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KLSE: AFFIN       AFFIN HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.14 1.97     -0.17 (7.94%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
01/08/2022 2.14 2.45 +0.31 (14.49%) BUY KENANGA Price Target News
01/08/2022 2.14 2.35 +0.21 (9.81%) BUY HLG Price Target News
26/07/2022 2.05 2.45 +0.40 (19.51%) BUY Rakuten Price Target News
26/07/2022 2.05 2.45 +0.40 (19.51%) BUY KENANGA Price Target News
07/07/2022 1.95 2.45 +0.50 (25.64%) BUY KENANGA Price Target News
07/07/2022 1.95 2.35 +0.40 (20.51%) BUY HLG Price Target News
01/07/2022 1.88 2.40 +0.52 (27.66%) BUY KENANGA Price Target News
01/07/2022 1.88 2.35 +0.47 (25.00%) BUY HLG Price Target News
07/06/2022 2.18 2.35 +0.17 (7.80%) BUY HLG Price Target News
01/06/2022 2.19 2.35 +0.16 (7.31%) BUY HLG Price Target News
30/05/2022 2.18 2.00 -0.18 (8.26%) HOLD RHB-OSK Price Target News
30/05/2022 2.18 2.40 +0.22 (10.09%) BUY KENANGA Price Target News
30/05/2022 2.18 2.35 +0.17 (7.80%) BUY HLG Price Target News
12/05/2022 2.09 2.35 +0.26 (12.44%) BUY HLG Price Target News
05/05/2022 2.11 2.35 +0.24 (11.37%) BUY HLG Price Target News
01/04/2022 2.00 2.35 +0.35 (17.50%) BUY HLG Price Target News
31/03/2022 1.94 2.35 +0.41 (21.13%) BUY HLG Price Target News
25/03/2022 1.84 2.35 +0.51 (27.72%) BUY HLG Price Target News
08/03/2022 1.82 2.35 +0.53 (29.12%) BUY HLG Price Target News
03/03/2022 1.86 1.50 -0.36 (19.35%) SELL RHB-OSK Price Target News
02/03/2022 1.89 2.10 +0.21 (11.11%) BUY KENANGA Price Target News
02/03/2022 1.89 2.35 +0.46 (24.34%) BUY HLG Price Target News
01/03/2022 1.77 2.10 +0.33 (18.64%) BUY KENANGA Price Target News
01/03/2022 1.88 2.35 +0.47 (25.00%) BUY HLG Price Target News
03/02/2022 1.80 2.25 +0.45 (25.00%) BUY HLG Price Target News
31/01/2022 1.81 1.65 -0.16 (8.84%) HOLD KENANGA Price Target News
14/01/2022 1.93 2.25 +0.32 (16.58%) BUY HLG Price Target News
03/01/2022 1.73 2.25 +0.52 (30.06%) BUY HLG Price Target News
20/12/2021 1.67 2.25 +0.58 (34.73%) BUY HLG Price Target News
07/12/2021 1.62 2.25 +0.63 (38.89%) BUY HLG Price Target News
22/11/2021 1.69 1.55 -0.14 (8.28%) HOLD KENANGA Price Target News
22/11/2021 1.69 2.25 +0.56 (33.14%) BUY HLG Price Target News
05/11/2021 1.67 1.40 -0.27 (16.17%) SELL KENANGA Price Target News
01/11/2021 1.69 2.15 +0.46 (27.22%) BUY HLG Price Target News
04/10/2021 1.72 2.15 +0.43 (25.00%) BUY HLG Price Target News
01/10/2021 1.69 2.15 +0.46 (27.22%) BUY HLG Price Target News
15/09/2021 1.70 2.15 +0.45 (26.47%) BUY HLG Price Target News
08/09/2021 1.74 2.15 +0.41 (23.56%) BUY HLG Price Target News
30/08/2021 1.74 1.30 -0.44 (25.29%) SELL KENANGA Price Target News
27/08/2021 1.74 1.30 -0.44 (25.29%) SELL KENANGA Price Target News
27/08/2021 1.74 2.15 +0.41 (23.56%) BUY HLG Price Target News


