Malaysia's big 8 Bank

Malaysian Business, Apr 1, 2010 by James S


Alliance Financial Group

This list is arranged according to alphabetical order THE SHARE PRICE OF ALLIANCE FINANCIAL Group (AFG) was affected in early January following news reports that it had placed several of its top management on forced leave pending completion of an informal internal investigation. Its board of directors later clarified that the bank's chief executive officer (CEO) and chief operating officer (COO) were on voluntary leave pending an investigation process.

This culminated in Datuk Bridget Lai tendering her resignation as CEO with effect from April 1. Apparently, the bank said that the resignation was a joint decision of the bank and Lai and was not in any way a reflection of the CEO's role or conduct.

Analysts are positive of a closure on the event as they say it will reduce distractions to the bank that might arise from a possible long- drawn internal investigation.

Research house AmResearch reiterates that AFG has demonstrated strong teamwork and maintained a good grip on its operations despite the recent distractions. It says the decision-making process in the bank continues to be supported by the various exco and sub- committees in the absence of the CEO and COO.

The local research house remains positive on AFG. While its share price has moved up from its recent lows, AmResearch foresee further catalysts for a rally from (i) stronger-than-expected net earnings; (ii) appointment of a new CEO; and (iii) the fact that AFG is also a prime beneficiary of the overnight policy rate (OPR) hike given its variable rate loan contribution of 85.1% of its total loan base.

The research house has a `Buy' rating on AFG with a fair value of RM3.10 per share.


AMMB Holdings

MOST ANALYSTS' CONCERNS OVER AMMB Holdings in the past centred on its high dependence on hire purchase (HP) loans (where the group was making sub-par returns) and its persistent asset quality problems. The former concern has apparently been greatly reduced with returns on its HP portfolio now enhanced by a combination of tighter approvals and risk management and better price discipline within the industry.

The general concern over the group's asset quality remains but this is now more of an industry phenomenon than one that is particularly applicable to AMMB.

Analysts are apparently happy that the various new initiatives the bank has taken with the help of its strategic foreign shareholder, Australia and New Zealand Banking Group (ANZ), which took a 19.2% stake in 2007, is now helping to strengthen AMMB's competitiveness and efficiency.

KAF Research reckons that the group's transformation is real and its structural upside now more apparent, especially if the economic and capital market cycles turn ahead as well.

It says the bank's non-consumer segments are showing strong potential especially among the larger government linked companies (GLCs) and multinational companies (MNCs). These are areas where the group's investment banking arm has always had good relationships with but has not been able to tap into their credit and other operational needs.

This is because the commercial banking balance sheet has been managed separately, not to mention the legacy problems the group had to deal with in the past.

However, KAF Research says the management now sees significant opportunity both in terms of growing its loan book and generating more fee income from providing a complete suite of products to these MNC and GLC clients.

Although spreads on corporate loans are generally thin, this strategy is one of the initiatives being used by management to increase the proportion of its variable rate loans and diversify away from its high dependence on HP. The competitive landscape in this area is said to be now better as the foreign banks have been less aggressive in this area.

Given the positive changes above, KAF Research has revised up its earnings forecasts for AMMB by 5% for FY10 and 9% each for FY11 and FY12, taking into account the better than expected operating environment.

AMMB is also one of OSK Research's favourite banking stocks, with a target price of RM5.35.


CIMB Group Holdings

CIMB GROUP HOLDINGS, THE second-largest bank by assets in Malaysia with a 15% loan market share, has been in the limelight with its intention to take advantage of new rules allowing overseas listings on Thailand's stock exchange.

The group is also proposing a one-for-one bonus issue which could boost trading interest in the stock.

According to Citibank Equity Research, CIMB has the most strategic overseas expansion plan with its established footprint in the major Asean countries of Singapore, Indonesia and Thailand. In its nine-month FY09 results, overseas operations contributed 29% of CIMB Group's pretax profits (from a mere 11% in FY08). CIMB Niaga was a key driver for the group profits vis-a-vis Malayan Banking.

