UOB Kay Hian Research Articles
Malayan Banking:1Q17: Lower Provision Offsets Weak Non-Interest Income Trends
UOBKayHian
Publish date: Fri, 26 May 2017, 10:07 AM
UOBKayHian
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All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
(MAY MK/HOLD/RM9.39/Target: RM9.50)
1Q17 results were broadly in line with lower-than-expected provisions helping to offset weaker-than-expected non-interest income trends. Maintain HOLD with an unchanged Gordon Growth-derived target price of RM9.50 (1.35x 2017F P/B, 10.1% ROE). Our 16.8% 2017 earnings growth forecast suggests that our 10.1% ROE forecast has adequately factored in a strong recovery outlook.
Source: UOB Kay Hian Research - 26 May 2017
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