reports
Malayan Banking Berhad: 1 director
A director at Malayan Banking Berhad sold 10,000 shares at 10.140MYR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Keith Wee Teck Keong
Banking - Assessing Capital Management Potential
Assessing Capital Management Potential We believe that despite their healthy capital adequacy ratios, Malaysian banks are likely to take a cautious and gradual approach to capital management, prioritising sustainability given the uncertainty surrounding the full impact of Basel 4 implementation on capital ratios. Maintain a MARKET WEIGHT stance, favouring laggards RHB, Hong Leong Bank and Public Bank for their better risk-reward.
- Keith Wee Teck Keong
Banking - Positive Outlook Priced In – Focus On Laggards
Positive Outlook Priced In – Focus On Laggards The sector delivered 3Q24 earnings growth of 11% yoy, driven by lower provisions and robust trading and forex income. 9M24 earnings growth of 8% aligns with our fullyear assumption of 8%. With the sector trading at +1.0SD to its historical mean P/B and earnings growth lagging the KLCI (set to ease in 2025), much of the favourable macro outlook seems priced in. Maintain a MARKET WEIGHT stance, favouring laggards RHB, Hong Leong Bank and Public Bank f...
- Keith Wee Teck Keong
Malayan Banking (MAY MK) - 3Q24: Supported By Strong Non-Interest Inco...
3Q24: Supported By Strong Non-Interest Income Growth Maybank’s 3Q24 net profit was in line, supported by strong non-interest income and a turnaround in insurance net income. Looking ahead, we expect non-interest income growth to taper off while NIM could start to stabilise. We maintain HOLD on Maybank and target price of RM10.56 (1.18x FY25F P/B, 10.2% ROE). The stock is trading at mean PBV which we deem fair given its modest earnings growth forecast of 5% while current dividend yield of 6% is a...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, November 27, 2024
GREATER CHINA Sector Banking: Improved 4Q24 outlook amid policy supports. Update China Overseas Land & Investment (688 HK/BUY/HK$13.16/Target: HK$18.60): Trim earnings forecast amid rising macro risks; maintain BUY; remains as our top sector pick. MALAYSIA Results IOI Corporation (IOI MK/BUY/RM3.80/Target: RM3.60): 1QFY25: In line; stronger upstream offset by weaker downstream contribution. Kuala Lumpur Kepong (KLK MK/HOLD/RM21.62/Target: RM19.50): FY24: Results met expectations, where 4QFY24 r...
- Keith Wee Teck Keong
Banking - Loans Growth Tapers Off
Loans Growth Tapers Off Loan growth slowed to 5.6% in Sep 24 (Aug 24: 6.0%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/25 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank, and Hong L...
- Keith Wee Teck Keong
Banking - Loan Growth Tapers Off
Loan Growth Tapers Off Loan growth slowed to 6.0% in Aug 24 (July: 6.4%) due to weaker business loans. We maintain our full-year loan growth target of 6.5-7.0%, supported by strong GDP growth, though weaker-than-expected corporate loans could pose a risk. The sector's riskreward remains balanced in the absence of strong earnings, with 2024/2025 earnings growth likely to lag the broader market. Maintain a MARKET WEIGHT stance, focusing on sector laggards such as Public Bank, RHB Bank and Hong Leo...
- Keith Wee Teck Keong
Banking - Positive Outlook Priced In; Focus On Quality Laggards
Positive Outlook Priced In; Focus On Quality Laggards The sector posted a muted 2Q24 PPOP growth of 3% yoy (down 2% qoq). With the sector trading at 1.0SD above its historical mean P/B and earnings growth lagging the KLCI, much of the favourable macro-outlook appears to be priced in. Although stock prices are likely to continue trending upwards with sustained foreign inflows, we maintain MARKET WEIGHT and recommend shifting to high-quality laggards with Public Bank and Hong Leong Bank as our pre...
1295 PUBLIC BANK BHD
1155 MALAYAN BANKING BHD.
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
ABANK AFFIN BANK BHD
TGIF 1933 INDUSTRIES
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
- Anas Fitri Bin Ahmad
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Malaysia Research Team
- Posmarito Pakpahan
- Tham Mun Hon
Regional Morning Meeting Notes: Wednesday, September 11, 2024
GREATER CHINA Economics Trade Exports rebounded in August but outlook remains challenging. Sector IT Hardware Maintain preference for the more defensive AI-device plays as uncertainty remains high. Maintain OVERWEIGHT. INDONESIA Update Bank Mandiri (BMRI IJ/HOLD/Rp7,250/Target: Rp7,760) 7M24: Strong ...