The foreign research house observes that CIMB's management is efficient in tapping synergies from its operations in the key Asean countries via forex and cash management products that have boosted the group's fee-based income.

While growing commercial bank profits would alleviate investor concern over CIMB's heavy reliance on volatile investment bank earnings, a buoyant capital market could still provide an earnings surprise, given CIMB's strength in corporate advisory services, says Citibank.

All in all, it reckons that CIMB is firing on all cylinders. Coupled with the potential positive impact from the country's recent interest rate hike, OSK Research has named CIMB its top big-cap banking stock pick, with a target price of RM14.90.


EON Capital

AT THE END OF LAST YEAR, HONG Leong Bank announced that it had received Bank Negara Malaysia's approval to start talks with `certain shareholders' of EON Capital pertaining to the potential acquisition of assets and liabilities including equity interests in EON.

Hong Leong Bank went on to make an offer to buy the entire assets and liabilities of EON at RM7.10 a share to be satisfied fully in cash, representing a price-to-book value of 1.4x, based on EON's book value of RM5.03 a share as at end-September 2009.

While some analysts reckon that the offer price was fair, EON however announced that after consulting its advisers and considering all available information, its board of directors had resolved that the offer was not in the interest of EON and its shareholders.

As such, the board would not table the offer for consideration and approval by EON's shareholders and would not submit an application to the authorities for approval to accept the offer.

The tussle escalated however when two EON shareholders, Kualapura (M) Sdn Bhd (holding a 15.4% stake) and Lintang Emas Sdn Bhd (4.3%) requested for an EGM to be held to appoint new directors on top of the current ones, essentially hoping to control the board.

The outcome of the EGM favoured the two shareholders, with eight new directors being introduced. A few days later, four independent directors resigned from the board, making the board composition fall short of the requirement that no less than a third of board members must be independent directors.

At the time of writing, it was reported that Abu Dhabi Bank was ready to offer at least RM9.20 a share to certain shareholders for their stakes, adding more uncertainty to the whole tussle.

AmResearch assigns a `Hold' on EON, as the stock is being traded around the earlier offer price by Hong Leong Bank of RM7.10 a share.

Even if the market talk about Abu Dhabi's offer is true, the research house says this will not have a significant impact on EON's market price as the offer is meant for certain shareholders only and that the fundamentals of the banking group remain unchanged except for the holdings of its major shareholders.


Hong Leong Bank

MOST ANALYSTS AGREE THAT Hong Leong Bank has been travelling the conservative path after the Asian financial crisis of 1997/1998. The bank has dedicated itself to promoting retail banking in the past few years.

However, to its credit, it has slowed down its lending to the motor segment since mid-2006 due to intensified competition coupled with a diminishing asset value.

Hong Leong has delivered consistent growth over the past few years, increasing its net profit from RM382 million in FY04 to RM905 million in FY09 (a CAGR or compounded annual growth rate of 19%).

According to KAF Research, this growth came about without Hong Leong taking on too much risk. This is noted by the fact that the bank's liquidity remains extremely high, its gross non-performing loans ratio (NPL) falling from 11.2% to 2.2%, and its provisioning cover jumping from 58% to 109%.

Despite the relatively consistent track record, the market has unfortunately continued to assume limited growth for Hong Leong, as highlighted by the fact that the current consensus earnings estimates imply only an increase in net profit of 3% in FY10 and 11% in FY11 for the group, says the research house.

Going forward, the local research outfit expects Hong Leong's net profit to increase at a CAGR of 15% over the next three years. Even without taking into account the potential upside from any merger and acquisition activities, it believes that Hong Leong will rerate further over the next 12 months.

The stock remains a top pick for KAF Research, with a target price of RM10.40.


Malayan Banking

THINGS ARE DEFINITELY GETTING better for the nation's largest bank. Malayan Banking (Maybank) improved further on its strong fiscal first quarter performance by reporting a 44% rise in headline net profit and 15% higher normalised profit for the six-month period to December 2009.

