I regard 900.HK as a retail stock rather than a financial/credit stock. Its sales roughly links with our government announced retails figures.
Unlike banks, it mainly focus in credit cards business. Usually a cardholder will settle its debts within 1-2 months to avoid penalties and late interest. Also, usually each individual cardholder's credit limit is insignificant c.f. business banking loans. Therefore I don't worry about its bad debts provision in this 1-2 years. (Just look back HSBC and Tencent 2 years before ... Who can guarantee future 2 years' economy and individual stocks? )
I am not 100% confident in it or any other stocks.
My information are just read from its past annual reports and learnt from our government announced retail figures, monthly and yearly % movement... and some common sense. ^_^
900.HK has been disclosing its quarterly(3-months) results regularly. You can easily find out from AAstock.com.
About its capital structure, you should find it out yourself as now you are a shareholder. ^_^
900.HK's sales has some linked with 984.HK sales, but not related to 984.HK's net profits/losses.
900.HK's credit cards can be used in Park'N Shop, Wellcome, SaSa, Giordano, ... actually they are Visa and Mastercard cards. (This is my common sense only. ^_^)
Recently 984.HK's business is not good, but it has significant "cash" still. I guess Aeon Stores would not be closed in coming 3-5 years.
Student says:
回覆刪除Value Sir,
I regard 900.HK as a retail stock rather than a financial/credit stock. Its sales roughly links with our government announced retails figures.
Unlike banks, it mainly focus in credit cards business. Usually a cardholder will settle its debts within 1-2 months to avoid penalties and late interest. Also, usually each individual cardholder's credit limit is insignificant c.f. business banking loans. Therefore I don't worry about its bad debts provision in this 1-2 years. (Just look back HSBC and Tencent 2 years before ... Who can guarantee future 2 years' economy and individual stocks? )
Good Good Luck to you!
謝謝你的資料，對我很有幫助，似乎你對它信心爆棚，兼且佢百毒不侵。
刪除我很想更了解它的收入結構，與零售貨值的關係，在我印象中，成熟的香港的消費市場屬較穩定。
刪除借期短，借額少是個優點抑或缺點，讓我再思考。
刪除另外，有否考慮過佢資金成本快將出現轉折點？
Student says:
刪除Value Sir,
I am not 100% confident in it or any other stocks.
My information are just read from its past annual reports and learnt from our government announced retail figures, monthly and yearly % movement... and some common sense. ^_^
900.HK has been disclosing its quarterly(3-months) results regularly. You can easily find out from AAstock.com.
About its capital structure, you should find it out yourself as now you are a shareholder. ^_^
Student says:
刪除Besides, do you know how many credit cards are issued by local financial institutions(including banks and Aeon and else) in HK now?
And, do you know how many credit cards are issued by 900.HK now?
This may help you to have an idea of market sharing(%) of Aeon credit cards in HK. ^_^
我希望它成功。
刪除我喜歡看年報，更加是報不離手那種，日後再跟你交流此股。
我很注重市佔，它的定位在市場中見特別。
刪除一般金融機構，即使信用卡好賺，但不屬主流業務，它們只會談及自身表面增長。
當然，平日從報章對這市場亦有一般的概念。
持900，組合多少佔比？
刪除好好的問題，我食住花生等分析先 ^_^
回覆刪除這是很基本問題，大家交流下，思考下，防禦下。
刪除它是不是財仔股？有其他特色嗎
回覆刪除哎，點分？
刪除佢應該正路D，佢有發信用卡，消費概念會強些。出面D財仔，資金可能無咁直接，神秘D，中介D，我不是Aeon專家，要揾D專家答你。
各Blog友不況給意見！
正常来说，一般人也会優先還高息的卡数先, 所以壞賬可能比一般人認知的低。
回覆刪除我同意，這樣豈不是訂得愈高，愈有著數？
刪除我相信當中應該很有學問。
我只知香港整體的信用卡壞帳率不太高，是有利可圖的業務。
但小心，未來的支付世界會變得很快，我仍未想得透，會對市場格局有何改變。
利大本無歸，大高利息仍然肯借，九成九有借冇回。
刪除信用卡不是新興行業，當然它們懂得找當中的平衡，消費者的習性。
刪除最驚應是失業率颷升，人們心灰意冷，寧願選擇破產，那時，高息低息，通通無得留低。
Student says:
刪除Value Sir,
For bankrupty economy like the years 1998-2003, I think the first selling sectors of stocks are banks and real estate stocks !
