buy apple developer account：MIDF Research upgrades banks to positive from neutral

In its research note on Wednesday, its top picks are banks with high loan loss coverage ratio and stable asset quality. They are Public Bank (Buy, TP: RM20.50) and Hong Leong Bank (Buy, TP: RM19.70). KUALA LUMPUR: MIDF Research has upgraded the banking sector to positive from neutral as it expects them to benefit from the economic recovery next year despite short-term headwinds such as asset quality. In its research note on Wednesday, its top picks are banks with high loan loss coverage ratio and stable asset quality. They are Public Bank (Buy, TP: RM20.50) and Hong Leong Bank (Buy, TP: RM19.70). MIDF Research said it had seen some resilience in the sector with the strong non-interest income generated allowing for banks to build- up their loan loss reserves. It also noted the gross impaired loans (GIL) ratio did not spike dramatically in the first month of the post loan moratorium period. To recap, banking system loans growth as at October was steady at +4.3% year-on-year as compared to +4.4% in September. The research house believed loans growth continued to be driven by the PENJANA stimulus. Loans for purchase of residential properties and auto loans continued to trend higher at +7.3% (vs. September: +7.5%) and +4.3% (September: +4.2%). Unsurprisingly, retail loans remained stable supported by the PENJANA stimulus as they expanded +6.0% On-year to RM944.7bil vs +6.1% On-year to RM941.1bil. However, business loans growth was slower +2.4% to RM799.4bil vs. September,

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