RHBBANK
Rhb Bank Berhad
Company Background
兴业银行末季净利涨42% 股息创历年新高
兴业银行（RHBBANK，1066，主板金融股）2024财政年末季（截至12月31日止）净利按年增长42.43%，至8亿3454万令吉，高于上年同期的5亿8591万令吉；营收同样按年上扬4.18%，至45亿8321万令吉，上年同期为43亿9912万令吉。
董事局宣布派发每股28仙的股息，使全年股息提高至每股43仙，高于过去3年所派发的每股40仙。全年派发每股43仙股息，也是该行有史以来所派发的最高股息。
兴业银行2024年净利为31亿2021万令吉，较上年的28亿零622万令吉增加11.11%；全年营收则达到179亿1429万令吉，比上年的165亿8053万令吉增长8%。
利息与非利息收入皆成长
兴业银行通过新闻稿指出，2024年总收入按年成长10.70%，至86亿令吉，由利息收入与非利息收入成长所支撑。
该行2024财年的利息收入按年增长6.2%至58亿令吉，由整体贷款成长6.90%所驱动，而净利息赚幅年初至今上升4个基点至1.86%。
同时，非利息收入按年成长21.3%，至28亿令吉，主要贡献来自手续费收入增长、净外汇与衍生性商品收益、净交易及投资收益，净保险收入，以及脱售越南和泰国的证券业务所带来的一次性收入。
该行的成本收入比率（CIR）从前期的47.5%，改善至46.70%，而股东基金回酬率提升至10.04%。
国内贷款按年增长7.3%
总贷款年初至今成长6.9%。至2380亿令吉，由社区银行、批发银行以及新加坡业务依序增长6.5%、8.9%和8.3%所支撑。此外，该行的国内贷款按年增长7.3%，高于行业的平均增幅（5.5%）。
另外，兴业银行的毛减值贷款（GIL）改善至35亿令吉，整体减值贷款比率从1.74%下滑至1.47%；包含监管储备在内其贷款损失覆盖率（LLC）为115.5%。
至于客户存款为2500亿令吉；来往与储蓄户头（CASA）比例为27.6%；而流动性覆盖率（LCR）为137.8%。
兴业银行的资本状况仍稳健，一级资本（CET1）比率与总资本比例（TCR）分别为16.4%及19%。
TWP24奏效 业务稳增长
兴业银行首席执行员拿督莫哈末拉昔表示，2024年业绩强劲表现，证明了TWP24策略的有效性，该策略推动了业务稳健增长并提升了营运效率。
展望2025年，兴业银行将继续实现稳健增长，同时灵活应对不断变化的经济环境。预计大马经济将保持韧性，2025年国内生产总值增长率预测为5%，主要受内需强劲、基础设施投资增加，以及向低碳和数码经济转型的推动。
“此外，隔夜政策利率（OPR）预计将维持在3.0%，为经济增长提供稳定支撑。”
$RHBBANK / 1066 (RHB BANK BERHAD)
Source: Oriental Daily
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by HLIB
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by CGSI
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by Maybank
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by HLIB
KUALA LUMPUR: Boost Bank by Axiata Group Bhd and RHB Bank Bhd is rewarding all Malaysians with a 5% per annum daily interest rate through the Boost Birthday Jar to celebrate Boost’s 7th birthday.
KUALA LUMPUR: Boost Bank by Axiata Group Bhd and RHB Bank Bhd is rewarding all Malaysians with a 5% per annum daily interest rate through the Boost Birthday Jar to celebrate Boost’s 7th birthday.
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by Maybank
PETALING JAYA: RHB Bank Bhd may continue to see an outperformance to the broader banking sector as it progresses into the second half.
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by TA
Buy - TP RM6.28
"1HFY24 Results Within Expectations"
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 RHB’s TP from RM5.87 to RM6.28. Our valuation is based on an implied PBV of c. 0.79x based on the Gordon Growth Model and a 3% ESG premium. Given that the risk-reward potential has widened due to the revised TP, we upgraded RHB from hold to BUY.
