Company Info
| Market Capital (Capital Size) | 67,685,479,005 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (8.86-0.68)/0.6676 = 12.25 (Moderate) |
| Target Price | 10.68+0.68 = 11.36 (PE 16.0, EPS 0.6676, DPS 0.68) |
| Decision | BUY when MACD start move back to bullish trend and got very strong buy volume than sell |
| Comment | Revenue increased 12.1% and was third consecutive quarter increasing and is highest all the time(higher than preceding year corresponding quarter 31.3%), eps increased 0.4% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 10.2%, cash generated from operating more than enough to cover all expenses, operating profit margin decreasing, interest income increasing, islamic banking income decreased but still higher than previous year corresponding quarter, operating fee increased, global market weakening, allowances for losses on loans, advance & financing largely increasing |
| First Support Price | 8.7 |
| Second Support Price | 8.2 |
| Risk Rating | MODERATE |
Research House
| UOB Target Price | 10.3 (2011-05-10) |
| TA Target Price | 10.9 (2011-05-13) |
| MIDF Target Price | 9.55 (2012-02-24) |
| AMMB Target Price | 9.8 (2012-03-09) |
| HLG Target Price | 10.12 (2012-03-09) |
| CIMB Target Price | 11.1 (2012-03-12) |
| OSK Target Price | 9.6 (2012-03-15) |
| Jupiter Target Price | 9.58 (2012-03-28) |
| Kenanga Target Price | 10.4 (2012-03-28) |
| ECM Target Price | 8.25 (2012-03-30) |
| HwangDBS Target Price | 10.6 (2012-03-30) |
| RHB Target Price | 10.11 (2012-04-02) |
Accounting Ratio
| Return on Equity | 7.45% |
| Dividend Yield | 7.67% |
| Gross Profit Margin | 0.00% |
| Operating Profit Margin | 25.93% |
| Net Profit Margin | 26.48% |
| Tax Rate | 24.00% |
| Asset Turnover | 0.0526 |
| Net Asset Value Per Share | 4.46 |
| Net Tangible Asset per share | 3.59 |
| Price/Net Tangible Asset Per Share | 2.42 |
| Cash Per Share | 8.78 |
| Liquidity Current Ratio | 1.1257 |
| Liquidity Quick Ratio | 0.9389 |
| Liquidity Cash Ratio | 0.1778 |
| Gearing Debt to Equity Ratio | 12.4565 |
| Gearing Debt to Asset Ratio | 0.9232 |
| Working capital per thousand Ringgit sale | 196.9% |
| Days to sell the inventory | 1491 |
| Days to collect the receivables | 4220 |
| Days to pay the payables | 7639 |
Technical Analysis
| SMA 20 | 8.818 (Uptrend 12 days) |
| SMA 50 | 8.679 (Uptrend) |
| SMA 100 | 8.435 (Uptrend) |
| SMA 200 | 8.339 (Uptrend) |
| MACD (26d/12d) | 0.053989 ( 0.00305 ) |
| Signal (9) | 0.061452 ( 0.001866 ) |
| MACD Histogram | 0.007463 (Bearish trend 4 days) |
My notes based on 2011 quarter 6 report (number in '000):-
- Lower pbt in Community Financial Services segment than FY11Q2 due to higher allowance for losses on loans, advances and financing mainly attributable to higher collective allowance of the consumer portfolio
- Lower pbt in Corporate Banking segment due to a combination of higher overhead expenses of and higher allowance for losses on loas, advances and financing
- Lower pbt in Global Market segment mainly due to a combination of lower net interest income, unrealised loss on revaluation of securities and higher overhead expenses
- Lower pbt in Investment Banking segment mainly attributed to Maybank Investment Bank Berhad’s(“MaybankIB”) fee income decreased and overhead expenses increased
- Lower pbt in International Banking segment than FY11Q2 due to a combination of higher overhead expenses and lower fee and commission income
- Higher pbt in Insurance, Takaful & Asset Management segment contributed mainly by Life/Family Fund Surplus Transfer from Revenue Account of RM178.3 million for the current quarter ended 31 December 2011(Note: NIL in the previous period corresponding quarter) and a one-off RM98.3 million net surplus adjustment arising from the adoption of new Valuation Guidelines issued by Bank Negara Malaysia
- Estimate next 4Q eps after 2011 Q6 result announced = 34675990*0.145/7532032 = 0.6676, estimate PE on current price 8.86 = 12.25(DPS 0.68)
- Estimate next 4Q eps after 2011 Q5 result announced = 0.1715*4*0.95 = 0.6517, estimate highest/lowest PE = 12.58/11.2 (DPS 0.6)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.1554*4*0.95 = 0.5905, estimate highest/lowest PE = 14.02/11.23 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.1552*4 = 0.6208, estimate highest/lowest PE = 13.34/12.05 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate highest/lowest PE = 13.01/11.87 (DPS 0.72)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate highest/lowest PE = 14.3/12.87 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.5394*1.1 = 0.5933, estimate highest/lowest PE = 14.88/12.73 (DPS 0.55)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1456*4 = 0.5824, estimate highest/lowest PE = 13.68/11.59 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1404*4 = 0.5616, estimate highest/lowest PE = 13.48/11.75 (DPS 0.19)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.1246*4 = 0.4984, estimate highest/lowest PE = 14.04/13.1 (DPS 0.08)
MAYBANK latest news (English)
MAYBANK latest news (Chinese)
No comments:
Post a Comment