Bursa Malaysia Stock Watch
RHB Cap (Hold) - Better FY12 Earnings Outlook
kltrader
Publish date: Wed, 29 Feb 2012, 04:06 PM
kltrader
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RHB Cap (Hold)
Better FY12 Earnings Outlook
- FY11 results in line with HLIB and consensus.
- Final div of 11.82 sen and single-tier 5.59 sen, FY11 30% payout in linewith unchanged policy and HLIB's projection
- Missed FY11 ROE KPI due to one-offs but management already gave earlywarning while asset quality as well as loans and deposits growth were ahead ofKPIs.
- FY12 KPI of >14% ROE (post acquisition of Mestika and RI). HLIBROE projection is at the lower end.
- Management assured that it has already made sufficient impairment forthe CLO exposure.
- We expect FY12 earnings enhancement from: 1) absence of the one-offs; 2)guidance of improving NIM; and 3) benefits of 400 new touch points to graduallyfilter through.
- Mestika and OSK M&As slated for completion by1HFY12.
- Raised FY12-13 forecasts by 10-11% (absence ofone-offs).
- Maintain Hold.
- Target price raised to RM7.85 based on Gordon Growthwith ROE of 14.5% and WACC of 11.4%, from RM7.37.
Source: HLIB Research 29 Feb 2012
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