【PBBANK 1295 专区】 大众银行

feilong

全部都叫买进，之前卖出。。。头昏拉

988fulot10

原帖由 feilong 于 21-3-2009 01:17 PM 发表
全部都叫买进，之前卖出。。。头昏拉

现在这个时候,,,,

信自己最安全保证,,,,

ThermoFisher

这很有意思的文章是我在kinwing个人专区转载过来的。。。

Brilliant Bank -  A Fairytale With  A Conflict Of Interest?
Friday, March 20, 2009

Once upon a time there was a successful bank called Brilliant Bank. It grew more than 10% every year for the past 20 years and then successfully ventured into fund management. Brilliant Bank had the best return oncapital, best return on assets, the lowest NPLs and the highest capital adequacy ratio among all other banks in the country. Heck, it even compares very well with other banks in the region.

Thanks to their steady and careful management culture, their fund management business also witnessed similar growth patterns as the bank. The fund management unit is 100% owned by the bank. Funds under management grew exponentially. After a few years they have about 20 pure equity or equity linked funds. The total funds under management for equities may well be around RM10bn. The total market cap for the bank is around RM20bn.

The unique thing is that in almost every single fund, Brilliant Bank shares will almost always be one of their top 3 holdings. Fair enough that Brilliant Bank has performed exceedingly well over the long term, and that in turn has helped many of the funds to outperform their respective indices. But surely everyone can see that this has to be a gray area when you want to talk of things like transparency, conflict of interest areas, corporate integrity issues, etc.

So much so that the amount of shares held by the "funds" in Brilliant Bankmay reach 5%-10% of free float of the bank. Decisions are made by fund managers, working in a fund management unit 100% owned by Brilliant Bank. Really, nobody sees any conflict of interest here??!!

Anyway, in this fictional story, nobody complained because Brilliant Bank performed well, and hence the funds also performed well. There will come a time, if and when Brilliant Bank digs a hole in some financial exposure, and say loses 70% in value over a short period of time. Can we expect the unit holders of the funds to start complaining then? If that happens, what will be the reper cussions if the funds were to buy even more shares in Brilliant Bank.

When is buying substantive shares considered as "supporting the share price", and when it is not? If the action is done by one party, that is easy to gather evidence, but what if the buying is by 20 funds? Whencan we say there is collusion, and when there is no collusion.

I am just writing a fictional story (gulp), but maybe certain things are even more obvious in reality than in fiction. In order to prevent this fictional story from becoming a non-fiction tragedy, I would like the Securities Commission to look closer to the following rules or conventions:

a) Do we have a clear guideline when a majority owned fund management unit buys shares in related companies; there must be guideline on percentage of funds' exposure and even minimum time line in holding the shares; there must be safeguards that minority shareholders will not be disadvantaged by the timing of the trades that these funds enter into；

b) There must be utmost transparency in how much shares, at what price,and when were the shares acquired and disposed to all unit holders;

In the meantime, Brilliant Bank continues on its merry ways by producing good results and getting liquidity mopped up by the ever growing fund management unit. You scratch my back, I scratch your back... but hey, your back is my back!!

原著：
http://malaysiafinance.blogspot.com/2009/03/brilliant-bank-fairytale-with-conflict.html

[ 本帖最后由 ThermoFisher 于 21-3-2009 03:36 PM 编辑 ]

dreamer55

这一篇是 Dali 的文章，不知道 kinwing 是否有注明？
原文请看 http://malaysiafinance.blogspot.com/

kinwing

我一开始已经注明这是转载文章，且也放上了转载文章的网链。

无花

没什么特别,其他银行旗下的管理公司也会这样做, 除文中所说的, 自家的INVESTMENT BANK 还赚了股票买卖的大部分佣金.

klagigi

挺有意思。。文中的银行呼之欲出。。

ThermoFisher

奇怪的是，这间公司在过去连续几年里不断获得最佳企业监管奖，难道那些评审机构都被收买了？？

无花

用公关词令,

"我们是依国家银行指南操做,一切合法合理"

peng01

下星期二，brilliant bank 推出新的基金，敬请期待
应该是国内基金，以便扶持brilliant bank 的股价。

raul07

大众就近发行债劵筹资50亿令吉，但分析员认为此举将不影响其收益及派息能力，可是股价表现仍旧受到影响，一度写下4.1%的跌幅。 应该考虑债劵的影响。

论坛废才

请问50亿附加股是warrant吗？

无花

那些是债卷.

