Capitalising on the ASEAN marketplace...2013/06/13 · San Miguel Corporation Completed April 2012...
Transcript of Capitalising on the ASEAN marketplace...2013/06/13 · San Miguel Corporation Completed April 2012...
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Capitalising on the ASEAN marketplace
Invest Malaysia 2013Shangri-La Hotel, Kuala Lumpur
13 June 2013
www.maybank.com
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Our Vision is “To Be A Regional Financial Services Leader”
Achieving the Maybank Vision…
On-track earnings performance for 1Q FY13, despite
challenging market conditions
Continued progress on ASEAN regionalisation, with PBT
contribution at 22.8% for 1Q FY2013
Strong momentum created to achieve 2015 strategic
objectives
Stronger economic growth anticipated in second half of 2013
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2
3
4
2
Invest Malaysia 2013
Overview of Recent Performance
Maybank & ASEAN
Our Strategic Thrusts
Outlook & Guidance for 2013
3
We delivered an eight fold increase in profit from 2009 to 2012
* FY2009: Lower net profit due to impairment of investment in BII and MCB
# RM2.67 billion: FY2009 PATAMI before impairment of investment in BII and MCB
^ 6 months Financial Period ended 31 Dec 2011 due change in financial year end.
2.67 #
RM 6 billion
Rights Issue
Launched
House of
Maybank
Acquired
Kim Eng
Summary of Analysts' Recommendations
Target Price RM10.53
Coverage 27 analysts
Recommendations 19 Buy, 6 Hold, 2 Sell
Analysts'
Consensus:Net Profit (RM mil.)
FY2013 6,139
FY2012 PATAMI of RM5.74
billion was 5.6% ahead of
consensus
RM 3.66 billion
Equity Private
Placement
0.69
3.824.45
2.58
5.75
1.51
3.1%
14.5%15.2% 16.2% 16.0%
14.20%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
1
2
3
4
5
6
7
FY2009 * FY2010 FY2011 6 monthsFP2011 ^
FY2012 1Q FY2013
RO
E
PATAM
I (R
M b
illion)
Net Profit (LHS) ROE (%) (RHS)
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And recorded improved performance for 1Q FY2013
RM million 1Q 2013 1Q 2012 % YoY 4Q 2012 % QoQ
PATAMI 1,506.2 1,346.9 11.8% 1,459.6 3.2%
PBT 2,126.7 1,894.6 12.3% 1,949.3 9.1%
Net Income 4,469.9 4,209.3 6.2% 4,409.1 1.4%
Net Fund Based Income 2,886.6 2,586.9 11.6% 2,784.3 3.7%
Net Fee Based Income 1,583.3 1,622.4 (2.4)% 1,624.8 (2.6)%
Gross Loans* 321,979 287,097 12.1% 317,345 1.5%
Domestic** 202,415 182,883 10.7% 199,752 1.3%
International 119,564 104,214 14.8% 117,593 1.7%
Gross Deposits 355,440 320,235 11.0% 347,156 2.4%
Domestic 230,439 211,673 8.9% 227,268 1.4%
International 125,001 108,562 15.1% 119,888 4.3%
* Including Islamic loans sold to Cagamas and excludes unwinding of interest
** Takes into account others portion - Dec 12: (0.1) vs Dec 11: 0.1
Note: P&L figures for 1Q FY2012 are restated figures post-MFRS10 application
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Our high dividend payout and rising share price provide good return to shareholders
Maybank provides amongst the highest dividend yields of Asian banks
* 9:20 Rights Issue at RM2.74 in March 2009
EPS, DPS and Share Price
12.0
53.9
61.4
34.5
72.7
17.9
8.0
55.0 60.0
36.0
65.0
-
5.90
7.56
8.94 8.58
9.20 9.35
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
0
20
40
60
80
100
120
FY2009 * FY2010 FY2011 6 monthsFP2011 ^
FY2012 1Q FY2013
Share
Pri
ce (
RM
)
EPS a
nd D
PS (
sen)
Earnings per share Dividend per share Closing Share Price
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Invest Malaysia 2013
Overview of Recent Performance
Maybank & ASEAN
Our Strategic Thrusts
Outlook & Guidance for 2013
