Top Story : Maybank – On course for strong rebound in earnings
Outperform
Results Preview
- For Maybank’s upcoming 4QFY06/10 results, we expect pre-tax profit could be down by around 35% qoq but about 5% higher yoy (ex-4QFY09 impairment charges for MCB and BII).
- The lower earnings qoq is mainly on expectations of lower non-interest income, which received a boost in 3Q from lumpy items such as unrealised gains from the revaluation of derivatives. As for LLP, management had previously guided that 4Q’s LLP should not be worse than 3Q nor does management expect any further impairment provisions for its investments in MCB or BII.
- On the whole, FY10 net profit is expected to post a strong rebound of 67% yoy, resulting in full-year ROE of 14% and above management’s 13% target.
RHB Equity 360° - (Maybank, First Resources, RCE, BP Plastics, Wellcall; ) - 16/08/2010
No comments:
Post a Comment