Monday, October 22, 2018

FW: MARC ASSIGNS ICSR OF A-ND TO MAYBANK ISLAMIC AND AFFIRMS ITS FINANCIAL INSTITUTION RATINGS OF AAA/MARC-1

 

 

 

P R E S S    A N N O U N C E M E N T

                       

FOR IMMEDIATE RELEASE

 

MARC ASSIGNS ICSR OF A-ND TO MAYBANK ISLAMIC AND AFFIRMS ITS FINANCIAL INSTITUTION RATINGS OF AAA/MARC-1

 

MARC has affirmed Maybank Islamic Berhad’s long-term and short-term financial institution (FI) ratings of AAA and MARC-1 based on the domestic rating scale. Maybank Islamic’s long-term FI rating is equalised to parent Malayan Banking Berhad’s (Maybank) rating of AAA, based primarily on its strategic importance to the Maybank group. The ratings outlook is stable.

 

MARC has also assigned a non-domestic intrinsic credit strength rating (ICSR) of A-ND to the bank. The ICSR is an assessment of Maybank Islamic’s standalone credit profile and considers its healthy capital buffer and satisfactory funding and liquidity position. The ICSR also factors in the bank’s strong domestic Islamic banking franchise and resilient earnings in the highly competitive Islamic banking sector.

 

The stable ratings outlook on Maybank Islamic reflects MARC’s expectations that the bank will remain a core entity of the Maybank group and sustain its strong market position in the domestic Islamic banking sector.

 

Maybank Islamic has maintained its leading position in the domestic Islamic banking sector, benefitting from shared branding and resources of its parent Maybank. Its total gross financing stood at RM171.1 billion as at end-June 2018, translating to a market share of 33.2% of Islamic financing in Malaysia. The bank’s business growth continues to be supported by its parent’s “Islamic first” strategy of prioritising Islamic financing services to its customers. As at end-June 2018, Maybank Islamic’s gross financing totalled RM171.1 billion, registering a 10.7% growth y-o-y.

 

As at end-June 2018, Maybank Islamic’s gross impaired financing (GIF) ratio stood at 1.35%, an increase from 1.05% at end-2017. The increase in the GIF ratio was due to higher impairments in the shipping industry and a one-off increase of RM121.4 million following the adoption of MFRS 9 in January 2018. Excluding the effect of the new accounting rule, the GIF ratio would stand at 1.28% as at end-June 2018. Over the near term, MARC is of the view that Maybank Islamic may face some downside risks given the increasing challenges in the domestic economy.

 

The one-off impact from the adoption of MFRS 9 as well as higher risk-weighted assets (RWA) over the quarter led to a decline in the bank’s CET1, Tier 1 and total capital ratios to 13.2%, 14.7% and 19.0% (2017: 14.5%, 16.2% and 20.8%). Maybank Islamic has and will continue to receive capital support from its parent through the absorption of RWA. As at end-June 2018, RWA absorbed by the parent and investment account holders stood at RM16.4 billion (equivalent to capital savings of 3.06%).

 

In 1H2018, Maybank Islamic recorded slightly lower net profit of RM743.0 million (1H2017: RM776.7 million) on higher impairments from the shipping sector as well as higher provision requirements under MFRS 9. The bank’s net financing margin was flat at 1.88% (2017: 1.88%), while its cost-to-income ratio was 33.6% (2017: 35.1%).

 

Maybank Islamic’s liquidity position remains healthy, with its gross financing-to-fund ratio standing at 89.8% as at end-June 2018 (2017: 87.8%). In terms of funding, the bank has reduced its reliance on costlier investment accounts which declined to RM19.2 billion or 9.7% of total funding (2017: RM24.6 billion; 12.8%).

 

Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my

 

October 16, 2018

 

 

[This announcement is available in MARC’s corporate homepage at http://www.marc.com.my]

----   DISCLAIMER    ----

This communication is provided by Malaysian Rating Corporation Berhad (MARC) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad (“MARC”) accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

FW: MARC AFFIRMS KAF INVESTMENT BANK’S FI RATINGS AT AA-/MARC-1

 

 

 

P R E S S  A N N O U N C E M E N T

 

FOR IMMEDIATE RELEASE

 

MARC AFFIRMS KAF INVESTMENT BANK'S FI RATINGS AT AA-/MARC-1 

 

MARC has affirmed its long-term and short-term financial institution (FI) ratings of AA- and MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.