But 900.HK was still a profit-making stock by that period, and paying dividends still ! ^_^
當然，颷升失業率絕對影響各範疇，無一幸免，差的只是邊個死先，層面又幾大。
刪除包括個人及企業，我拭目以待這一天。
我同意增強實力是最佳的方法，如何，每人各出奇謀，我們正是觀察者。
刪除價兄，我上月看了它第3季財報又增持了一些。他7成營業額係信用卡，次要係貸款。收入超過9成來自香港，所以其業務較易觀察。上年明顯再加強推廣，永久免年費兼送嘢，不斷吸客。它業務一向穩健，是我估不到的，看它金融海嘯其間的財務就知作風穩健，而且十多年派息有增無減，香港上市做到的企業唔多。
回覆刪除不過900暫時佔我倉位只有3%，或許會再增持多一點。
刪除我亦有留意其中期業績，整體不俗，特別留意到收入增長，資產質素，推廣 ，國內業務，債務，表達得頗不錯。
刪除我特別留意金融海嘯時能維持穩定業務的公司。
刪除我持倉比你少許多。
刪除900好野黎 派息往績一流 今年我睇有機加派息
回覆刪除如果永旺同和民多D分店 或會間接令更多人使用AEON信用咭
我已持有900一年多並會繼續持有
我同意派息有增長，非常好。
刪除但永旺在港業務不太好，對Aeon怎演繹？
Student says:
刪除Value Sir,
Good morning. ^_^
900.HK's sales has some linked with 984.HK sales, but not related to 984.HK's net profits/losses.
900.HK's credit cards can be used in Park'N Shop, Wellcome, SaSa, Giordano, ... actually they are Visa and Mastercard cards. (This is my common sense only. ^_^)
Recently 984.HK's business is not good, but it has significant "cash" still. I guess Aeon Stores would not be closed in coming 3-5 years.
Good Good Luck!
我明白二者業務差別，如果關連方能有好表現，更符合強強聯手。
刪除我感覺上佢仍然很依賴對方，我近月見過Aeon在KFC門外做推廣。
另外，在投資科技上 佢有著墨，如用手機方面，我很有興趣這。
刪除Student所言大致正確，永旺的業務有倒退，但未必直接影響900。但有兩點可留意，Aeon信用卡的確到處都用得，但在其他商店甚少能提供拆扣優惠，相信不少人仍喜歡使用大銀行的信用卡，加上我印象中Aeon信用卡未能加入電子支付工具如Android Pay等，長遠要留意其競爭力是否能維持。如有錯誤請糾正。
刪除謝謝資料。
刪除我很留意支付這發展，我極擔心改變現行參與者，如銀行及Aeon等的角色。
由於騰訊，蘋果等野心極大，未來甚至有力成為銀行的所有角色。
等我又講下, 下面係季度業績, 第3季溢利首次突破1億
回覆刪除年中派息比率得48% 相比全年派息比率OVER50%, 年尾應好大機會加派息
利申:持有年半, 近期增持緊
0900 2017.05 91,618
0900 2017.08 82,166
0900 2017.11 100,234
Student says:
刪除I appreciate you have read the past results and take notes. ^_^
我同意其表現，佢特別提到資產質素改善，這是較好的指標。
刪除Hi, 小弟都有買900, 寫左篇BLOG文,大家交流下
回覆刪除http://seekingvalueandinvestment.blogspot.hk/2018/01/aeon.html
刪除講佢財務結構同加息GE影響
謝謝你的分享。
刪除