顶限是50亿,通常不会发到50亿.
去年也有个50亿债券,结果只发了14亿.

以下是主席在常年股东大会上讲稿中和资本相关的部分

Capital management
The Public Bank Group has always sought to maintain a healthy level of capital to
support the growth of the Group’s business. There is rising expectations by
investors, depositors as well as the regulators for higher levels of capital to
weather the uncertainties in the global economic slowdown. Despite the positive
macroeconomic conditions of the Malaysian economy as well as the strong asset
quality and customer profile of the Group, a more prudent capital management
strategy is being pursued. This involves a process of continuous review to strike a
5
balance between maintaining a healthy level of capital whilst continuing to
maintain high returns to its shareholders.
In view of Public Bank’s strong profit performance, the Board of Directors is
pleased to propose a final cash dividend of 25 sen and a share dividend of 1 Public
Bank treasury share for every 35 shares held. Together with the interim dividend
of 30 sen paid in August 2008, the total gross dividend for 2008 would be 55 sen
gross cash dividend and a share dividend which is equivalent in value to a gross
cash dividend of 34.8 sen based on Public Bank’s share price of RM9.15 as at 24
February 2009. Therefore, the total equivalent value of gross cash dividend for
2008 is 89.8 sen. This represents an increase of 19.7% as compared to the 75 sen
gross dividend in 2007, translating to a total dividend payout of 87% for 2008, and
an attractive gross dividend yield of 10%.
The distribution of share dividend from the Bank’s treasury shares is one of the
capital management strategies adopted by the Group to maintain a higher level of
equity capital for future business expansion whilst still providing a high return to
shareholders. The share dividend will effectively increase the Group’s equity
capital by RM877 million whilst ensuring a continued high dividend payout of
87% of the Group’s 2008 earnings. Subsequent to the proposed share dividend
distribution, the Bank will continue to hold 80.4 million treasury shares with a
total value of RM736 million which are available for further distribution to
shareholders.
In 2008, Public Bank issued RM1.4 billion Subordinated Notes from its RM5
billion Subordinated Medium-Term Notes Programme to strengthen its capital
ratios. In the coming years, the capital position of the Group is expected to be
enhanced with further issuance of debt capital and the forthcoming adoption of
FRS 139 and the Basel II IRB approach.
6
The Public Bank Group’s pro-active capital management initiatives coupled with
the strong profitability growth have enhanced the Group’s return on equity. The
Group’s net return on equity had improved significantly from 13.3% in 2003 to
30.4% in 2008. The price to book value of Public Bank shares had also increased
from 2.1 times to 3.2 times today.
The Public Bank Group’s risk-weighted capital ratio remained strong at 13.1%
after the payment of the proposed dividends. This is well above the minimum
requirement of 8%.

论坛废才

oo.谢谢无花大大的分享

ThermoFisher

原帖由 无花 于 22-3-2009 10:53 PM 发表
In 2008, Public Bank issued RM1.4 billion Subordinated Notes from its RM5
billion Subordinated Medium-Term Notes Programme to strengthen its capital
ratios. In the coming years, the capital position of the Group is expected to be
enhanced with further issuance of debt capital and the forthcoming adoption of
FRS 139 and the Basel II IRB approach.

我记得大众银行已经在去年宣布要发出50亿零吉的债卷，如今只发出了14亿零吉，还有36亿债卷未发出；我有两个疑问，今年宣布的50亿零吉有没有包挂去年的36亿债卷呢？若公司要出债卷是不是每年必须重新提出申请，即使去年的配额还没有用完？

norsevalhalla

请问那些债卷是PBBANK－CH吗？

无花

那些债券不是散户买得到的.

如果你想要,买大众信托的基金吧

weiherd

原帖由 norsevalhalla 于 23-3-2009 12:29 PM 发表
请问那些债卷是PBBANK－CH吗？

PBBANK－CH 是warrant

norsevalhalla

哈哈，多口问下罢了，现在母熊当道，相信大户也不敢乱乱买债券吧。

无花

基金经理还是会买的.
一些保守型的基金或是Bond Fund都全持有部分的债券的