Investment Analysis of Commercial Banks @ PENANG – Investalks 303

Duration: Two days

Date: 3-4 Mar 2018, 9am to 5pm

This course aims to provide participants with a thorough understanding of how to:
1. Perform analysis on financial statement of commercial banks.
2. Estimate fair value for commercial banks.
The reference reporting framework used will be IFRS.

Course outline:

Course Fee:
1. Investalks Member: RM1,088
2. Non-member: RM1,138


  1. Bank in
    a. Bank: Maybank
    b. Account No.: 514383562062
    c. Account Name: Ivestalks Enterprise
  2. Send the payment receipt to or Whatsapp to +6016-773 9114


Moving to Facebook Group

Moving forward, I will gradually moving to my Facebook Group in the future –

This blog will cease operation in few months.

Last Call!

Hi everyone, I will be closing this blog very soon. Please join my Facebook Group: Thanks

HAIO Updates – 1 Feb 2018

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#HAIO Updates – 1 Feb 2018

Analysis File – HAIO-FY18-Q2

6MFY17 results were very impressive where YoY growth rate of revenue and net profit was 39% and 53% respectively.

As Chinese will be celebrating CNY festival very soon, I expect #HAIO will enjoy very fruitful FY18 closing. As their quarterly report already explained their performance, I have no further comment.

CPI Malaysia rose by 3.5 per cent to 120.9 in Dec 2017, but consumer spending on healthcare products is not declining at all.

In my opinion, at 5.38, valuation of #HAIO is not so attractive because it is almost fully valued.

  1. Baseline scenario – 4.5 – 5.5
  2. Good scenario – 4.8 – 6.0
  3. Bad scenario – 4.1 – 5.0 (unlikely to happen)
  4. Ugly scenario – 3.9 – 4.5 (unlikely to happen)

Its dividend yield is around 3.1%.

As of now, I won’t accumulate #HAIO. I will consider to sell some of the shares to harvest good profits.

At the time of writing, I owned shares of #HAIO.

#KLSE #FBMKLCI #FundamentalAnalysis

CARLSBG Updates – 31 Jan 2018

Analysis file – CARLSBG-FY17-Q3

9MFY17 results were quite impressive even if so many people complaint “no money”. YoY growth rate of revenue and net profit was 7.7% and 8.4% respectively.

As Q4 2017 and Q1 2018 are festival seasons, I expect consumption of alcoholic beverages to be relatively higher. Thus, I expect #CARLSBG will enjoy very fruitful FY17 closing.

In my opinion, at 15.94, valuation of CARLSBG is fully valued where I believe its fair value range from 14.7 to 16.2. Its dividend yield is around 4.8%.

As of now, I won’t accumulate #CARLSBG, but to hold it for extremely high dividend yield as my average cost for #CARLSBG is extremely low.

At the time of writing, I owned shares of #CARLSBG.


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WELLCAL Updates – 29 Jan 2018

Analysis file – WELLCAL-FY17-Q4.xlsx

For growth drivers and challenges, you can read Management Discussion and Analysis in Annual Report 2017. I agree with the points made in WELLCAL’s MD&A, so I don’t have additional opinion here.

As at 27 Jan 2018, WELLCAL’s close price was RM1.49. I believe that WELLCAL is still slightly undervalued based on the following scenarios.

  1. Baseline scenario – RM1.65 – 1.84
  2. Good scenario – RM1.74 – 2.01
  3. Bad scenario – RM1.60 – 1.74
  4. Ugly scenario – RM1.48 – 1.64

I will continue to accumulate WELLCAL.

At the time of writing, I owned shares of WELLCAL.

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CIMB and AMMB – Recent Development

AmBank Group to cut jobs via MSS (9 Jan 2018)

AMMB cost / income was 57.40%, which the third highest in Malaysia. The next one – AFFIN or BIMB ? Both having 1st and 2nd highest cost / income.

Compare to other banks, based on my analysis, I think #AMMB is one of poor run banks in Malaysia.

Objectively speaking, this is more towards rationalisation, rather than “bad economy”.

CIMB to sell asset management unit stakes to Principal for RM950m gain (12 Jan 2018)

CIMB: “This exercise will also see our common equity Tier 1 ratio improve by approximately 18 basis points,”

This exercise actually makes sense because CET 1 Capital Ratio of CIMB is probably the lowest among public listed commercial banks in Malaysia. They really have to improve their regulatory capital.

Also, CIMB’s Tangible Common Equity over RWA is also the lowest (around 7%). For you to gauge the severity, the same ratio for BIMB is around 10.7%, and for other banks, more than 12%.

This is an exercise to improve regulatory capital.