KLCI Stock - AFFIN / 5185 - 2011 Quarter 1

AFFIN HOLDINGS BHD

Company Description

Affin Holdings Berhad is an investment holding company. It operates in five segments: Commercial Banking and hire purchase, Islamic Banking, Investment Banking and stock-broking, Money-broking, Fund and unit trusts management. The principal activity of the jointly controlled entities are underwriting of life insurance business and property development while the associate is principally engaged in the underwriting of general insurance business. The Commercial Banking and Hire Purchase segment focuses on business of banking in all aspects which includes Islamic Banking operations. Investment banking segment includes business of a merchant bank, discount house, fund and unit trusts management. Stock-broking segment comprises institutional and retail broking business for securities listed on the Bursa Malaysia Securities Berhad. The insurance segment includes general and life insurance businesses.

Company Info

Listing Date	1991-11-04
Market Capital (Capital Size)	5,096,503,498 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Finance
Major Industry	Banking
Sub Industry	Other Financial Services
Website	http://www.affin.com.my/

My Analysis

Forecast P/E now	(3.41-0.09)/0.296 = 11.22 (Moderate)
Target Price	4.14+0.09 = 4.23 (PE 14.0, EPS 0.296, DPS 0.09)
Decision	Watching, buy when MACD histogram lower
Comment	Revenue increased 0.2% and is continuous increasing since FY09Q2(higher than preceding year corresponding quarter 19.6%), eps decreased 16.2% and also lower than preceding year corresponding quarter 21.6%, cash generated from operating more than enough to cover financing activities but not for investing activities, investment banking division profit decreasing, lower commercial banking division profit and insurance division recorded loss again
First Support Price	3.26
Second Support Price	3.1
Risk Rating	MODERATE

Research House

RHB Target Price	4.3 (2011-03-15)
CIMB Target Price	4 (2011-03-22)
HLG Target Price	3.73 (2011-05-25)

Accounting Ratio

Return on Equity	8.87%
Dividend Yield	2.64%
Profit Margin	22.54%
Tax Rate	24.30%
Asset Turnover	0.0487
Net Asset Value Per Share	3.54
Net Tangible Asset per share	2.87
Price/Net Tangible Asset Per Share	1.22
Cash Per Share	5.62
Liquidity Current Ratio	1.1018
Liquidity Quick Ratio	0.8554
Liquidity Cash Ratio	0.1979
Gearing Debt to Equity Ratio	8.2096
Gearing Debt to Asset Ratio	0.8914
Working capital per thousand Ringgit sale	181.9%
Days to sell the inventory	5804
Days to collect the receivables	4270
Days to pay the payables	23558

My notes based on 2011 quarter 1 report (number in '000):-
- Compared to FY10Q1, the increase in net interest income and Islamic banking income was not sufficient to cushion the drop in other operating income and share of profit in associate as well as the share of loss in jointly controlled entity. Both the overhead expenses and allowance for loan impairment were also higher

- Insurance division recorded increase in both earned premium and investment income but not sufficient to cushion the increase in net claims, overhead expenses and net commission

- Estimate next 4Q eps after 2011 Q1 result announced = (0.071+0.077)*2 = 0.296, estimate PE on current price 3.41 = 11.22 (DPS 0.09)

AFFIN latest news (English)

