MALAYAN BANKING BERHAD
My notes based on 2011 quarter 1 report (number in '000):-
- The Group posted profit attributable to equity holders recorded an increase of 16.6% for the quarter ended 30 September 2010
- The Group’s net interest income for three(3) months period ended 30 September 2010 increased by 9.0%. The increase in net interest income is mainly due to improvements in the Group’s operations from higher net interest income margin in Malaysia arising from increases in Overnight Policy Rate and expansion of market in Indonesia's operations. Income from Islamic Banking operations for the quarter ended 30 September 2010 decreased by 11.3% due to higher provision for profit equalization reserves in the Islamic business but mitigated by increase in growth in assets which increased gross income in Islamic business
- Net income from insurance business increased by 20.5% due to lower claims incurred
- Non interest income increased slightly by 1.8% for the quarter ended 30 September 2010 compared to the amount in the previous corresponding period. The increase was contributed by realized gain arising from sale of securities of RM36.4 million, higher loans related income of RM35.4 but this was mitigated by the decrease in commission, service charges & fees amounting and foreign exchange loss
- Overhead expenses increased by 4.4% for the quarter ended 30 September 2010 over the amount in the corresponding period, mainly due to higher personnel cost but mitigated by decrease in establishment cost, marketing cost and administration and general expenses. Personnel cost increased by 23.1%, mainly due to the timing of crediting of salary in arrears and Cost-of-Living Allowances("COLA"), arising from the conclusion of the new collective agreement
- Allowance for losses on loans, advances and financing decreased by 36.6% mainly due to higher recovery during the period
- The Group posted profit attributable to equity holders for the first quarter ended 30 September 2010, an increase of 12.7% compared to the preceding quarter
- The Group’s net interest income and income from Islamic Banking Scheme operations for the first quarter ended 30 September 2010 decreased slightly by 1.6% against the preceding quarter
- Non-interest income for the quarter increase by 14.7% compared to that of preceding quarter. The increase is mainly attributable to the realized gain from sales of private debt securities, government-related securities and equity shares due to the buoyant market
- Overhead expenses for the quarter increased by 1.3% over that of the preceding quarter mainly due to higher personnel cost and marketing expenses, which increased by RM89.3 million and 34.3 million respectively. The personnel cost increased due to the timing of crediting of salary in arrears and allowances. This was however partly offset by lower administration and general expenses of RM98.9 million
- Compared to the preceding quarter, allowance for losses on loans, advances and financing and impairment losses were lower by RM46.4 million and RM9.5 million respectively
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate PE on current price 9.1 = 14.07(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)
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| Par Value | : | 1.00 |
| My Forecast P/E now | : | (9.1-0.55)/0.6077 = 14.07 (Moderate) |
| My Target Price | : | 9.72+0.55 = 10.27 (PE 16, EPS 0.6077, DPS 0.55) |
| My Decision | : | BUY |
| My Comment | : | Revenue and profit still high but slow down, securities value increasing, navps increasing, lower foreign exchange gain, economic slow down compared to first half year |
| Technical Support Price | : | 9 |
| Risk Rating | : | LOW |
| OSK Target Price | : | 10.07 (15 Nov 10) |
| Latest Market Capital (Capital Size) | 59,667,394,734 (Very Large) |
| Return on Equity | 13.97% |
| Dividend Yield | 6.52% |
| Profit Margin | 0.2808 |
| Asset Turnover | 0.0547 |
| Tax Rate | 0.2497 |
| Net Asset Value Per Share | 3.99 |
| Net Tangible Asset per share | 3.38 |
| Price/Net Tangible Asset Per Share | 2.72 |
| Cash Per Share | 6.49 |
| Liquidity Current Ratio | 1.1103 |
| Liquidity Quick Ratio | 0.9053 |
| Liquidity Cash Ratio | 0.1604 |
| Gearing Debt to Equity Ratio | 11.2298 |
| Gearing Debt to Asset Ratio | 0.9161 |
| Average working capital per thousand Ringgit sale | 166.8% |
| Average days to sell the inventory | 3311 |
| Average days to collect the receivables | 3820 |
My notes based on 2011 quarter 1 report (number in '000):-
- The Group posted profit attributable to equity holders recorded an increase of 16.6% for the quarter ended 30 September 2010
- The Group’s net interest income for three(3) months period ended 30 September 2010 increased by 9.0%. The increase in net interest income is mainly due to improvements in the Group’s operations from higher net interest income margin in Malaysia arising from increases in Overnight Policy Rate and expansion of market in Indonesia's operations. Income from Islamic Banking operations for the quarter ended 30 September 2010 decreased by 11.3% due to higher provision for profit equalization reserves in the Islamic business but mitigated by increase in growth in assets which increased gross income in Islamic business
- Net income from insurance business increased by 20.5% due to lower claims incurred
- Non interest income increased slightly by 1.8% for the quarter ended 30 September 2010 compared to the amount in the previous corresponding period. The increase was contributed by realized gain arising from sale of securities of RM36.4 million, higher loans related income of RM35.4 but this was mitigated by the decrease in commission, service charges & fees amounting and foreign exchange loss
- Overhead expenses increased by 4.4% for the quarter ended 30 September 2010 over the amount in the corresponding period, mainly due to higher personnel cost but mitigated by decrease in establishment cost, marketing cost and administration and general expenses. Personnel cost increased by 23.1%, mainly due to the timing of crediting of salary in arrears and Cost-of-Living Allowances("COLA"), arising from the conclusion of the new collective agreement
- Allowance for losses on loans, advances and financing decreased by 36.6% mainly due to higher recovery during the period
- The Group posted profit attributable to equity holders for the first quarter ended 30 September 2010, an increase of 12.7% compared to the preceding quarter
- The Group’s net interest income and income from Islamic Banking Scheme operations for the first quarter ended 30 September 2010 decreased slightly by 1.6% against the preceding quarter
- Non-interest income for the quarter increase by 14.7% compared to that of preceding quarter. The increase is mainly attributable to the realized gain from sales of private debt securities, government-related securities and equity shares due to the buoyant market
- Overhead expenses for the quarter increased by 1.3% over that of the preceding quarter mainly due to higher personnel cost and marketing expenses, which increased by RM89.3 million and 34.3 million respectively. The personnel cost increased due to the timing of crediting of salary in arrears and allowances. This was however partly offset by lower administration and general expenses of RM98.9 million
- Compared to the preceding quarter, allowance for losses on loans, advances and financing and impairment losses were lower by RM46.4 million and RM9.5 million respectively
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1447*4*1.05 = 0.6077, estimate PE on current price 9.1 = 14.07(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)
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