Malayan Banking Berhad
Date: 9 Apl, 2025
Company Update
10/4/25
Analysts:
Tan Ei Leen
Target Price: RM12.10
Rating: Buy
FY2025 Forecast:
Net Profit: RM10,011m
EPS: RM0.83
DPS: RM0.66
Maybank, being the 4th largest bank in ASEAN in terms of total assets, leverages on its extensive ASEAN regional footprint customer base of 15m individual customers, 1m SMEs and 15,000 corporate clients.
Date: 27 Feb, 2025
Results Update
Q4 Ending: 31/12/24
Analysts:
David Chong CFA
Nabil Thoo
Target Price: RM11.60
Rating: Neutral
FY2025 Forecast:
Net Profit: RM10,673m
EPS: RM0.88
DPS: RM0.62
Malayan Banking’s 4Q24 results are in line, while its FY24 reported ROE of 11.1% met the 11% guidance. A slightly lower-than-expected DPS, however, was a dampener as the payout ratio for FY24 eased to 73% from 77% in FY23. Management guided for more modest loan growth this year, supported by stable NIM and credit cost. We raise our earnings forecasts, but made larger cuts to FY25-26F DPS on a lower payout ratio assumption of 70% (from 76%). Nevertheless, our revised DPS still yields an attractive 6%.
Date: 27 Feb, 2025
Results Update
Q4 Ending: 31/12/24
Analysts:
Keith Wee Teck Keong
Target Price: RM10.56
Rating: Hold
FY2025 Forecast:
Net Profit: RM10,403m
EPS: RM0.925
DPS: RM0.70
Malayan Banking (Maybank) reported a 4Q24 net profit of RM2,532.1m (+6.1% yoy, flattish qoq), bringing 2024 earnings to RM10,088m (+7.9% yoy). The results are in line with expectations, with 2024 earnings representing 102%/101% of our/consensus 2024 forecasts.
Date: 27 Feb, 2025
Results Update
Q4 Ending: 31/12/24
Analysts:
Wong Ling Ling
Target Price: RM11.60
Rating: Trading Buy
FY2025 Forecast:
Net Profit: RM10,574m
EPS: RM0.876
DPS: RM0.611
For FY24, Maybank’s net fund-based income grew by 2% YoY to RM19.69bn, supported by a decent loan growth of 5.3% YoY, close to 2024 industry loan growth of 5.5%. The growth in loans was mainly driven by mortgage loans in Malaysia (+12.4% YoY). We forecast a loan growth of 5% for FY25, supported by a GDP growth of 4.9%. Meanwhile, NoII growth was a robust 22.6% YoY to RM9.88bn, on higher core fees and insurance income.
Date: 27 Feb, 2025
Results Update
Q4 Ending: 31/12/24
Analysts:
Chan Jit Hoong, CFA, CPA
Target Price: RM11.35
Rating: Buy
FY2025 Forecast:
Net Profit: RM10,387m
EPS: RM0.862
DPS: RM0.629
Maybank posted 4Q24 earnings of RM2.5bn (flat QoQ, +6% YoY), bringing FY24 sum to RM10.1bn (+8% YoY). This was within expectations, making up 100-102% of our and consensus full-year estimates.
CORPORATE DEVELOPMENTS
3 Feb 2025
Public Bank Bhd’s upcoming Q4 results, scheduled for release on 26/2/25, are expected to reflect the financial impact of the goodwill impairment at its 73.2%-owned subsidiary, Public Financial Holdings (PFH), which had recorded a goodwill impairment on its wholly owned subsidiaries, Public Bank (HK) Ltd, Public Finance Ltd, and Winton (BVI) Ltd. The impairment was approximately HK$810 million or RM463 million. (Source: TheEdge)
4 Dec 2024
On 10/10/24 it was reported that Public Bank Bhd would acquire 44.15% stake in LPI Capital for RM1.72bil by launching a Mandatory General Offer for LPI at RM9.80/share. Teh Li Shian Diona, daughter of the late Tan Sri Dr Teh Hong Piow also announced that the Estate and Consolidated Teh Holdings Sdn Bhd intended to undertake a restricted offer for sale of a portion of their Public Bank shares over a 5-year period, in compliance with the Financial Services Act. The acquisition of 44.15% in LPI Capital (175.9 million shares) was completed on 4/12/24. (Source: TheStar, TheEdge)