AFFIN latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-05-24	2011	1	N/A	N/A	-	2.00%	2.00%	621713	621713	140111	140111	106067	106067	0.0710	0.0710	48748170	43454979	-	5293191	825481	1326389	100884	8621191	500908	601792	8019399	1494576	1494576	5231016	2011-03-31	22.54%	24.30%	0.0487	-	3.54	2.87	1.22	5.62	1.1018	0.8554	0.1979	8.2096	0.8914	181.9%	5804	4270	23558
2011-02-24	2010	4	3.62	3.15	-	2.43%	9.39%	620544	2272995	155992	632112	126572	488625	0.0847	0.3270	47003908	41802875	-	5201033	2468043	17496	4007	6174651	2450547	2446540	8621191	1494570	1494439	4902189	2010-12-31	25.14%	18.86%	0.0484	10.0317	3.48	2.8	1.17	6.0	1.1128	0.8861	0.2206	8.0374	0.8893	201.7%	5253	4325	23177
2010-11-26	2010	3	3.73	3.08	0.09	2.23%	7.00%	597821	1652451	149112	476120	115015	362053	0.0770	0.2423	44969951	39800903	-	5169048	1339148	256263	4007	6174651	1595411	1591404	7766055	1494570	1494439	4737786	2010-09-30	24.94%	22.87%	0.0481	-	3.46	2.78	1.14	5.42	1.1066	0.8837	0.2092	7.6999	0.8851	190.9%	4996	4403	22364
2010-08-20	2010	2	3.31	3.03	-	2.21%	4.89%	534605	1054630	149685	327008	111706	247038	0.0748	0.1653	42803957	37755942	-	5048015	205068	466746	4225	6174651	671814	667589	6842240	1494374	1494373	4557840	2010-06-30	28.00%	25.37%	0.0485	-	3.38	2.7	1.13	4.8	1.1098	0.8808	0.1951	7.4794	0.8821	194.4%	4986	4417	21750
2010-05-31	2010	1	3.13	2.9	-	2.74%	2.74%	520025	520025	177323	177323	135332	135332	0.0906	0.0906	40830616	35900257	-	4930359	188541	795078	95266	6174651	606537	511271	6685922	1494317	1494317	4333519	2010-03-31	34.10%	23.68%	0.0497	-	3.3	2.62	1.11	4.68	1.1084	0.8794	0.1998	7.2815	0.8792	187.1%	4804	4262	20954
2010-02-25	2009	4	3.29	2.63	-	1.78%	7.85%	510409	2008858	114002	493752	84170	371843	0.0563	0.2488	39954143	35218854	-	4735289	1596041	1833947	399986	6812543	237906	637892	6174651	1494367	1494367	3945128	2009-12-31	22.34%	26.17%	0.0503	10.6097	3.17	2.48	1.06	4.33	1.1071	0.8492	0.1889	7.4375	0.8815	182.6%	5335	4102	20683
2009-11-20	2009	3	2.68	2.27	0.085	2.25%	6.08%	508867	1498449	139882	379750	106268	287673	0.0711	0.1925	38745123	34015785	-	4729338	1459292	1091833	400000	6812543	367459	32541	6780002	1494367	1494367	3556593	2009-09-30	27.49%	24.03%	0.0519	-	3.16	2.48	0.96	4.79	1.1062	0.8701	0.216	7.1925	0.8779	175.1%	4817	3926	20388
2009-08-20	2009	2	2.66	1.85	-	1.95%	3.95%	490606	989582	119603	239868	89817	181405	0.0601	0.1214	37385945	32788075	-	4597870	249170	452707	200000	6812543	203537	403537	6409006	1494367	1494367	2764578	2009-06-30	24.38%	24.90%	0.054	-	3.08	2.39	0.77	4.49	1.1134	0.8903	0.2116	7.1311	0.877	178.1%	4406	3883	19721
2009-05-15	2009	1	2.04	1.61	-	2.03%	2.03%	498976	498976	120265	120265	91588	91588	0.0613	0.0613	37275600	32762981	-	4512619	1303855	103681	500000	6812543	1407536	907536	7720079	1494371	1494371	2480655	2009-03-31	24.10%	23.84%	0.0555	-	3.02	2.33	0.71	5.35	1.0978	0.8929	0.2501	7.2603	0.8789	151.3%	4114	3622	20047
2009-02-24	2008	4	1.86	1.23	-	1.91%	6.64%	512575	2115438	115540	401821	84107	292762	0.0563	0.1958	36828131	32416826	-	4411305	1228707	19224	278294	8338768	1247931	1526225	6812543	1494367	1494862	1912789	2008-12-31	22.54%	27.21%	0.0574	6.5358	2.95	2.26	0.57	5.14	1.1141	0.8918	0.2475	7.3486	0.8802	167.5%	4288	3445	19262
2008-11-18	2008	3	1.53	1.22	0.05	1.23%	4.76%	516630	1602863	75167	286281	53895	208655	0.0361	0.1397	37025743	32639927	-	4385816	2051358	2660	223002	8338768	2054018	2277020	6061748	1493693	1493693	1896990	2008-09-30	14.55%	28.30%	0.0578	-	2.94	2.24	0.57	4.68	1.1145	0.871	0.2231	7.4422	0.8815	167.6%	4660	3443	19081
2008-08-14	2008	2	1.9	1.14	-	1.44%	3.57%	539071	1086233	86700	211114	62365	154760	0.0418	0.1037	37231872	32898993	-	4332879	244547	325921	223002	8338768	570468	347466	8686234	1492338	1492338	2835442	2008-06-30	16.08%	28.07%	0.0591	-	2.9	2.21	0.86	6.44	1.1189	0.9151	0.305	7.5929	0.8836	170.3%	3783	3171	18519
2008-05-15	2008	1	2.14	1.66	-	2.13%	2.13%	547162	547162	124414	124414	92395	92395	0.0619	0.0619	37334115	32996085	-	4338030	664105	389972	189827	8338768	1054077	864250	9203018	1492338	1492338	3029446	2008-03-31	22.74%	25.74%	0.0595	-	2.91	2.21	0.92	6.94	1.1161	0.9172	0.3275	7.6062	0.8838	165.2%	3819	3047	19178
2008-02-29	2007	4	2.26	1.92	0.03	1.34%	5.94%	537541	2184873	70510	350621	56795	251773	0.0390	0.1899	36132882	31895904	-	4236978	100384	494129	242677	7702346	393745	636422	8338768	1455182	1326084	3259607	2007-12-31	13.12%	19.45%	0.0605	11.798	3.2	2.41	0.93	6.84	1.1238	0.9063	0.3282	7.528	0.8827	171.7%	4139	2916	19019
2007-11-23	2007	3	2.78	2.04	0.02	1.62%	5.26%	576811	1647332	84651	280111	60039	194978	0.0463	0.1518	35975953	32272077	-	3703876	85612	1039650	122381	7702346	1125262	1002881	8705227	1295757	1284677	3317137	2007-09-30	14.68%	29.07%	0.0601	-	2.88	2.07	1.24	7.84	1.1141	0.9152	0.3327	8.7131	0.897	161.0%	4010	2988	20141
2007-08-29	2007	2	3.08	2.54	-	1.99%	3.71%	560962	1070521	106613	195460	72427	134939	0.0553	0.1036	38015986	34375388	-	3640598	2416128	1001203	133820	7702346	3417331	3283511	10985857	1310365	1302521	N/A	2007-06-30	19.01%	32.07%	0.0417	-	2.8	1.99	N/A	9.61	1.1098	0.9268	0.387	9.4422	0.9042	225.0%	5642	4021	30812
2007-05-14	2007	1	N/A	N/A	-	1.74%	1.74%	509559	509559	88847	88847	62512	62512	0.0485	0.0485	36823139	33235756	-	3587383	1165619	223816	117474	7702346	941803	824329	8526675	1289158	1289158	3029521	2007-03-31	17.44%	29.64%	0.0279	-	2.78	1.97	1.19	8.15	1.1092	0.8841	0.334	9.2646	0.9026	334.9%	10048	6119	44622
2007-02-26	2006	4	N/A	N/A	0.03	2.77%	6.53%	516498	1988029	117705	310579	96264	226918	0.0767	0.1829	35483992	32007149	-	3476843	4200861	216194	40913	3326204	4417055	4376142	7702346	1254878	1240877	2409365	2006-12-31	22.79%	18.22%	0.0146	10.4993	2.8	1.96	0.98	7.08	1.1161	0.8887	0.2951	9.2058	0.902	676.7%	19862	12550	87307

