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Bank Tempatan Semakin Pudar
By Kapal Berita
17/2/2001 11:42 pm Sat
BANK TEMPATAN SEMAKIN PUDAR - Ringkasan
Prestasi Bank tempatan sudah mula kelam. Keuntungan Maybank lebih
rendah dan AMMB mengalami kejatuhan 54%. RHB hanya merekod kenaikkan
yang sedikit sahaja. Keadaan pasaran saham kini mula menggigit bank.
Time dotCom sahaja sudah menjerut RM1.4 bilion baru-baru ini.
Penyusunan semula hutang koporat tidak menampakkan sambutan yang
menggalakkan dan mungkin memakan masa yang amat panjang. Ini diakui
sendiri oleh menteri berkenaan.
Bank sebenarnya begitu banyak melayan karenah kroni yang meminjam
dalam perniagaan yang asyik merugi. Mereka cuba melangsai hutang
dengan menawarkan terbitan awam. Sambutan yang tidak menggalakkan
itu akan menggugat sistem perbankan. Time dotCom misalnya diskong
oleh banyak underwriter supaya bebannya tidak berapa terasa - itu
satu petanda bahawa institusi perbankan pun takut juga. Mana tidaknya,
pelaburan Renong di Filipina sudah merentungkan RM8 bilion begitu
sahaja dengan 4 buah bank tempatan tidak dapat berbuat apa-apa.
NPL semakin meninggi tetapi dilapurkan tidak mencekik mati lagi.
Perkembangan ekonomi kelihatan tersangkut-sangkut. Ramai yang
dulunya mudah membayar hutang kini sudah mula menunjukkan
kesukaran. Ini berpunca daripada aliran tunai yang berkurang
kerana sukarnya mengutip hutang perniagaan.
Saya ingin menasihatkan pembaca agar menangguhkan dulu hasrat
untuk meminjam. Sediakan payung sebelum hujan dan jangan
belayar terlalu jauh di lautan kerana cuaca yang mendung mungkin
mengirim taufan. Tersilap langkah si bijak pun akan tenggelam.
From The Star
Banking stocks seen losing their shine
By DAVID CHOW
The crop of disappointing first-half and third-quarter results
announced by major banking groups recently, coupled with the decline
in their share prices, are taking away some of the shine of banking
stocks, according to banking analysts.
The price of Malayan Banking, Malaysia's largest bank, has been
languishing at RM14 a share, while that of RHB Capital and AMMB
Holdings Bhd have been knocked down by about 16% and 11% respectively
since the beginning of the month to RM2.67 and RM3.46 yesterday.
Maybank reported a marginally lower interim profit of RM1.016bil
before tax, AMMB experienced a 54% drop in third-quarter net earnings,
and RHB Capital recorded only a small rise in first-half pre-tax
"The sluggish stock market has affected the performance of their
merchant banking arms, stockbroking subsidiaries, unit trusts,
insurance arms in fact business volume had dropped in all their
subsidiaries,'' he added.
Investment portal Surf88 cited the case of RHB Capital, whose latest
result reflected "the plight of a corporate-oriented bank in the
current economic scenario.''
It said RHB Capital saw a 10% decline between July September 2000 and
October December 2000.
"All major divisions posted lower profits in October December, with
the most dramatic reversal of fortunes being at the stockbroking and
asset management unit,'' it said. "Stockbroking and asset management
incurred a RM16mil loss in October December, against an RM8mil profit
in July September.''
"Overall, gross NPLs (non-performing loans) rose, but it is not
alarming yet, the recent spate of weak performances notwithstanding,''
the analyst said.
Affin-UOB Securities, in its latest investment review, said the
near-term health of the financial system was very much intact, with
the banking sector's risk weighted capital adequacy ratio at a healthy
13% in the nine months to September 2000 well above the mandatory
level of 8%.
The securities house said that over the past three months the KLSE
Finance Index had underperformed the KLSE Composite Index by 5.2
percentage points owing to three concerns:
NPLs inching up again;
For the three months to September 2000, new gross NPLs totalled
RM2bil, up 4% quarter-on-quarter to 12%. This recent marginal increase
in gross NPLs had raised concern that the banking industry could be in
for some difficult times ahead, Affin-UOB Securities said.
It has identified various causes for the rise in gross NPLs, among
Some problematic loans, which were earlier exempted from
classification as NPLs, are said to have been classified as such in
view of the delay in the loan restructuring process.
Some of the creditors of restructured loans are said to have defaulted
on their servicing due to tight cashflow arising from poorer
The emergence of fresh NPLs of borrowers who had earlier managed to
service their loans with their cash reserves and unutilised borrowing
The new NPLs were from a broad spectrum of borrowers from retail to
corporate loans, and slow collections seemed to be the main reason for
the default on loan payments.
However, most banks surveyed by Affin-UOB agreed that the impact would
not be of the same magnitude as that in 1998 and 1999, when the
solvency position of the banks was threatened.
"Barring another major external shock to the Malaysian economy, we
also do not expect future NPLs to reach an alarming level such that it
will threaten the banking system,'' Affin-UOB said.
It pointed out that the three-month gross NPL level has been stable at
around 15.6% since May 2000.
"If there are to be any fresh problems on the horizon, the three-month
gross NPL level should be the first to show. Instead, it is the
six-month gross NPL level that has inched up since June 2000--from
11.7% to 12% as at September 2000,'' the securities house noted.
This meant that borrowers who typically serviced their repayments four
to five months late were now starting to default, it added.
"Until the three-month gross NPLs start to inch up, there is really no
cause for alarm. The rising six-month gross NPL figure only shows
borderline cases turning problematic and the amount involved is only
RM15bil,'' the brokerage said.
Halim asks to delay 2nd UEM payment
By Diana Oon Abdullah in Kuala Lumpur
TYCOON Halim Saad yesterday asked to change the rules once again, even
as he kept the first part of his promise, coughing up RM100 million
(S$46 million) for listed United Engineers (UEM).
Mr Halim had in December stretched the payment period for the exercise
of a RM3.17 billion put option granted to him to buy 32.3 per cent of
Renong from UEM, an associate company of Renong. Yesterday, he paid up
the first of four instalments due under the agreement. However, he
also asked to delay paying the second instalment, due on July 14,
until Oct 1.
Given the precedents, he is more likely than not to get the UEM
board's approval for the extension when the board meets next
UEM's board agreed in December to spread Mr Halim's payment
obligations over four instalments -- RM100 million yesterday, July 14
and Dec 14, with the remainder, the bulk of the payment including
interest, due on May 14 next year. If interest is to accrue at the
previous rate of 9.4 per cent, it has been estimated that the final
payment could exceed RM3 billion.
The put option is the result of a controversial decision by UEM at the
height of the financial crisis to buy out unidentified investors in
Renong for RM3.24 per share. Renong ended trading at RM1.02 yesterday.
It is unclear from UEM's brief statement yesterday whether a
corresponding delay can be expected for the third and fourth payments.
Yesterday's development confirmed scepticism among market watchers
about Mr Halim's ability to meet the huge financial obligation when
the extension was given in December.
Investors made their unhappiness known, pushing the stock to a
two-year low of RM3.24 within days of the announcement. A similar
reaction is expected today. UEM closed down 10 per cent to RM3.30
In recent months, Mr Halim has been pushing for the listing of Time
dotCom, to solve the debt problems of its listed parent, Time
Engineering. Time, like UEM, is an associate of the Renong Group. Time
dotCom's massive RM1.85 billion IPO, which closed last week, was 75
per cent undersubscribed.
Mr Halim has also engineered a complicated asset buyout of Renong by
UEM, which is in progress.