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Maybank is one of the top banking groups in ASEAN
PATAMI (USD mil): 4 quarters to 31 Mar 2013
28
38
41
55
66
70
107
120
135
183
38
43
44
57
75
86
118
136
152
201
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial Bank
Public Bank
CIMB
Maybank
OCBC
UOB
DBS
Deposits
Loans
No. 4 No. 4
No. 2
No. 5
46
54
66
81
93
118
170
215
249
301
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial Bank
Public Bank
CIMB
Maybank
UOB
OCBC
DBS
1275
1292
1401
1544
1780
1969
2049
2298
3256
3311
Public Bank
Bank Central Asia
Siam Commercial Bank
CIMB
Bank Mandiri
Maybank
Bank Rakyat Indonesia
UOB
DBS
OCBC
Market Capitalisation (USD bil): 12 Jun 2013
Loans and Deposits (USD bil): 31 Mar 2013Total Assets (USD bil): 31 Mar 2013
18.2
19.0
19.1
19.9
20.8
23.5
25.1
27.6
29.0
31.0
Siam Commercial Bank
Public Bank
Bank Rakyat Indonesia
CIMB
Bank Mandiri
Bank Central Asia
UOB
OCBC
Maybank
DBS
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We have presence in all 10 ASEAN countries
Worldwide Presence ASEAN Presence
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We have a leading presence across ASEAN
BANK
MARKET
CAP
31 Mar 13
(USD bil)
TOTAL
ASSETS
31 Mar 13
(USD bil)
MA
LAY
SIA
SIN
GA
PO
RE
IND
ON
ESIA
TH
AIL
AN
D
PH
ILIP
PIN
ES
BR
UN
EI
VIE
TN
AM
CA
MBO
DIA
LA
OS
MYA
NM
AR
1 DBS 31.5 301
2 OCBC 29.5 249
3 MAYBANK 25.7 166
4 UOB 25.9 215
5 BCA 28.9 46
6 MANDIRI 24.0 66
7 CIMB 18.4 110
8 SCB 20.6 81
9 PUBLIC 18.4 93
10 BANGKOK 14.5 83
Investment Banking Affiliate/Representative OfficeUniversal Banking Retail & Commercial Banking
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20.2% 19.1%20.6%
22.2%
3.1%
5.2%3.2%
8.0%
23.3%24.2% 23.8%
30.2%
FY 2010 FY 2011 CY 2011 FY 2012
Our ASEAN home markets are delivering higher profit contribution to the Group
PBT Contribution by Market
Others
Total International
(ASEAN + Others)
ASEAN
ex-Malaysia
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• Continue to maintain our strong brand and leadership position in
the domestic market.
• Expected to continue with ETP investment momentum
• Largest network domestically and emerging regional leader with
presence in 10 ASEAN countries.
• Maintain our position as the 4th „local‟ bank in Singapore
• Continue to be an important hub for trade finance and M&A
activity
• Optimise business synergies within the Group with overall client
coverage focus.
• Leverage on technology to strengthen offerings and deepen
customer penetration.
• Indonesia expected to build on strong domestic economy &
maintain growth projections
• We will provide distinctive „privileged‟ and relationship-based
services.
• Empower the community through superior services and
convenience for SMEs.
• Tailor financial services to the needs of mid-corporates and
commercials.
Malaysia
Singapore
Indonesia
We are strengthening our position in all three home markets…
Maybank is now strategically positioned across ASEAN, and well placed to
further grow international operations towards a 40% PBT contribution
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…while focusing on building our regional footprint
• Capture opportunities in trade financing and corporate banking
business within the region.
• Leverage on regional network to capture the cross border
transactional banking market.
• Facilitate economic growth in Indochina and capture
opportunities arising from the region‟s development.
• Expand brokerage services in Vietnam to capture
increased activity on the country‟s stock exchange.
• Focused on doubling our distribution
channel to 100 branches by 2014.