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment in jointly controlled entity (A-0)	Land held for sales (A-0)	Other assets (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Derivative financial assets (A-1)	Financial assets held-for-trading (A-1)	Financial investments available-for-sale (A-1)	Financial investments held-to-maturity (A-1)	Loans, advances & financing (A-1)	Statutory deposits with Bank Negara Malaysia (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Bills payables (L-1)	Deposits & placements of banks & other financial institutions (L-1)	Deposits from customers (L-1)	Derivative financial liabilities (L-1)	Obligations on securities sold under repurchase agreements (L-1)	Provision for taxation (L-1)	Recourse obligations on loans sold to Cagamas Berhad (L-1)	Trade and other payables (L-1)
2011	1	15377	1009655	154116	109953	-	527519	-	178755	90624	8091037	79706	32832	43139	8	9921741	530842	27319952	273673	369241	18232	390624	611814	137178	6799753	34789691	56842	-	5736	283618	361491
2010	4	10180	1011867	152779	113311	-	305813	-	176897	90624	8673341	76291	18088	43254	149853	8528907	533458	26574066	275167	270012	25082	390624	738025	110161	6837631	33098432	57560	-	188	286370	258802
2010	3	95006	1013537	150323	105755	27332	539178	-	165705	90624	7824868	40132	2381	-	9971	8060458	563598	25736002	279630	265451	166	390624	666585	114528	5976792	32014752	-	-	91264	289085	257107
2010	2	4351	1014620	144837	108526	61332	535550	-	171524	90624	6901053	91900	7017	-	69826	7764084	576867	24890351	258018	113477	27000	390624	607243	115483	5165785	31009647	-	-	38324	291763	110073
2010	1	5607	1019765	135144	112605	62354	499547	-	175546	-	6740156	96405	1817	-	13	7397427	623704	23522766	256311	181449	27176	300000	550304	112847	5180908	29230463	-	-	34785	294523	169251
2009	4	57430	1023330	129228	107642	62354	452794	-	196774	-	6223544	18756	1817	24315	150000	8166664	518216	22496936	244982	79361	176	300000	662104	94265	5147094	28599251	41684	-	2734	297216	74330
2009	3	59029	1027919	121848	105545	66247	512695	-	186421	-	6828602	47194	102800	-	42	7298467	527279	21535970	228043	97022	2424	300000	568285	118523	4141168	28620186	-	-	22309	148618	94272
2009	2	69480	1033133	120282	105457	66571	483867	-	192734	-	6466690	50913	1800	-	70	6524371	550224	21299223	244096	177034	975	500000	568196	124473	3134119	28108014	-	-	55430	150000	146868
2009	1	64715	1035672	118203	103725	85269	556398	-	198014	-	7759836	47733	-	-	95042	5908856	549610	20477303	240445	34779	1526	200000	575778	86330	4567597	27248537	-	-	52320	-	30893
2008	4	63938	1037702	113661	96030	87412	626772	-	203153	-	6851602	41465	-	-	403813	5896608	602665	19927677	835628	40005	1257	700000	658783	136243	3888707	26934976	-	-	48831	11088	36941
2008	3	61362	1038995	116939	99130	81512	508291	-	204455	-	6101712	107333	13328	-	1194818	5808046	627581	19260418	874981	926842	363	700000	612332	112964	5041143	25147300	-	-	81132	24103	920590
2008	2	51489	1034792	115210	93749	81620	383983	-	223503	-	8725978	104193	36062	-	373002	5423513	625229	18258346	844429	856774	363	700000	697894	90411	4341711	26114975	-	-	62247	31060	860332
2008	1	40422	1037607	112335	97661	81620	442967	-	227019	-	9252139	95636	292080	-	327924	5307319	652619	17749212	811727	805828	2979	700000	669425	157836	4104375	26322706	-	-	51032	186617	801115
2007	4	32871	1036929	109976	97330	92835	470044	-	226159	-	8386113	72834	721548	-	280326	5868465	443307	17277639	841647	174859	4316	900000	676595	126697	4079074	25558739	-	-	25317	361510	163656
2007	3	42148	1040933	109498	107491	99324	324473	17322	224403	-	8764417	73280	576943	-	639404	4616376	814729	16884713	813877	826622	17268	1020000	707716	91728	3384784	25815567	-	-	32924	430878	771212
2007	2	53589	1043362	107952	107403	100814	249516	17461	225706	-	11041240	78838	750751	-	499306	4546426	907964	16768176	801220	716262	33182	1020000	783186	78415	4127369	25647998	-	1508975	24626	517556	634081
2007	1	67975	1044900	99806	107250	100814	262896	-	249365	-	8586515	101432	1142180	-	488248	5401385	1193131	16470803	776986	729453	30986	1020000	730640	112170	1179753	26842776	-	2096505	-	567340	655586
2006	4	87430	1048148	98342	107913	100814	223319	-	228750	-	7734134	104196	326482	-	533805	5245310	1065972	17356971	820755	401651	22809	1162644	727693	281177	1351527	25688093	-	1760313	5457	637758	369678

