Stock Name: POS
Company Name: POS MALAYSIA BHD
Research House: OSK
Company Name: POS MALAYSIA BHD
Research House: OSK
Pos Malaysia Bhd's partnership with Maybank and RHB Bank will increase its retail revenue by 10 per cent and 15 per cent respectively for the financial years 2011 and 2012, says OSK Research.
Following the higher revenue revision, OSK Research also raised its earnings estimates by three per cent and six per cent respectively, for the financial years 2011 and 2012.
OSK Research has maintained a "buy" recommendation and upgraded its target price to RM4.45 from RM4.33 previously, it said in an equity note today.
Pos Malaysia's partnership with Maybank aims to provide the bank's selected services over the counter, such as cash deposits and withdrawals for savings account holders, as well as loan repayments.
Maybank plans to extend those services at more than 400 Pos Malaysia outlets by the end of June this year.
The partnership with Maybank comes on the heels of Pos Malaysia offering RHB Eazy Banking services in partnership with RHB Bank, which will be extended from 21 branches to 300 branches by the middle of this year.
OSK Research said Pos Malaysia's alliance with the two banks will scale up their initiatives to provide banking services to a larger base of customers, especially the underserved segment in the rural areas, especially Sabah and Sarawak.
Pos Malaysia has changed its strategy, whereby, it is deploying staff from its automated mail processing centre to its branches to improve on customer service delivery and efficiency.
In March 2007, Pos Malaysia inked a similar agreement with CIMB Bank to distribute its Xpress Cash, microcredit loans and credit cards to widen the access to banking services, including in the rural and less affluent areas.
However, the partnership ceased in 2009, given the limited banking services offered by that tie-up owing to staff shortage, poor customer service and thelong queuing time. -- Bernama
Following the higher revenue revision, OSK Research also raised its earnings estimates by three per cent and six per cent respectively, for the financial years 2011 and 2012.
OSK Research has maintained a "buy" recommendation and upgraded its target price to RM4.45 from RM4.33 previously, it said in an equity note today.
Pos Malaysia's partnership with Maybank aims to provide the bank's selected services over the counter, such as cash deposits and withdrawals for savings account holders, as well as loan repayments.
Maybank plans to extend those services at more than 400 Pos Malaysia outlets by the end of June this year.
The partnership with Maybank comes on the heels of Pos Malaysia offering RHB Eazy Banking services in partnership with RHB Bank, which will be extended from 21 branches to 300 branches by the middle of this year.
OSK Research said Pos Malaysia's alliance with the two banks will scale up their initiatives to provide banking services to a larger base of customers, especially the underserved segment in the rural areas, especially Sabah and Sarawak.
Pos Malaysia has changed its strategy, whereby, it is deploying staff from its automated mail processing centre to its branches to improve on customer service delivery and efficiency.
In March 2007, Pos Malaysia inked a similar agreement with CIMB Bank to distribute its Xpress Cash, microcredit loans and credit cards to widen the access to banking services, including in the rural and less affluent areas.
However, the partnership ceased in 2009, given the limited banking services offered by that tie-up owing to staff shortage, poor customer service and thelong queuing time. -- Bernama
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