MAYBANK  Technical Analysis Chart:

Technical Analysis:

• Support: RM9.800

• Resistance: RM10.800

• With a trading volume of 6.5M and a turnover of 69.76M, the market shows active trading and high participation.

• MAYBANK’s stock price has been on an upward trend recently, with the current dense trading range around RM9.800. Investors should closely monitor whether the stock price can sustain above the support level. Further, attention should be given to whether the stock price can continue to break through the resistance level. If it does, the stock price is likely to continue rising.

Market News:

• Impressive Financial Results: Since the release of the FY2024 financial report on August 28, the stock price has been on the rise. The company’s net operating income reached RM7.58 billion, a year-on-year increase of 19.2%, primarily driven by a substantial increase in non-interest income to RM2.7 billion, an impressive year-on-year growth of 79.2%. The surge in financial markets business earnings and the turnaround in insurance business profitability drove the revenue spike.

• Strategic Investment: On September 11, MAYBANK announced a strategic investment in Funding Societies | Modalku (Funding Societies), Southeast Asia’s largest unified digital financial platform for micro, small, and medium enterprises (MSMEs). This investment aims to explore synergies with Funding Societies to promote inclusivity and bridge the funding gap within its served communities.

• Dividend Payout: Currently, the company’s dividend yield stands at 5.57%, with semi-annual distributions. Historically, the company has consistently maintained stable dividend payments, demonstrating a commitment to returning value to shareholders. The latest announcement indicates that MAYBANK will go ex-dividend on September 11, 2024, with a dividend of RM0.29 per share. Stable shareholder returns can also boost investor sentiment, further driving the stock price upward.

Combined Analysis:

From a technical analysis perspective, MAYBANK’s stock exhibits a strong upward trend with high market participation. The current resistance level is at RM10.800. If the stock price can sustain above the support level and break through the resistance level, it is likely to continue rising.From the market news perspective, MAYBANK’s strategic investment in Funding Societies aims to leverage its banking expertise along with Funding Societies’ innovative digital platform to foster a robust MSME ecosystem. This move may create synergies and strengthen the company’s market position.Additionally, the company’s stable dividend announcement of RM0.29 per share enhances investor confidence. Solid fundamentals are likely to propel the stock price higher.