【行家论股/视频】艾芬银行(AFFIN,5185,主板金融股) 售AHAM或派特别股息
分析:丰隆投行研究
目标价:2.25令吉
最新进展:
艾芬银行(AFFIN,5185,主板金融股)将以15亿3790万令吉,脱售子公司艾芬黄氏资产管理有限公司(AHAM)的68.35%股权。
该银行预计今年第三季完成脱售,仍需获得股东和监管当局批准。
AFFIN
行家建议:
我们乐见这次交易,因为AHAM股权的售价相当于价格对资产规模(P/AUM)2.8%,高于2014年收购时的1.4%,及业界并购均值的2.2%。
若以价格对账面净值来看,售价更相当于19.1倍,显著高过现有市场估值的0.4倍。
不过,AHAM贡献该银行税前盈利20%到30%,脱售将导致2023财年股本回酬率(ROE)削弱100到150个基点。
脱售所得,主要用来推动该公司的核心银行业务,惟我们认为需要很久才能填补AHAM的缺口。
考虑到失去AHAM的盈利贡献,及脱售盈利会扩大股本,估计可冲击2023财年盈利预测13%到24%。
但是,由于这项交易还未完成,我们不调整财测。
在我们看来,出售AHAM和潜在特别股息是催化剂,而该银行风险回报状况偏向上行。
因此,维持2.25令吉目标价,和“买入”评级。
艾芬银行股价走势
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%E8%89%BE%E8%8A%AC%E9%93%B6%E8%A1%8C-%E5%94%AEaham%E6%88%96%E6%B4%BE%E7%89%B9%E5%88%AB%E8%82%A1%E6%81%AF
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