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Company Update – Maybank (ADD, maintain) - Potential bumper dividend surprise, FY13 outlook intact




Affin Hwang Investment Bank Bhd


22 Jan 2013





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Maintain ADD and Price Target of RM9.16 based on P/BV of 1.56x We keep our ADD rating on Maybank and maintain our current Price Target of RM9.16, equivalent to a P/BV of 1.56x based on FY13 ROE of 12.7%, growth rate of 7%, cost of equity of 10.6% and FY13 book value per share of RM5.92. Although the upside is limited to around 3% based on yesterdat’s closing price of RM8.87, we believe that there is room for upgrade in our TP for Maybank. In our view, the concerns surrounding a possible pullback in big-ticket consumer spending and private investment roll-out, are currently weighing down the sector earnings growth and valuation. To reiterate, our investment thesis on Maybank is premised on the group’s domestic strength and favourable growth prospects emanating from its enlarging ASEAN footprint.

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