LH LAND & HOUSES PUBLIC CO. LTD.
ORI ORIGIN PROPERTY
00992 LENOVO GROUP LIMITED
ASM PACIFIC TECHNOLOGY LIMITED
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
A2XN AAC TECHNOLOGIES HOLDINGS INC.
SPALI SUPALAI PCL
1155 MALAYAN BANKING BHD.
BMRI PT BANK MANDIRI (PERSERO) TBK
AP AP THAILAND
01478 Q TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
RHBBANK RHB BANK BHD
SOP SARAWAK OIL PALMS BERHAD
HLFG HONG LEONG FINANCIAL GROUP
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
AMM AMMB HOLDINGS BHD
ABMB ALLIANCE BANK MALAYSIA BHD
HLBANK HONG LEONG BANK BHD
0763 ZTE CORPORATION CLASS H
GENP GENTING PLANTATIONS BHD
ABANK AFFIN BANK BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
BIMB BANK ISLAM MALAYSIA BHD
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Keith Wee Teck Keong
Malayan Banking (MAY MK) - 2Q24: Supported By Lower Provisions
2Q24: Supported By Lower Provisions Maybank’s 2Q24 net profit was in line, supported by lower provisions, but pre-provision operating profit contracted 4% qoq and yoy due to negative operating Jaws and weaker non-interest income. Management lowered its full-year NIM outlook due to increased competition for loans and deposits. We maintain HOLD on Maybank with a higher target price of RM10.56 (1.18x FY25 P/B, 10.2% ROE), rolling over our target price to 2025.
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Ringo Tang Chi Yu
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Thursday, August 29, 2024
GREATER CHINA Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) 1H24: Below expectations; exploring opportunities in overseas markets. CR Mixc (1209 HK/BUY/HK$23.25/Target: HK$33.70) 1H24: Results in line with surprise from special dividend. Haidilao International Holding (6862 HK/BUY/HK$12.34/Target: HK$19.60) 1H24: Core net profit up 13% yoy. Accelerated store opening pace in 2H24; dividend payout expected to remain at reasonable leve...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
INDF PT INDOFOOD SUKSES MAKMUR TBK
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
1155 MALAYAN BANKING BHD.
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
3605 ACES ELECTRONIC CO. LTD.
6888 AXIATA GROUP BHD.
002352 S.F. HOLDING CO. LTD. CLASS A
ROTI NIPPON INDOSARI CORPINDO
03690 MEITUAN CLASS B
06862 HAIDILAO INTERNATIONAL HOLDING LTD.
IJM IJM CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
01801 INNOVENT BIOLOGICS INC.
MPM MARCO POLO MARINE LTD
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
FFB FARM FRESH BHD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
- Keith Wee Teck Keong
Banking - Loans Growth Gains Traction
Loans Growth Gains Traction Loans growth edged upwards to 6.5% (May: 5.8%) on a recovery in business loans. We raise our 2024 loans growth assumption to 6.5-7.0% on stronger business loans growth. This implies a 1.46x loans growth to GDP multiple (GDP forecast: 4.6%) which is relatively high vs the 10-year historical range of 0.90-1.70x. As earnings sensitivity to loans growth is rather modest, the impact on earnings forecast is only +0.5%. Maintain MARKET WEIGHT with CIMB being our top pick wit...
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Keith Wee Teck Keong
- Posmarito Pakpahan
- Singapore Research Team
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, July 01, 2024
INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp4,600/Target: Rp5,800) 5M24: Net profit up 8.9% yoy from strong other income. MALAYSIA Sector Banking May 24 loans growth declined to 5.8% from 6.1% in Apr 24. We maintain MARKET WEIGHT due to the absence of strong earnings catalysts. Update Sunway Construction (SCGB MK/BUY/RM3.79/Target: RM4.32) Song Hau 2 Thermal Power Plant proj...
POMO4 MARCOPOLO S/A PREF
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
2488 ALLIANCE BANK MALAYSIA BHD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
1295 PUBLIC BANK BHD
U96 SEMBCORP INDUSTRIES LTD.
