Bursa Malaysia Stock Watch
HLIB Research 17 Nov 2011 (AFG
kltrader
Publish date: Thu, 17 Nov 2011, 03:53 PM
kltrader
0 20,407
This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
AFG (BUY)
Delivering The Goods
'' 2QFY12 results above HLIB and consensus expectations due to continuednon-interest income growth and subdued credit charge.
'' Results show management gradually delivering its strategy withbroad-based non-interest income growth, acceleration in loans growth andimprovement in NIM.
'' Deposit franchise also continued to be strong (growth ahead of industryaverage) which will ensure healthy NIM.
'' Guiding for sustainable low credit charge.
'' Asset quality improvement unabated with ratios now better than industryand LLC above 100%, both for the first time.
'' Capital also robust and in top quartile.
'' Dividend quantum and payout ratio expected to increase.
'' Maintain Buy and target price of RM3.65.
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