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Maybank's Share Up After Favourable FY13 Results
As at 11.50 am, the counter saw 3.98 million shares transacted, with the share price rising four sen to RM9.74.
Kenanga Research said Maybank's net profit of RM6.55 billion, which grew 14 per cent year-on-year, was supported by total income growth of 10.5 per cent year-on-year.
"While the FY13 results were able to meet market expectations and our own, there is concern over the Financial Year 2014 (FY14) prospects, as per the weaker fourth quarter 2013 numbers, whereby we saw deterioration in profitability.
"However, the management seems to be fairly optimistic over the FY14 outlook with tall targets of 13 per cent growth in both loans and deposits," it said in a note Friday.
The research house has also revised Maybank's earnings for FY14 to RM6.685 billion, from RM6.76 billion.
"As we only revised our FY14 earnings estimates, we maintain the target price at RM10.40, but downgrade the recommendation for Maybank to "market perform" from "outperform," it added.
On the other hand, HwangDBS Vickers Research is maintaining a "buy" call on Maybank with a target price of RM11.80, as it expects further cross selling opportunities, with the bank starting to regionalise its consumer banking platform this year.
The research firm also expects Maybank's dividend payout ratio to remain high as management continues to manage capital with the dividend reinvestment plan.
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