 

The affirmed ratings primarily reflect KAF IB's strong capital ratios and liquidity levels, underpinned by a conservative investment strategy. The rating is moderated by the susceptibility of KAF IB's performance to domestic capital market conditions and interest rate movements. The stable outlook reflects MARC's expectations that KAF IB will manage its credit and market risks in relation to its operations and continue to adhere to a prudent investment policy.

 

KAF IB's assets are dominated by highly liquid Malaysian sovereign securities, negotiable instruments of deposits (NID) and private debt securities (PDS), with a combined total of RM7.2 billion as at end-February 2018. Accounting for 87.0% of the bank's total assets, this composition has enabled the bank to readily adjust its investment portfolio in response to anticipated market movements as well as to mitigate funding volatility.

 

KAF IB's fixed income securities continue to be characterised by high credit quality, with about 84.0% of the outstanding amount consisting of sovereign issuances and PDS with AAA ratings or government guarantees as at end-February 2018. The lowest quality bonds are rated in the A band, which comprise a marginal 0.7% of its fixed income securities. The bank's Tier 1 and total capital ratios stood at a healthy 130.2% and 131.2% as at end-February 2018, well above the Malaysian investment banking industry average of 32.7% and 35.6%. MARC observes that KAF IB's capital comprised quality components, primarily paid-up capital, retained earnings and statutory reserves. These made up around 95.1% of the total capital base.

 

For the nine months ended February 28, 2018 (9MFY2018), KAF IB recorded revenue and pre-tax profit of RM143.2 million and RM85.4 million. Its 98.9%-owned stockbroking subsidiary KAF-Seagroatt & Campbell Berhad generated brokerage fee income of RM29.5 million or about 20.6% of revenue. It has launched an online brokerage system and related mobile application in 1Q2018 to strengthen its mobile banking operations. Nonetheless, profitability was lower y-o-y due to weaker market conditions which led to a decrease in disposal gains of securities. The rise in the overnight policy rate (OPR) also led to higher interest expense of RM148.5 million (9MFY2017: RM110.5 million).

 

Contacts: Douglas De Alwis, +603-2717 2965/ douglas@marc.com.my; Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my

 

October 16, 2018

 

[This announcement is available in MARC's corporate homepage at http://www.marc.com.my]

----   DISCLAIMER    ----

This communication is provided by Malaysian Rating Corporation Berhad ("MARC") on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

 

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad ("MARC") accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

FW: AAM News: Japan’s Dai-ichi Life invests 300 million yen in cyborg technology startup

 

 

 

If you cannot view this mail please click here.

Asia Asset Management

 

 

 

Latest News  |  Magazine  |  Events  |  Best of the Best Awards  E-Magazine

 

 The 14th Annual Taiwan Roundtable - Global Pensions and Investments: Capturing New Opportunities

Latest News

22 October 2018

Japan's Dai-ichi Life invests 300 million yen in cyborg technology startup

Japan's Dai-ichi Life invests 300 million yen in cyborg technology startup

Responsible investing: Dai-ichi Life expects high return and positive social impact from the investment

 

Thai mutual fund assets up in January-September on equity gains

Investments: Net asset value of equity funds up 5% between January and September, bond funds down 5.7%
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Asian asset managers see revenue rising to US$112 billion by 2022, McKinsey says


 
Coming Up


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  AAM Events in 2018

 

 

 

 

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Friday, October 19, 2018

FW: AAM News: China A-shares ETFs’ underlying benchmarks seen to drive flows

 

 

 

If you cannot view this mail please click here.

