♦ 4QFY06/10 results within expectations ... Maybank’s 4Q results were
within our (upper-end) and consensus estimates with FY10 net profit of
RM3.8bn (+75% yoy, core basis) accounting for 105% of our and 102.5%
of consensus full-year forecasts. Note that Maybank made some preemptive
provisioning in the tune of RM334m during the quarter, excluding
which, the results would have been even stronger.
Malayan Banking Berhad : Dishing Out Dividends - 23/08/2010
Showing posts with label Malayan Banking. Show all posts
Showing posts with label Malayan Banking. Show all posts
Monday, August 23, 2010
Monday, August 16, 2010
Malayan Banking Berhad : On Course For Strong Rebound In Earnings - 16/08/2010
♦ Upcoming 4Q results could be weaker qoq ... For Maybank’s upcoming 4QFY06/10 results (expected end of the week), our full-year estimate implies that 4QFY10 pre-tax profit could be down by around 34% qoq but about 5% higher yoy (ex-4QFY09 impairment charges for MCB and BII).
Malayan Banking Berhad : On Course For Strong Rebound In Earnings - 16/08/2010
Malayan Banking Berhad : On Course For Strong Rebound In Earnings - 16/08/2010
Corporate Highlights - 16/08/2010
♦ Malayan Banking
Results Preview : On Course For Strong Rebound In Earnings
Outperform
♦ RCE Capital
Results Note : Strong Start To The Year
Outperform
Corporate Highlights - 16/08/2010
Results Preview : On Course For Strong Rebound In Earnings
Outperform
♦ RCE Capital
Results Note : Strong Start To The Year
Outperform
Corporate Highlights - 16/08/2010
RHB Equity 360° - (Maybank, First Resources, RCE, BP Plastics, Wellcall; ) - 16/08/2010
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
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
Monday, August 2, 2010
Banking Sector Update : Jun ‘10 System Data – YoY Loan Growth At A High - 02/08/2010
Jun ‘10 banking system loan growth unabated – up 12.5% yoy. According to BNM’s statistics, Jun ’10 loan growth stood at +12.5% yoy vs. +11.7% yoy in May ’10, the strongest monthly growth rate achieved thus far this year. Growth was largely broad-based with the household and business segments up +12.9% yoy (May ’10: +12.5% yoy) and +7.2% yoy (May ‘10: +6.1% yoy) respectively.
Banking Sector Update : Jun ‘10 System Data – YoY Loan Growth At A High - 02/08/2010
Banking Sector Update : Jun ‘10 System Data – YoY Loan Growth At A High - 02/08/2010
Friday, May 14, 2010
Corporate Highlights...-14/05/2010
♦ Genting Singapore
Results / Briefing Note : Exceeding Consensus Expectations
♦ Banking
Sector Update : BNM Raised OPR By Another 25bps
♦ Sime Darby
Company Update : Eroding Investor Confidence
♦ WCT
News update : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m
♦ Malayan Banking
Results / Briefing Note : Tracking Expectations
♦ Sunrise
Results / Briefing Note : 9MFY06/10 Performance Weighed Down By Slower Progress Billings
Corporate Highlights...-14/05/2010
Results / Briefing Note : Exceeding Consensus Expectations
♦ Banking
Sector Update : BNM Raised OPR By Another 25bps
♦ Sime Darby
Company Update : Eroding Investor Confidence
♦ WCT
News update : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m
♦ Malayan Banking
Results / Briefing Note : Tracking Expectations
♦ Sunrise
Results / Briefing Note : 9MFY06/10 Performance Weighed Down By Slower Progress Billings
Corporate Highlights...-14/05/2010
Malayan Banking Berhad : Tracking Expectations - 14/05/2010
3QFY06/10 results within expectations. Maybank’s 3Q net profit of RM1.03bn (+104.7% yoy; +3.7% qoq) was within our but slightly ahead of consensus estimates with 9MFY10 net profit of RM2.9bn (+60.5% yoy) accounting for 80% and 85% of our and consensus full-year forecasts respectively. 3Q non-interest income was boosted by unrealised gains from the revaluation of derivatives of RM176m and this tends to be lumpy. As expected, Maybank did not declare any dividend.
Malayan Banking Berhad : Tracking Expectations - 14/05/2010
Malayan Banking Berhad : Tracking Expectations - 14/05/2010
RHB Equity 360° (Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05/2010
Top Story : Genting Singapore – Exceeding consensus expectations Outperform
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...
