|
Top Calls
|
||
|
|
||
|
Sector Update � Banking (NEUTRAL,
maintain)
2Q14 results round-up: Mediocre core net profit growth The banking sector 1HCY14 core earnings, on an annualised basis were 5.7% below our forecast of RM22.4bn (prior to revisions) due to disappointment from CIMB and AMMB. Meanwhile, banks which reported more positive earnings in 2QCY14 include HLB, Maybank, Public Bank, AFG and RHBCap. Among these, our concern lies with RHBCap which may face challenges in maintaining its robust growth in 2HCY14 amidst normalising credit costs. Among the key trends noted in 2QCY14 include further NIM compression (2QCY14 -5bps qoq), lower credit cost at 17.7bps (vs. 20.6bps 1HCY13), decline in 1HCY14 operating expenses (-3% yoy) and mediocre loan growth (+10% yoy, +1.9% qoq). We have revised down our earnings forecasts for CY14-16E by 2.6-3.7% during 2QCY14, largely due to CIMB and AMMB. Maintain NEUTRAL on the sector. Top picks include Maybank, Hong Leong Bank and AFG.
|
|
Other Calls
|
||
|
|
||
|
||
|
||
|
||
|
Economy - US Outlook -
Weekly Wrap (2 - 5 September 2014)
US non-farm payrolls surprised on the downside
|
||
|
Debt Market Research
US NFP disappoints but UST bearish. MGS marginal pricing of MPC hike; brace for a choppy ride
|
||
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.