Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The Group posted profit attributable to equity holders amounting to RM2,153.4 million and RM1,125.2 million for the half year ended 31 December 2010 and 2nd quarter ended 31 December 2010 respectively, an increase of RM250.1 million or 13.0% for the half year and RM131.7 million or 13.3% for the quarter
- The Group’s net interest income for the 6 months period ended 31 December 2010 increased by RM277.1 million or 8.4% to RM3,587.8 million. The increase in net interest income is mainly due to growth in Malaysian and Indonesian operations. Gross operating income from Islamic Banking Scheme ("IBS") operations for the 6 months ended 31 December 2010 increased RM 71.5 million or 10.1% mainly due to growth in Islamic operations but IBS incurred higher profit equalisation reserves to cater for redistribution of profit sharing with depositors
- Net income from insurance business for the 6 months period ended 31 December 2010 decreased by RM26.7 million or 17.3% to RM127.8 million due to lower premium income and higher claims incurred
- Non interest income increased by RM66.7 million or 3.5% to RM1,989.2 million compared to the amount in the previous corresponding period. The increase is contributed by higher fee income, net gain on sale of held-for-trading and available-for-sale securities and net unrealized gain on revaluation of securities held-for-trading and derivatives, which were higher by RM55.5 million, RM135.1 million and RM20.8 million respectively but mitigated by the lower foreign exchange profits and other income by RM80.1 and RM64.8 million respectively
- Overhead expenses increased by RM227.8 million or 7.8% to RM3,136.1 million over the amount in the corresponding period, mainly due to the higher personnel cost and general expenses. Personnel cost increased by RM237.7 million or 16.6% to RM1,670.9 million. Establishment costs decreased by RM40.5 million or 7.0% to
RM534.9 million. Marketing expenses decreased by RM26.1 million or 11.0% to RM210.9. Administration and general expenses increased by RM56.7 million or 8.5% to RM719.4 million mainly due to increase in donation expenses
- Allowance for losses on loans, advances and financing decreased by RM297.2 million or 43.7% to RM382.2 million. The decrease is mainly due to lower allowances in the domestic banking operations and higher recoveries
- The Group posted profit attributable to equity holders amounting to RM1,125.2 million for the 2nd quarter ended 31 December 2010, an increase of RM97.1 million or 9.5% compared to the preceding quarter
- The Group’s net interest income and income from Islamic Banking Scheme operations for the 2nd quarter ended 31 December 2010 increased by RM93.4 million or 4.4% to RM2,206.1 million against the preceding quarter
- Net income from insurance business for the quarter decreased by RM45.7 million or 52.7% to RM41.0 million due to lower premium income and higher claims incurred
- Non-interest income for the quarter increased RM80.7 million or 8.5% to RM1,034.9 million compared to that of preceding quarter. The increase is mainly attributable to loans related fee income and foreign exchange profits
- Overhead expenses for the quarter increased by RM132.0 million or 8.7% over that of the preceding quarter mainly due to higher administration and general expenses, marketing expenses and establishment expenses of RM73.9 million, RM36.3 million and RM16.2 million respectively
- Compared to the preceding quarter, allowance for losses on loans, advances and financing and impairment losses were lower by RM147.2 million and RM7.6 million respectively
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate PE on current price 8.71 = 12.17(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)
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| Market Capital (Capital Size) | 63,776,713,805 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (8.71-0.72)/0.6565 = 12.17 (Moderate) |
| Target Price | 10.50+0.72 = 11.22 (PE 16.0, EPS 0.6565, DPS 0.72) |
| Decision | BUY |
| Comment | Revenue increased 3.7% to highest record and is third consecutive quarter increasing, higher than preceding year corresponding quarter 11.1%, eps increased 8% and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 11.3%, both negative free and net cash flow largely increased, insurance income decreased but most segments also growth, strong MYR currency, malaysia consumer index still increasing |
| First Support Price | 8.5 |
| Second Support Price | 8.1 |
| Risk Rating | LOW |
Research House
| RHB Target Price | 10.2 (2011-01-07) |
| MIDF Target Price | 10.5 (2011-01-18) |
| AMMB Target Price | 10.4 (2011-01-21) |
| OSK Target Price | 10.07 (2011-02-18) |