Monday, May 3, 2010
RHB Equity 360° - 3 May 2010 (O&G, Banks, Notion Vtec, MAS; Technical: Maybank, Genting)
Top Story : Oil & Gas – Upturn in FPSO market Overweight
Sector Update
♦ According to Fred Olsen (a Norwegian floater specialist), the marked recovery is a continuation of the pickup in activity since 4Q 2009 which saw the award of seven contracts followed by another four contracts in Jan-Feb 2010. Going forward, we believe the market for FPSO is on track for a strong rebound driven mainly by: 1) stronger E&P spending beginning 2H 2010; and 2) increase in deepwater E&P activities.
♦ We highlight the potential shortages for the ‘High Case’ forecast of around 25-30 vessels p.a. in 2010-11, in the event of stronger-than-expected demand stemming from increased E&P activity in deepwater and ultradeepwater fields (Brazil, Africa, Malaysia, Vietnam and Gulf of Mexico). Hence, we expect FPSO charter rates to rise significantly over the next two years, driven by strong demand amidst a shortage of supply in the market.
RHB Equity 360° - 3 May 2010 (O&G, Banks, Notion Vtec, MAS; Technical: Maybank, Genting)
Sector Update
♦ According to Fred Olsen (a Norwegian floater specialist), the marked recovery is a continuation of the pickup in activity since 4Q 2009 which saw the award of seven contracts followed by another four contracts in Jan-Feb 2010. Going forward, we believe the market for FPSO is on track for a strong rebound driven mainly by: 1) stronger E&P spending beginning 2H 2010; and 2) increase in deepwater E&P activities.
♦ We highlight the potential shortages for the ‘High Case’ forecast of around 25-30 vessels p.a. in 2010-11, in the event of stronger-than-expected demand stemming from increased E&P activity in deepwater and ultradeepwater fields (Brazil, Africa, Malaysia, Vietnam and Gulf of Mexico). Hence, we expect FPSO charter rates to rise significantly over the next two years, driven by strong demand amidst a shortage of supply in the market.
RHB Equity 360° - 3 May 2010 (O&G, Banks, Notion Vtec, MAS; Technical: Maybank, Genting)
Tuesday, April 20, 2010
RHB Equity 360° (Kencana; Technical: Maybank)-20/04/2010
Top Story : Kencana – Going into IPF Outperform
Visit Note
- While contract flow has been slow since early 2009, the company now expects to be awarded sizeable contracts given the pick-up in E&P activities stemming from rising demand for energy. Given the orderbook replenishment of around RM1-1.2bn by 4Q 2010 and burn-rate of around RM300m/quarter, we expect Kencana’s orderbook to remain above RM1.9bn going into 2011. With the upgrade in the Lumut yard (i.e. tonnage handling capability increased to 30,000 tonnes from 20,000 tonnes previously) nearing completion, we believe Kencana stands a good chance of securing higher-margin deepwater jobs.
- Recently, Kencana secured a 1+1 contract worth RM33m to provide an offshore support vessel to Petronas Carigali Vietnam. We understand that the 8k AHTS (KPV Gemia), which Kencana took delivery two weeks ago, will be deployed for the contract. The contract sum suggests that an average long-term charter rate of around US$1.63/HP/day vs. spot charter rates of US$2.1/HP/day.
- Recall in Jan 2010, a US$70m IPF contract was awarded to Global Offshore, in which Kencana is planning to have 45% equity participation, higher than the 30% local content requirement. We understand that Kencana is expected to invest around RM63m for the 45% equity stake in Global Offshore which owns the DLB 264, the pipelay barge that will be used to perform work for the above contract.
- No change to our forecasts. Nevertheless, we highlight potential upside to FY11-12 earnings projections arising from stronger orderbook replenishment stemming from overseas contracts and demand for deepwater structures as well as stronger contribution from its marine division.
- Maintain Outperform and fair value of RM1.88.
RHB Equity 360° (Kencana; Technical: Maybank)-20/04/2010
Visit Note
- While contract flow has been slow since early 2009, the company now expects to be awarded sizeable contracts given the pick-up in E&P activities stemming from rising demand for energy. Given the orderbook replenishment of around RM1-1.2bn by 4Q 2010 and burn-rate of around RM300m/quarter, we expect Kencana’s orderbook to remain above RM1.9bn going into 2011. With the upgrade in the Lumut yard (i.e. tonnage handling capability increased to 30,000 tonnes from 20,000 tonnes previously) nearing completion, we believe Kencana stands a good chance of securing higher-margin deepwater jobs.
