Malayan Banking

Malayan Banking

Postby winston » Wed May 11, 2011 11:15 am

Not vested

Valuation/Recommendation

Maintain BUY with target price of RM10.30, pegged at 2.2x FY12F P/B (1SD from its 10-year mean) or 15.4x FY12F PE.

Maybank has the largest national branch network, which gives it wide exposure to a revival in loan growth in the economy and makes it well-positioned to capture the rising domestic investment cycle.


Source: UOBKH
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Re: Malayan Banking

Postby winston » Mon May 16, 2011 9:10 am

Not vested. From UOBKH:-

Valuation/Recommendation

• Maintain BUY and target price of RM10.30, pegged at 2.2x FY12F P/B (1SD from its 10-year mean) or 15.4x FY12F PE.

Maybank has the largest national branch network, which gives great exposure to a revival in loan growth on the back of a resilient domestic economy coupled with strong regional growth, especially in Indonesia, as well as strong treasury income.
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Re: Malayan Banking

Postby winston » Sun Jan 03, 2016 9:27 am

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MICHAEL KURTZ
Global head of equity strategy & chief strategist,
Asia ex-Japan Nomura Securities
Stock pick: Malayan Banking Bhd

MAYBANK is one of Nomura’s Asia-Pacific ex-Japan’s top picks for 2016.

The bank is well positioned to ride out the competition for deposits among the local banks, in our view. With the largest network of 400 branches nationwide, it has the strongest current and savings account (Casa) and consumer deposit franchises.

In spite of the tough competition for low-cost Casa deposits, Maybank has consistently been growing ahead of the industry growth rate over the last 10 years. Even so, given the higher term deposit cost, we expect net interest margins to fall by 8 basis points to 2.24% by FY17F, from 2.32% in FY14.

Compliance with Basel III requirements will lead to greater competition for retail deposits. We do not believe the bank is vulnerable to any particular systemic risk as it has a diversified portfolio and relatively strong risk management.

Maybank reported its 3Q results recently and there were no negative surprises. The underlying operating ratios were relatively stable and we believe the bank is in a strong position to withstand the current challenges.

Our price target of RM9.70 is based on an return on equity of 12%.

Source: The Star
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Re: Malayan Banking

Postby winston » Fri Nov 25, 2016 12:55 pm

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CIMB Research cuts Maybank's earnings forecast, target price

By Gho Chee Yuan

KUALA LUMPUR (Nov 25): CIMB IB Research has slashed its forecast for Malayan Banking Bhd's (Maybank) earnings per share (EPS) by 2% and 13% for financial years 2017 (FY17) and FY18, after projecting a slower loan growth in the next two years.

In a note to clients yesterday, the research firm said it has lowered FY17's and FY18's loan growth projection to 3%, from 9% to 10%, which is closer to the management's target for FY16.

"We cut FY16-18F EPS forecasts by 2-13%, as
(1) we lower projected FY17-18 loan growth from 9-10% to about 3% on the assumption that FY17-18 loan growth would be close to the management’s target for 2016, and
(2) raise the assumed share base from 9.8 billion shares to 10.2 billion shares for FY16-18F, to factor in the new shares issued under the dividend reinvestment plan," said CIMB Research analyst Winson Ng.

In view of this, Ng said Maybank's DDM-based target price (TP) falls from RM10 to RM9.20, despite the roll-over of the TP to end-2017. Rating in the stock, however, was kept at "Add".

In announcing its third financial quarter earnings yesterday, the country's largest banking group cut its loan growth projection for the current financial year, after its earnings for the quarter hurt by a higher tax charge.

Net profit for July-September was RM1.795 billion (US$402.9 million), 5.4% lower than RM1.898 billion a year earlier.

The lender's fourth straight quarterly drop in profit comes amid slowing loan growth at home and exposure to the oil and gas industry that has been hit by falling prices.

Thus, it lowered its full-year estimate for loan growth to 2–3% and cut the forecast for return on equity to 10.5–11%, due to "selective asset growth".

Investors appeared to be lukewarm to the weaker earnings and lowered in loan growth target. As of 10.29 a.m., the stock was traded unchanged at RM7.70, after climbing to a high of RM7.73 earlier.

A total of 486,200 shares exchanged hands, valuing it at RM78.49 billion.

On Maybank's financial performance, Ng noted Maybank’s gross impaired loan (GIL) ratio fell from 2.34% in June 2016 to 2.22% in September 2016, while loan loss coverage strengthened from 70.5% to 74.8% over the same period, after a rise in the preceding three quarters.

According to Ng, management has guided for an even lower credit cost in 4QFY16 versus 3QFY16).

"On the flip side, we are negative on the management’s downward revision of its targets for FY16 — from 11-12% to 10.5-11% for ROE (return on equity), and from 8-9% to 2-3% for overall loan growth," he added.

Ng shared that although the 9MFY16 net profit only accounted for 68% of his full-year forecast, he regarded the results as being in line, on anticipation of stronger 4QFY16 earnings from an expected one-off gain from the sale of shares in Visa Inc and lower provisioning.

"Based on the same reasoning, the results would have been above market expectations at 73.2% of consensus," he added.

Source: The Edge

http://www.theedgemarkets.com/en/articl ... rget-price
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Re: Malayan Banking

Postby winston » Fri Feb 24, 2017 7:24 am

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Maybank Q4 net profit up 43%, declares 32 sen dividend

KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) net profit surged 42.9% to RM2.36bil in the fourth quarter ended Dec 31, 2016 compared with RM1.65bil in the same period previously.

