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NewsMIDF Research maintains Buy on Maybank, target price RM11.30
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MIDF Research maintains Buy on Maybank, target price RM11.30
by Cals Fri 28 Jun 2013, 10:08
MIDF Research maintains Buy on Maybank, target price RM11.30
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 28 June 2013 09:50
KUALA LUMPUR (June 28): MIDF Research has maintained its Buy rating on MALAYAN BANKING BHD [] at RM10.24 with a target price of RM11.30 on signs of improvement in corporate lending and capital market activities.
In a note Friday, the research house said the planned expansion of Maybank’s Indonesian subsidiary BII branches to expand footprint in Indonesia and boost CASA to support growth.
“BII to focus on raising fee income and expanding branch capabilities. BII’s planned rights issue of IDR1.5t to have a muted impact on Group’s capital ratios.
“Reaffirm Buy with an unchanged target price of RM11.30 pegged to 2.0x PB multiple on FY14 BVPS,” it said.
The research house said the financial performance of BII continued to show improvement.
“We are positive on its regional investment banking focus with strong market shares for IB in Thailand and Malaysia.
“We expect the Group to capture potential IB deals in the region to grow its IB income. The stock’s dividend yield has been decent,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 28 June 2013 09:50
KUALA LUMPUR (June 28): MIDF Research has maintained its Buy rating on MALAYAN BANKING BHD [] at RM10.24 with a target price of RM11.30 on signs of improvement in corporate lending and capital market activities.
In a note Friday, the research house said the planned expansion of Maybank’s Indonesian subsidiary BII branches to expand footprint in Indonesia and boost CASA to support growth.
“BII to focus on raising fee income and expanding branch capabilities. BII’s planned rights issue of IDR1.5t to have a muted impact on Group’s capital ratios.
“Reaffirm Buy with an unchanged target price of RM11.30 pegged to 2.0x PB multiple on FY14 BVPS,” it said.
The research house said the financial performance of BII continued to show improvement.
“We are positive on its regional investment banking focus with strong market shares for IB in Thailand and Malaysia.
“We expect the Group to capture potential IB deals in the region to grow its IB income. The stock’s dividend yield has been decent,” it said.
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