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亚马逊云账『号』(www.2km.me)_Upside potential for banking stocks

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Year-to-date, Malayan Banking Bhd (Maybank) – the largest company on the stock exchange in terms of market capitalisation – is up around 4%. Similarly, Public Bank Bhd’s share price is up 2.64% year-to-date, while RHB Bank Bhd’s share price is up 3.2%.

DESPITE Covid-19-related challenges, Malaysian banks have seen a rise in profitability year-to-date, mainly due to lower provisions and better net interest margins from last year.

Last year, banks were hit by increased provisions from the impact of the loan moratorium as well as low interest rates. As such, the stock prices of most banks were beaten down.

With the lower-than-expected provisions this year and better asset quality management, the share prices of larger banks have been relatively resilient over the past 12 months.

However, there has been some recent weakness in banking stock prices, and this came about largely in tandem with the overall market’s reaction to Budget 2022’s announcement that entailed the planned imposition of the Cukai Makmur or the prosperity tax, coupled with the rise in stamp duties for stock trading.

Year-to-date, Malayan Banking Bhd (Maybank) – the largest company on the stock exchange in terms of market capitalisation – is up around 4%. Similarly, Public Bank Bhd’s share price is up 2.64% year-to-date, while RHB Bank Bhd’s share price is up 3.2%.

It would appear that investors see large banks as a preferred avenue for safe investments this year.CLICK TO ENLARGE

According to analysts, the share price of banks could see an upside next year with the expected better earnings from the improvement in the loan growth momentum spurred by the pick-up in business and consumer activities.

For next year, TA Securities Research projects a 5.2% increase in loan growth, fuelled by a 4.6% and 5.6% year-on-year growth in corporate and consumer loans, respectively.

“As evidenced by the recent rebound, we anticipate that business activity would continue to recover as businesses improve on the back of our forecast that real gross domestic growth (GDP) would grow at a stronger pace of 5% to 6% in 2022 versus an estimate of 3.9% in 2021.

“In our view, the favourable outlook is premised on the continued recovery in domestic activities, mainly in consumer spending and investment, and a resilient external sector,” it says in its latest research note. According to Bank Negara, total loans and advances grew 3.3% year-on-year in October 2021, rising from 2.9% year-on-year in September.

TA Securities Research is keeping an “overweight” call on the banking sector with the system remaining resilient, supported by healthy liquidity and capital buffers to absorb potential losses and support lending activities.

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