Share Price: RM9.87 | Target Price: RM10.90 | Rating: Buy
Upgrade to BUY from Neutral, new TP lowered from RM11.60 to RM10.90 to reflect a more cautious global macroeconomic outlook. RHBIB is not expecting a global recession and sees Maybank’s recent share price weakness as an opportunity to upgrade its call to BUY. It sees Maybank as a good defensive option, due to: i) relatively lower foreign shareholding levels, at around 19%; ii) the bank’s guidance to at least maintain absolute DPS which will provide some dividend visibility; and iii) healthy RM1.7bn in overlay buffers should help cushion asset quality risks.
MAYBANK Research Update
Research House: RHB Investment Bank (RHBIB)
Analyst: David Chong, Nabil Thoo
FY2025 Forecast: Net Profit: RM10,364m | EPS: RM0.86 | DPS: RM0.62
FY2026 Forecast: Net Profit: RM10,947m | EPS: RM0.91 | DPS: RM0.64
(Forecast EPS reduced by 2 sen for both FY2025 and FY2026, DPS for FY2026 reduced by 1 sen compared with previous Research Report dated 27/2/25)