MONEY MASTER

Malaysian equities opened stronger, with the  FBM KLCI  climbing as much as  0.8% to 1,697 , driven by gains in banking and technology stocks. However,  falling oil prices dragged energy counters lower , highlighting sector divergence. Banks and Tech Lead the Market Market momentum was supported by: CIMB Group Holdings  rising  over 3% Malaysian Pacific Industries  surging  7% Renewed optimism in  AI and growth sectors , following strong global tech sentiment and the ripple effects from the  SpaceX-driven market excitement . Oil Drop Hits Energy Stocks Energy counters underperformed as oil prices declined after progress in US-Iran peace talks: Dialog Group  fell  over 5% Stocks rose because lower oil prices reduce inflation and Fed risks , but this simultaneously pressures  energy sector earnings . Macro Risks Cap Upside Despite the rebound, analysts see  limited upside  for the KLCI: Resistance expected around...

CIMB Group Holdings Bhd  reported a slight earnings dip in 1QFY2026, as margin pressure weighed on core income, though early signs of stabilisation are starting to appear. Summary CIMB’s net profit edged down to  RM1.92 billion (-2.9% YoY)  due to weaker net interest income, but  improving margins and stronger non-interest income signal a potential turnaround ahead . Key Highlights Net profit -2.9% YoY  to RM1.92 billion Net interest income -5%  (margin pressure) Non-interest income +11.9%  (trading & forex gains) ROE: 11.0% CASA ratio improved to 43.3% Gross impaired loans stable at 1.7% CET1 ratio strong at 14.3% Segment Performance Consumer banking:  -23% (higher provisions, lower margins) Commercial banking:  +38% (strong recoveries) Wholesale banking:  -10% (lower one-off income) Digital & funding:  +11.1% (boost from TNG Digital) Key drag: margin compression and higher provisions in consumer segment Early Signs of Stab...

Quick Summary DBS, OCBC, UOB and  CIMB  among bidders HSBC Indonesia retail assets valued at  >US$200m Binding bids reportedly due  mid-March Move reflects Southeast Asia expansion push Major Banks Target HSBC’s Indonesia Exit Some of Asia’s largest lenders are preparing bids for  HSBC Holdings ’s retail assets in Indonesia, according to Bloomberg sources. Potential bidders include: DBS Group Holdings Oversea-Chinese Banking Corp  (OCBC) United Overseas Bank  (UOB) CIMB Group Holdings Sumitomo Mitsui Financial Group The assets could fetch  more than US$200 million (RM777m) . Key point: Indonesia’s banking sector is heating up as global lenders retreat and regional giants expand. Why HSBC Is Selling Under CEO  Georges Elhedery , HSBC has: Streamlined operations Cut management layers and jobs Reorganised into four core divisions Conducted targeted reviews in Australia, Indonesia and Egypt HSBC Indonesia: ~2,300 employees 28 branches Serves c...

CIMB Group Holdings Bhd  has achieved a major sustainability milestone after being upgraded to the  highest MSCI ESG rating of AAA , placing the bank among the world’s top performers in environmental, social and governance standards. The upgrade from AA reflects CIMB’s strong risk management practices, particularly in environmental risk assessment within its credit underwriting. The group also maintained a  high environmental score of 9.2 , underscoring disciplined oversight of climate-related and sustainability risks. Beyond MSCI, CIMB was ranked  No. 1 globally among financial institutions  in the  World Benchmarking Alliance ’s  2025 Financial System Benchmark , and placed  No. 2 worldwide for Inclusive Finance , recognising its role in expanding access to financial services and supporting a just economic transition. Group CEO  Novan Amirudin  said the recognition validates CIMB’s strategy of embedding sustainability directly into dai...