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Finance/interest income	Share of profit/ (loss) of associates	Impairment loss	Net income from Islamic banking business	Write back/(Allowances) for losses on loans, advance & financing	Zakat	Profit equalisation reserve	Gain/loss on dilution of equity investment in associate	Share of net profit of jointly controlled entity
2011	1	621713	34044	250046	80531	167127	456094	1451	800	47112	25159	191	-	-	3354
2010	4	620544	29420	238914	99987	165170	444045	1249	4046	44496	32867	710	-	501	7421
2010	3	597821	34097	219670	86841	167583	438477	2961	3795	45247	30314	85	271	0	3238
2010	2	534605	37979	191802	72756	157499	397407	2290	441	44538	19192	4626	271	7962	2319
2010	1	520025	41991	168535	88153	149909	365880	5504	104	43502	12435	-	-	-	5059
2009	4	510409	29832	160123	94998	155859	380997	4062	5683	42630	86164	0	776	-	1632
2009	3	508867	33614	153955	84273	152491	360667	1566	4928	42119	40202	100	2845	-	88
2009	2	490606	29786	157052	76563	151213	354818	2079	2373	39790	37812	3308	3621	-	1732
2009	1	498976	28677	190269	62398	144931	372173	4542	904	38098	20887	-	-	-	45
2008	4	512575	31433	212269	37657	144356	401371	318	23192	40187	19590	30	-	-	3100
2008	3	516630	21272	221067	57796	145531	398192	1729	4156	37405	46942	0	-	-	2259
2008	2	539071	24335	212094	81507	146598	387397	2875	2841	34511	54918	2359	-	-	6462
2008	1	547162	32019	218458	88485	151096	389061	2359	4095	36031	18204	-	-	-	331
2007	4	537541	13715	223100	82728	154479	401950	3398	9763	34252	54230	85	0	-	10161
2007	3	576811	24612	256045	85872	167457	430347	1546	13380	32229	28839	0	290	-	88
2007	2	560962	34186	259474	93082	127875	410313	8146	15739	29684	30420	2265	1008	-	153
2007	1	509559	26335	244142	72135	131498	388468	4384	607	33061	31494	-	797	-	663
2006	4	516498	21441	245414	110623	125789	394343	9349	18099	33177	35549	1499	0	-	3437

