RCE CAPITAL BHD
KLSE (MYR): RCECAP (9296)
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Last Price
2.89
Today's Change
+0.04 (1.40%)
Day's Change
2.85 - 2.89
Trading Volume
557,000
Financial
Market Cap
2,142 Million
NOSH
741 Million
Latest Quarter
30-Sep-2023 [#2]
Announcement Date
22-Nov-2023
Next Quarter
31-Dec-2023
Est. Ann. Date
15-Feb-2024
Est. Ann. Due Date
29-Feb-2024
QoQ | YoY
3.71% | 4.67%
Revenue | NP to SH
336,006.000 | 145,141.000
RPS | P/RPS
45.34 Cent | 6.37
EPS | P/E | EY
19.59 Cent | 14.76 | 6.78%
DPS | DY | Payout %
14.83 Cent | 5.13% | 75.74%
NAPS | P/NAPS
1.12 | 2.59
QoQ | YoY
1.19% | 7.51%
NP Margin | ROE
43.20% | 17.53%
F.Y. | Ann. Date
30-Sep-2023 | 22-Nov-2023
Latest Audited Result
31-Mar-2023
Announcement Date
27-Jul-2023
Next Audited Result
31-Mar-2024
Est. Ann. Date
27-Jul-2024
Est. Ann. Due Date
27-Sep-2024
Revenue | NP to SH
323,632.000 | 138,784.000
RPS | P/RPS
43.67 Cent | 6.62
EPS | P/E | EY
18.73 Cent | 15.43 | 6.48%
DPS | DY | Payout %
29.67 Cent | 10.27% | 158.42%
NAPS | P/NAPS
1.09 | 2.66
YoY
4.22%
NP Margin | ROE
42.88% | 17.22%
F.Y. | Ann. Date
31-Mar-2023 | 23-May-2023
Revenue | NP to SH
343,586.000 | 150,252.000
RPS | P/RPS
46.36 Cent | 6.23
EPS | P/E | EY
20.28 Cent | 14.25 | 7.02%
DPS | DY | Payout %
-
NAPS | P/NAPS
-
QoQ | YoY
1.86% | 9.24%
NP Margin | ROE
43.73% | 18.14%
F.Y. | Ann. Date
30-Sep-2023 | 22-Nov-2023
Hints :
Click the QoQ or YoY on table to view the QoQ or YoY Financial Result page.
Click the QoQ or YoY on table to view the QoQ or YoY Financial Result page.
Date
Financial Result
Financial Ratio
Per Share Item
Performance
Valuation (End of Quarter)
Valuation (Ann. Date)
| Date | Financial Result | Financial Ratio | Per Share Item | Performance | Valuation (End of Quarter) | Valuation (Ann. Date) | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| F.Y. | Ann. Date | Quarter | # | Revenue | PBT | NP | NP to SH | Div | Net Worth | Div Payout % | NP Margin | ROE | NOSH | RPS | Adj. RPS | EPS | Adj. EPS | DPS | Adj. DPS | NAPS | Adj. NAPS | QoQ | YoY | EOQ Date | EOQ Price | EOQ P/RPS | EOQ P/EPS | EOQ P/NAPS | EOQ EY | EOQ DY | ANN Date | ANN Price | ANN P/RPS | ANN P/EPS | ANN P/NAPS | ANN EY | ANN DY |
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 3,941 comments
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.
2023-07-08 23:19
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 rcecap😄
2023-07-09 00:31
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.
2023-07-09 09:44
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
2023-07-09 12:06
what's wrong with observatory's analysis? I think he touched on some good points.
2023-07-09 14:46
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)
2023-07-09 15:16
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...
2023-07-09 18:14
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.
2023-08-14 21:23
Hi Observatory, thanks for the qr summary. Quite rare to find a gem like this which keeps announcing record high revenue and profits
2023-08-14 22:17
Grats to all, new high again, broke thru RM2.5 already.
Hope bumper dividend declare in Nov.
2 months ago
Hehehe nice. hit my tp 2.50, but since its a breakout, probably next tp 2.80 to 3.00
2 months ago
moving up nicely, are we expecting another great qr and a bonus dividend again? 😁
2 weeks ago
From FY18 (Apr 2017) to 2QFY24, RCE eps on adjusted basis has grown at a compound annual growth rate of 9.4%.
During the same period, dividend has grown at CAGR of 32%! This is achieved as payout ratio increases from 27% in FY2018 to 76% in the last 4 quarters. Last year there was also a special dividend.
In short, the impressive dividend has increased on the back of strong earning growth, compounded by trippling in payout ratio. Moving forward, however, payout ratio is likely to plateau as it's already at 76%.
As for earning growth, there are two sources:
1) Percentage of Non-interest income (NII) as total operating income has increased from a low point of 16% to 33% now, helped by higher interest earned and customer refinancing. In other words, NII has increased a very fast pace in the last few years. It has to slow at some point. But I haven't seen it slowing.
2) The last four quarters have seen financing receivables growing at 6% to 8%, much higher than the 2% to 3% growth in FY21 to FY22. This is the fundamental source of growth. The growth rate is higher than banking sector, exceeding the management promise.
On asset quality. Over the last 3 quarters, GIL ratio stays below 4%. Credit cost on last 4Q basis remains at acceptable 133 basis points. So far so good.
I will continue to hold and keep an eye on performance. But I won't buy.
2 weeks ago
Observatory, superb sharing! Love it. Clear message and your thought behind it. Please share more 😍😍
2 weeks ago
I will hold until 2025 since the government will revise the salary scale
of government servant end 2024. More ppl will be eligible to become
RCE customer.
2 weeks ago
8 cents dividend equivalent to 3% returns while revenue & net profit broke new high to 87.7m & 38.2m, respectively!!!
Profit margin consistently staying high at 43%, I see great opportunity for RCECAP share price to continuously growing!!!
1 week ago
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this counter looks solid
2023-06-10 08:55