  Key Takeaways: Property expansion:  SkyWorld, Citaglobal, Classita/NexG, and Bina Puri drive growth through new projects and land acquisitions. Governance & legal updates:  Econpile and Vantris (ex-Sapura) clarify legal matters; CIMB announces senior leadership change. Strategic initiatives:  DXN leverages luxury assets for distributor incentives; Perak Transit targets recurring revenue with smart bus stops. Partnerships:  Scicom and Telekom Malaysia collaborate on AI-driven customer engagement. Property & Infrastructure Developments SkyWorld Development (SKYWLD):  To acquire a  2.33-acre site in Ho Chi Minh City  for RM136m. Plans a 40-storey tower with  1,200+ apartment units  plus retail and service facilities. Citaglobal (CITAGLB):  Exercised a  RM90m land option in Pahang  to independently develop a 247-acre industrial park via its property arm. Classita Holdings (CLASSITA → NexG Bina):  Selling non-cor...

$CIMB (1023.MY)$  is expected to post a  solid but steady  performance in  Q2 2025 , thanks to  stable net interest margins (NIMs)  and a  pickup in non-interest income , according to Maybank Research’s pre-results note. The research house is maintaining a  “Hold” rating  with an  unchanged target price of MYR7.60 , as investors await the official earnings release on  August 29 , following the July 30 announcement by its Indonesian arm,  CIMB Niaga . What’s Driving the Outlook? Stable NIMs:  Margins remained steady quarter-on-quarter, with gains in  Malaysia and Singapore  offsetting some pressure in  Thailand and Indonesia . Non-Interest Income Up:  Strong  trading and forex activity  provided a meaningful boost. Asset Quality in Check:  Credit costs are projected to stay benign, with CIMB's full-year guidance of  25–35bps still intact. Maybank's own projection is  slightly mor...

CIMB Securities has expressed  optimism toward Malaysia’s latest fiscal stimulus , predicting a  short-term boost for the consumer sector  as the government rolls out new support measures aimed at easing cost-of-living pressures and encouraging domestic spending ahead of  Merdeka  and  Malaysia Day .  Key Highlights of the Stimulus Package: RM100 e-credit  for all Malaysians aged 18+, benefiting  22 million people  under the Sumbangan Asas Rahmah (SARA) programme. Valid from  Aug 31 to Dec 31, 2025  at over 4,100 outlets including Mydin, Lotus’s, Econsave, and 99 Speedmart. RON95 petrol price slashed  from RM2.50/litre to  RM1.99/litre , benefiting 18 million vehicles. More details on subsidy rationalisation to come by end-September. September 15 declared a public holiday  to spur domestic tourism and service sector activity. RM500 million allocation  to cap toll hikes on  10 highways , focusing on Klan...

截至7月18日这一周，马股迎来剧烈资金流动，各路玩家“买啥卖啥”，全都曝光！ 外资持续调仓，但锁定“基建新宠” 🔝  外资净买入榜 TOP 3： 1️⃣  Gamuda  💰 RM153.7M 2️⃣  Sunway  💰 RM103.6M 3️⃣  Westports  💰 RM88.2M   解读：  外资加码建筑和物流股，似乎在为潜在贸易战做“对冲”准备，基建项目成为避风港。 本地散户“扫银行”模式启动！ 散户净买入榜 TOP 3： 1️⃣  Maybank  💰 RM95.8M 2️⃣  CIMB  💰 RM66.6M 3️⃣  RHB Bank  💰 RM63.3M 解读：  散户涌向银行板块，押注马股反弹+高息防御。也有散户开始追踪AI概念股 Zetrix（+RM27.4M）。 本地机构转向防守策略   机构净买入榜： CIMB：RM56.6M PBBank：RM47.5M Sime Darby Prop：RM33.7M 但同时也在卖出： Maybank：-RM103.1M Gamuda：-RM102.8M WPRTS：-RM87.0M 解读：  机构两面出招——加码防守型金融股，同时调低建筑与物流配置。 资金博弈背后的四大风险 1️⃣  美方8月新关税恐将波及马来西亚建筑与科技板块 2️⃣  英美通胀不降，可能延迟全球降息时机 3️⃣  外资继续撤离本地科技板块（年初至今已流出 RM513M） 4️⃣  市场对“特朗普式强硬”仍存戒心 MoneyMaster 观察笔记 散户在捡便宜？  银行、AI概念成为关注热点 外资在防守中做对冲？  基建+物流或是看好政策红利 机构表现理性，边走边看 资金虽动荡，但信息已给足，接下来看谁能借势布局反弹！

