External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>1QFY24 net profit of RM99.3m (-39% YoY) was within expectations, with the earnings decline attributed to possibly higher seasonally skewed impairments.</li><li>Financing demand is expected to be supported by general economic sustainability with the group eyeing a financing growth of at least 10% (YTD: 12%).</li><li>Maintain OP and GGM-derived PBV TP of RM16.15.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1QFY24 net profit of RM99.3m (-39% YoY) was within expectations, with the earnings decline attributed to possibly higher seasonally skewed impairments.Financing demand is expected to be supported by general economic sustainability with the group eyeing a financing growth of at least 10% (YTD: 12%).Maintain OP and GGM-derived PBV TP of RM16.15.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note- AEON Credit Service (M)- 11 July 2023

<ul><li>1QFY23 net profit of RM163.1m (flattish YoY) beat expectations thanks to lower-than-expected provisions from write-backs, alleviating the more cautious tone post 4QFY22’s lumpy impairment.</li><li>We raise our forecast earnings by 15%/5% for FY23/FY24 on more relaxed provisioning requirements but raise TP to RM17.20 (from RM16.45) as we move to GGM-valuation basis, akin to valuing banks.</li><li>Maintain OUTPERFORM with a higher TP of RM17.20 (from RM16.45).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1QFY23 net profit of RM163.1m (flattish YoY) beat expectations thanks to lower-than-expected provisions from write-backs, alleviating the more cautious tone post 4QFY22’s lumpy impairment.We raise our forecast earnings by 15%/5% for FY23/FY24 on more relaxed provisioning requirements but raise TP to RM17.20 (from RM16.45) as we move to GGM-valuation basis, akin to valuing banks.Maintain OUTPERFORM with a higher TP of RM17.20 (from RM16.45).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AEON Credit Service (M) - Higher-Than-Expected Write-Backs in 1QFY23

<ul>
<li>We maintain our GGM-derived PBV TP of RM17.20 (COE: 11.7%, TG: 2.5%, ROE: 19%) and OUTPERFORM call following our recent post-earnings upgrade.</li>
<li>The group is confident that it will deliver a solid FY23 as asset quality looks to improve on better recoverability.</li>
<li> Loans growth may require more aggressive efforts but AEONCR would emphasise on acquiring good quality accounts first.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We maintain our GGM-derived PBV TP of RM17.20 (COE: 11.7%, TG: 2.5%, ROE: 19%) and OUTPERFORM call following our recent post-earnings upgrade.
The group is confident that it will deliver a solid FY23 as asset quality looks to improve on better recoverability.
 Loans growth may require more aggressive efforts but AEONCR would emphasise on acquiring good quality accounts first.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Aeon Credit Service M Bhd provides consumer financing products.  The Company offers products such as easy payment, personal financing, and credit cards.

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Aeon Credit Service M (ACSM MK)

Results Note- AEON Credit Service (M)- 11 July 2023

1QFY24 net profit of RM99.3m (-39% YoY) was within expectations, with the earnings decline attributed to possibly higher seasonally skewed...

Kenanga Investment Bank Bhd

AEON Credit Service (M) - Higher-Than-Expected Write-Backs in 1QFY23

1QFY23 net profit of RM163.1m (flattish YoY) beat expectations thanks to lower-than-expected provisions from write-backs, alleviating the more...

Kenanga Investment Bank Bhd

AEON Credit Service (M) - Well Composed

We maintain our GGM-derived PBV TP of RM17.20 (COE: 11.7%, TG: 2.5%, ROE: 19%) and OUTPERFORM call following our recent post-earnings upgrade.

Kenanga Investment Bank Bhd

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