Thursday, September 22, 2011

OSK Research maintains Buy on AEON Credit

KUALA LUMPUR: OSK Research is maintaining its Buy call on AEON Credit at RM4.55 with fair value at RM5.95.

It said on Thursday, Sept 22 that AEON Credit's 1HFY12 earnings were above consensus and its full-year forecasts, representing 54.8% and 59.1% of consensus and its full-year forecasts.

Revenue and net profit increased by 25.5% and 52.1% respectively y-o-y, mainly underpinned by higher growth in personal financing (+81%), credit card (+65%) and easy payment schemes (+12.9%) in conjunction with an early Hari Raya festival.

'Asset quality remained strong, with non-performing loans (MPL) improving to 1.64% (1Q12: 1.77%) and CAR stood at 22.2%. A 13.2 sen interim single tier dividend was proposed this quarter. Maintain BUY call on AEON Credit, with a revised fair value of RM5.95,' it said.

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