【行家论股/视频】安联银行(ABMB,2488,主板金融股) 售经纪业务无损盈利
分析:大马投行研究
目标价:3.80令吉
最新进展:
安联银行(ABMB,2488,主板金融股)子公司安联投资银行,签署有条件买卖协议,以2.052亿令吉脱售股票经纪业务给辉立期货(Philip Futures)。
安联银行预计,明年上半年完成脱售。
ABMB
行家建议:
安联银行以2.052亿令吉,把股票经纪业务出售给辉立期货,我们认为,这不会对集团的盈利产生重大影响。
这是因为股票经纪业务贡献的收益,扣除开支,每年只有约1200万令吉。
但出售所得款项,将使一级资本充足率(CET1)从2022财年次季的17.4%,提高0.6个百分点,至18.0%。
此外,我们预计,隔夜政策利率(OPR)将在下半年上调25个基点,至2%。每加息25个基点,该集团的净利息赚幅(NIM)将增加3至4个基点。
加上SavePlus存款组合的增加,资产收益率上升和融资成本降低,以及在经济重新开放后,第三季新贷款的承销速度将加快,未来息差有更大改善空间,提高资产收益率。
因此,我们将本财年的息差提高10个基点,明财年提高4个基点,并将明后财年核心盈利预测,稍微上调0.9%和0.4%。
由于在复苏配套下,大多数需要援助的借款人已经暂停该援助计划,预计第三季资产质量和拖欠率将保持稳定。
综上所述,我们维持3.8令吉目标价,及“买入”评级。
安联银行股价走势
http://www.enanyang.my/%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1/%E3%80%90%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1%E8%A7%86%E9%A2%91%E3%80%91%E5%AE%89%E8%81%94%E9%93%B6%E8%A1%8C-%E5%94%AE%E7%BB%8F%E7%BA%AA%E4%B8%9A%E5%8A%A1%E6%97%A0%E6%8D%9F%E7%9B%88%E5%88%A9
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