Price Target Research Article/News (past 6 months)
01/08/2022  KENANGA Banking - June 2022 Statistics
01/08/2022  HLG Banking - Firing All Cylinders
26/07/2022  Rakuten Affin Bank Bhd - On a Stronger Footing
26/07/2022  KENANGA Affin Bank Bhd - Keeping Up with its Targets
07/07/2022  KENANGA Banking - Second 25 bps OPR Hike This Year
07/07/2022  HLG Banking - BNM Hikes OPR by Another 25bps
01/07/2022  KENANGA Banking - May 2022 Statistics
01/07/2022  HLG Banking - Will Bounce Back Again
07/06/2022  HLG Banking - 1Q22 Report Card: Respectable Quarter
01/06/2022  HLG Banking - Commendable Showing
30/05/2022  RHB-OSK Affin - Pressure on Cost of Funds; Stay NEUTRAL
30/05/2022  KENANGA Affin Bank Bhd - 1QFY22 Within Expectations
30/05/2022  HLG Affin Bank - Starting in Line
12/05/2022  HLG Banking - BNM Raises OPR by 25bps
05/05/2022  HLG Banking - Here Comes the Digital Banks
01/04/2022  HLG Banking - Decent Showing
31/03/2022  HLG Banking - Can Withstand Shocks
25/03/2022  HLG Affin Bank - Chugging Along Nicely
08/03/2022  HLG Banking - 4Q21 Report Card: Fairly Decent Quarter
03/03/2022  RHB-OSK Affin - Valuation Ahead of Fundamentals; Keep SELL
02/03/2022  KENANGA Banking - Jan 2022 Statistics
02/03/2022  HLG Banking - Positive Reads Persisted
01/03/2022  KENANGA Affin Bank Bhd - FY21 Exceeded Expectations
01/03/2022  HLG Affin Bank - Ahead of Estimates
03/02/2022  HLG Affin Bank - Looking at the Glass Half Full
31/01/2022  KENANGA Affin Bank Bhd - Divesting Asset Management Business
14/01/2022  HLG Banking - Improving ESG Performance
03/01/2022  HLG Banking - Solid Trends
20/12/2021  HLG Banking - Still Has a Bright Future
07/12/2021  HLG Banking - 3Q21 Report Card: Pleasantly Surprised
22/11/2021  KENANGA Affin Bank - 9MFY21 Surpass Expectations
22/11/2021  HLG Affin Bank - Beat Expectations
05/11/2021  KENANGA Affin Bank Bhd - Bracing to Tackle 2022
01/11/2021  HLG Banking - Improving Trends
04/10/2021  HLG Banking - Good Defence
01/10/2021  HLG Banking - Not So Gloomy Days Ahead
15/09/2021  HLG Banking - Exempting Moratorium Interest for B50 Group
08/09/2021  HLG Banking - 2Q21 Report Card: Fairly Decent Quarter
30/08/2021  KENANGA Affin Bank - Lingering Uncertainties
27/08/2021  KENANGA Affin Bank Bhd - 1HFY21 Within Expectations
27/08/2021  HLG Affin Bank - Within Expectations



  2 people like this.
 
spectre001 With current price, those apply DRP is making wrong decision right...
20/06/2022 11:01 AM
jeffrey1166 almost same drp 1.88 price let wait q3 up to 2.5
21/06/2022 3:31 PM
aklobi Affin is showing resilience
22/06/2022 3:51 PM
redhotpepper Resilience? which part ?
22/06/2022 4:04 PM
aklobi Not gone below drp..
22/06/2022 7:22 PM
aklobi REDHOTPEPPER: Still questioning Affin's resilience?
07/07/2022 4:00 PM
smartmove100 should be firm, forming strong base.. next above rm 2
08/07/2022 3:35 PM
aklobi Eid Mubarak to all! Let's pray to Allah that the price will be above 3 next year ;)
09/07/2022 3:05 PM
aklobi 50 cent per share special dividend will be declared some time in the near future. I think the price will gradually rise towards then.
18/07/2022 7:07 PM
hng33 Bought affin at 1.94
20/07/2022 12:16 PM
hng33 US rate hike is good feel factor for local bank + incoming special dividend
20/07/2022 12:39 PM
hng33 special dividend range 20-25sen is expected soon
21/07/2022 2:53 PM
hng33 Chart higher high, bullish signal
22/07/2022 12:49 PM
hng33 Affin CEO & preseident openly buy share, he must know insiders news, big special dividend is coming.

