Alliance's NIM Faces Pressure From Digital Banks
Alliance's NIM Faces Pressure From Digital Banks
Alliance Bank Malaysia reported robust growth prospects, driven by strong year-to-date (YTD) loan growth, as noted by RHB Investment Bank (RHB). The bank's management highlighted its competitive loan market and geographical expansion plans, aiming to gain market share in key regions such as the northern region, Johor, and Sarawak, despite the absence of significant foreign direct investment impacts on loan applications.
马来西亚商联银行报告显示，推动银行前景强劲的因素为截至现在的强劲贷款增长。据RHB投资银行（RHB）指出，该银行的管理层强调其竞争激烈的贷款市场和地理扩张计划，旨在在关键地区如北部地区、柔佛和砂拉越获得市场份额，尽管外商直接投资对贷款申请没有显著影响。
RHB maintained a BUY recommendation on ABMB, raising the target price (TP) to RM4.80 from RM4.40, indicating a 22% upside potential. The analysts emphasised ABMB's compelling valuation and solid loan growth prospects, noting its FY25F dividend yield of 6-7%, which is attractive for a fast-growing bank.
RHB维持对ABMB的买入建议，将目标价（TP）从RM4.40提高至RM4.80，表明有22%的上涨潜力。分析师强调了ABMB的有吸引力的估值和坚实的贷款增长前景，指出其FY25F的股息收益率为6-7%，对于一个快速增长的银行来说非常有吸引力。
YTD loan growth across various sectors remained strong, with the bank expecting to continue surpassing industry growth rates, albeit slower than the previous year's 14%. Management noted a competitive loan market, particularly in the residential mortgage and SME segments. It indicated a strategic shift towards treasury assets to mitigate pressure on deposit costs and capital-intensive mortgage growth.
截至现在，各个行业的贷款增长仍然强劲，银行预计将继续超过行业增长率，尽管比去年的14%要慢。管理层指出，尤其在住房抵押贷款和中小板贷款领域，贷款市场竞争激烈，并表示将战略性地转向宝库资产，以减轻存款成本和资本密集型抵押贷款增长的压力。
The bank's Net Interest Margin (NIM) faced pressure due to competition and rising deposit costs, exacerbated by aggressive strategies from digital banks. To counter this, ABMB planned to ease deposit growth and pivot funds towards less capital-intensive treasury assets, which could offer profit opportunities amid potential interest rate cuts.
由于数字银行的激烈策略，商联银行的净利息收益率（NIM）面临压力，由于竞争和存款成本上升而加剧。为了应对这种情况，ABMb计划放缓存款增长并将资金转向更少资本密集的宝库资产，在可能的利率削减中提供利润机会。
Asset quality remained stable, with the bank's YTD performance meeting expectations and a credit cost guidance for FY25F of 30-35 basis points. ABMB also anticipated some recoveries in the coming fiscal year, further bolstering its financial stability.
资产质量保持稳定，银行的YTD业绩符合预期，FY25F的信用成本预期为30-35个基点。 ABMb还预计在未来财年进行一些回收，进一步增强其财务稳定性。
Regarding Environmental, Social, and Governance (ESG) performance, ABMB reported an 18% reduction in operational emissions for FY24 compared to its FY20 baseline and started reporting Scope 3 financed emissions. The bank identified high-emission sectors for priority engagement and improved its sustainability reporting, earning an ESG score increase to 3.3 from 3.2, one of the highest among banks covered by RHB.
关于环境、社会和管治（ESG）绩效，商联银行发布的FY24年度环保报告显示，与其FY20年度基线相比，排放量减少了18%，并开始报告范围3融资排放。该银行确定了高排放行业作为重点，并改善了其可持续性报告，这使其ESG得分从3.2提高到3.3，是RHB覆盖的银行中最高之一。
No changes were made to the bank's financial forecasts, with RHB adjusting the TP to RM4.80 after incorporating the higher ESG score and rolling forward the valuation base year to CY25F. This underscores the bank's solid fundamentals and growth prospects in a competitive market.
未对银行的财务预测进行任何更改，RHB在将更高的ESG评分纳入考虑并将估值基准年滚动到CY25F后，将TP调整为RM4.80。这强调了商联银行在竞争激烈的市场中的坚实基本面和增长前景。