1155 MALAYAN BANKING BHD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
G13 GENTING SINGAPORE LIMITED
RHBBANK RHB BANK BHD
SIE SIA ENGINEERING CO LTD
HLFG HONG LEONG FINANCIAL GROUP
SCGB SUNWAY CONSTRUCTION GROUP BH
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
FRKN FRENCKEN GROUP LTD
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
BIMB BANK ISLAM MALAYSIA BHD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
ITMAX ITMAX SYSTEMS BHD
CVL CIVMEC LIMITED
- Keith Wee Teck Keong
Banking - Loans Growth Momentum Slows
Loans Growth Momentum Slows Loans growth edged downwards to 5.8% (Apr: 6.1%) on slower business loans growth. We anticipate a 5.5-6.0% system loans growth for 2024, implying a 1.15x loans to the GDP growth multiple which is in line with its 10-year mean. We find the sector’s risk-toreward to be well balanced in the absence of strong catalysts. The sector’s 2024 earnings growth is expected to lag that of the broader equity market. Maintain MARKET WEIGHT with CIMB being our top pick within the sec...
- Keith Wee Teck Keong
Banking - Chugging Along
Chugging Along The sector delivered 1Q24 earnings growth of 7% which was broadly in line with expectations. As the sector is trading at its historical mean valuation and is anticipated to lag the FBMKLCI’s earnings growth, we perceive the current risk-to-reward ratio as being well balanced. In the absence of meaningful earnings catalysts, we maintain MARKET WEIGHT on the sector. CIMB remains our top pick.
- Keith Wee Teck Keong
Malayan Banking (MAY MK) - 1Q24: Balanced Risk-to-reward
1Q24: Balanced Risk-to-reward Maybank’s 1Q24 net profit was in line, underpinned by strong loans and non-interest income growth. However, loans growth is expected to moderate in subsequent quarters while full-year NIM is still expected to compress by 3-5bp. Maintain HOLD and target price of RM9.55 (1.08x FY24 P/B, 10.0% ROE). The group is trading at its 10-year historical mean P/B valuations which we deem fair as ROE output is broadly in line with the historical mean.
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kate Luang
- Keith Wee Teck Keong
- Kong Ho Meng
- Leow Huey Chuen
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, May 27, 2024
GREATER CHINA Sector Renewable Energy: Solar energy equipment: Spot prices free-falling across supply chain; industry entangled in a perfect storm of challenges. Initiate Coverage Miniso (MNSO US/BUY/US$22.13/Target: US$31.20): Mini toys, big joy. Small/Mid Cap Highlights Crystal International (2232 HK/BUY/HK$4.18/Target: HK$4.76): 1Q24: Positive order growth; eyeing dividend step-up. INDONESIA Results Bank Neo Commerce (BBYB IJ/BUY/Rp278/Target: Rp400): 1Q24: Turns a profit on strong top-line ...
- Keith Wee Teck Keong
Banking - Loans Growth Gains Traction
Loans Growth Gains Traction Loans growth edged upwards to 6.0% in Mar 24 (Feb 24: 5.8%) on a recovery in business loans. We anticipate a 5.5-6.0% system loans growth for 2024, implying a 1.15x loans to GDP growth multiple which is in line with its 10-year mean. We find the sector’s risk to reward to be well balanced in the absence of strong catalysts. The sector’s 2024 earnings growth is expected to lag the broader equity market. Maintain MARKET WEIGHT with CIMB being our top pick within the sec...
- Keith Wee Teck Keong
Banking - Digital Banks Ramping Up Deposit Competition?
Digital Banks Ramping Up Deposit Competition? As the five digital banks prepare to commence operations in the coming months, we anticipate a focus on deposit acquisition, potentially impacting sector NIM slightly. Sector valuations have risen to a historical mean P/B of 1.10x, which appears fair against forecasted ROE of 10% and earnings growth of only 6% vs our KLCI earnings growth assumption of 11%. We maintain our MARKET WEIGHT recommendation on the sector. CIMB remains our preferred choice.
- Keith Wee Teck Keong
Banking - Risk To Reward Remains Well Balanced
Risk To Reward Remains Well Balanced Loans growth edged upwards to 5.8% in Feb 24 (Jan 24: 5.7%) on the recovery in both the HH and business segments and household loans. We anticipate a 5.5-6.0% system loans growth for 2024, implying a 1.18x loans to GDP growth multiple which is in line with its 10-year mean. We find the sector’s risk to reward well-balanced (mean valuation) in the absence of strong catalysts. The sector’s 2024 earnings growth is expected to lag the broader equity market. Maint...
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