HwangDBS Vickers Research raised Aeon Credit Service's target price to RM9.20 per share from RM7.00 previously following the better-than-expected results posted by the credit provider on Thursday.
"Aeon Credit's fourth quarter ended Feb 20, 2012 net profit jumped 43 percent year-on-year and 10 percent quarter-on-quarter to RM27.7 million, taking full-year earnings to RM95.6 million or 7 percent above our estimate," the broker said in a research note on Friday.
Maintaining "hold" on the counter, HwangDBS also raised Aeon Credit's fiscal year ending Feb 20, 2013 loan and funding growth assumption to 23 percent from 19 percent previously.
"Growth for personal financing and credit card loans should remain robust, while Aeon's easy payment (general and vehicle) will grow at a moderate pace due to a larger base," it added. -- Reuters
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