- Recently, Kencana secured a 1+1 contract worth RM33m to provide an offshore support vessel to Petronas Carigali Vietnam. We understand that the 8k AHTS (KPV Gemia), which Kencana took delivery two weeks ago, will be deployed for the contract. The contract sum suggests that an average long-term charter rate of around US$1.63/HP/day vs. spot charter rates of US$2.1/HP/day.
- Recall in Jan 2010, a US$70m IPF contract was awarded to Global Offshore, in which Kencana is planning to have 45% equity participation, higher than the 30% local content requirement. We understand that Kencana is expected to invest around RM63m for the 45% equity stake in Global Offshore which owns the DLB 264, the pipelay barge that will be used to perform work for the above contract.
- No change to our forecasts. Nevertheless, we highlight potential upside to FY11-12 earnings projections arising from stronger orderbook replenishment stemming from overseas contracts and demand for deepwater structures as well as stronger contribution from its marine division.
- Maintain Outperform and fair value of RM1.88.
RHB Equity 360° (Kencana; Technical: Maybank)-20/04/2010
Friday, March 26, 2010
Malayan Banking Berhad : Dividend Reinvestment Plan- 26/03/2010
Dividend reinvestment plan (DRP). Maybank proposed a recurrent and optional DRP that allows shareholders to reinvest their dividend into new shares. The issue price of the new shares will not be more than 10% discount to the 5-day volume weighted average market price (VWAMP) prior to the Price Fixing Date. The board will have absolute discretion to0 determine whether this plan is applicable to the whole or portio electable portion) of declared cash dividend. Shareholders will have the option to either elect to receive the electable portion in cash or in new Maybank shares. Fractional shares will be paid in cash while shareholders can trade odd lots on the Odd Lot Market with minimum size of one share.
Malayan Banking Berhad : Dividend Reinvestment Plan-26/03/2010
Malayan Banking Berhad : Dividend Reinvestment Plan-26/03/2010
RHB Equity 360° (Gamuda, Kencana, TM, Maybank; Technical: Kencana) - 26/03/2010
Top Story : Construction – Investors’ risk appetite to improve Neutral (up from UW)
Sector Update Sunway – Fair value unchanged at RM1.69 Outperform Fajarbaru – Fair value maintained at RM1.35 Outperform IJM Corp – Fair value upgraded to RM4.88 Market Perform (up from UP) HSL – Fair value unchanged at RM1.56 but share price has performed Market Perform (down from OP) Gamuda – Fair value unchanged at RM2.05 Underperform WCT – Fair value unchanged at RM2.10 Underperform - We are seeing improved investors’ risk appetite for construction stocks following: (1) The massive underperformance of the sector vis-Ã -vis the market in 4Q2009 and 1Q2010; and (2) A better sector news flow and new expectations leading up to the announcement of the 10th Malaysia Plan (10MP) in Jun 2010. - Gross development expenditure under the 10MP is projected at RM180bn, sharply lower than RM230bn under the 9MP. However, the shortfall will be met with RM50bn worth of projects to be carried out via PFI. - We are upgrading IJM’s recommendation to Market Perform from Underperform, but downgrading HSL to Market Perform from Outperform. Upgrade the construction sector from Underweight to Neutral.
RHB Equity 360°(, Gamuda, Kencana, TM, Maybank; Technical: Kencana)-26/03/2010
Sector Update Sunway – Fair value unchanged at RM1.69 Outperform Fajarbaru – Fair value maintained at RM1.35 Outperform IJM Corp – Fair value upgraded to RM4.88 Market Perform (up from UP) HSL – Fair value unchanged at RM1.56 but share price has performed Market Perform (down from OP) Gamuda – Fair value unchanged at RM2.05 Underperform WCT – Fair value unchanged at RM2.10 Underperform - We are seeing improved investors’ risk appetite for construction stocks following: (1) The massive underperformance of the sector vis-Ã -vis the market in 4Q2009 and 1Q2010; and (2) A better sector news flow and new expectations leading up to the announcement of the 10th Malaysia Plan (10MP) in Jun 2010. - Gross development expenditure under the 10MP is projected at RM180bn, sharply lower than RM230bn under the 9MP. However, the shortfall will be met with RM50bn worth of projects to be carried out via PFI. - We are upgrading IJM’s recommendation to Market Perform from Underperform, but downgrading HSL to Market Perform from Outperform. Upgrade the construction sector from Underweight to Neutral.
RHB Equity 360°(, Gamuda, Kencana, TM, Maybank; Technical: Kencana)-26/03/2010