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.
根據馬來亞銀行投資銀行（Maybank）的一份報告，RCE Capital Bhd宣佈了1比1的獎金髮行，這是其在不到三年的時間裏第二次發行紅利。該公司已提議發行最多76490萬股紅股，預計將於2024年第三季度完成，但須獲得布爾薩交易所和股東的批准。
馬來亞銀行維持了對RCE Capital的持有評級，目標價格（TP）爲3.00令吉，理由是雖然紅利發行不會對運營產生積極影響，但由於交易流動性改善，它們歷來導致股價上漲。2022年初的最後一次紅利發行中，RCE的股價上漲至近2.00令吉，凸顯了市場對此類公告的積極歡迎。
擬議的紅利發行將使公司的股本從目前的74110萬股普通股大幅增加，發放日期尚未確定。此舉是在2022年1月發行類似的紅利之後採取的，其中包括分配351.5萬股紅股和1830萬股庫存股，這表明了RCE提高股東價值的一貫戰略。
投資者也在密切關注總理宣佈將於2024年12月1日生效的公務員薪資上調。加薪細節將於2024年8月16日公佈，預計加薪幅度將達到 13%。鑑於政府薪酬與RCE的融資應收賬款餘額之間存在很強的相關性（R 2:0.95），如果工資增長超過15％，RCE的收益估計可能會有很大的上升潛力。
馬來亞銀行已將從2024財年末實際值（FY24A）到2026財年末估計（FY26E）的15％融資增長假設納入其預測中。該銀行目前對RCE Capital的估值爲2025年日曆年末估值（CY25E）的2.5倍，支持目標爲3.00令吉，反映了穩定的長期增長前景。
報告發布時，RCE Capital的股價爲2.92令吉，12個月的目標股價表明可能有8％的上漲空間。擬議的紅利發行和有利的宏觀經濟條件表明，RCE Capital可以繼續爲股東創造價值。
