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apple developer account:RCE Capital likely eligible for Shariah status, says Maybank IB

admin2021-02-0925

KUALA LUMPUR: Maybank Investment Bank Research expects RCE Capital Bhd to be eligible for Shariah status in November 2021, which will potentially attract interest from more fund managers, which coupled with a relative resilient earnings outlook, will attract interest from more fund managers.The research house, which has a "buy" call on the stock, raised its target price to RM2.78 from RM2.09 as it rolls forward our valuation base year to end-2021 from end-2020 and raise its target price-book value multiple to 1.2x from 1x previously."We opine that the main re-rating catalyst that will drive RCE’s valuations to higher levels is it obtaining Shariah status."The other re-rating catalyst is RCE raising its DPR policy from the current 20-40% (FY20A: 35%)," it said.According to Maybank IB, RCE Capital is likely eligible for Shariah status as conventional loans do not contribute more than 5% to group revenue or pre-tax group profit, its cash over total assets ratio of 21% is less than the 33% benchmark and its adjusted debt over total assets ratio of 17% is also less than 33% benchmark."With its relatively resilient earnings outlook, we believe that RCE will attract interest from a larger group of fund managers who are allocating more and more of their assets in Shariah compliant equities should it obtain Shariah status," it said.
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