The market reiterated its bullishness on banking stocks, a day after Bank Negara assured that local banks are well-sheltered from the collapse of some financial institutions.
and Public Bank closed in the green, rising by 0.82%, 0.75% and 0.51%, respectively.
On that note, Kenanga Research prefers banks with wider safety nets, namely Public Bank and RHB Bank. The research house foresees banks’ earnings in 2023 to be supported by healthy demand for loans, a pick-up in non-net interest income due to higher fee income and steadier investment income, a benign asset quality outlook and ample capital and liquidity reserves in the banking system.
Given the heightened risks related to financial stability, TA Research raised the assumption for market risk premiums for the banking sector to 6% from 5.5%.“We maintain a ‘buy’ recommendation on Public Bank, RHB Bank, AMMB, CIMB Group, Alliance Bank and Affin Bank but downgrade Maybank andMeanwhile, RHB Research pointed out that Malaysian banks have sufficient levers in place to support earnings and dividend growth to help tide investors through a volatile period.
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