AEON Credit Misses Targets But Dividend Payout Shows Confidence
AEON Credit Misses Targets But Dividend Payout Shows Confidence
Credit costs spiked in the second quarter to 4.4%, up from 3.2% in the first quarter and 2.6% in the same period last year, which impacted the overall profitability. However, non-performing loans (NPL) remained steady, with a slight decrease in the NPL ratio to 2.4%, down from 3.0% in 2QFY24. AEON Credit's loan loss coverage ratio improved to 229%, providing a stronger cushion against any future asset quality risks.AEON Credit Service reported weaker-than-expected earnings for the first half of FY25, largely due to higher credit costs. The company posted a net profit of RM71.2 million in the second quarter, representing a sharp 38% year-on-year decline, and 33% lower than the previous quarter. The total net profit for 1HFY25 reached RM177.6 million, a 17% decrease compared to the same period last year. However, the market reacted positively to the company's announcement of a higher dividend payout ratio of 41%, its highest in over two years, which has reassured investors despite the earnings miss.
aeon信貸服務報告顯示，FY25上半年盈利不及預期，主要因信貸成本上升。該公司第二季度淨利潤爲7,120萬令吉，同比急劇下降了38%，比上一季度低了33%。1HFY25的總淨利潤達到了17,760萬令吉，與去年同期相比下降了17%。然而，市場對公司宣佈提高41%的股息支付比率作出積極反應，這是兩年多來最高水平，儘管盈利不佳，但已經使投資者放心。
RHB Stock Broking House maintained a BUY call on AEON Credit, with a target price of RM8.80, offering a potential 20% upside. The higher dividend, despite missed earnings, signals confidence in the company's long-term financial health. Analysts believe the group's multiple growth drivers, such as its increasing gross financing receivables, offer further potential, and its current valuation remains attractive. Despite the rise in credit costs, the group's management remains on track to meet its target return on equity (ROE) of around 13%, even accounting for losses incurred from its digital banking operations.
RHb證券經紀公司對aeon信貸維持買入看漲，目標價爲8.80令吉，提供20%的上升空間。儘管盈利不及預期，較高的分紅支付表明公司長期財務健康情況的信心。分析師認爲，集團的多項增長驅動因素，如不斷增加的總融資應收賬款，提供了進一步的潛力，其目前的估值仍然具吸引力。儘管信貸成本上升，集團管理層仍然按計劃朝着實現大約13%的roe目標回報率前進，即使考慮到數字銀行業務帶來的損失。
In the second quarter, AEON Credit's net interest income (NII) grew by 15% year-on-year, while operating expenses rose by 20%, driven by higher personnel and marketing costs. The company's gross financing receivables rose 14% year-on-year to RM13.2 billion as of August 2024, with significant growth in personal and automobile financing. Personal financing grew by 19% year-on-year, and automobile financing surged 21% year-on-year, reflecting continued strength in the group's core lending business.
在第二季度，aeon信貸的淨利息收入（NII）同比增長了15%，而營業費用因人員成本和營銷成本上升而增長了20%。截至2024年8月，該公司總融資應收賬款同比增長了14%，達到132億令吉，個人和汽車融資出現了顯著增長。個人融資同比增長了19%，汽車融資同比激增了21%，反映出集團核心放貸業務持續強勁。
Credit costs spiked in the second quarter to 4.4%, up from 3.2% in the first quarter and 2.6% in the same period last year, which impacted the overall profitability. However, non-performing loans (NPL) remained steady, with a slight decrease in the NPL ratio to 2.4%, down from 3.0% in 2QFY24. AEON Credit's loan loss coverage ratio improved to 229%, providing a stronger cushion against any future asset quality risks.
信貸成本在第二季度激增至4.4%，高於第一季度的3.2%和去年同期的2.6%，這影響了整體盈利能力。然而，不良貸款（NPL）保持穩定，NPL比率略微下降至2.4%，較2QFY24的3.0%下降。aeon信貸的貸款損失覆蓋比率提高至229%，爲未來任何資產質量風險提供更強有力的保護。
The company is expected to continue expanding its financing receivables, particularly in the personal and automobile financing segments. Management's 10% growth target for the year is seen as conservative, and analysts predict the group will likely exceed this target, especially following the expected salary revisions for civil servants in December 2024.
該公司預計將繼續擴大其融資應收賬款，特別是在個人和汽車融資領域。管理層對今年的10%增長目標被視爲保守，分析師們預測該集團可能會超過這一目標，尤其是在預期的2024年12月公務員薪資調整之後。
Source: RHB
Title: Earnings Miss, But Dividends Surprise; BUY
來源：RHB
標題：盈利遜於預期，但分紅出現驚喜；買入
譯文內容由第三人軟體翻譯。
