BIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments
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- Rosa Lamb
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1 28 November QFY13 Results Update BIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments Maintain NEUTRAL Target Price (TP): RM4.40 INVESTMENT HIGHLIGHTS BHB scored with a 15.4%yoy improvement in its 9MFY13 Profit before Zakat and Taxation (PBZT) at RM79.8m. Net financing growth of RM3.1b or 15.7% recorded for the nine months under review. No dividend declared for the quarter. Maintain NEUTRAL with TP of RM4.40 as potential earnings accretion from corporate exercises have been captured. RETURN STATS Price (27-Nov-13) Target Price Expected Share Price Return RM4.51 RM % Expected Dividend Yield +3.2% Expected Total Return +0.8% Islamic banking business continued to shine. BHB s soon-to-be wholly owned subsidiary, Bank Islam (BI), continued to record steady growth as it registered a 9.7%yoy increase in PBZT for 9MFY13 at RM476m. This was partially contributed by a staggering 24.5%yoy growth in BI s gross financing portfolio from RM18.5b for 9MFY12 to RM23.1b in 9MFY13, with the house financing portion registering an equally impressive 23.9% improvement. While net financing assets grew 24.6%yoy to RM22.6b in 9MFY13, the corresponding fund based income from financing also improved to RM183.6m or 22.5%yoy. Non-fund based income also reported a 7.8%yoy increase, mainly from foreign exchange transactions, fees and commissions. BI s gross impaired financing ratio improved from 1.6% as at end-december 2012 to its current standing of 1.4% as at end-september This was considerably lower than the banking system s gross impaired ratio of 2.0% as at end-august Increased customer deposits propelled BI s growth further. Customer deposits recorded a 14.3%yoy growth to RM35.4b as at end-september Low cost current and savings accounts (CASA) also increased by 2.7%yoy. Although CASA ratio recorded as at end-september 2013 dropped 10.1%yoy to 35.4%, it is still much higher than the Islamic banking industry ratio of 25.8% as at end-august Strong earnings momentum from Takaful operations to remain sticky. Takaful Malaysia Group (Takaful Malaysia) which typically contributes about 20% to top-and bottom-line numbers for BHB on a whole recorded a 9MFY13 PBZT of RM126.7m, which translated into an impressive 44.3%yoy growth. The higher profit was mainly due to higher net wakalah fee income. Higher sales of Group Family products for the period under review resulted in a 3.3%yoy increase in operating revenue for the takaful arm of BHB. STOCK INFO KLCI 1, Bursa / Bloomberg Board / Sector Syariah Compliant BIMB MK Main / Finance Yes Issued shares (mil) 1,493.5 Par Value (RM) 1.00 Market cap. (RM m) 6,735.7 Price over NA 2.4x 52-wk price Range RM2.69 RM4.83 Beta (against KLCI) mth Avg Daily Vol 1.203m 3-mth Avg Daily Value Major Shareholders RM5.40m Lembaga Tabung Haji 37.79% EPF 6.61% Yayasan Bumiputera Pulau Pinang 3.87% General takaful took a small drag on operating revenue as it generated lower gross earned contributions of RM852.9m for 9MFY13, compared to RM789.4m in the corresponding period in FY12. We are of the opinion that double-digit KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
2 growth in Takaful Malaysia s earnings remains intact, as the insurance and takaful industry has a lot of room for expansion due to it still being relatively under-served. FYE 31 December FY2012 FY2013 FY2014 FY2015 Income derived from investment of depositors' funds 1, , , ,488.6 Income derived from investment of shareholders' funds Net income from Takaful business Other allowances and direct expenses Income attributable to depositors Total net income 1, , , ,693.7 Operating profit ,111.1 Profit before zakat and tax ,047.7 Profit after zakat and tax Profit after zakat, tax and MI EPS (sen) FD EPS (sen) PER (x) FD PER (x) Net Dividend (sen) Dividend yield (%) BV/Share P/BV (x) Updates on corporate exercises. BHB managed to procure the purchase of USD at an exchange rate of RM3.2338/USD in respect of the purchase consideration for Dubai Financial Group s stakes in BI amounting to USD550m. The Rights Price has been fixed at RM4.25 per Rights Share, and the exercise price for each Warrant is at RM4.72. The tables below summarise the utilisation of proceeds and amounts raised from the both corporate exercises: Description of utilisation of proceeds Note Amount (RMm) For payment of the Purchase Consideration Estimated stamp duty for the Proposed Acquisitions Estimated expenses for Proposals Working capital DFG stake: USD550mn 1,778.6 LTH stake: USD335mn 1, % from Payment of the Purchase Consideration 8.6 Includes expenses for the Proposed Rights issue with Warrants, Proposed 14.3 Acquisitions and Proposed Sukuk Expenses utilised for the Group's day-to-day operations 16.5 Total 2,900.0 Proceeds raised from: Final Scenario (RMmn) Proposed Rights Issue from Warrants 1, Proposed Sukuk 1, Total 2,
