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Author: Tan KW   |   Latest post: Fri, 22 Feb 2019, 10:54 AM

 

马银行 末季业绩或低预期

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目标价:11令吉最新进展

马银行(MAYBANK,1155,主板金融股)管理层预计,去年末季的营运收入会按季改善。其中,净利息收入料稍微走高,因为净利息赚幅按季上涨。

非利息收入亦可能走高,因保险业务的合同责任较低,可抵消投资和交易收入减少的影响。

管理层还预计,营运开销会按季上涨,因该行于去年杪与内部职员工签订集体协议,调整工会成员的薪资。

行家建议

马银行依旧是我们在国内银行领域的首选。该行将在本月26日公布末季业绩,我们预计业绩可能稍微低于预期,因为非利息收入比预期更疲弱,而资产素质依旧稳定。

对比管理层的指引,我们对非利息收入和营运开销的预测或有点过于乐观。不过,贷款拨备或低于预期,可弥补上述不足。

整体而言,我们预计马银行在末季可录得20亿2400万令吉净利,按年下跌5%,按季则上升3%。全年而言,净利料按年增长4%,达78亿1100万令吉。

另外,马银行认购沙布拉能源(SAPNRG,5218 ,主板能源股)没有被投资者认购的附加股,也不足为虑,因为敞口不大。

重申“买入”评级和保留11令吉目标价,这是按照1.52倍的股价对账面价值(P/BV)计算得出。

http://www.enanyang.my/news/20190209/马银行br-末季业绩或低预期/

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