Mixed Review From Analysts For Alliance Despite Promising Outlook
Mixed Review From Analysts For Alliance Despite Promising Outlook
As at 10:09am, ABMB's stock traded at RM4.90. (Stock updates from Bursa Malaysia)
Alliance Bank Malaysia Bhd (ABMB) has received mixed analyst assessment following its 2QFY2024/251 results.
中小銀行馬來西亞銀行（ABMB）發佈了2QFY2024/25年的業績報告，獲得了各種分析師的評估。
MIDF Amanah Investment Bank Bhd (MIDF Research) has maintained a NEUTRAL call on the bank, with a target price of RM4.64, citing that the bank's positive performance has already been priced in.
MIDF信託投資銀行（MIDF研究）對該銀行維持了中立的評級，並制定了4.64令吉的目標價，稱該銀行的積極表現已經被定價。
Meanwhile, RHB Investment Bank Bhd (RHB Research) and Maybank Investment Bank Bhd (Maybank IB) have both maintained BUY calls, with target prices of RM5.50 and RM5.30, respectively, reflecting optimism about ABMB's continued growth prospects.
與此同時，RHb投資銀行（RHb研究）和馬來亞銀行投資銀行（馬來亞銀行IB）均維持了買入的評級，目標價分別爲5.50令吉和5.30令吉，反映了對ABMB持續增長前景的樂觀態度。
As at 10:09am, ABMB's stock traded at RM4.90. (Stock updates from Bursa Malaysia)
截至上午10:09，ABMB的股價爲4.90令吉。（來自馬來西亞證券交易所的股票更新）
MIDF Research highlighted ABMB's strong momentum, with core net profit rising by 9% year-on-year in the first half of FY2024/25 (From April to September 2024). The growth was primarily driven by higher net income and reduced provisions. The bank's gross loans also saw significant growth across all segments, up 14.8% year-on-year. However, despite these positive factors, the research house has kept its target price below market valuation unchanged, noting that the stock has already factored in these improvements. MIDF Research is also cautious about the minor net interest margin (NIM) compression, which they will continue to monitor.
MIDF研究強調ABMB的強勁勢頭，核心淨利潤在2024/25財年上半年（2024年4月至9月）同比增長了9％。這種增長主要受益於淨利潤增加和減少撥備。該銀行的總貸款在所有板塊上也出現了顯着增長，同比增長了14.8％。然而，儘管存在這些積極因素，該研究機構仍將目標價保持在市場估值以下，並指出股票已經反映了這些改善。 MIDF研究對較小的淨利息收益率（NIM）收縮也持謹慎態度，並將繼續監控該指標。
Meanwhile, RHB Research sees ABMB continuing to perform well, maintaining its BUY recommendation and raising its target price to RM5.50, reflecting a 13% potential upside. The firm believes that ABMB is on track to meet, if not exceed, its full-year targets, driven by robust loan growth, particularly in the SME and consumer sectors. The house expect credit costs to moderate in the second half of FY2024/25, a key factor in the bank's ongoing strong performance.
與此同時，RHb研究認爲ABMB將繼續表現良好，維持其買入建議並將目標價上調至5.50令吉，反映出13％的潛在上漲空間。該公司認爲ABMB正按計劃運行，甚至有可能超過全年目標，這得益於中小板和消費領域的強勁貸款增長。該機構預計信用成本在2024/25財年下半年將有所減少，這是該銀行持續強勁表現的關鍵因素。
Maybank IB, while also maintaining its BUY recommendation, has scaled back its dividend payout ratio forecast to 40%, down from 50% previously, to allow for capital preservation while accelerating asset growth. Despite this adjustment, Maybank IB is confident that ABMB is performing in line with expectations, with loan growth exceeding industry averages and NIM improving. The analyst have kept their target price at RM5.30, noting that the bank's overall performance remains solid.
與此同時，馬來亞銀行IB雖然維持了其買入建議，但已將股息支付比率預測從之前的50％下調至40％，以便在加速資產增長的同時保護資本。儘管做出了這一調整，馬來亞銀行IB仍然相信ABMB正在按預期表現，貸款增長超過行業平均水平，淨利息收益率也有所提高。分析師們將目標價保持在5.30令吉，指出該銀行的整體表現仍然穩健。
Overall, ABMB's strong first-half performance and growth trajectory are being recognised by analysts, although concerns over NIM compression and credit costs have led to some caution. The varying analyst views reflect differing perspectives on the sustainability of the bank's growth, but all agree on the positive outlook for the coming months. With an average target price of around RM5.00, the bank's future appears promising, despite the potential risks posed by macroeconomic factors.
總體而言，ABMB在上半年強勁的業績表現和增長軌跡得到分析師的認可，儘管對淨利息收益率的壓縮和信貸成本的擔憂導致一些謹慎。不同的分析師觀點反映了對該銀行增長可持續性的不同看法，但他們都同意未來幾個月的積極前景。平均目標價約爲RM5.00，儘管受宏觀經濟因素潛在風險的影響，該銀行的未來似乎仍然充滿前景。
FY2024/25: Financial year ending 31 March 2025 ︎
FY2024/25：截至2025年3月31日的財政年度
譯文內容由第三人軟體翻譯。