Alliance Bank Malaysia Bhd

[winston]

vested

FY26 results within expectations

HOLD maintained ABMB’s FY26 earnings were within expectations (net profit +10% YoY).

We have trimmed our FY27/28E earnings by 3-5% largely on lower NIM estimates, but we have raised our dividend payout ratio assumption to 45% from 41% before.

Our GGM-derived TP is lowered to MYR5.00 from MYR5.20 on an unchanged CY26 PBV target of 0.98x (COE: 9.9%, LT growth: 4%, ROE: 9.8% (10.0% before)).

HOLD maintained.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/535916.pdf