Maybank (MBBM.KL): Mgmt call takeaways: striking a cautious tone

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Maybank (MBBM.KL): Mgmt call takeaways: striking a cautious tone

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23 Jul 2026 09:11:28 ET │ 11 pages

Maybank (MBBM.KL)

Mgmt call takeaways: striking a cautious tone

CITI'S TAKE

Neutral We hosted CFO Shafiq in a group call with investors. Key takeaways [1]

historical 70%+ payout ratio remains the plan, with 30% of earnings Price (23 Jul 26 17:00) RM10.86

reserved to fund asset growth. Unlikely to see upside to dividends as Target price RM11.00

regulators are likely turning conservative amid geopolitical/uncertain Expected share price return 1.3%

backdrop. Capital repatriation/upstream likely executed through five Expected dividend yield 5.8%

years under the Roar30 plan, rather than frontloaded. (2) NIM facing Expected total return 7.1%

pressure given rising KILBOR but OPR flat. Rising funding costs especially

Market Cap RM131,355M in wholesale funding and retail campaign rates (though board rate

US$32,140M reduced), with rising competition seen towards end of 1Q and 2Q. Mgmt.

exploring alternative funding sources but likely 2h26e affairs. (3) Despite

system data showing impaired loans creeping up, mgmt remain confident

of provisions buffer including Rm2.4bn mgmt overlays, although certain Yong Hong TanAC

segments saw tightening of underwriting standards. Overall we forecast +65-6657-7873

flat earnings and DPS in 2026, with no expectation of special dividends in yong.hong.tan@citi.com

this year.

Loans and NII - While MAY saw 1Q26 NIM expansion to 2.14bps, mgmt reiterated

FY26e guidance at 2.05-2.10%. Given stable OPR and rising KLIBOR, there is limited

room to manage asset yield higher while cost of funding inches up especially

towards end of 2Q and 1Q. Retail campaign rates and wholesale funding increased,

despite board rates reduction.