Asia Asset Management

 

 

 

Latest News  |  Magazine  |  Events  |  Best of the Best Awards  E-Magazine

 

 The 14th Annual Taiwan Roundtable - Global Pensions and Investments: Capturing New Opportunities

Latest News

19 October 2018

China A-shares ETFs' underlying benchmarks seen to drive flows

China A-shares ETFs' underlying benchmarks seen to drive flows

Exchange-traded Fund: The popularity of benchmarks expected to determine demand, market players say

 

Investors seek clarity after market sell-off, fund managers say

Investments: The main concerns include rising US interest rates and the China-US trade war
Read More

AAM new product roundup

New Products: A compilation of recent new initiatives and product launches in the Asia Pacific region
Read More

Hong Kong has to raise MPF contribution rate, asset manager says

Pensions: Principal International CEO says Hong Kong's retirement regime is "financially sustainable, but not sufficient"
Read More

Monthly Top Ten

Singapore's new investment fund structure gets thumbs up

New Hong Kong group to advise government on green finance

Manulife's Hong Kong unit names Yvonne Sin as independent director

PE Panorama: Unsatisfied with hedge funds, family offices turn to private equity

PE Panorama: Meltdown in China's private equity market looms

Singapore and Indonesia regulators ink fintech pact

South Korea's NPS appoints State Street as service provider, BNY Mellon as custodian

HSBC Securities Services named custodian of Ping An's first RAIF fund

ETF managers eager to take advantage of growth potential in Asia market, Vanguard says

Japan's GPIF picks S&P Dow Jones carbon efficient indexes as ESG benchmarks


 
Coming Up


Heitman

  AAM Events in 2018

 

 

 

 

As per the Guidance on Direct Marketing issued by the Office of the Privacy Commissioner for Personal Data in Hong Kong which took effect on April 1, 2013, we would like to inform you that we intend to continue sending you promotional emails such as newsletters, new promotions and product updates. If you do not wish to receive such emails, please contact us at news@asiaasset.com. For enquiries please contact us at (852) 2547-7331.

 

 

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COPYRIGHT © 2018 ASIA ASSET MANAGEMENT. ALL RIGHTS RESERVED.
1701 Singga Commercial Centre, 148 Connaught Road West, Hong Kong   Tel: (852) 2547-7331   E-mail: enquiries@asiaasset.com


 

 

 

Thursday, October 18, 2018

FW: RAM Ratings reaffirms debt rating of Boustead-sponsored vehicle

 

 

Published on 18 Oct 2018.

RAM Ratings has reaffirmed the AAA(fg)/Stable rating of the remaining RM210 million Guaranteed Class E Bonds issued under Mecuro Properties Sdn Bhd’s RM900 million Nominal Value Bonds. The reaffirmation of the rating is premised on an irrevocable and unconditional financial guarantee insurance (FGI) facility extended by Danajamin Nasional Berhad. Danajamin was last rated AAA/Stable/P1 by RAM on August 2018.

With initially five properties at issuance, the transaction is now backed by two remaining properties – eCurve and Menara Affin (collectively referred to as “the Portfolio”) – following the exercise of the first and second property call options in July 2015 and January 2018. In FY Dec 2017, the Portfolio’s overall net property income (NPI) was slightly lower y-o-y at RM12.3 million, although still within RAM’s expectations. The weaker showing was due to a moderation in eCurve’s performance. Nonetheless, the Portfolio has complied with all relevant covenants of the transaction, exceeding the covenanted NPI level of RM10 million.

Independent of the FGI, the Guaranteed Bonds are supported by the Portfolio’s good asset quality. The Portfolio is subjected to tenant concentration risk given that Affin Bank Berhad is the sole tenant of Menara Affin, which contributed a substantial 87.2% of the Portfolio’s NPI in FY Dec 2017. Although Affin Bank’s new 47-storey headquarters at Tun Razak Exchange is targeted for completion by December 2020, the management has indicated that there is a high likelihood of the Bank extending its lease (expiring in February 2019), albeit for a shorter term. That said, we note that the sponsor, Boustead Properties Berhad (Boustead), has signalled an intention to exercise the last property call option by January 2019, the proceeds of which will be used to meet coupon payments and the final redemption of the Bonds upon their expected maturity. RAM will closely monitor the transaction in this regard and withdraw the rating upon final redemption of the Guaranteed Class E Bonds.

Mecuro is a special-purpose vehicle incorporated to facilitate a sale-and-leaseback transaction sponsored by Boustead (the Seller). Subsequent to the sale of the Properties, Mecuro will lease them back to the Seller. Coupon obligations under the Bonds will be met via semi-annual lease payments from the Lessees while principal repayment will be fulfilled through the disposal of the Properties. 

