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Strategies & Market Trends : Asia Forum
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To: Stitch who wrote (1997)2/9/1998 8:52:00 AM
From: B Tate  Read Replies (1) of 9980
 
Hi Stitch

This post on "MBF" brings to mind an issue that confused me when I first started 'looking' at the KL market. Initially thought that MBF was related to Maybank, not too far a stretch you'll have to admit. What is more logical than to think that possibly that Maybank and Mayban Finance could be related?? Ahhhh the name is everything.

Maybank is one of, if not the largest Commercial/consumer banks in the country, trading in the 13++ ringgit range with a P/E of 11.29. ONe of the more stable financial institutions in the region. I saw the MBF signs everywhere and thought wow, do they have penetration or what? Plus they have that new monstrosity on Yap Quan Seng, must be rolling in the dough. RIGHT

After some DD figured out that the three (3) different MBF's had no relationship to Maybank.

1- MBF Cap. - Investment Holding company - P/E 3.88 Price 1.68

2- MBF Holdg - Prop. Dev. and Invest. Hold. - P/E 8.25 Price .80

3- MBFland - Development and sale of Properties - P/E 11.38 Price .74

NOTE all prices in Ringgit (3.9 to the dollar as of 2/9) data taken from KLSE home page on PM 2/9.

The moral of this whole post is that if you invest in Asia be VERY careful that you have the company that you think you do. Sounds crazy but TRIPLE check the names etc. ASSUME NOTHING. Close is no cigar here.

BTW Public Bank gets a couple of lots from me this week. Sure wish I had followed my gut feeling about F&N last month. UP from 3.9 to 6+ in the surge. Goes to show you that this company will respond quicker than most in an up market. Still plenty of time though, its down from a high of 13 or 14 last year.

Regards
bernie
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