Bursa Malaysia Stock Watch
RHB Research - Banking Sector Update
kltrader
Publish date: Mon, 02 Apr 2012, 03:08 PM
kltrader
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Sector Update
Banks ' Feb '12 system data ' Leading indicators for households improved mom Neutral
Sector Update
Public Bank ' Fair value at RM16.07 (from RM15.00) Outperform
Maybank ' Fair value at RM10.11 (from RM9.44) Outperform
CIMB ' Fair value at RM8.05 (from RM7.47) Market Perform
AMMB ' Fair value at RM6.75 (from RM6.23) Market Perform
Affin ' Fair value at RM3.33 (from RM3.16) Market Perform (Upgraded)
HL Bank ' Fair value at RM12.11 (from RM11.18) Underperform
AFG ' Fair value at RM3.85 (from RM3.69) Underperform
MBSB ' Fair value at RM2.46 (from RM2.34) Market Perform
RCE ' Fair value at RM0.57 Market Perform
- Feb '12 system loan growth moderated further to +11.9% yoy but was up 0.4% mom, as compared to Jan '12 loan growth of +12.1% yoy/-0.2% mom. Loan growth for both businesses and households moderated further to 11.7% yoy and 12.1% yoy, from 11.8% yoy and 12.3% yoy respectively in Jan '12.
- We raised our benchmark PER to 15x from 14x, which broadly lifts our fair value estimates for our coverage by 4-10%. However, our Neutral stance is unchanged with Maybank and Public Bank as our top picks for the sector.
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