Maybank reported another sequentially better set of results, with 2QFY24 net profit of RM2.53bn (+8.2% YoY, +1.7% QoQ) contributing to a cumulative 1HFY24 net profit of RM5.02bn (+9.0% YoY) which met both our and consensus estimates at 51% of full-year numbers. Steady improvements were seen all round, with strong core fee (wealth management, brokerage, advisory) growth of +16.5% supported by better insurance performance, higher treasury and markets income and steady net interest income contributions as a result of the robust loans base expansion. Our earnings estimates are kept unchanged, though we raise our dividend-based TP to RM11.40 as we make changes to our valuation variables (i.e. risk premiums). Forward earnings multiple remain relatively inexpensive despite the healthy YTD share price gain. We continue to like the Group’s longer term prospects underpinned by its M25+ initiatives, and retain our Trading Buy call.
Source: PublicInvest Research - 29 Aug 2024
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