• Expand our service offering.• Lookout for suitable
inorganic options to
expand footprint
Hong Kong and Greater China
Indochina
PhilippinesThailand
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Invest Malaysia 2013
Overview of Recent Performance
Maybank & ASEAN
Our Strategic Thrusts
Outlook & Guidance for 2013
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We have made significant progress towards achieving our strategic objectives
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2
3
4
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Undisputed No. 1 Retail Financial Services provider in Malaysia
Rising market share with further opportunities for growth
Leveraging on dominant presence to deepen wallet share
Leading ASEAN wholesale bank eventually expanding further to Middle East, China & India
Global Banking with Maybank Kim Eng secured notable deals across the region
Maybank Kim Eng ranked in the Top 2 in Capital Market deals in 2012 andnow a major regional investment banking player
Global leader in Islamic Finance
Maybank Islamic surpasses RM1.0 bil PBT mark and
is among the top 3 underwriters in the Global Islamic Bond market
Potential for growth in our home markets
Undisputed Insurance & Takaful Leader in Malaysia and Emerging Regional Player
No.1 ranking in life & family and general & general takaful market share
Expanding bancassurance model outside Malaysia
Truly regional organisation, with ~40% of pre-tax profit derived from international
operations
International PBT contribution increased to 30% in FY2012 from 24% CY2011
with a total PBT of RM7.89 billion
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Rising market share with further opportunities for growth
Undisputed No. 1 Retail Financial Services provider in Malaysia by 20151
17.3%
20.2%
Dec 09 Dec 12
13.4% 13.4%
Dec 09 Dec 12
15.7%
17.0%
Dec 09 Dec 12
Auto Finance
Total Mortgage*
Credit Cards #
Mark
et
Share
Industry
Position
No. 2
No. 2
Total Consumer/Household
15.7%17.0%
Dec 09 Dec 12
* Refers to Housing & Shophouse Loans
# The above market share for Cards refers to Receivables. In terms of Cardbase,
Billings and Merchant Sales, Maybank is ranked No. 1.
The industry figure above includes commercial banks and Non-Financial Institutions
No. 2
Industry
PositionNo. 2
Largest network in
Malaysia with 3,208
touch points
„Best Retail Bank in
Malaysia‟ by Asian
Banker
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Leading ASEAN wholesale bank eventually expanding further
to Middle East, China & India
Global Banking with Maybank Kim Eng secured notable deals across the region
Astro Malaysia Holdings Berhad
Completed October 2012
RM 15.6 billion
IPO
Sapura Kencana
Completed May 2012
RM 11.2 billion
Merger & Listing
Felda Global Ventures Holdings
Bhd
Completed June 2012
RM 10.4 billion
IPO
DanaInfra Nasional Bhd
Completed July 2012
RM 8.0 billion
Sukuk
DRB-Hicom Bhd
Completed June 2012
RM 3.02 billion
Term Loan/IB
Malaysia Airports Holdings
Berhad
Completed March 2012
RM 616 million
Private Placement
Gas Malaysia
Completed June 2012
RM 734.45 million
IPO
Tanjung Bin Energy
Completed March 2012
RM 6.6 billion
Project Financing
San Miguel Corporation
Completed April 2012
RM 1.8 billion
Term Loan Facility
South Luzon Tollway
Corporation
Completed March 2012
PHP 28.5 billion
Term Loan Facility
Marina Bay Sands Pte Ltd
Completed June 2012
SGD 5.1 billion
Term Loan & RCF
MS Commercial Pte Ltd/ Ophir-
Rochor Comm Pte Ltd
Completed April 2012
SGD 5.0 billion
Term Loan
Khazanah Nasional
Completed April 2012
SGD 750 million
Term Loan
Genting Hong Kong Limited
Completed August 2012
USD 600 millionTerm Loan & Revolving Credit
Facility
Malaysia Philippines
Hong KongSingapore
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Ranked in the Top 2 in Capital Market deals in 2012