Its quarterly net profit on a normalised basis has risen for three consecutive quarters from a low of RM503 million in 3QFY09 (to March) to RM936 million in 2QFY10 while return on equity (ROE) has recovered from 9.9% to 14.2%, says KAF Research.

As such, the research house has raised its net profit forecast for Maybank by a further 11%-18% over FY10-FY12 given the better than expected results and general improvement in macro conditions.

Following the earnings upgrade, the research house's target price for the bank has been raised from RM5.70 to RM7.70. This target is based on the Gordon growth version of the dividend discount model (DDM), assuming a sustainable ROE of 15.5% and long term growth of 5.5%.

However, KAF Research believes that Maybank may not be able to move to the higher end of its payout guidance due to new capital rules. As such, the research house has assumed that the dividend payout ratio for the group will remain at 40% in FY10 and rising to 50% each in FY11 and FY12, translating into dividend per share estimates of 41.5 sen and 46.1 sen respectively.


RHB Capital

GOING INTO FINANCIAL YEAR 2010, RHB Capital is now moving towards the tail end of the Phase 2 `Meet the Benchmark' (2008-2010) of its multi-year transformation programme.

Phase 1 `Get the House In Order' was completed with fully integrated structures and a universal banking platform in 2007. The key focus in Phase 2 includes setting main targets for its retail, commercial and investment, Islamic and international units, initiating cross-selling and sales and service models, continued improvement in process and service quality and meeting milestones and targets.

Phase 3 `Raise the Bar' (2010-2012) will include strategies to meet its vision to be one of the best-run banks in Malaysia and the Asean region. Main targets include maintaining its position at no less than fourth- largest bank in Malaysia, being a major Islamic player, building a long- term competitive advantage, and moving towards leadership positions (at least the top 3) in its chosen market/product segments.

According to AmResearch, the company has painted a confident picture for FY10. The banking group is maintaining its net earnings target of at least RM1.4 billion or double that of FY07's level. The bank's main targets for FY10 include:

* Gross loan growth of 15%. This is expected to be derived from consumer, corporate as well as its new focus on lending to the public sector segment.

* Net NPL ratio targeted to be reduced to below 1.9% in FY10 from 2.2% in FY09.

* To raise its international contribution to more than 10% in FY10 from 6% in FY09. This is in line with its recent proposed acquisition of an 89% stake in Bank Mestika, Indonesia.

Given such a rosy picture, AmResearch reckons that RHB Capital is the most underrated mid-cap banking stock in the industry. The research house is maintaining a `Buy' call on the counter, with a higher fair value of RM7.10 a share (RM6.60 previously).


Public Bank

THIS BANKING group continues to grow from strength to strength. AmResearch remains positive on Public Bank and is maintaining its `Buy' recommendation with an upgraded fair value of RM13 a share (from RM12.60 previously). It was reported that Public Bank has unveiled several key three-year targets:

* ROE to be raised to 30% from the 26% level in FY09.

* Core capital ratio of 8% (currently 9.9% as at end-2009).

* Net NPL ratio below 1% (currently 0.8% as at end-2009). * Loan book size of RM200 billion (up from RM135 billion as at end- 2009).

* Total asset size of RM320 billion (up from RM217 billion as at end- 2009).

According to AmResearch, Public Bank has also provided a strong reassurance on the dividend front given the possibility of more stringent capital requirements from the Basel Committee.

The group has indicated that it remains on track to meet a dividend payout ratio of 50% to 55% even if capital requirement levels were to be raised to, say, 6%-7.5% for Tier 1 (from 4% currently) with core equity levels set at 4%-5%.