Waiting to be rewarded :D)
22/07/2022 7:51 PM
jeffrey1166 special dividend is sep right
23/07/2022 11:57 AM
hng33 hope so :D)
23/07/2022 1:41 PM
redhotpepper @Aklobi, 50 sen dividend? What's the logic? You want to share some insight/formula on how you get the 50 sen dividend?
24/07/2022 12:07 AM
smartmove100 heard of a dividend this morning too... fr a broking house's..
25/07/2022 9:34 AM
aklobi @redhotpepper: i read it somewhere and I could always be wrong as I am not in the midst of the market in Malaysia and I don't speak Malay. Seems you're still sour when I was right about the "resistance" comment and the fact the share price shot from 1.86 a month ago to 2.05 today. If you want to be grumpy, by all means be grumpy, but with someone else.
25/07/2022 3:34 PM
TheContrarian @aklobi, you are not Malaysian?
25/07/2022 11:40 PM
aklobi @TheContrarian, I am a Saudi Arabian currently living in London. I've been buying Affin since 2014.
26/07/2022 1:09 AM
redhotpepper Hi @Aklobi, I see. Thanks for the "Insight". :) I am not grumpy, just curious :)
26/07/2022 5:06 PM
Jonathan Keung Wow. Long term investment
26/07/2022 6:04 PM
aklobi @Jonathan Keung, it ticks so many boxes:
1- A bank
2- Islamic
3- Backed by a strong institution ( Malaysia Army I think)
4- Profitable
6- Potential for takeover with a strong book value (more than double the last time I checked).
Nothing to dislike. Correct me if I am wrong. Add points as you see fit
27/07/2022 4:11 PM
aklobi 7- low pe ratio
27/07/2022 4:12 PM
hng33 Good closing, thumb up Affin
27/07/2022 5:00 PM
warrantKing Affin wait RM2.5 lah
27/07/2022 7:59 PM
jeffrey1166 ya let wait q3 2.5 n special dididend 0.5 soon
28/07/2022 10:21 AM
warrantKing They are guessing special dividend at 15sens , as AFFIN need the capital to grow the Loan segment.
Collect the golden eggs , not killing the golden goose .
28/07/2022 10:51 AM
hng33 Asset disposal monetize RM 1.5 billion, cash out 70sen/share. Affin affird to payout at least 30% to reward shareholder
28/07/2022 11:03 AM
aklobi @TheContrarian, where are we heading?
28/07/2022 5:29 PM
kyliew US economy is technically in recession with the latest Q2 GDP data out
28/07/2022 8:47 PM
redhotpepper hmmm, where is Affin heading? Up or down?
29/07/2022 3:00 PM
redhotpepper Its CeO is also buying a lot of share, must be anticipating some event......
29/07/2022 3:25 PM
TheContrarian @aklobi, we are heading for RM2.50 :-)
29/07/2022 4:42 PM
TheContrarian @aklobi, I am curious why you have invested in Affin but not the bigger banks?
29/07/2022 4:44 PM
aklobi @TheContrarian, The bigger banks didn't tick all the boxes I mentioned above, at the time. I was looking for higher potential.
29/07/2022 5:51 PM
redhotpepper From an investment bank:

We maintain our GGM-derived PBV TP of RM2.45 (COE: 11.3%, TG: 3.0%, ROE: 7%) and OP call. Post a meeting with the group at its recently launched TRX Headquarters, we are convinced of AFFIN achieving its ambitious FY22 targets with some resiliency against economic headwinds. Disposal of its business units will help to fuel its key banking division’s endeavours. There is no adjustment to our TP based on ESG of which it is given a 3-star rating as appraised by us. AFFIN is one of our 3QCY22 sector top picks.

Key takeaways are as follows:

- Disposal of AHAM to boost organic growth in banking division. The sale of AHAM will unlock RM1.54b in cash, likely to be sealed by the end of July 2022. This will elevate CET-1 levels to 16% (from 13.7%). The group opines that injecting said capital could stimulate the group’s banking units and add NII of RM190m (+11% to current estimates) in two years. Meanwhile, due to non-compete agreement, AFFIN will abstain from any new asset management ventures for 18 months post sale.

