For QE30/6/2012, Maybank's net profit increased by 7% q-o-q or 25% y-o-y to RM1.44 billion while its revenue increased by 3% q-o-q or 20% y-o-y to RM6.88 billion. From Chart 1, we can see the steady growth in its revenue & net profit.
Table: Maybank's last 8 quarterly results
Chart 1: Maybank's last 27 quarterly results
Valuation
Maybank (at RM9.02) is now trading at a PE of 12.7 times (based on last 4 quarters' EPS of 71 sen). I think Maybank can command a PE of 14-15 times.
Technical Outlook
Maybank is in an uptrend. Over the past 18 months, the share price has been capped by a line connecting its peak (acting like a horizontal resistance). Today, Maybank is breaking above that resistance at RM9.00. If this breakout can recruit more buying support, Maybank could test the psychological RM10.00 soon.
Chart 2: Maybank's weekly chart as at Aug 17, 2012_3.00pm (Source: Tradesignum)
Conclusion
Based on good financial performance, attractive valuation & possible bullish breakout, Maybank is a good banking stock to hold for long-term. The breakout above the RM9.00 could make it a good trading BUY.
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