CIMB Poised For Optimistic Outlook In 3Q Despite Potential Challenges In 4Q
CIMB Poised For Optimistic Outlook In 3Q Despite Potential Challenges In 4Q
The bank is also benefitting from improved trading and foreign exchange income, which rebounded after a weaker 2Q24. Gains from non-performing loan sales by CIMB Niaga are expected to contribute positively as well.
CIMB Group Holdings Bhd is set for a positive financial performance in the third quarter of 2024 (3Q24), with expected year-on-year growth driven by improved net interest margins (NIM) and trading income, according to recent analyses from RHB Investment Bank Bhd (RHB Research) and Maybank Investment Bank Bhd (Maybank IB).
馬來西亞聯昌集團控股有限公司(CIMB Group Holdings Bhd)預計在2024年第三季度(3Q24)將迎來積極的財務表現，預計同比增長將受改善的淨利差(NIM)和交易收入推動，根據瑞士環球投資銀行控股有限公司(RHb Investment Bank Bhd)和馬來亞銀行投資銀行有限公司(Maybank Investment Bank Bhd)最近的分析。
Both research houses maintained their BUY calls with their target price ranging between RM9.20 and RM9.25, representing a 12%-13% upside.
兩家研究機構均維持其買入評級，目標價區間在9.20令吉至9.25令吉之間，代表着12%-13%的上漲。
RHB Research's forecast suggests mid to high single-digit profit after tax and minority interests growth for CIMB in 3Q24 despite potential challenges in 4Q24 due to seasonal deposit competition in Malaysia and asset repricing in Singapore. Additionally, the report noted that CIMB's nine-month performance is anticipated to surpass 75% of the financial year of 2024 (FY24) estimates, supported by enhanced operating income from strategic liability management in Malaysia and Singapore, which has helped offset NIM pressures experienced by CIMB Niaga, the bank's Indonesian subsidiary.
瑞士環球投資銀行控股有限公司的預測顯示，儘管馬來西亞的季節性存款競爭和新加坡的資產價格重新定價可能帶來挑戰，但CIMB在3Q24預計將實現中高個位數的稅後利潤和少數股東權益增長。此外，報告指出CIMB的前九個月業績預計將超過2024財年(亞洲貨幣基金)的75%，得益於馬來西亞和新加坡的戰略負債管理所帶來的增強營收，這有助於抵消CIMB Niaga，該銀行的印尼子公司所經歷的NIM壓力。
The bank is also benefitting from improved trading and foreign exchange income, which rebounded after a weaker 2Q24. Gains from non-performing loan sales by CIMB Niaga are expected to contribute positively as well.
這家銀行還受益於交易和匯率期貨收入的改善，它在較弱的2Q24之後反彈。預計CIMB Niaga通過不良貸款銷售將會產生積極貢獻。
Maybank IB, meanwhile, expects CIMB's NIM to see sequential improvement for the third consecutive quarter, supported by robust non-interest income and manageable regional currency impacts. However, the research house cautioned that sustaining NIM levels into the 4Q may be more challenging due to intensified deposit competition.
同時，馬來亞銀行預計CIMB的NIM將連續第三個季度見到順序改善，得益於強勁的非利息收入和可控的區域貨幣影響。然而，研究機構警告稱，由於存款競爭的加劇，將更具挑戰性地維持NIM水平進入第四季度。
Maybank IB's report further highlights CIMB's proactive asset yield protection, noting that loan growth may fall short of management's 5%-7% target for FY24. Nonetheless, credit cost could perform favourably against guidance, potentially surprising at lower-than-expected levels, while CIMB's projected FY24 return on equity (ROE) of 11.1% remains within management's target of 11%-11.5%.
馬來亞銀行的報告進一步強調了馬來西亞銀行(CIMB)積極的資產收益保護，提到貸款增長可能不及管理層2024財年5%-7%的目標。儘管如此，信貸成本可能會對標的指導表現得令人滿意，潛在地以低於預期的水平出現驚喜，而CIMB預計2024財年的roe爲11.1%，仍在管理層11%-11.5%的目標範圍內。
The group's share price has seen a robust performance this year, rising around 40% year-to-date and closing at RM8.20 with a market capitalisation of US$20.2 billion.
該集團今年股價表現強勁，年初至今上漲約40%，收盤價爲8.20令吉，市值達到202億美元。
Both RHB Research and Maybank IB view CIMB's consistent financial health and stable growth prospects as signs of further potential for re-rating, particularly with CIMB's upcoming mid-term plans that aim for an even higher ROE target. CIMB's 3Q quarter results are scheduled for release on Nov 28.
RHb研究和Maybank Ib都認爲CIMB持續的財務健康和穩定的增長前景是再評估的跡象，特別是CIMB即將推出的中期計劃旨在實現更高的roe目標。CIMB的第三季度業績預計將於11月28日發佈。
譯文內容由第三人軟體翻譯。
