信贷成本大减 安联银行(ABMB,2488,主板金融服务组)重获青睐
●安联银行(ABMB,2488,主板金融服务组)的信贷成本大幅降低,加上专注于富裕的消费者和中小企业市场,随着经济重启,分析员看好该银行的盈利将可稳健增长。
财测上调
艾芬黄氏研究表示,安联银行在过去2年不受投资者看好,但在管理层展开行动控制信贷成本之后,如今重获青睐。安联银行连续2季的盈利超越市场预期,令分析员纷纷上调财测,投资情绪转正面,股价也重新回升。
分析员指出,安联银行的净信贷成本减低,将是盈利更强劲的关键动力之一。根据管理层的指引,2022财政年(3月杪结账)净信贷成本目标为低于75基点,但在2022财政年首6月,信贷成本仅29.3基点,全年化计算为接近60基点。在2021年10月至12月,由于经济重启,加上10月失业率降低至4.3%,安联银行表现正面。
分析员认为,随着暂缓还贷措施在今年1月初结束,借贷者恢复每月还贷,安联银行在2022财政年下半年可能不再需要拨出额外的资本,目前该银行拥有总计4亿令吉资本作为预防缓冲。
根据分析员估计,安联银行的净信贷成本每下跌10基点,可能令2022-2024财政年净利增强6.4至7%,令股本回酬率提升0.5%。
安联银行的资产负债表风险解除,加上有效的风险管理,以及专注于富裕消费者和中小企业市场,是该银行的关键策略。
此外,艾芬黄氏认为,安联银行采纳环境、社会和监管(ESG),可能会重塑业务方向,并提升利益相关者的价值。
安联银行已经设定新的ESG目标,其中最重要的是,管理层放眼2025年提供50亿令吉的可持续贷款,协助企业转型至更具持续性的商业运作和生活形态。
该行保持“买进”评级和3令吉50仙目标价,认为安联银行的关键盈利动力来自于2022-2024财政年具备可持续的2.42至2.43%净息差,以及约18亿1000万令吉至18亿8000万令吉的出色营运收入。
https://www.sinchew.com.my/20220115/%E4%BF%A1%E8%B4%B7%E6%88%90%E6%9C%AC%E5%A4%A7%E5%87%8F-%E5%AE%89%E8%81%94%E9%93%B6%E8%A1%8C%E9%87%8D%E8%8E%B7%E9%9D%92%E7%9D%90/
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