| CIMB Target Price | 10.3 (2011-02-22) |
| ECM Target Price | 9.96 (2011-02-22) |
| TA Target Price | 11.3 (2011-02-22) |
| HLG Target Price | 10.2 (2011-02-23) |
| HwangDBS Target Price | 10.8 (2011-03-10) |
Accounting Ratio
| Return on Equity | 14.12% |
| Dividend Yield | 8.27% |
| Profit Margin | 30.10% |
| Tax Rate | 27.87% |
| Asset Turnover | 0.0546 |
| Net Asset Value Per Share | 4.04 |
| Net Tangible Asset per share | 3.45 |
| Price/Net Tangible Asset Per Share | 2.57 |
| Cash Per Share | 5.72 |
| Liquidity Current Ratio | 1.105 |
| Liquidity Quick Ratio | 0.8972 |
| Liquidity Cash Ratio | 0.1383 |
| Gearing Debt to Equity Ratio | 11.3367 |
| Gearing Debt to Asset Ratio | 0.917 |
| Working capital per thousand Ringgit sale | 160.2% |
| Days to sell the inventory | 3533 |
| Days to collect the receivables | 4104 |
| Days to pay the payables | 16097 |
My notes based on 2011 quarter 2 report (number in '000):-
- The Group posted profit attributable to equity holders amounting to RM2,153.4 million and RM1,125.2 million for the half year ended 31 December 2010 and 2nd quarter ended 31 December 2010 respectively, an increase of RM250.1 million or 13.0% for the half year and RM131.7 million or 13.3% for the quarter
- The Group’s net interest income for the 6 months period ended 31 December 2010 increased by RM277.1 million or 8.4% to RM3,587.8 million. The increase in net interest income is mainly due to growth in Malaysian and Indonesian operations. Gross operating income from Islamic Banking Scheme ("IBS") operations for the 6 months ended 31 December 2010 increased RM 71.5 million or 10.1% mainly due to growth in Islamic operations but IBS incurred higher profit equalisation reserves to cater for redistribution of profit sharing with depositors
- Net income from insurance business for the 6 months period ended 31 December 2010 decreased by RM26.7 million or 17.3% to RM127.8 million due to lower premium income and higher claims incurred
- Non interest income increased by RM66.7 million or 3.5% to RM1,989.2 million compared to the amount in the previous corresponding period. The increase is contributed by higher fee income, net gain on sale of held-for-trading and available-for-sale securities and net unrealized gain on revaluation of securities held-for-trading and derivatives, which were higher by RM55.5 million, RM135.1 million and RM20.8 million respectively but mitigated by the lower foreign exchange profits and other income by RM80.1 and RM64.8 million respectively
- Overhead expenses increased by RM227.8 million or 7.8% to RM3,136.1 million over the amount in the corresponding period, mainly due to the higher personnel cost and general expenses. Personnel cost increased by RM237.7 million or 16.6% to RM1,670.9 million. Establishment costs decreased by RM40.5 million or 7.0% to
RM534.9 million. Marketing expenses decreased by RM26.1 million or 11.0% to RM210.9. Administration and general expenses increased by RM56.7 million or 8.5% to RM719.4 million mainly due to increase in donation expenses
- Allowance for losses on loans, advances and financing decreased by RM297.2 million or 43.7% to RM382.2 million. The decrease is mainly due to lower allowances in the domestic banking operations and higher recoveries
- The Group posted profit attributable to equity holders amounting to RM1,125.2 million for the 2nd quarter ended 31 December 2010, an increase of RM97.1 million or 9.5% compared to the preceding quarter
- The Group’s net interest income and income from Islamic Banking Scheme operations for the 2nd quarter ended 31 December 2010 increased by RM93.4 million or 4.4% to RM2,206.1 million against the preceding quarter
- Net income from insurance business for the quarter decreased by RM45.7 million or 52.7% to RM41.0 million due to lower premium income and higher claims incurred
- Non-interest income for the quarter increased RM80.7 million or 8.5% to RM1,034.9 million compared to that of preceding quarter. The increase is mainly attributable to loans related fee income and foreign exchange profits
- Overhead expenses for the quarter increased by RM132.0 million or 8.7% over that of the preceding quarter mainly due to higher administration and general expenses, marketing expenses and establishment expenses of RM73.9 million, RM36.3 million and RM16.2 million respectively
- Compared to the preceding quarter, allowance for losses on loans, advances and financing and impairment losses were lower by RM147.2 million and RM7.6 million respectively
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1563*4*1.05 = 0.6565, estimate PE on current price 8.71 = 12.17(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)
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