Bursa Malaysia Stock Watch
Maybank (Buy) - Interest in Philippines & Saudi Banks?
kltrader
Publish date: Thu, 12 Apr 2012, 11:13 AM
kltrader
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Maybank (Buy)
Interest in Philippines & Saudi Banks?
- Dailies reported that Maybank is interested in Al-Amanah IslamicInvestment Bank of the Philippines,the country's only Islamic commercial bank and acquire additional 17.17% stakein Saudi Arabia-based Anfaal Capital for RM8.6m.
- As at Dec 2010, Al-Amanah had a book value of RM38.8m while it recordeda loss of RM2.7m for the year.
- Thus, any deal would have minor impact on financials.
- Positive about its intention to focus on Islamic banking while Al-Amanahcould (given the proper framework) could flourish and has first mover advantage.
- Meanwhile, the increase stake in Anfaal Capital would also facilitatemore cross-border activities.
- Maintain Buy.
- Target price maintained RM10.12 based on Gordon Growth with ROE of 15.6%and WACC of 9.9%.
Source: HLIB Research - 12 April 2012
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