Thursday, 04 August 2011 09:22
KUALA LUMPUR: MALAYSIA BUILDING SOCIETY BHD [] (MBSB) continued its uptrend on Thursday, Aug 4 after the stock was upgraded by RHB Research Institute following a strong set of earnings, underpinned by a strong outlook.
At 9.15am, MBSB was up seven sen to RM1.75 with 3.71 million shares traded.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
“We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
“Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,” RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
（吉隆坡3日讯）马建屋（MBSB，1171主板金融股）2011财年次季盈利超越市场预测，开启新一轮的盈利增长趋势，前景备受看涨。
马建屋的上半年盈利增长58%至1亿4652万令吉，符合侨丰投行分析员的全年化预测，不过，比市场平均预测高出12.2%。
该集团出色盈利表现，主要来自回教银行收入增长220.6%，受益于强稳的公务员个人融资需求，以及高贷款增长，推高交易和处理费，而刺激其他收入增长112.5%。
在更佳的回教银行和其他收入推动下，马屋的总收入和拨备金前盈利，分别增长105.8%和133.3%。
贷款增长超越同行
该集团总贷款也分别按年增长24%和按季增长5.3%，超越市场平均水平。
个人融资是主要增长引擎，年至今增长达68%。
面对激烈的竞争下，抵押贷款和企业贷款则分别下滑0.6%和8%。
马建屋的总存款也取得29%增长，不过，新资讯科技(IT)系统的安装，则导致成本飙升39.9%。
无论如何，在高营业额增长下，成本对收入比率则跌至18.3%。
该集团的资产素质继续获得改善，净贷款损值比率以从2010财年的16%，跌至12%。
上调股息派发率
马建屋也宣布派发5仙的中期股息，侨丰投行分析员相信。
该公司有能力在未来派发更多的股息于股东，并调高对该集团的股息派发，从32%，调高至40%。
马建屋也在今年推出更多新零售产品，如分期贷款和回教信用卡，多元化收入来源。
为提供更齐全的服务给现有和潜在客户，马建屋计划扩展现有网络，开设一间新分行和4间办公室。
该分析员看好马建屋的盈利增长动力和公务员私人贷款活动增长潜力高，而维持给予该股“买进”的建议。
他也根据马建屋的4%增长率、22%股票回酬（ROE），以及2.66倍的2011财年账面价值，给予该股2.35令吉的目标价格。
大马研究分析员也维持“买进”该股的建议，合理价格为2.90令吉。
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