Analyst:
Li Hsia Wong
liwong@ta.com.my
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by MIDF
Buy - TP RM6.60
"2QFY24 Results: Worst of Asset Quality Woes Over?"
• 1H24’s Core NP of RM1,452m was Within / Within our/street forecasts: 51 %/ 51 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Topline outlook intact, (b) Worst of asset quality woes over, (c) Loan growth target revision (as expected)
• Forecasts unchanged
• Maintain BUY | Revised TP of RM6.60 | based on a revised FY25F P/BV of 0.85x (formerly 0.78 x)
Analyst:
Samuel Woo
samuel.woo@midf.com.my
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by Kenanga
Outperform - TP RM7.25
"International Pains Hopeful to Ease"
RHBBANK’s 1HFY24 net profit (-8%) and interim dividend were within expectations. Despite higher credit cost in 1HFY24, asset quality stresses from its overseas portfolios may subside as the group sufficiently provided for them. Meanwhile, a better loans trajectory could support group earnings with NIMs also expected to stay in a tight range bound. Maintain OUTPERFORM and GGM-derived PBV TP of RM7.25. RHBBANK is one of our 3QCY24 Top Picks for its leading dividend defensiveness.
Analyst:
Clement Chua
clement.chua@kenanga.com.my
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by HLIB
Buy - TP RM6.75
"A laggard play potential"
RHB’s 2Q24 profit fell 1% QoQ no thanks to higher effective tax rate and opex. That said, NIM widened sequentially, loans growth gained traction, and GIL ratio fell. Overall, results were in line and thus, forecasts were kept. All in all, we now
find that RHB’s risk-reward profile to be skewed to the upside. The stock offers attractive dividend yield of 6-7% (2ppt higher vs peers), is a prime laggard play potential, and is a KLCI index component. Raise to BUY with a higher adjusted provision-BVPS GGM-TP of RM6.75 (from RM6.10), based on 0.9x FY25 P/B.
Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my
$RHBBANK / 1066 (RHB BANK BERHAD)
Research by CGS
Add - TP RM7.00
"An improvement in NIM and loan growth"
■ RHB Bank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’ estimate.
■ We expect RHB Bank’s 2H24F net profit to increase by 12.8% yoy, driven by higher net and non-interest income and potentially lower loan loss provision.
■ Reaffirm Add, given its attractive CY24F dividend yield of 5.8% and enticing valuation (CY25F P/E of 8x, which is the lowest in the sector).
Analyst:
Winson NG, CFA
winson.ng@cgsi.com
$RHBBANK / 1066 (RHB BANK BERHAD)
$RHBBANK / 1066 (RHB BANK BERHAD)
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)
$RHBBANK / 1066 (RHB BANK BERHAD)
$AIRPORT / 5014 (MALAYSIA AIRPORTS HOLDINGS BERHAD)
$UEMS / 5148 (UEM SUNRISE BERHAD)
$RHBBANK / 1066 (RHB BANK BERHAD) $MAYBANK / 1155 (MALAYAN BANKING BERHAD) $TENAGA / 5347 (TENAGA NASIONAL BHD) $YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) $MALAKOF / 5264 (MALAKOFF CORPORATION BERHAD)
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
KENANGA 2H 2024 TOP PICKS...
$RHBBANK / 1066 (RHB BANK BERHAD) $INARI / 0166 (INARI AMERTRON BERHAD) $DIALOG / 7277 (DIALOG GROUP BERHAD) $ABMB / 2488 (ALLIANCE BANK MALAYSIA BERHAD) $GAMUDA / 5398 (GAMUDA BERHAD)
OTHERSOFFER OF SHARES UNDER THE SHARE GRANT SCHEME OF RHB BANK BERHAD ("RHB BANK" OR "COMPANY") ("SGS")
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSRHB BANK BERHAD ("RHB BANK")
DISPOSAL OF THE ENTIRE EQUITY INTEREST IN RHB SECURITIES VIETNAM COMPANY LIMITED ("RHBSVN") BY RHB INVESTMENT BANK BERHAD ("RHB INVESTMENT BANK") TO PUBLIC BANK VIETNAM LIMITED ("PBVN") ("DISPOSAL")