AFFIN
Affin Bank Berhad
Company Background
TH Properties Partners Affin Bank to Offer Flexible Home Financing Solutions for Fresh Graduates, First-Time Homebuyers and Women
TH Properties and Affin Bank Bhd (KL:AFFIN) have entered into a strategic partnership to introduce flexible home financing solutions aimed at young homebuyers and property investors.
The collaboration was formalised on Thursday with a signing ceremony, underscoring the shared commitment of both organisations to address housing affordability concerns in Malaysia. The financing solutions are tailored for fresh graduates, first-time homebuyers, and women seeking financial independence through property ownership.
In a press statement issued on Friday, TH Properties group chief executive officer Mohd Ismadi Ishak said that the partnership goes beyond financial assistance by providing long-term value to buyers. “At TH Properties, we strive to make homeownership a reality for Malaysians, offering homes that resonate with their lifestyles and long-term vision.”
Under the partnership, Affin Bank offers its AFFIN Home Step Fast/-i, a shariah-compliant financing solution that provides lower upfront costs and flexible payment options. Additionally, the Affinita Home Financing Program caters specifically to women, offering financing above RM500,000 through AFFIN INVIKTA™ Premier Banking, along with exclusive benefits from nearly 100 partner merchants.
“We are delighted to partner with TH Properties to empower more Malaysians on their journey towards homeownership. With innovative financing solutions such as the AFFIN Home Step Fast/-i and the Affinita Home Financing Program, we aim to provide flexible and tailored options for young professionals, property investors, and a broader range of homebuyers,” said Affin Bank’s group community banking executive director Mohammad Fairuz Mohd Radi in the statement.
The partnership initially covers properties in TH Properties’ flagship development, Kota Semarak in Kuala Lumpur, with plans to expand to Bandar Enstek in Negeri Sembilan and Warisan Puteri 2 in Sepang, Selangor. These developments are known for their strategic locations and diverse housing options.
By offering accessible financing, TH Properties and Affin Bank aim to position homeownership as a viable investment for Malaysians, supporting both personal financial stability and long-term economic growth.
$AFFIN / 5185 (AFFIN BANK BERHAD)
Source: The Edge
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by CGSI
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research Report by KENANGA
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by TA
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by RHB
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by CGSI
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by APEX
PETALING JAYA: While it does not occur frequently in the world of investment research, analysts are split in their opinion on the short-term prospects of Affin Bank Bhd, after the Sarawak government increased its stake in the lender.
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by TA Securities
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by RHB
KUALA LUMPUR:CIMB Securities has raised its target price for Affin Bank Bhd with expectation that the Sarawak state government will deposit some RM4 billion into the bank next year.
© New Straits Times Press (M) Bhd
The Sarawak government has raised its stake in Affin Bank Bhd to 31% after concluding a sale purchase agreement with the Armed Forces Fund Board and Boustead Holdings Bhd.
KUCHING: Sarawak state government says it will not interfere in the operations of Affin Bank Bhd after emerging as its largest shareholder.
© New Straits Times Press (M) Bhd
KUCHING: The Sarawak state government has formalised a deal with the Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd to increase its stake in Affin Bank Bhd to 31.25 per cent.
© New Straits Times Press (M) Bhd
KUCHING: Sarawak has formalised a deal with the Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd to increase its stake in Affin Bank Bhd to 31.25 per cent.
© New Straits Times Press (M) Bhd
GEORGE TOWN: Affin Bank Bhd expects Malaysia’s gross domestic product (GDP) growth to remain healthy at five per cent this year and 5.2 per cent next year amidst the low possibility of a global recession.
© New Straits Times Press (M) Bhd
KUALA LUMPUR: Affin Bank Bhd shares shot up to a high of RM3.11 today from Friday's close of RM2.87 on the back of reports that Bank Negara had given the nod for the Sarawak government to buy a majority stake in the financial institution.
© New Straits Times Press (M) Bhd
KUALA LUMPUR: Affin Bank Bhd rose in early trade Monday, buoyed by news that an announcement regarding the finalisation of the Sarawak government's acquisition of a majority stake in the bank is anticipated within the week.
