Rhb bank bhd

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE Grab Holdings Ltd-led digital bank in Malaysia is expected to form a five-member board led by Datuk Zaiton Mohd Hassan — the former chairman of Bank Pembangunan Malaysia Bhd (BPMB) — as chairman, according to several sources. “They’ve nominated the names and are awaiting final approvals from the central bank. It’s going through the process,” one of the sources tells The Edge. Veteran investment banker Datuk Maimoonah Hussain, who was formerly group managing director of Affin Hwang Capital before retiring in November 2019, is one of the proposed directors, the sources say. It is understood that the remaining three directors come from non-banking backgrounds. Grab declined to comment when contacted. On April 29, Bank Negara Malaysia awarded one of five digital bank licences to a consortium led by GXS Bank Pte Ltd — a 60:40 joint venture between Grab … [Read more...] about Grab’s digital bank said to have lined up prominent names for its board

- A + A KUALA LUMPUR (June 27): The government's plans to increase subsidies to cover the cost of living are a positive and could improve market sentiment in the short term as this will help maintain consumers' purchasing power and reduce operational cost pressures on Malaysian companies in the second half of 2022 (2H22). Coupled with the return of foreign labour, this could boost Malaysian manufacturing competitiveness in the export market and point to an early general election in Malaysia in 2H22, CGS-CIMB said in a strategy note on Monday (June 27). Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz announced on Saturday that the projected consumption subsidy expenditure is RM77.3 billion in 2022, the highest ever borne by any government, versus RM17.4 billion estimated in Budget 2022. The projected consumption subsidy covers petrol, diesel and liquefied petroleum gas (RM37.3 billion), cooking oil (RM4 billion), flour and electricity (RM9.7 billion), … [Read more...] about CGS-CIMB: Govt’s plan to raise subsidies boosts short-term market sentiment and signals early election

This article first appeared in Capital, The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A Bermaz Auto Bhd Target price: RM2.40 ADD CGS-CIMB RESEARCH (JUNE 14) : BAuto’s 4QFY22 revenue rose 44% quarter on quarter due to stronger contribution from Malaysia (+45% q-o-q) and the Philippines (+34% q-o-q) on the back of higher sales volume, which grew 47% and 30% q-o-q respectively. The group also attributed the stronger sales in Malaysia to higher contributions from new model launches for Kia and Peugeot, which grew 29% and 94% q-o-q respectively. BAuto declared a combined interim and special dividend per share of 4.5 sen for the quarter, bringing the total dividend for FY22 to 8.75 sen, significantly above our expectation of 6.5 sen. Overall, the dividend payout rose from 56% in FY21 to 65% in FY22. BAuto’s Ebit margin for FY22 expanded 2.1 percentage points year on year to 8.6% due to (1) a discontinuation of aggressive … [Read more...] about Brokers Digest: Local Equities – Bermaz Auto Bhd, MyEG Services Bhd, Genting Bhd, Scientex Bhd

- A + A KUALA LUMPUR (June 23): The prosecution team in the 1Malaysia Development Bhd (1MDB)-Tanore trial against former prime minister Datuk Seri Najib Razak told the High Court on Thursday that they have 20 witnesses to go before they close their case. Deputy Public Prosecutor (DPP) Deepa Nair Thevaharan informed Justice Datuk Collin Lawrence Sequerah that thus far the prosecution has called 33 witnesses to testify against Najib and they will be calling 20 more witnesses before they wrap up their side of the case. "Yang Arif, we have called 15 witnesses in the month of June alone, and we have 20 witnesses to go before we close the prosecution's case," she said. She was informing Justice Sequerah after the prosecution's 33rd witness, Khalil Khalid, a banker with RHB Bank, was done with his testimony. He verified documents on transactions related to Terengganu Investment Authority, 1MDB's predecessor. After he finished testifying in the afternoon before lunch, … [Read more...] about Prosecution in 1MDB trial has 20 witnesses remaining before wrapping up case against Najib

PETALING JAYA: Allianz Malaysia Bhd , which raked in a higher net profit in the first quarter of the year, aims to strengthen its life and general insurance businesses as the subsidiary of the German insurer gears up to increase its market share amid stiff competition in the insurance industry, say analysts. Subject to unforeseeable events, the group’s premiums for its general and life businesses could outpace industry growth this year. AmInvestment Bank Research analyst Kelvin Ong, who is maintaining a “buy” call on Allianz Malaysia, said he continued to like the company for its strong market share in the general and life insurance businesses. “As the largest general insurer domestically, it is envisaged that the group will be able to withstand competition in the general insurance industry, moving forward, from further liberalisation of motor and fire tariffs. “We do not expect the group’s life insurance business to be significantly impacted by global accounting standards … [Read more...] about Allianz aims for more share

- A + A KUALA LUMPUR (June 27): Analysts have maintained their "buy" rating of VS Industry Bhd (VSI) despite the company’s earnings for the nine-month period ended April 30, 2022 (9MFY22) coming in below their expectations. Despite maintaining a "buy" rating for the stock, Hong Leong Investment Bank (HLIB) Research trimmed its target price (TP) to RM1.14 (from RM1.21 previously). “In light of [the] rising interest rate environment and cost headwinds, we tweak our P/E (price-to-earnings) target lower from 18 times to 16 times. “As the biggest EMS (electronic manufacturing services) player in Malaysia with a solid track record, we opine that VSI would be able to weather through the gloomy clouds while simultaneously scour for opportunities from the trade diversion,” said the research house in a note on Monday (June 27). VSI’s net profit for the third quarter ended April 30, 2022 (3QFY22) dropped 30.1% year-on-year to RM51.29 million, from RM73.38 million … [Read more...] about Analysts keep ‘buy’ on VS Industry despite lower-than-expected 9MFY22 earnings