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Financials & FinTech, EM & Southern Europe, Galliano's Latin Notes

Victor Galliano

Financials & FinTech, EM & Southern Europe

Galliano's Latin Notes

Equity Bottom-Up

<ul>
<li>Of the six Malaysian banks screened, we keep RHB Bank and CIMB on the buy list; <a href="https://www.smartkarma.com/entities/public-bank-berhad" target="_blank" data-smartkarma-citation="entities:583:1" rel="noopener">PB Bank</a> and <a href="https://www.smartkarma.com/entities/malayan-banking-bhd" target="_blank" data-smartkarma-citation="entities:600:1" rel="noopener">Maybank</a> are quality but seem fully valued by comparison</li>
<li>RHB Bank has, in the December quarter, maintained its improved its pre-provision profitability versus its peers; RHB’s high CET1 ratio understates its ROE, and it is attractive on PE multiples</li>
<li>CIMB once again improved its positive post-provision returns which should support CIMB’s share price given its modest valuations and attractive PEG versus peers; its high NPL ratio is fully provisioned</li>
</ul>


Of the six Malaysian banks screened, we keep RHB Bank and CIMB on the buy list; PB Bank and Maybank are quality but seem fully valued by comparison
RHB Bank has, in the December quarter, maintained its improved its pre-provision profitability versus its peers; RHB’s high CET1 ratio understates its ROE, and it is attractive on PE multiples
CIMB once again improved its positive post-provision returns which should support CIMB’s share price given its modest valuations and attractive PEG versus peers; its high NPL ratio is fully provisioned


Malaysian Banks December 2022 Results Screener; Sticking with Buys on CIMB and RHB

RHB Bank Bhd

Malaysian Banks December 2022 Results Screener; Sticking with Buys on CIMB and RHB