马来西亚国家银行（ BNM ）意外采取 预防性措施 ，将隔夜政策利率（ OPR ）下调  25个基点至2.75% ，为自2023年以来的首次降息。 尽管这可能对银行的净利息收益率（ NIM ）带来1%-4%的负面影响， Kenanga 投行依然维持“增持”评级（Overweight） ，并指出—— 这不是撤退信号，而是“抄底”信号。 投资者必读重点： 低利率下的银行韧性 尽管息差受压，但 银行资产质量仍然稳健 （行业不良贷款率 GIL < 1.5%），而且整个银行板块 2025年盈利预期增长仍达3%-4% 。 此外，目前行业的股息收益率高达  5%-6% ，在不确定的市场中提供稳定回报。 估值接近历史低点 Kenanga 指出，银行板块当前估值处于过去10年历史区间的**-1标准差附近（PBV）**，意味着下行空间有限，一旦经济信心恢复，反弹空间值得期待。 三大首选银行股： AMBANK （目标价 RM6.90） 专注提升股东回报率（ROE），并拥有 6%左右的高股息率 ，资本充足率（CET-1）达15%。 CIMB （目标价 RM7.90） 此前因印尼业务疑虑被超卖，现估值吸引， 高达6%的股息率 ，一旦外国投资者回流，具备反弹潜力。 MAYBANK （目标价 RM12.00） 作为行业龙头，资产质量优异（GIL 1.27%），具备 规模与稳定性优势 ，是中长期投资者的首选。 谁受压？谁受益？ ✅ 以零售贷款为主的银行 （如 PBBANK、HLBANK）可能面临更大息差压力。 ✅ 活期储蓄占比较高的银行 （如 CIMB、AMBANK、BIMB）能更好抵御利率下行。 ✅ 定息贷款为主的 MBSB 与 AEONCR  有望受益于融资成本下降。 市场是否低估了银行？ Kenanga 模拟数据显示，市场当前仅计入  3.5%的贷款增长率 ——几乎回到了疫情低谷水平。 但现实中， 消费需求稳定、信贷质量健康 ，这种悲观看法并不合理。 投资建议： 维持增持评级（Stay Overweight） BNM 的降息更多反映了对外部风险的预判，但马来西亚银行业基本面依然强劲。 投资者应专注于： ✅  高股息、资本稳健、具扩张能力  的银行， ✅ 把握长期价值投资机会。 📢 关注我们 @MoneyMaster，获取更多每...

 Bank Negara Malaysia (BNM) has taken a  surprise pre-emptive step , cutting the Overnight Policy Rate (OPR) by 25 basis points to  2.75% . While this may slightly dent bank earnings (1%-4% hit to net interest margins), analysts at Kenanga maintain an  OVERWEIGHT rating  on the Malaysian banking sector—and here's why that’s a buying signal, not a warning. Key Takeaways for Investors: Resilience in a Lower-Rate Environment Despite the NIM compression,  asset quality remains strong  (industry GIL <1.5%), and the sector still expects  earnings growth of 3-4%  in 2025. Sector dividend yields of  5%-6%  also add to the cushion, offering reliable income in uncertain markets. Valuation Bottoming Out Kenanga notes that sector valuations are near historical troughs (at -1SD PBV within a 10-year band). That implies limited downside and  room for upside  if economic sentiment recovers. Top Bank Picks Kenanga’s  high-convictio...

Lower valuations matched by lower ROE projections The mood conveyed by management teams at recent bank analyst briefings has generally been a somber one, the consensus being that 2016 will continue to be a challenging year. We project 5% 2016 core earnings growth and while valuations have come off across the board, these are matched by lower ROE projections. We remain NEUTRAL on the sector – BUY AFG, HL Bank and HLFG; SELL AMMB. No growth in 2015 Though 2015 was challenging in many ways, banks’ operational performance was decent, with a 7% YoY growth in operating profit on an aggregate basis. NIMs held up better than expected towards year end while NOII growth was robust, aided in large part by forex income/gains. Profitability was nevertheless crimped at the net level due to the jump in credit costs and other allowances, resulting in aggregate core net profit coming in flat YoY. All banks saw core earnings drop YoY except for CIMB (from a low base) and Public Bank. ...