MALAYAN posted net profit of RM691.87 million for its financial year ended June 30, 2009 from RM2.93 billion a year ago.
Revenue was higher at RM17.58 billion compared with RM16.15 billion. Earnings per share were RM12 sen compared with 53.32 sen.
For the fourth quarter (4Q), its suffered a net loss of RM1.118 billion compared with a net profit of RM792.21 million a year ago. Revenue was RM4.86 billion compared with RM4.49 billion. Loss per share was 17.62 sen compared with EPS of 14.41 sen. It proposed a dividend of eight sen per share.
Maybank said in 4Q, the group had made an impairment charge of RM1.617 billion on goodwill arising from its 97.5%-owned PT Bank Internasional Indonesia Tbk (BII) banking business operations and an additional impairment loss of RM111 million for the investment in MCB Bank.
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I'll look at the technical outlook for Maybank. The stock's uptrend accelerated from S1 to S2 and then to S3. The latter uptrend line was very steep & unsustainable. Share price broke below uptrend line S3 in mid-June and continued to rise upward in a more gradual uptrend S4. From the chart below, we can see that the uptrend line S4 has support at RM6.40 as at August 21. While the chart is outdated by 2 trading days, we can estimate the current support for uptrend line S4 as RM6.45-50 (by extra polarization). If Maybank were to break below this level, Maybank may find support at uptrend line S2 at RM5.80-6.00. As at 9.45 am, Maybank was trading at RM6.39. Should one do a trading SELL at the present price & hope to buy back at RM5.80-6.00? I can't answer that. However, I believe that further impairment charges is likely to be smaller since the economic recovery is picking up steam.
Chart: Maybank's daily chart as at Aug 21, 2009 (Source: Tradesignum)
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