During the period, Maybank saw its revenue increase to RM11.24bil from RM11.05bil in the previous corresponding period.

The group’s earnings per share (EPS) rose to 23.19 sen from 17.08 sen a year ago.

The country’s largest lender has proposed a final single-tier dividend in respect of the current financial year ended Dec 31, 2016 (FY16) of 32 sen single-tier dividend on amounting to a net dividend payable of RM3.26bil.

The group said its net interest income and Islamic banking income for the quarter ended Dec 31, 2016 increased by RM237.7mil, or 6.1%, compared to the previous corresponding period.


For the full financial year ended Dec 31, 2016, Maybank’s net profit stood to RM6.74bil, down 1.3% from RM6.83bil in the same period a year ago.

Its revenue for the period was higher at RM44.65bil against RM40.55bil previously.


Source: The Star

http://www.thestar.com.my/business/busi ... -dividend/
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Re: Malayan Banking

Postby winston » Thu Jun 28, 2018 3:27 pm

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Maybank rebounds as buying interests emerge on attractive valuations

by Tan Xue Ying

KUALA LUMPUR (June 28): Shares in Malayan Banking Bhd (Maybank) staged a rebound this morning, after the stock was upgraded with a raised target price on attractive valuations.

Maybank — the biggest stock on Bursa Malaysia by market value — has seen its market capitalisation dwindle in the past few days, as its share price declined some 5.5% in three days in tandem with the Malaysian stock market negatively affected by foreign outflows.

The counter was last seen trading below the RM100 billion market capitalisation in mid-December last year.

The stock received a boost this morning as traders cheered the upgrade, after its recent share price decline led to a buying opportunity.

"We see value emerging for Maybank following the recent drop in its share price, in view of the relatively lower valuations now," said Winson Ng, an analyst with CIMB Research, in a note released yesterday.

"Following the 13.8% drop in share price from an all-time high on May 22, Maybank's one-year rolling forward price-earnings ratio decreased from 14 times at end-April 2018 to a more reasonable level of 12.1 times on June 25.

Also, its forward price-to-book value fell from 1.49 times to 1.28 times (below the historical five-year average of 1.32 times) over the same period," Ng explained.

The research firm upgraded the stock from a "Hold" to an "Add", with a revised target price of RM10, from RM9.75 previously.

It said the upgrade was premised also on its swift expansion in insurance income, potential introduction of Islamic shares in Maybank by Permodalan Nasional Bhd, potential listing of Etiqa, as well as an attractive financial year 2019 forecast dividend yield of 6.4%, which is the highest among Malaysian banks and large-cap stocks under coverage.

Source: The Edge

http://www.theedgemarkets.com/article/m ... valuations
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Re: Malayan Banking

Postby winston » Fri Nov 29, 2019 1:11 pm

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Strong topline growth diluted by LLP surge

Maybank’s 9M19 net profit was within expectations, at 75% of our and 72% of Bloomberg consensus full-year estimates.

3Q19 net profit grew by only 2.1% yoy as robust investment income growth was largely offset by a spike in loan loss provisioning.

Despite the attractive FY19 dividend yield of 5.7%, we retain our Hold call on Maybank due to concerns over the upturn in loan loss provisioning.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5D2ED2573B
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Re: Malayan Banking

Postby winston » Fri Nov 29, 2019 1:34 pm

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3Q19: Spike In Provisions Offset By Strong Trading Gains

Maybank’s 3Q19 earnings were in line with our but below consensus estimates due to a spike in net credit cost.

Group loan growth could be impacted by loan rebalancing in Indonesia and Singapore while provisions could surprise on the surprise as LLC continues to decline.

Maintain HOLD and target price of RM9.20 (9.7 % ROE, 1.26x 2019F P/B) from RM9.55.

Entry price: RM8.40.

Source: UOBKH

https://research.uobkayhian.com/content ... 24654aab6c
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Re: Malayan Banking

Postby winston » Fri Nov 29, 2019 2:20 pm

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Maybank (MAY MK) : BUY

Price Target 12-mth: RM9.90 (16% upside) (Prev RM9.90)

Saved by better margins and investment & trading income

3Q19 performance driven by strong revenue growth; partially dragged by higher credit costs

Margin recovery on repriced deposits in Malaysia and asset growth lifted net fund-based income; investment & trading income further lifted revenue

Regional operations weighed on asset quality, translating to a jump in credit costs

Maintain BUY with RM9.90 TP

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ejjjhkiia
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Re: Malayan Banking

Postby winston » Sun Jan 05, 2020 8:36 am

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Malayan Banking
Price: RM8.75

To gain exposure to the big cap theme, we are picking Maybank. With its ample capital, Maybank has the capacity to increase its cash dividend yield to 4.5%, which is decent for a large cap stock.

It has been gradually reducing its dilutive scrip dividend which will help support return on equities. Although we expect one more rate cut in 2020, Maybank would have adequately prepared for this by reducing the duration of its deposits.

Even after the last rate cut, Maybank’s net interest margins rebounded in only one quarter. In any case, one interest rate cut has been factored into analysts’ forecasts.

We think asset quality would also gradually improve. As an added bonus, there is potential of unlocking value given the top level changes at the major shareholder level.

Source: Affin Hwang
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