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约搏以太坊单双博彩:Lower target price for Maybank but viability stays

约搏以太坊单双博彩:Lower target price for Maybank but viability stays

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PETALING JAYA: Malayan Banking Bhd’s (Maybank) new key performance indicators have caused analysts to lower their target price on the stock.

However, they are still assured by “the long-term viability of the group’s operations and market standing.”

Kenanga Research said this after a meeting with the lender, adding that it is maintaining its “outperform” call on Maybank but is lowering its target price for the stock to RM10.40 from an earlier RM11.05.

“Its recent M25+ updates focus on building a more sustainable foundation that could further embolden the stock as a solid long-term yield provider, albeit with more modest return on equity readings,” Kenanga Research told clients in a report.

The research house pointed out that the group had made a heavy one-off loan provision in the second quarter of financial year 2022 (2Q22) in relation to specific leisure and oil and gas accounts, leading to total management overlays of RM1.73bil.

“For the time being, the group will remain prudent with its provisions management, as the ongoing interest-rate upcycle may trigger repayment issues in the subsequent periods.

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“Threats may persist among the lower income bracket, although we do not believe implications from here to be significant.

“That said, the healthier economic landscape would likely allow the group to keep its 40 to 50-basis-point credit cost guidance for financial year 2022 (FY22) with materialising recoveries and control measures possibly enabling a 30-basis-point exposure for FY25.”

The research house also said among its peers, Maybank commands the highest fixed-rate loan proportion (27% versus an average 17%), which is attributed to its strong auto financing presence in Malaysia and fixed-rate mortgage facilities in Indonesia.

“The majority of these accounts were captured pre-pandemic and hence should not be stretching margins,” Kenanga Research said.

On the deposits front, the group also possesses one of the highest current account savings account ratios (44%) and it anticipates progressive migration towards short-term fixed-deposit products.

“However, the group may not be overly aggressive in price-matching strategies, likely awaiting rates to stabilise. Though competition is rising, the group’s leading market share and brand could likely keep its position intact.”

Kenanga Research said despite the lower target price, it still firmly believed that Maybank could provide “the most sustainable” returns via its consistently leading dividend yields of 7% to 8%.

This is further secured by the group’s long-term vision to ensure operational sustainability remains in check, affirming its leading position in the market, it added.


转载说明:本文转载自Sunbet。,

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