RCE Capital Bhd has announced a 1-for-1 bonus issue, marking its second bonus issue in less than three years, according to a report by Maybank Investment Bank (Maybank). The company has proposed the issuance of up to 764.9 million bonus shares, which is expected to be completed by the third quarter of 2024, subject to approvals from Bursa Exchange and shareholders.
Maybank has maintained its HOLD rating on RCE Capital with a target price (TP) of RM3.00, citing that while bonus issues do not positively impact operations, they have historically led to increased share prices due to better trading liquidity. The last bonus issue in early 2022 saw RCE's share price rise to nearly RM2.00, highlighting the market's positive reception to such announcements.
The proposed bonus issue will see the company's share capital increase significantly from its current 741.1 million ordinary shares, with the entitlement date yet to be determined. This move follows a similar bonus issue in January 2022, which involved the distribution of 351.5 million bonus shares and 18.3 million treasury shares, demonstrating RCE's consistent strategy to enhance shareholder value.
Investors are also closely monitoring the upcoming civil service salary hike, announced by the Prime Minister to take effect on 1 December 2024. Details of the salary raise, which is anticipated to be ≥13%, will be released on 16 August 2024. Given the strong correlation between government emoluments and RCE's financing receivables balance (R2:0.95), there could be significant upside potential to RCE's earnings estimates if the salary increase exceeds 15%.
Maybank has incorporated a 15% financing growth assumption from end-Fiscal Year 2024 Actual (FY24A) to end-Fiscal Year 2026 Estimate (FY26E) into its projections. The bank's current valuation of RCE Capital at 2.5 times end-Calendar Year 2025 Estimate (CY25E) Book Value Per Share (BVPS) supports the TP of RM3.00, reflecting stable long-term growth prospects.
RCE Capital's share price stood at RM2.92 at the time of the report, with the 12-month price target indicating a potential 8% upside. The proposed bonus issue and the favourable macroeconomic conditions suggest that RCE Capital could continue to deliver value to shareholders.
据马来亚银行投资银行（Maybank）的一份报告称，RCE资本有限公司宣布实施1：1的红利派发，这是该公司不到三年内第二次实施的红利派发。该公司拟发行达到7649万股的红利派发，预计将在2024年第三季度完成，并获得交易所和股东的批准。
Maybank计划维持RCE资本有限公司的HOLD评级，并将目标价调整为3.00马币。鉴于红利派发并不会对运营产生积极影响，但可以提升交易流动性，历史数据显示红利派发通常会促使股价上涨。上一次的红利派发于2022年初实施，使RCE资本有限公司的股价上涨至将近2马币，突显了市场对此类公告的积极反响。
据建议，RCE资本有限公司的拟实施的红利派发计划将使其普通股份从其目前的7411万普通股份大幅增加。目前股权登记日期尚未确定。此举跟随2022年1月的一次类似的红利派发，当时分发了3515万股红利和1830万股库存股，突显了RCE资本有限公司持续加强股东价值的策略。
投资者也在密切关注即将到来的公务员薪资调整，该调整由总理宣布，将于2024年12月1日生效。薪资涨幅预计有13%以上，具体细节将于2024年8月16日公布。鉴于政府薪酬和RCE的融资应收账款余额之间存在较强的关联性（R2：0.95），如果薪资增长超过15％，RCE的收益预测存在可观的上升潜力。
马来亚银行预计将自公司2024年度财年实际末期（FY24A）至公司2026年度预计末期（FY26E）的融资增长率预测为15％，并将其纳入其预测模型之中。该银行目前以2.5倍的终止日历年2025年预测（CY25E）每股账面价值进行估值，支撑RCE资本有限公司的目标价为3.00马币，反映出其未来稳定的长期成长潜力。
该报告发出时，RCE资本有限公司的股价为2.92马币，12个月的股价目标表明有8％的上涨空间。预计拟实施的红利派发和良好的宏观经济环境表明，RCE资本有限公司可能继续为股东带来价值。
