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Results Note – Maybank (ADD, maintain) - More cautious growth in 2HFY13, results in-line




Affin Hwang Investment Bank Bhd


21 Aug 2013





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1HFY13 in-line with consensus and AFFIN’s forecasts Maybank’s 1HFY13 net profit of RM3,073.9m (+10% yoy) is in-line with both consensus and AFFIN’s forecasts, accounting for 50% of our estimates. Although net profit was up 10.1% on a yoy basis, EPS growth was relatively flat as a result of the dilution effect from the DRP. Despite the industry headwinds, Maybank continued to report a modest expansion in operating income, growing at 8.1% yoy and on the back of loans growth of 9.2 yoy. Although annualised loan growth rate of 9.1% is still below the group’s target and our FY13 forecast of 12%, we remain cognizant of the prospects of a pick-up in corporate/commercial loans and consumer loans in 2HFY13. A DPS of 22.5 sen has been proposed in 2QFY13, comprising of 6.5 sen cash and 16 sen under the DRP.

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