Financial Quarter Segments Revenue

year	qrt	Others	Elimination/Adjustment	Insurance	Investment Banking	Commercial Banking
2011	1	2888	2889	-	67611	552431
2010	4	4175	2385	-	67136	551618
2010	3	4286	2423	-	68305	527653
2010	2	3548	1650	-	48506	484201
2010	1	2381	1299	-	63172	455771
2009	4	1848	3211	-	56117	455655
2009	3	1868	3699	-	62972	447726
2009	2	1878	3412	-	57558	434582
2009	1	1982	4381	-	54108	447267
2008	4	3627	11631	-	40056	480523
2008	3	3518	3331	-	45714	470729
2008	2	4204	1596	-	39970	496493
2008	1	3520	914	-	58882	485674
2007	4	3088	2800	-	60671	476582
2007	3	3601	1668	-	75953	498925
2007	2	3672	875	-	70096	488069
2007	1	3157	987	-	77830	429559
2006	4	710	1210	-	85728	428850

Financial Quarter Segments Profit

year	qrt	Others	Elimination/Adjustment	Insurance	Investment Banking	Commercial Banking
2011	1	753	4590	-	17325	123435
2010	4	576	4554	-	18363	129167
2010	3	597	4294	-	28521	119999
2010	2	521	3908	-	12309	133744
2010	1	483	3189	-	27881	138994
2009	4	334	3170	-	11463	101186
2009	3	325	3196	-	19768	118907
2009	2	90	3347	-	16933	104523
2009	1	402	2552	-	16399	100531
2008	4	995	2904	-	17779	137042
2008	3	592	2425	-	19163	97107
2008	2	1338	2641	-	18861	112315
2008	1	602	2785	-	15384	108164
2007	4	9054	3153	-	9894	62670
2007	3	836	954	-	8770	82292
2007	2	17452	1071	-	20101	105815
2007	1	17922	17677	-	23209	71226
2006	4	484	3370	-	54376	67926

Financial Quarter Segments Associate

year	qrt	Insurance
2011	1	1903
2010	4	8670
2010	3	277
2010	2	29
2010	1	10563
2009	4	2430
2009	3	1654
2009	2	3811
2009	1	4587
2008	4	3418
2008	3	530
2008	2	3587
2008	1	2690
2007	4	6763
2007	3	1634
2007	2	8299
2007	1	3721
2006	4	5912

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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