Maybank Investment Bank (Malaysia): Industry Position & Market Share
Source: 1 Bloomberg 2 Bursa Malaysia
FY 2012 CY 2011
Industry
Rank by
Value
Market
Share
Total
Value
(RM bil)
Deals /
Issues
Industry
Rank by
Value
Market
Share
Movement
of ranking
M&A1 1 36.49% 46.6 30 2 34.6% +1
Equity & Rights
Offerings1 2 19.7% 6.2 11 2 15.9% 0
Debt Markets –
Malaysia Domestic
Bonds1
2 25.6% 30.2 170 2 27.1% 0
Debt Markets –
Malaysia Ringgit
Islamic Bonds1
2 27.7% 26.5 159 2 22.2% 0
Equity Brokerage2 2 7.1% 57.6 - 5 6.5% +3
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Maybank Kim Eng now a major regional investment banking player
1,207 1,331
CY 2011 FY 2012
Revenue of RM1,331million with
Malaysia contributing 41%
Maybank Kim Eng: Total Income rose 10.3%
RM
million
Malaysia545.5, 41%
Singapore271.3, 20%
Thailand275.1, 21%
Philippines113.7, 9%
Indonesia33.2, 2%
Hong Kong 49.5, 4%
Others42.9, 3%
RM1,331
10.3%
RM1,331
millionCountry
Rank
2012Market Share
Trading Value
(RM million)
Thailand 1 11.9% 162,301
Malaysia 3 7.1% 57,607
Indonesia 6 4.8% 35,503
Philippines 4 7.3% 18,992
Singapore* 5 7.0% 107,024
Vietnam** 4 5.2% 2,441
*Rank is estimated based on market share
**Consolidated based on both Vietnam stock exchanges
Leading Equity Brokerage in ASEAN
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We continue to hold the No.1 ranking in life & family and general & general takaful market share
Undisputed Insurance & Takaful Leader in Malaysia
and Emerging Regional Player3
Source: LIAM / ISM Statistics
Notes:
• Market ranking in the bracket.
• 2012 data is for 12 months ended September 2012
• ETB: Etiqa Takaful Berhad
• EIB: Etiqa Insurance Berhad
7.5% (3) 8.4% (2) 8.9% (3) 9.3% (3)
10.1% (1) 11.6% (1) 12.7% (1) 13.5% (1)
37.7% (1)41.6% (1)
45.5% (1)49.4% (1)
2009 2010 2011 2012
General & General Takaful
ETB EIB & ETB EIB
10.4% (4) 12.4% (4)8.9% (4)
12.0% (4)
18.2% (1)20.7% (1)
16.4% (1)18.7% (1)
45.3% (1)48.0% (1)
38.6% (1) 35.6% (1)
2009 2010 2011 2012
Life & Family Takful
10.1% (1)
11.6% (1)
12.7% (1)
13.4% (1)
18.2% (1)
20.7% (1) 16.4%
(1)
18.7% (1)
28.3%
32.3%
29.1%
32.1%
2009 2010 2011 2012
Insurance & Takaful
Life & Family + Gen &Gen Takaful
Life & Family
Gen & Gen Takaful
Mark
et
Share
and Indust
ry r
ank
Total asset grew 9.4%
YoY to RM 27.5 billion
in FY2012
Total Combined
Premium grew 14.7% in
FY2012
Etiqa awarded „The
Most Outstanding
Takaful Company‟ by
KLIFF
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63.3%
31.0%
5.6%International:37%
CY2011
RM16.60b RM7.89b
Revenue Profit Before TaxFY2012
International:36%
International:34%
International:24%
International:30%
RM14.82b RM6.88b
Gross loans*
RM317.3b
RM282.8b
International:37%
(Jan 11 – Dec 11)
(Jan 12 – Dec12)
* Including Islamic loans sold to Cagamas and excludes unwinding of interest
Truly regional organisation, with ~40% of pre-tax profit derived from
international operations by 2015
International PBT contribution increased to 30% in FY2012 from 24% CY2011with a total PBT of RM7.89 billion
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63.4%
30.8%
5.8%
Malaysia ASEAN Others
64.2%
31.5%
4.3%
66.3%
30.6%
3.0%
69.8%
22.2%
8.0%
76.2%
20.6%
3.2%
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24.8% 26.1%28.5%
30.6%
Dec 09 Dec 10 Dec 11 Dec 12
462
698
953
1,190
Dec 09 Dec 10 Dec 11 Dec 12
Maybank Islamic surpasses RM1.0 bil PBT mark and
is among the top 3 underwriters in the Global Islamic Bond market
Maybank Islamic: PBT surpasses RM1 billionMaybank Islamic: Rising contribution to
Maybank‟s Domestic Financing
Global leader in Islamic Finance
No.3 in the Global Islamic Bond Market League Table
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Underwriter Rank Issues
HSBC 1 19.6% 33.86 84
CIMB 2 16.0% 27.56 192
Maybank 3 15.2% 26.55 159
Standard Chartered 4 5.1% 8.78 19
AmInvestment Bank 5 9.8% 14.41 92
Amount
(RM mil.)
