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Strong Rebound Expected In 4Q25 For AEON Credit

Strong Rebound Expected In 4Q25 For AEON Credit

預計AEON信貸在2025年第四季度將強勢反彈
Business Today ·  2024/12/20 09:15
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Although AEON Credit Service (M) Bhd's nine-month period ended Nov 30, 2024 (9M25), broadly met RHB Investment Bank Bhd's (RHB Research) expectations, the research house still lowered its target price projection to RM8 from RM8.40.

儘管AEON信貸服務(M)有限公司的九個月截至2024年11月30日(9M25)的業績大致符合RHb投資銀行有限公司(RHb研究)的預期,但該研究機構仍將目標價預測從RM8.40下調至RM8。

However, RHB Research has maintained its BUY recommendation for AEON Credit as the research house is expecting a rebound by them in the four quarters ended December 30, 2024 (4Q25).

然而,RHb研究仍維持對AEON信貸的買入評級,因爲該研究機構預計它們在截至2024年12月30日的四個季度(4Q25)將出現反彈。

According to the research house, while credit costs could also moderate in line with historical trends, the rebound will be driven by robust financing demand.

根據該研究機構的說法,雖然信貸成本可能會按歷史趨勢適度降低,但反彈將由強勁的融資需求推動。

RHB Research said AEON Credit's 3Q25 net profit of RM62.1 million brought the 9M25 figure to RM239.6 million, forming 66% and 60% of the house and consensus full-year estimates.

RHb研究表示,AEON信貸2025財年第三季度的淨利潤爲RM6210萬,使9M25的數字達到了RM23960萬,分別佔據了該機構和市場共識全年的66%和60%。

"For 9M25, total operating income growth continued its strong momentum, up 14% year-on-year (YoY) from strong net interest income (15%) and non-interest income (6%), though this was offset by a 20% increase in operating expenditure.

「在9M25期間,總營業收入的增長保持強勁勢頭,同比上升14%(YoY),這主要得益於強勁的淨利息收入(15%)和非利息收入(6%),儘管這一增長被運營支出增長20%所抵消。」

"The main drag on profit, however, came from impairment allowances, where credit cost reached 5% in 3Q25 compared to 4.4% in 2Q25 and 4.7% in 3Q24," RHB Research said in a note.

「然而,利潤的主要拖累來自減值準備,信貸成本在2025財年第三季度達到了5%,而第二季度爲4.4%,第三季度爲4.7%。」RHb研究在一份報告中表示。

Despite that, the research house said AEON Credit's gross financing receivables stood at RM13.7 billion in November 2024, up 15% YoY and 4% quarter-on-quarter.

儘管如此,該研究機構表示AEON信貸的融資應收款在2024年11月達到了RM137億,同比增長15%,環比增長4%。

"On a year-to-date basis, the growth of 16% is ahead of the management's 10% target for the year," the research house said, adding that it has lowered AEON Credit's FY25F-FY27F earnings by 4%, 3% and 3%, respectively, as it factors in higher credit cost assumptions.

研究機構表示:「截至目前,16%的增長超過了管理層設定的10%的年度目標。」並補充說,它分別下調了AEON信貸的FY25F-FY27F淨利潤預測4%、3%和3%,因爲其考慮了更高的信貸成本假設。

Overall, RHB Research said AEON Credit remains its top pick among the non-bank lenders for its strong growth outlook powered by diversified offerings, which now includes an up-and-running digital bank.

總體而言,RHb Research表示,AEON信貸仍然是它在非銀行貸款機構中的首選,因其強勁的增長前景得益於多樣化的產品,現在還包括一個正在運行的數字銀行。

譯文內容由第三人軟體翻譯。


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