 

Analytical contact
Lim Chern Yit
(603) 7628 1035
chernyit@ram.com.my

Media contact 
Padthma Subbiah
(603) 7628 1162 
padthma@ram.com.my

 

 

Wednesday, October 17, 2018

FW: MARC AFFIRMS FINANCIAL INSTITUTION RATINGS OF A+/MARC-1 ON KENANGA INVESTMENT BANK

 

 

P R E S S  A N N O U N C E M E N T

FOR IMMEDIATE RELEASE

 

MARC AFFIRMS FINANCIAL INSTITUTION RATINGS OF A+/MARC-1 ON KENANGA INVESTMENT BANK

 

MARC has affirmed its long-term and short-term financial institution (FI) ratings of A+ and MARC-1 on Kenanga Investment Bank Berhad (Kenanga). The FI ratings are based on a national rating scale. The outlook on the ratings is stable.

 

The affirmed ratings are primarily premised on Kenanga’s strong competitive position in the retail stockbroking business in Malaysia, its sound capital position, its moderate profitability metrics and adequate funding profile. The stable outlook reflects MARC’s expectation that Kenanga will maintain its current market position and financial performance that are commensurate with the ratings. Any improvement in the rating and/or outlook would be driven by an improvement in its profitability metrics.

 

Kenanga’s strong stockbroking franchise is reflected by its retail market share of about 20.0% in 1H2018 (2017: 19.6%). This position has largely been built on the back of a wide network of 29 branches and a sizeable remisier base of 782 as at end-June 2018. Its tie-up with Japan’s second-largest online brokerage firm Rakuten Securities, Inc, is expected to further strengthen its retail market position. It is also seeking to acquire a domestic retail-oriented brokerage firm.

 

Its core business remains stockbroking which accounted for 44.0% of the consolidated revenue in 1H2018 followed by treasury and investment banking activities at 39.4%. Apart from stockbroking fees, the bank generates interest income from its loan portfolio, which stood at RM2.1 billon as at end-1H2018. Its loan portfolio mainly comprises share margin financing which is expected to increase following the easing of the rule on share margin financing that had previously placed a limit of 200% of shareholders’ funds. Its gross impaired loans (GIL) ratio rose to 2.52% in 1H2018 but remains lower than the industry average of 4.8%. The increase in GIL is attributed to the weak share market performance during the period. 

 

Investment banking revenue is largely attributed to interest income and investment income on government securities and investment-grade private debt securities. Unlike many of its peers, Kenanga does not belong to a larger banking group to be able to leverage on broader financial services. Nonetheless, it has broadened its income base with revenue contribution from the investment management segment increasing to 12.2% in 1H2018 from 5.4% in 2015, notwithstanding the fact that assets under management remained moderate at RM7.4 billion as at end-June 2018.

 

In 1H2018, total income declined by 4.0% y-o-y to RM221.3 million mainly on lower trading income and brokerage fees. Its high cost-to-income ratio of 93.0% is largely due to substantial commission expenses and costs of maintaining its branch network. Net profit rose to RM18.6 million from RM6.2 million in 1H2017, boosted by an impairment write-back of RM13.5 million. On excluding the one-off impairment write-back, net profit would decline by 18.9% y-o-y to RM5.1 million. Consolidated Common Equity Tier 1 ratio declined to 22.8% largely due to higher dividends paid during 1H2018 but remains well above the minimum regulatory requirement of 7.0% to be complied with by early-2019. 

 

In terms of funding and liquidity profile, Kenanga relies on short-term wholesale customer deposits, with deposits from non-bank financial institutions and business enterprises collectively accounting for 70.6% of total liabilities as at end-June 2018. The high funding concentration poses some liquidity risk to the bank, although this is mitigated by sizeable liquid assets of 36.6% of total assets. Liquidity coverage ratio stood at 188% as at end-June 2018, higher than the minimum 100% requirement to be complied with by early-2019.