Copyright 2010
Provided by ProQuest Information and Learning Company. All rights Reserved.
James S "Malaysia's big 8". Malaysian Business. FindArticles.com. 28 Apr, 2010. http://findarticles.com/p/articles/mi_qn6207/is_20100401/ai_n53096421/

大众银行成就非凡

2010/03/15 3:01:18 PM


在2009年，大众银行集团的税前盈利为33亿2000万令吉，而净利则是25亿2000万令吉。强劲的盈利表现是来自稳健的净利息收入成长、高于同业的贷款成长率、持续强劲的资产素质以及高职员生产力。

2009年有所提升的基础盈利表现，也代表了26.1%的净权益回酬，以及每股收益73.3分。

持续强劲的贷款成长

在2009年，大众银行取得14.4%的强劲贷款成长，明显高于银行体制的7.8%贷款成长率。由于在过去多年来均持续取得强劲的贷款成长率，集团在本地贷款的市占率，也从2004年的11.1%增至2009年的15.9%。

集团的借贷活动依然以住宅产业与轿车融资为主，以及给予中级市场工商企业的贷款。这3个领域的贷款占了集团总贷款组合的78%。

在2009年，本地贷款批准取得22%的强劲增长率，其中房屋贷款批准的增长率则比2008年更为强劲，达39%。大众银行持续大力支持政府在促进中小型企业融资所作的努力。在2009年批准的475亿令吉总本地贷款额中，其中103亿令吉是来自中小型企业的商业贷款。这也惠及国内的4万4000家中小型企业。

持续强劲的资产素质

郑鸿标表示，与2009年开始因衰退环境而使不履行贷款将飙升的悲观预测正好相反，大众银行在同行中维持了最佳资产素质的领先地位。

“集团的在2009年进一步改善呆账表现，净呆账率则从2008年杪的0.9%改善至2009年杪的0.8%，比马来西亚银行业的1.8%呆账率少过一半。”

大众银行的贷款损失覆盖率从2008年的160%增至2009年的172%。明显高于银行业之94%的覆盖率，尽管超过90%的集团不履行贷款已经获得抵押。集团贷款损失覆盖率的增加主要是为2009年的强劲贷款成长而作出的额外普通准备，而不履行贷款的数额仍然稳定。

“在谨慎借贷政策、健康的顾客组合以及采取进取性措施以协助贷款人履行他们的还款责任的努力下，集团的目标是保持其低不履行贷款比率在1%以下。”

核心顾客存款的健康扩展

大众银行集团的顾客存款总额增长13%至2009年杪的1709亿令吉，比9.3%的同业成长率为高。

集团的核心顾客存款于2009年取得14.8%的强劲成长，远超越银行体制的7.3%成长。有鉴于此，集团的核心存款市占率从2008年的14.7%增至2009年的15.4%。个人存款占集团核心顾客存款的61%，于2009年杪在个人存款的市占率达17.4%。

“强劲的核心存款成长是来自集团的248家本地分行网络、1308台自助服务机以及优越的集团分行ISO顾客服务认证的支持。集团持续维持它的强劲资金流动状况，净贷款对存款比率达79%。”

采取多项措施加强资本结构

大众银行集团积极维持健康的资本水平，以支援集团业务的成长，与此同时又继续为股东带来强劲的收入。

自银行的库存股分发股票股息是集团采取的其中一项资本管理策略，以维持更高水平的股票资本，并且为股东带来高回酬。

于2008年及2009年分发达1亿4600万股的库存股为股票股息，让集团得以保留达14亿令吉的权益资本，并加强集团的资本比率达1.1%。随着股票股息分发之后，银行将继续持有2970万股库存股，总值为3亿2800万令吉，也能用来进一步加强集团的核心权益资本。

在2009年，大众银行采取多项资本措施，进一步加强集团的资本结构，以支持其业务扩展。这包括发行21亿令吉的非革新1级合订证券以及4亿7300万令吉的附属票据，部分用来再融资以及提前赎回它在2004年发行的3亿5000万美元的附属票据。

由于在2009年采取多项资本措施，加上强劲的获利能力，大众银行的风险加权资本比率从2008年的13.1%增至2009年的14.2%，而在同期间，其核心资本比率则从7.7%增至9.9%。

