Monday, May 30, 2011

AFG ... May11

Alliance Financial Group (AFG) is aiming for non-interest income to contribute 30% to total revenue compared wuth 20% currently.

The higher contribution will be derived from fees, commissions and other activities from remittances, share trading commission and treasury activities.

It was merely speculation on reports that its strategic shareholder, Langkah Bahagia, was looking to exit. Earlier news reports said that AFG's strategic shareholder, Langkah Bahagia, was looking to exit and that might result in a potential merger and acquisition (M&A) for the group.

Langkah Bahagia effectively owns 14.8% of AFG via Vertical Theme which is a joint venture between Langkah Bahagia (51%) and Temasek (41%) that collectively owns 29% of AFG.
At the moment, AFG is not looking for an M&A. It also has no plans to merge with a rival as the industry consolidates further. Observers have long seen AFG as a compelling takeover target given its size and healthy balance sheet. Talk of a possible merger intensified recently on reports that its strategic shareholder, Langkah Bahagia, which effectively owns a 14.8 per cent stake, was looking to exit.

AFG's board spent a great deal of time on its balance sheet, something many other banks had lost focus on as they paid more attention to their profit-and-loss.

AFG, which has built a niche in the consumer and small-to-medium enterprise banking segments, saw its net profit rise to RM301.4 million in the year ended March 31 last year, from RM229.1 million before.

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