RHBInvest Research

Friday, January 27, 2012

Top Story

MBSB – Watch out for NIM and credit cost Market Perform

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- MBSB is expected to release its 4QFY11 results early-Feb. Our full-year net profit estimate of RM316m may appear conservative relative to MBSB’s 3QFY11 results as it implies that 4Q net profit would contract about 20% qoq (+>480% yoy) mainly due to NIM compression and higher loan impairment charges.

Sector Update

Media – A Seasonal Boost In December Underweight

Sector Update

- Dec’s gross advertising expenditure (adex) for TV and print media was relatively stable with 2.9% yoy growth (Nov was the weakest in 2011 at +2.2% yoy). On mom basis, adex jumped 16% mainly due to festivities and seasonality.


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