为配合最近巴塞尔II协议的建议修改，特别是在核心权益资本方面要求更为严格的资本要求，集团将确保持续采取进取性的资本管理，以便在任何时候均保持健康的资本水平以支持业务成长，以及为股东取得最大的回酬。

派发第二中期股息

有鉴于大众银行在2009年取得强劲的盈利表现，在2010年12月13日，25分的第二中期现金股息已经支付，而每68股送1股大众银行库存股的股票股息也已经分发。

加上已于2009年8月支付的30分第一中期股息，2009年的总股息为55分的总现金股息以及根据大众银行股票截至2009年12月31日为止的11.30令吉的股价计算，相等于总现金股息22.2分的股票股息。

因此，这相等于在2009年获得总现金股息77.2分，或者是等于总股息支付率79.3%以及达6.8%的健康总股息收益率。

非官联挂牌公司

市值第二大

自2002年杪，大众银行的股价增长了203%，从每股3.64令吉增至2010年3月1日的11.04令吉。

大众银行的市场总值也增加了3.5倍，从2002年的109亿7000万令吉利增至如今的389亿7000万令吉。

在2002年，大众银行的市场总值仅是马来亚银行的42%，而如今，大众银行的市场总值已经等于马来亚银行市场总值的78%。

在2010年1月20日，大众银行的市场总值达426亿7000万令吉，为它在1967年挂牌以来最高的历史新高。今天，以市场总值计算，大众银行是大马交易所的第2大非官联挂牌公司。

开发收费收入

郑鸿标表示，为进一步加强集团的获利及回酬，大众银行集团持续开发单位信托、银行保险以及财富管理产品方面的收费收入。

“单位信托管理独资子公司—大众信托基金，则继续保持其市场领导地位。

“它在2009年共推出了5项新的单位信托基金，使到所管理的基金总数达到72个。在它管理下的基金资产净值则取得53%的骄人增长率，从2008年杪的233亿令吉增至2009年杪的356亿令吉。”

他表示，标青的表现，使到它的市占率从39%增至43%，而在股票基金及回教基金的市占率则分别达到57%及56%。至2009年杪，大众信托基金的基金户口总数增至230万个，单位信托顾问的人数也超过4万人。

在单位持有人给予的强大支持及信心下，加上积极扩大单位信托顾问的阵容，大众信托基金已经准备就绪，以便在市场状况进一步提升之时继续取得市占率收益及盈利增长。

在2009年，大众银行与ING缔结的银行保险合作，被视为业界成长最迅速的银行保险提供者，根据它获得的新业务量计算，从2008年的第7位升上至第2位。

国际业务贡献减至7%

由于区域经济衰退，集团国际业务对集团之2009年税前盈利的贡献减至7%，其中集团有85%的海外业务盈利是来自香港及柬埔寨。

大众银行集团的海外子公司，特别是香港的大众金融控股有限公司以及柬埔寨的柬埔寨大众银行，分别于2009年取得17.2%及64.3%的强劲存款成长，大大加强它们的流动资金状况。有关成长是由于积极扩展分行网络以及销售与市场资源，并且积极地促进“大众银行”品牌在这些国家的地位。

集团在香港及中国的业务扩展至香港80家分行以及大陆深圳3家分行，而2010年将于香港再开设2家分行，以及深圳1家。

柬埔寨大众银行是柬埔寨以资产负债表规模计算最大的银行，目前它有15家分行，并计划在2010年开设另11家分行。

除此以外，集团目前在越南有7家分行、寮国3家以及斯里兰卡1家。今年计划于越南增设2家新分行以及在寮国增设1家新分行。

优越的股东回酬

大众银行的有效资本结构以及高权益回酬，使它在过去多年来继续保持优越的股东价值。

若一名大众银行股东于1967年大众银行上市时买进1000股大众银行股票，截至2010年3月1日为止的11.04令吉大众银行股价计算，他将持有13万5400股大众银行股票，总值149万令吉。

