南洋行家论股
【行家论股】大马银行 非利息收入推高财测
分析：丰隆投行
目标价：6.15令吉
最新进展：
尽管大马银行（AMMB，1015，主板金融股）近期股价上涨，但我们仍然看好大马银行，因为其估值相当低。
总体而言，大马银行的风险回报状况仍然偏向上行。
行家建议：
在2025年首季，得益于借贷成本较低，该股净利息赚幅扩大了10个基点，我们认为第二季仍然会扩大，但幅度会较小。
我们注意到，该银行在8至9月期间下调了定存促销利率，意味着银行愿意放弃高成本的不合理商业定存，同时专注高赚幅的企业银行服务，同时在抵押贷款方面也更加选择性。
总体而言，大马银行预计2025财年的净利息赚幅可扩大11基点，而我们的预测只有5基点。
管理层也透露，商业银行和批发银行业务的贷款势头都很强劲，因此，我们预计2025财年第二季贷款增长将加快。
此外，该银行的非利息收入也可能保持强劲增长，主要来自强劲的固定收益市场带来的更大收益。
由于经济前景亮丽，预计不会出现任何需要大量拨备的劣质资产。
在考量了较高的净利息赚幅和非利息收入后，我们将2025至2027财年的净利预测，调高8%至9%。
同时也维持“买入”评级，目标价则从5.75令吉，上调至6.15令吉。
https://www.enanyang.my/行家论股/【行家论股】大马银行-非利息收入推高财测
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