 

 

Contacts: Sharidan Salleh, +603-2717 2954/ sharidan@marc.com.my; Lee Kar Xuan, +603-2717 2964/ karxuan@marc.com.my

 

October 17, 2018

 

[This announcement is available in MARC’s corporate homepage at http://www.marc.com.my]

----   DISCLAIMER    ----

 

This communication is provided by Malaysian Rating Corporation Berhad (MARC) on the basis of information believed by MARC to be accurate and reliable as derived from publicly available sources or provided by the rated entity or its agents. MARC, however, has not independently verified such information and makes no representation as to the accuracy or completeness of such information. Any assignment of a credit rating by MARC is solely to be construed as a statement of its opinion and not a statement of fact. A credit rating is not a recommendation to buy, sell, or hold any security.

 

© 2018 Malaysian Rating Corporation Berhad

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad (“MARC”) accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

Thursday, October 11, 2018

FW: Monthly Bond Market and Rating Snapshot - September 2018

 

 

 

Dear Sir/Madam,

 

We are pleased to inform you that we have published a report entitled “Monthly Bond Market and Rating Snapshot for September 2018on our website which can be accessed via the link below:

 

 

SUMMARY AND COMMENTS:

 

Local govvies: primary market support despite headwinds 

 

There was local institutional support for govvies in the primary market in September even as net foreign selling of local bonds continued for the second consecutive month. A reflection of strong interest, the bid-to-cover (BTC) ratios for the 30-year reopening of Government Investment Issue (GII), the 10-year reopening Malaysian Government Securities (MGS) and the 3.5-year new issue of GII all came in higher at 1.9x, 2.7x and 2.2x, respectively. Lower-than-expected August Consumer Price Index (CPI) data and the higher appetite for Emerging Market (EM) assets during the last week of the month contributed to the demand.

 

Net foreign outflows from the local bond market in September was higher at RM3.0 billion, compared with August’s RM2.4 billion. Due to the large amount of maturing MGS of about RM11.9 billion, foreign holdings of MGS fell significantly by RM5.6 billion to RM148.3 billion. Corporate bonds also saw net foreign outflows. Meanwhile, GII and Malaysian Treasury Bills (MTB) registered net foreign inflows. Total foreign net outflows in the first nine months of 2018 came in at RM22.2 billion, compared with RM15.5 billion in the same period last year.

 

With investor perceptions of rising uncertainty over Malaysia’s fiscal direction and economic outlook, corporate bond issuances fell 9.2% year-on-year in the January-September period to RM75.7 billion. Gross issuance in September totalled RM7.2 billion, lower than August’s RM7.6 billion. Not surprisingly, issuances of government-guaranteed (GG) corporate bonds fell the most. Going forward, we expect corporate bond issuance activity to moderate further on the back of rising global interest rate environment.

 

As a result of the tit-for-tat tariffs in the ongoing US-China trade war and the hawkish stance of the US Federal Reserve, the ringgit continued to fall in September, in line with its regional peers. It has remained on a downtrend against the US dollar (USD) since March 2018 when it traded at RM3.8635. By end-September, the ringgit was traded lower at RM4.1383. Moving forward, we expect the recent release of positive US economic data and the still unresolved US-China trade dispute to heap further pressure on the ringgit.

 

We trust you will find this report informative.

 

Warm regards,

 

Malaysian Rating Corporation Berhad (364803-V)

19-07, Level 19, Q Sentral, 2A Jalan Stesen Sentral 2

Kuala Lumpur Sentral, 50470 Kuala Lumpur

Tel :  +603 2717 2900 | Fax :  +603 2717 2910

Email :  marc@marc.com.my   Website : www.marc.com.my

 

 

IMPORTANT NOTICE:
The information contained in this email and/or any attachment hereto is strictly confidential and privileged. If you are not the intended recipient, and/or have received this email in error, you must not copy, disseminate or disclose the contents of this message and/or any attachment to any other person. Please notify the sender and delete this message and any attachment from your system. Malaysian Rating Corporation Berhad (“MARC”) accepts no liability in respect of prohibited and unauthorised use by an unintended addressee or recipient. Any opinion, view or other information in this message and/or any attachment hereto which does not relate to the official business of MARC is that of the individual sender. Although this email and/or any attachment is believed to be free of any virus or other defect which may affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus-free and MARC accepts no responsibility for any loss or damage arising in any way from the use thereof.

 

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