🏦 Maybank – 2Q24: Pivoting from market-share grab strategy

Macquarie Equities Research (MQ Research) released a flashnote on 28 August, after the release of Malayan Banking Berhad’s (MAYBANK) second quarter earnings which saw second quarter adjusted net profit (NP) of RM2.5bn (+8.2% y/y, +1.7% q/q), marginally ahead of MQ Research’s/consensus full-year forecasts. MQ Research highlighted that return on equity (ROE) for 1H24 settled at 11%, in line with management’s guidance. In addition, MQ Research also emphasised that a first interim dividend of 29sen/share was declared (matching 1H23) for a 69.7% payout ratio.

Investors who wish to trade the moves in Maybank shares for a fraction of its price may consider our call warrant, MAYBANKC1H with an effective gearing of 5.5x, meaning the warrant will move by 5.5% for every 1% move in Maybank shares.