Bursa Malaysia Stock Watch
Affin Holdings (Hold) - Targeting More Controlled Pace Of Growth
kltrader
Publish date: Mon, 19 Mar 2012, 01:56 PM
kltrader
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Affin Holdings (Hold)
Targeting More Controlled Pace Of Growth
- Targeting more controlled pace of FY12 loans growth at 10-11% but nochange in lending direction i.e. balance expansion between retail andbusiness. Strong pipeline to support the target.
- New responsible lending guideline has some impact but not sufficient toderail the growth trajectory.
- CIR and credit costs guidance are 47-48% and 20-25bps.
- Already fully complied with FRS139.
- Collaboration with BEA is ongoing with increased flows but China stilllacks framework to become viable.
- It is still interested in Bank Ina and the recent meeting with theIndonesian authority could result in follow up action.
- Dividend should be sustainable if not improve.
- We are more conservative in loans growth projection(7%) but in line with CIR and credit costs guidance. Thus, FY12 ROEprojection of 9.5% is slightly below KPI of 9.6%.
- Maintain Hold.
- Target price maintained at RM2.96 based on GordonGrowth with both ROE of 9.4% and WACC of 11%.
Source: HLIB Research 19 March 2012
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