- Capital considerations first and then dividends. The group opines that it will ensure working capital targets are sufficiently fulfilled before it considers the quantum of special dividends that may be paid. Of the RM1.54b proceeds, if we were to estimate a payout of 25% to shareholders, this could translate to c.18.0 sen in special dividends or 9% yield while still keeping CET-1 level at c.15.8%.

- AXA to also close in 3QFY22. The disposal of stakes in AXA Affin Life and General to the JV with MPI Generali (estimated to be completed end-Aug 2022) will provide additional RM155m cash while still being earnings accretive as an associate. That said, operational integration of this JV is expected to only materialise by 1QFY23. Post merger, the combined gross written premium is expected to stand at c.RM2.0b, behind market leader Allianz’s RM2.35b book. There could be a two-pronged growth enjoyed with Generali’s non-cannibalistic product offerings on top of operational synergies from the merged entity, uplifting the segment’s overall contribution to beat its historical 5% of group earnings, going forward.

- Unhindered by recent macro developments. The group remains confident that its 12% loans growth (industry highest) target for FY22 is attainable. Although recent OPR hikes pose headwinds to affordability, strength of the SMEs is expected to remain solid as the local economic growth remains on track. This will be balanced by the launch of its mobile banking app in 4QFY22 to keep CASA and funding costs sticky. Meanwhile, NOII will be cushioned by encouraging reception of its wealth products amidst sluggish investment and trading performance.

Post update, we leave our FY22E/FY23E assumptions unchanged.

Maintain OUTPERFORM and TP of RM2.45. Our TP is based on a GGM-derived PBV of 0.48x (COE: 11.3%, TG: 3.0%, ROE: 7%) on our FY23E BVPS of RM5.07. We believe AFFIN’s monetisation of its business units (AHAM and AXA Affin) could progressively refine AFFIN’s identity as a more comparable traditional bank akin to its listed peers, which may at times fetch a higher valuation for the group. At the meantime, its dividend yield prospects of 5-6% (excluding possible special dividends) could incentivise investors to overlook its low ROE levels which should gradually be enhanced with its growth plans.

Risks to our call include: (i) higher-than-expected margin squeeze, (ii) lower-than-expected loans growth, (iii) worse-than-expected deterioration in asset quality, (iv) slowdown in capital market activities, (v) unfavourable currency fluctuations, and (vi) changes to OPR.
01/08/2022 8:18 AM
hng33 Completed asset disposal, now awaiting special dividend announcement.
01/08/2022 11:54 AM
Jonathan Keung A safe counter but slow moving affin
02/08/2022 7:12 AM
redhotpepper Yes a slow moving but safe counter. Need to have a lots of patience.
02/08/2022 9:26 AM
hng33 Affin CEO is busy accumulating share in open market ahead of his own decision making on special dividend soon
03/08/2022 2:00 PM
aklobi @hng33, do you have a source?
03/08/2022 8:26 PM
hng33 https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3280812
04/08/2022 11:48 AM
aklobi To all the doubters, the purchase of Affin CEO of Affin shares (at these prices) should be A huge boost of confidence in the share. Rm3 shouldn't be impossible within 12 months.
04/08/2022 3:11 PM
hng33 Be patient, allow some time for gestation, share price is currently at the upper band level, it just needs another booster special dividend to propel share price to breakout.
05/08/2022 10:37 AM
stockraider Once special div out info is out...this share will fly loh!

While cheap ..Buy hold now mah!
05/08/2022 1:54 PM
redhotpepper Any idea when will be the "special announcement" ?
05/08/2022 3:22 PM
hng33 Based on projected time that special will paid out to shareholders by end of these year, the estimated timeframe is

1. Payment date: Dec
2. Ex dividend date: Nov
3. Announced dividend datw : Oct
4. Bank Negara approval date: Sept
5. Affin board of director proposed special dividend date : Aug
08/08/2022 9:48 AM
stockraider Should like that lah!

Based on projected time that special will paid out to shareholders by end of these year, the estimated timeframe is

1. Payment date: Oct- Nov
2. Ex dividend date: Sept-Oct
3. Announced dividend date : Aug-sept
4. Bank Negara approval date: Aug
5. Affin board of director proposed special dividend date : Aug
08/08/2022 3:55 PM

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