Market
Share
RM
million
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Invest Malaysia 2013
Overview of Recent Performance
Maybank & ASEAN
Our Strategic Thrusts
Outlook & Guidance for 2013
23
Opportunities and challenges
• New emerging markets in ASEAN e.g. Indochina and Myanmar
• Expansion & growth in Thailand
• Regionalisation of Islamic banking
• Development of regional financial solutions
• The Asean Economic Community and growth in Intra-Asean trade.
Opportunities
• Potential asset quality pressure arising from changing macroeconomic environment
• Competitive landscape to put further pressure on loan pricing & funding costs
• New regulatory requirements impacting competitiveness & operating landscape
Challenges & Risks
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We have strong capital base to fund growth and comply with Basel III
Note:
- CET1, Tier 1 and Total capital ratio are computed in accordance with Capital Adequacy Framework (Capital Components) issued by BNM on 28 November 2012.
- Based on 85% reinvestment rate under the DRP, assuming without transitional arrangements, the CET1 Ratio would be at 9.17% (Group) and 7.65% (Bank)
respectively. However, if based on capital rules of Monetary Authority of Singapore, the CET1 Ratio would be higher by 0.92% (Group) and 0.77% (Bank).
9.51% 10.10% 10.20%
11.41% 12.00% 12.11%
14.17%14.76% 14.86%
31 Mar 13 31 Mar 13 31 Mar 13
Total Capital Ratio Tier 1 Capital Ratio CET 1 Capital Ratio
Full
electable
portion paid
in cash
Assuming 85%
reinvestment
rate
Full
electable
portion
reinvested
Capital Adequacy remained strong with DRP and following RM3.66 billion equity
placement in October 2012
Strong capital ratios under Basel III and to fund growth
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Based on strong fundamentals, we are ranked the 13th Strongest Bank in the World
The ranking by Bloomberg is based on 2012 Tier 1 Capital ratio, funding ratio, asset quality
and operating efficiencies of all banks with total assets exceeding USD100 billion.
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Maintaining our targets despite challenging market conditions in 1Q FY13
* Loans growth in local currencies
14.2%
Malaysia: 12.0%
Singapore*: 11.0%
Indonesia*: 22.0%
Return on Equity: 15.0%
Group Loans Growth: 12.0% 5.8%
-1.2%
9.5%
5.3%
6.9%
Group Deposits Growth: 12.0%
Actual 1Q FY2013
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Mohamed Rafique Merican
Group Chief Financial Officer
Contact: (6)03-2074 7878
Email: [email protected]
MALAYAN BANKING BERHAD
14th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur, Malaysia
Tel : (6)03-2070 8833
www.maybank.com
Narita Naziree
Head, Group Business Planning & Investor Relations
Contact: (6)03-2074 8017
Email: [email protected]
Disclaimer. This presentation has been prepared by Malayan Banking Berhad (the “Company”) for information purposes only and does not purport to contain all the
information that may be required to evaluate the Company or its financial position. No representation or warranty, express or implied, is given by or on behalf of the
Company as to the accuracy or completeness of the information or opinions contained in this presentation.
The presentation does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of
it form the basis of, or be relied in any connection with, any contract, investment decision or commitment whatsoever.
The Company does not accept any liability whatsoever for any loss howsoever arising from any use of this presentation or their contents or otherwise arising in
connection therewith.
Investor Relations Contact
Humanising Financial Services Across Asia