3 VALUATION AND RECOMMENDATION Maintain NEUTRAL. We have tweaked our estimates slightly to factor in the enlarged share base upon completion of the proposed rights issue, and also factored in the potential earnings accretion to BHB moving forward from acquiring the remaining stakes in BI. We are still positive about BI s expansion story as we expect more robust plans to be implemented, in tandem with the Bank s major corporate plan for , i.e. Hijrah to Excellence. The 9MFY13 numbers have not disappointed thus far, and we believe BI will continue on its growth trajectory. We remain NEUTRAL on BHB and maintain our TP of RM4.40 based on a FY14F P/B multiple of 1.8x at this juncture, as we believe the share price has captured all the positives relating to its earnings potential and corporate exercises. 3
4 BIMB 9MFY13 Results Summary FYE Dec (RM'mn) Quarterly results Cumulative results 3QFY13 %yoy %qoq 9MFY13 %yoy Income from depositors' fund Income from shareholders' fund Net income from Takaful business Income attributable to depositors Operating Profit PBZT Zakat Tax PAZT PAZTAMI EPS (sen) Comments 15.4%yoy increase due to RM49.6m improvement in allowances for impairment on financing and advances, investment and other assets, as well as nonrecurrence of provision for contingent liability Gross financing, advances and others 23, , Net financing, advances and others 22, , Gross impaired financing, advances and others Total customer deposits 35, , CASA 12, , Gross Loan-to-Deposit Ratio 65.4% 8.9% 3.9% Net Loan-to-Deposit Ratio 64.0% 9.0% 3.9% % CASA to Total Customer Deposits 35.4% -10.1% -3.6% Gross Impaired Financing Ratio 1.4% -20.0% 2.0% Lower than industry's average of 2.0% Financing Loss Coverage 159.1% 21.9% -2.8% Cost-to-Income Ratio 57.0% 6.7% -0.7% Syed Muhammed Kifni Jamie Chan jamie.chan@midf.com.my
5 MIDF RESEARCH is part of MIDF Amanah Investment Bank Berhad ( X). (Bank Pelaburan) (A Participating Organisation of Bursa Malaysia Securities Berhad) DISCLOSURES AND DISCLAIMER This report has been prepared by MIDF AMANAH INVESTMENT BANK BERHAD (23878-X). It is for distribution only under such circumstances as may be permitted by applicable law. Readers should be fully aware that this report is for information purposes only. The opinions contained in this report are based on information obtained or derived from sources that we believe are reliable. MIDF AMANAH INVESTMENT BANK BERHAD makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of the information contained therein and it should not be relied upon as such. This report is not, and should not be construed as, an offer to buy or sell any securities or other financial instruments. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. All opinions and estimates are subject to change without notice. The research analysts will initiate, update and cease coverage solely at the discretion of MIDF AMANAH INVESTMENT BANK BERHAD. The directors, employees and representatives of MIDF AMANAH INVESTMENT BANK BERHAD may have interest in any of the securities mentioned and may benefit from the information herein. Members of the MIDF Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein This document may not be reproduced, distributed or published in any form or for any purpose. MIDF AMANAH INVESTMENT BANK : GUIDE TO RECOMMENDATIONS STOCK RECOMMENDATIONS BUY TRADING BUY NEUTRAL SELL Total return is expected to be >15% over the next 12 months. Stock price is expected to rise by >15% within 3-months after a Trading Buy rating has been assigned due to positive newsflow. Total return is expected to be between -15% and +15% over the next 12 months. Negative total return is expected to be -15% over the next 12 months. TRADING SELL Stock price is expected to fall by >15% within 3-months after a Trading Sell rating has been assigned due to negative newsflow. SECTOR RECOMMENDATIONS POSITIVE NEUTRAL NEGATIVE The sector is expected to outperform the overall market over the next 12 months. The sector is to perform in line with the overall market over the next 12 months. The sector is expected to underperform the overall market over the next 12 months. 5
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