除此之外，他在这期间收到的总股息达63万3000令吉。这么一来，股票价值达213万令吉，或相等于1967年挂牌以来的42年里，按年取得20%的优越复利回酬率。

在2009年起至目前的过去14个月来，大众银行股票带来的总回酬为40%，包括现金股息及股票股息。自2005年起的5年中期内，一位投资者可享有的优越总回酬达116%，或等于按年复利率19%。

卓越的主要表现指标

在过去5年来，大众银行集团展现了优秀的业务成长以及卓越的财务表现。截至2009年杪，集团的总资产达2171亿1000万令吉，比5年之前的924亿令吉增加超过2倍。

在过去5年来，集团每年取得的复合平均贷款成长率为每年19.3%，比同业的9.1%的复合平均成长率为高。存款方面也取得20.9%的复合平均成长率，在过去5年来均超越同业的11.2%平均比率。

在5年的同期间，集团的净权益回酬从2005年的19.1%大幅度增至2009年的26.1%，在5年来集团的净利也飙升73%。净不履行贷款比率在2009年改善至0.8%，比2005年的1.7%少超过一半。

大马银行业先驱

与马来西亚其他5大银行集团比较起来，大众银行在获利能力、成本效益以及资产素质方面都明显是领先者。

在获利能力方面，集团的净权益回酬为26.1%，是马来西亚银行业中最高的，并且比另外5家银行集团的平均14.3%税前权益回酬要来得高。集团的成本对收入比率为34.4%则是同业中最低的，明显低于最新的46.4%同业成本对收入平均比率。集团的资产素质是同业中最佳的，它的不履行贷款比率为业界最低的0.8%。

5月内缴税36亿令吉

与其他区域银行比较，大众银行集团的26.1%的净权益回酬是本区域里最高的。集团在成本效益及股息支付方面也是最佳表现的3家银行之一。在中期间，集团的目标是要保持更高的净权益回酬，即30%。

由于获得强劲和不断上升的盈利，大众银行集团也是国家财政税收的主要贡献者，自2004年起至今支付的所得税达到36亿令吉。

给股东的一封信

大众银行（Pbbank，1295，主板金融股）创办人兼主席丹斯里郑鸿标表示，该银行集团有信心让现有财政年续处于最佳的状况，再次交出强劲的盈利表现。为了达到这个目标，集团将继续扩展它的借贷及存款业务。

郑鸿标表示，全球2010年经济展望仍然处于谨慎观望中，惟逐步浮现了复苏的讯号。

他指出，该银行集团在2009年的稳健表现肯定了其业务策略的健全性，并取得比同业更高的成长率、增加收费收益、维持强劲的资产素质、进一步加强成本效益、善用广大的分行网络、优越的PB品牌以及卓越的服务。

“集团将继续采取平衡策略，以迎合更高权益资本的潜在需求，进而获得业务成长。

“最重要的是，使股东获得最大的回酬。除去不可预见的因素，股东可期望继续获得健康的股息支付。”

股价重返上升轨道 大众银行表现受瞩目

2009/12/28 2:54:24 PM
●庄学勤博士


在这一年来，国内第三大银行--大众银行（Pbbank，1295，主板金融股）的表现最吸引投资者目光，它由年初时一度受到不利因素的困扰而股价猛挫，不过在经过一番努力之后，它成功扭转劣势，股价重新恢复到高水平。

最近，在国家银行批准丰隆银行（HLBank，5819，主板金融股）洽商收购国贸银行（EON Bank）的事宜之后，银行股又再成为投资者关注的目标，因为沉寂已久的本地银行并购活动，似乎又再开始启动。

所以，股价已经重返上升轨道的大众银行，其未来走势更加受投资者的注目。其实，在国行批准丰隆银行洽商收购国贸银行之前，市场曾经传出丰隆银行有意收购大众银行。

当时英文财经周刊《The Edge》报道，银行领域当中盛传大众银行创始人兼现任主席丹斯里郑鸿标博士，因为健康欠佳而考虑出售旗下的大众资产。

当时市场也传言，联昌国际银行（CIMB Bank）和丰隆金融集团（Hong Leong Financial Group）传出对大众银行感兴趣，并且可能因此触发马来西亚银行领域新一轮的整合行动。

