Stock Name: MAYBANK
Company Name: MALAYAN BANKING BHD
Malayan Banking Bhd (MAY MK, Hold, TP: RM8.25) is expecting a contraction of 10 bps in the group's net interest margin (NIM) this year. The banking group said the financial services market in Malaysia continued to be competitive, resulting in thin margins for some financing products offered due to price competition between the banks. Its president and CEO Datuk Seri Abdul Wahid Omar said the group would assess the situation from time to time, in its efforts to manage the compression of NIMs of its financial products. (Financial Daily)
Comment: Our FY12 forecasts assume a smaller 5 basis point contraction in net interest margin, but our group loan growth assumption of 9% is also lower than management's KPI of 15.2%. We are maintaining our forecasts and valuation for Maybank. (Leong Hon Sze)
Company Name: MALAYAN BANKING BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 8.25 |
Malayan Banking Bhd (MAY MK, Hold, TP: RM8.25) is expecting a contraction of 10 bps in the group's net interest margin (NIM) this year. The banking group said the financial services market in Malaysia continued to be competitive, resulting in thin margins for some financing products offered due to price competition between the banks. Its president and CEO Datuk Seri Abdul Wahid Omar said the group would assess the situation from time to time, in its efforts to manage the compression of NIMs of its financial products. (Financial Daily)
Comment: Our FY12 forecasts assume a smaller 5 basis point contraction in net interest margin, but our group loan growth assumption of 9% is also lower than management's KPI of 15.2%. We are maintaining our forecasts and valuation for Maybank. (Leong Hon Sze)
Source: ECM Newz Bits 30 March 2012
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