The largest banking group in Malaysia will also likely maintain its dividend payouts above the 40% to 60% target for FY23, given the anticipated improvement in financial performance.
Malayan Banking Bhd
RHB Research, for another, also maintained a “buy” call on Maybank, with an unchanged target price of RM10.20. The brokerage projected a turnaround in EPS growth for Maybank from a contraction of 3.1% in FY22 to an increase of 16% in FY23, mainly due to the absence of the prosperity tax. “For FY23, Maybank targets an ROE of 10.5% to 11%, with the absence of the prosperity tax and lower impairments to more than offset net interest margin pressures,” the brokerage said.In its report, RHB Research wrote that besides ROE, Maybank’s FY23 targets included NIM compression of five to eight basis points , cost-income ratio of up to 47.5%, and credit cost of 35 bps to 40 bps.
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