains prudent with its lending, this will be a more reliable and growing source of income in the future.

2 months ago

Learner King

Haha ooihk899 seem like you are the big fan of observatory. Ok lo u don't like i call him sifu than i just call him observatory ok? Don't angry ok? Haha

Oh btw did i got say he give sell call? No right? Haha

Lastly i'm refering to his analysis all the way back to 2021, not the recently one.

Are you happy with my explanation? If still not happy i also bobian. Haha

2 months ago

Moolala

what's wrong with observatory's analysis? I think he touched on some good points.

2 months ago

ooihk899

I'm not a big fan of anyone. I just don't like TKLSS ppl.
Anyway, my money, my decision. Why wan to listen to others.
Only (So-hai) ppl do that. Opps, no wonder your name is (So-hai)

2 months ago

Sohai Trader

Thanks for the correction, my bad, with that special dividend, the total dividend payout of 30 cents in FY 23 represents a dividend payout ratio of 158% (as per RCECAP latest QR Note 8: Total dividend declared in respect of the financial year ended 31 March 2023 is 30.00 sen. This translates to a dividend payout ratio of 158.4%.)

With the anticipated dividend payout of 14 cents in FY 24 (Maybank report), the current dividend yield at current price is at 0.14 / 2.32 = 6.034%, still a decent yield but yeah, the price movement of this stocks are quite elevated at the moment...

2 months ago

ooihk899

Excellent result, FY 2023 16 sen div in the bag. πŸ˜πŸ€‘πŸ€‘πŸ€‘

1 month ago

observatory

Another good quarter. For the last 3 years, net interest income fluctuated at around RM43m - RM52m per quarter. It is RM46m in the latest quarter. The good result in recent quarter is contributed by rising non-interest income.

Impairment on financings has been coming down to RM4.7m (versus RM8.2m last quarter, and RM8.2m a year ago). Credit cost is 93 basis points. This is good. Hopefully this is a new trend after recording on average about 150 basis points per quarter throughout FY23.

Gross financing continues to grow modestly to RM2,045m (+1.2% QoQ, +7.4% YoY). This is in line with management's guidance to analysts earlier that the company financing growth will track the banking industry. It's better to grow conservatively through quality financing.

One bright spot with RCE is the Board is willing to return excess capital to shareholders. Not only through increased dividends, where payout ratio has increased from 30% a few years ago to current 60%, but also the 18 sen special dividends in late 2022.

As a result, the company has reversed the ROE decline seen earlier. Despite its growing business size, ROE has actually risen back to 17% - 18% range. This is rare and impressive act. Such attitude of taking care of shareholders is probably one reason that the market has re-rated its share.

1 month ago

Moolala

Hi Observatory, thanks for the qr summary. Quite rare to find a gem like this which keeps announcing record high revenue and profits

1 month ago

Tibbers

growth stock + dividend. Rm2.50 coming.

1 month ago

jeffrey1166

tp i set is rm2.8 will be soon

1 month ago

ooihk899

Grats to all, new high again, broke thru RM2.5 already.
Hope bumper dividend declare in Nov.

1 week ago

jeffrey1166

ya oi around 0.15-0.17 div

1 week ago

Tibbers

Hehehe nice. hit my tp 2.50, but since its a breakout, probably next tp 2.80 to 3.00

1 week ago

jeffrey1166

ya 2.8 above surely hit on q4

1 week ago

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