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Author: Tan KW   |   Latest post: Wed, 8 Jul 2020, 7:37 AM

 

【行家论股/视频】兴业银行 基本面仍稳固

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分析:MIDF投行研究

目标价:5.25令吉

最新进展:

信贷损失拨备增加,以及非基金收入减少,拖累兴业银行(RHBBANK,1066,主板金融股)截至3月杪2020财年首季,净利走跌9.41%,至5亿7088万令吉。  

 

行家建议:

首季净利5亿7090万令吉,符合我们和市场的预期,占全年预测的26.5%和24.9%,因此我们维持盈利预测。

为了应对疫情冲击,该银行额外拨备5000万令吉的信贷损失,导致拨备金额按年大涨58%,信贷成本年增12个基点,拖累了首季的盈利。

若当季没有额外拨备,拨备金额按年只微增5.8%。

基于当前经济前景不稳,我们认为业绩按年按季走跌是无可避免,仍然看好该银行净基金类收入增长,此外,额外拨备也是一种谨慎措施。

综合以上,我们相信兴业银行的基本面依然稳固,但我们认为现有的估值没有反映出这个利好,因此维持“买入”评级。

我们将5.10令吉目标价,调高至5.25令吉,相等于0.8倍的股价对账面值。

另外,该银行的总减值贷款(GIL)率按季走高3个基点,按年却减少12个基点,即便如此,估计未来季度的总减值贷款率还是会受行动管控令影响而攀高。

 


https://youtu.be/kskFMtWug70

 

https://www.enanyang.my/行家论股/【行家论股视频】兴业银行-基本面仍稳固-rhbbank

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Chart Stock Name Last Change Volume 
RHBBANK 4.98 0.00 (0.00%) 4,027,000 

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