Bursa Malaysia Stock Watch
MAYBANK - Ex EIs, Momentum Still Intact
kltrader
Publish date: Fri, 24 Feb 2012, 10:33 PM
kltrader
0 20,638
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Maybank (Buy)
- Excluding two one offs, FY12/11results were in line with HLIB but slightly below consensus.
- Final div 36 sen(32 sen DRP), > HLIB's 25 sen projection.
- Core earnings growth momentum intact with double-digit Loans and deposits growth. Coupled with the one offs, exceeded most FY12/11 KPIs.
- FY12/12 ROE KPI of 15.6% vs.HLIB's 15.3%. Targeting double-digit loans and deposits growth,increasing LDR to 90% but 10bps erosion in NIM.
- Asset quality improved with deterioration evidences. However, to be conservative, it is guiding for credit charge of 35-40bps (vs. 25bps in FY12/11).
- Group capital ratios can meet Basel III. Management intends to continue with DRP (given the clear benefits) post expiry of Section 108 tax credit by end FY12/12.
- FY12-13 raised by circa 5% post final results.
- Maintain Buy.
- Target price raised to RM10.12 (from RM9.50) based on Gordon Growth with ROE of 15.6% and WACC of 9.9%.
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