Bursa Malaysia Stock Watch
Maybank (Buy) - CFS Briefing Reaffirms Our Positive View
kltrader
Publish date: Fri, 09 Mar 2012, 02:54 PM
kltrader
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Maybank (Buy)
CFS Briefing Reaffirms Our Positive View
- Analyst briefing yesterday on its Community Financial Services (CFS 'which handles the retail, SME and business segments).
- The briefing reaffirms our positive view about thecompany prospects as well as the positive impact on earnings (which has alreadyshown results) from its transformation.
- Despite expectations of slower growth in2012 (vs. 2011), it is optimistic that momentum from the transformation wouldenable the group to outpace the industry.
- New responsible lending guideline ' inline with internal practice and merely resulted in recalibrating the DSR fromgross to net pay basis. Although Jan 12 numbers dropped by circa 20%, itcould be due to seasonal and Feb numbers have stabilized.
- Branch transformation (over three years)will not have significant impact on CIR given its aim of widening products andservices while some branches will be right-sized.
- Maintain Buy.
- Target price maintained RM10.12 based on Gordon Growthwith ROE of 15.6% and WACC of 9.9%.
Source: HLIB Research 9 March 2012
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