The Group reported an improved 1QFY23 net profit of RM2.27bn (+10.7% YoY, +4.5% QoQ), though aided in part by a normalization in its effective tax rate (4QFY22: ~33% due to Cukai Makmur). Declines in net interest income contributions (-3.0% YoY, -8.3% QoQ) weighed, though lower provisions (on a YoY basis) helped mitigate the weakness. While meeting our and consensus estimates at 23% and 24% of respective full-year numbers, we are somewhat wary over the mixed operational performance despite an economically-strong quarter for the country. We maintain our estimates at this juncture, though caution for potential downward revisions should operating conditions deteriorate in the near term. Challenges notwithstanding, we continue to like the Group’s prospects, underpinned by its M25+ initiatives. Our Outperform call and TP of RM9.70 are retained.
Source: PublicInvest Research - 25 May 2023
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MAYBANKCreated by PublicInvest | May 03, 2024
Created by PublicInvest | Apr 26, 2024