$AFFIN / 5185 (AFFIN BANK BERHAD)
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by Kenanga
UNDERPERFORM – TP RM1.80
" Finding Balance within Its Customer Mix”
AFFIN’s 1HFY24 results were within expectations but may see pressures in 2HFY24 as repayment stress emerges, undermining the write-backs seen YTD. The group may be more selective with its acquisition of SME customers and deposits which may also translate to slower growth in the near-term. Still, we await initiatives on Sarawak State Government’s entry to AFFIN, albeit postponed to end-FY24. We trim our FY24F-FY25F earnings while maintaining our UNDERPERFORM call and GGM-derived TP of RM1.80.
Analyst:
Clement Chua
clement.chua@kenanga.com.my
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by MIDF
SELL – TP RM1.82
" 2QFY24 Results: NIM Issues to Persist”
• 6MFY24’s Core NP of RM229m was Within/Within our/street forecasts: 46%/47% of full-year forecasts
• Management’s tone: Neutral
• Core themes: (a) Further NIM compression, (b) Downward revision of FY24 targets expected, (c) Asset quality fears push Affin to reprioritise consumer loan segment
• Forecasts unchanged
• Maintain SELL | Unchanged TP of RM1.82 | based on an unchanged FY25F P/BV of 0.35x
Analyst:
Samuel Woo
samuel.woo@midf.com.my
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by HLIB
SELL – TP RM2.80
"Saved by write-backs”
Affin’s 2Q24 net profit grew 5% YoY given write-backs of bad loan provision and lower effective tax rate. Also, GIL ratio experienced a downtick. That said, NIM contracted sequentially and loans growth tapered. Overall, results were largely in line with expectations and hence, forecasts were kept. All in all, we still find Affin’s risk-reward profile to be skewed to the downside. Although the Sarawak story has merits, it does not lead to automatic success. Maintain SELL but with higher GGM-TP of RM2.80 (from RM2.20), based on 0.55x FY25 P/B
Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by RHB
Sell – TP RM1.60
"Another Mixed Bag; Still a SELL ”
Still SELL, new MYR1.60 TP from MYR1.65, 50% downside with c.3% FY25F yield. Affin’s 1H24 results benefitted from a net writeback in impairment allowances, as PIOP missed estimates following the resumption of NIM compression. We make no change to our SELL call, as we deem the stock’s current valuation to be unjustified against its weak earnings generation. However, the Sarawak State Government’s impending purchase of a further 15-25% stake in Affin could keep valuations elevated in the near-term.
Analyst:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com
$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by TA
SELL – TP RM2.95
"Weaker 1HFY24 Results”
We updated the beta and lowered our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise Affin TP from RM2.50 to RM2.95. Our valuation is based on an implied PBV of c. 0.66x based on the Gordon Growth Model. However, given that Affin’s share has risen steeply and ahead of its fundamentals, we maintain our SELL recommendation on the stock.
Analyst:
Li Hsia Wong
liwong@ta.com.my
Titan Weekend Chart Reviews
$AFFIN / 5185 (AFFIN BANK BERHAD)
Since breaking out from its RM 2.50 major resistance levels, had been trending up over the past 2 months here despite the weak market sentiment.
Now facing some selling pressure around the RM 3.40+ regions. But if able to hold above its RM 3.10 - RM 3.20 support, could continue to trend up further.
Uptrend remains healthy and in tact here.
Support: RM 3.20, RM 3.10 areas
Resistance: RM 3.40, RM 3.50 areas
$AFFIN / 5185 (AFFIN BANK BERHAD)
$AFFIN / 5185 (AFFIN BANK BERHAD)
KUALA LUMPUR: Affin Bank Bhd plans to introduce the Islamic version of its recently launched Cross Light Capital Performa Digital Asset Fund by the end of the third quarter this year.
$AFFIN / 5185 (AFFIN BANK BERHAD)
KUALA LUMPUR: Affin Bank Bhd (ABB) and its wholly owned subsidiary, Affin Hwang Investment Bank Bhd (AHIBB), have established a RM3 billion commercial papers (CP) programme and the establishment of CP or medium-term notes (MTN) programme of RM2.0 billion.