无论如何，这个市场传言最终被大众银行发表文告辟谣而被粉碎。

郑鸿标仍牢控大众银行

在今年11月2日时，大众银行发表文告表示，郑鸿标没有计划脱售手上的24.08%大众银行股权。文告表示，身为大众银行创办人兼单一最大股东的郑鸿标强调，他绝对没有计划脱售手上的股权。

大众银行也表示，最近动小手术的郑鸿标已经完康复，现在他的健康良好。

随着这份文告发表之后，市场有关大众银行被其他银行合并的消息便停止下来。这也意味着到目前为止，大众银行仍然由郑鸿标牢牢控制着。

目前，国内共有9家主导银行，其中只有大众银行与丰隆银行是属于华资银行。

以资产负债表的规模而言，大众银行是马来西亚第三大银行，截至去年杪的总资产额为1962亿令吉。相比之下，丰隆金融集团截至今年上半年的总资产仅有865亿令吉。

一度跌至7.05令吉水平 信心回扬股价显著回弹

大众银行今年除了受到被并购传言的困扰之外，在今年初时，它也曾经因为受到外国证券行调低目标价和评级的影响，而导致它的股价显著滑落。

在今年3月时，由于受到信贷里昂大砍目标价和评级，使到大众银行股价蒙受沉重卖压，本地股和外国股都大跌。

信贷里昂当时是以“资本比例弱”为理，将大众银行的评级从“超越大市”下调至“卖出”，目标价也被大砍，从原有的9.20令吉下调至6.20令吉仙。

这一调低使到大众银行股价一度失守8.00令吉的水平，并且在今年3月12日时一度达到7.05令吉的今年最低闭市价水平。

这也是大众银行自2006年11月24日以来最低点，当时也连续8天下跌，创下从1991年以来的18年最长跌势。

当时，信贷里昂在报告中表示，大众银行比较区域同侪，被认为对“经济震盪抗压性较弱”，此银行的核心资本比例只有7.7%，作为主要的财务稳健指标，大众银行是区域银行中最低的。

它也表示，大众银行可能考虑发售所谓非革新第一级资本证券，以加强资本比例。

在如此悲观的评论和预测下，令到市场抛售大众银行的股票。不过，大众银行股价在写下7.05令吉的低点之后，便开始回弹至今。

累积大众银行股票良机

其实，如今回头看，大众银行在跌至低点时，正是累积这只潜质良好的银行股的时机。

这主要是因为大众银行拥有良好的基本面，除了投资回酬达20%以上，贷款增长迅速达20%，呆账只有1%等，加上该银行在不景气时较其他同行更具抗跌力，因此，大众银行至仍是许多分析员首选。

在国内银行业面临严峻考验时期，大众银行便一直展现强稳的资产负债表及强势资产素质，而且是国内最安稳的银行股之一。

大众银行贷款成长一向比市场平均水平出色，在国内经济急速走下坡之际，消费贷款如车贷及房贷将走软，但对该集团来说，也仍然有机会。

在截至2009年9月30日为止，大众银行取得6亿3904万令吉的净利，较前期的6亿1634万令吉，微涨3.68%。

在这期间，它的营业额为24亿3803万令吉，而前期为27亿9115万令吉。从中可以看出，虽然营业额减少，但是净利却出现增加的趋势，这显示大众银行赚幅已经进一步改善。

总结

根据本地评估机构——马来西亚评估机构（RAM）在11月初表示，基于马来西亚的银行领域已度过最糟糕的时期，而全面上调了国内12家本地与外资银行的评估等级。

因此，身为本地银行之一的大众银行将在经济逐步回勇中受惠，并有望在明年写下更好的表现。