联昌国际集团控股：联昌国际商业银行盈利超预期，但负面指引修正抑制前景

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

16 August 2026

CIMB Group Holdings

Niaga earnings beat, but negative guidance revisions

temper outlook

BNGA reported 2Q26 core net profit of Rp1,671bn down 5% q/q, +1% y/y, 6%

above JPMe. These numbers account for ~20% of our 2Q26E CIMB Group profits

vs. ~22% over the last four quarters. NII increased 4% q/q and 1%y/y with NIM

holding up at 3.85% (-9bps y/y, +1bps q/q; +5bps vs JPMe). Non-II beat on

sustained fee momentum led by bancassurance and transaction banking, even

though treasury declined (-41%q/q) on elevated bond yields. Costs declined 2%q/

q,+12%y/y, driven by one-off tax and audit adjustments, while personnel costs

remained contained. Asset quality was resilient with NPL/LAR improving to

1.83%/6.4%. However, the bank booked higher gross/net credit costs at 116/64 bps

(vs 68/32 bps in 1Q26), largely due to an accounting change that reclassified

repossessed vehicles from inventory (foreclosed properties) into loans. This drove

~Rp420bn (0.2% of loans) of write-offs for exposures which were more

than 180dpd. Management expects to recognize these as recoveries with a ~12M

lag. Further, the bank built additional overlays citing a cautious macro outlook.

Coverage came off by 22.9%q/q to 150% on repayments/recoveries and timing

distortions, which should normalize in 3Q.

Neutral

CIMB.KL, CIMB MK

Price (14 Aug 26):RM7.95

Price Target (Jun-27):RM8.00

APAC Banks

Harsh Wardhan Modi AC

(65) 6882-2450

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Daniel Andrew Tan, CFA

(63-2) 8554-2413

J.P. Morgan Securities Philippines, Inc.

Yen Voo, CFA, CA

(60-3) 2718 0914

JPMorgan Securities (Malaysia) Sdn. Bhd. (18146X)

While 2Q PPoP trends were resilient, we remain cautious due to guidance cuts by

management (NIM guidance cut by 10bps to 3.8-4.0%; provisions increased by

20-30bps to 1.1-1.4%). LDR increased by 139bps q/q to 91.8% (above comfort

range of 86–90%), which could weigh on NIM going forward, especially given the

mix shift towards higher-quality borrowers and a challenging funding backdrop in

2H26.…