KUALA LUMPUR, Sept 27 (Bernama) -- AEON Credit Service (M) Bhd's shares rose by 2.97 per cent in the morning trading session, driven by the company's stronger performance, attributable to stronger loan and financing growth in the second quarter ended Aug 31, 2023 (2Q FY2024).
At 11.25 pm, AEON Credit emerged as one of Bursa Malaysia's top gainers, rising by 34 sen to RM11.78, with 386,000 shares changing hands.
In a filing with Bursa Malaysia yesterday, the financial services provider reported a 58.90 per cent jump in net profit to RM120.19 million for the 2Q FY2024 from RM75.65 million in the same period last year.
Revenue rose 18.20 per cent to RM471.73 million from RM399.17 million previously.
It said its total transaction and financing volume grew 11 per cent year-on-year (y-o-y) to RM1.79 billion in 2Q FY2024 while net financing receivables after allowance for impairment loss were also higher at RM10.81 billion against RM9.55 billion in the same period last year.
Kenanga Research anticipates growth in the group’s financing mainly from its key personal financing segment. Its digital on-boarding platform will also help the group smoothen the application process of new customers.
“For the time being, the group has a financing growth target of at least 10 per cent,” the research firm said in a note.
It maintains an ‘Outperform’ call with a higher target price of RM16.95 from RM16.15.
-- BERNAMA
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