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decreasing through August, rallying in 4QCY17, and falling sharply YTD Issued shares (m) 286
because of subdued earnings in 1HFY18. Market capitalisation INR164.4B
USD2.5B
Rapidly building up funds
Major shareholders:
In a short span of one year since the commencement of its banking
AGARWAL SANJAY K 19.6%
operations, AUBANK has scaled up its CASA deposits. This was helped by Redwood Investment Ltd. 15.7%
introducing CASA deposit facilities in 306 branches, offering higher International Finance Corp. 8.0%
interest rates and using digital channels for client on-boarding. Accounts
India
Price Performance
are opened in less than 15 minutes, thanks to the use of the Aadhar
740 150
biometric. It added 175k deposits in the last one year. CASA ratio stands 720 145
at 37.2%. AUBANK continues to focus on rural and semi-urban areas, with 700 140
680 135
over 50% of its branches in these locations.
660 130
Expanded offerings 640 125
620 120
Vehicle and SME loans continue to dominate its loans at 82%. New 600 115
products will be introduced the next few years, such as home loans, gold 580 110
560 105
loans and business banking that will help diversify risks. For now,
540 100
management will focus on western and northern India. It has tied up 520 95
Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18
with 11 mutual funds and one health insurer to distribute their products.
AU Small Finance Bank - (LHS, INR)
A tie-up with a life insurer is in the cards, according to management. AU Small Finance Bank / BSE SENSEX 30 Index - (RHS, %)
THIS REPORT HAS BEEN PREPARED BY KIM ENG SECURITIES INDIA PVT LTD
SEE PAGE 23 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
AU Small Finance Bank
Source: Company
Source: Company
vishal@maybank-ke.co.in
February 22, 2018 2
AU Small Finance Bank
AUBANK has started overdraft and cash credit facilities for small businesses and
corporates. In FY18, it introduced gold and agriculture loans to diversify its
products. Gold loans have potential in rural and semi urban areas. NBFC,
Mannapuram Finance (MGFL IN, CMP INR105, NR), which are primarily into gold
loans had robust AUM growth of 19% CAGR for FY14-17 benefiting from strong
demand for gold loans. Management feels that it can also gradually build gold
loan book.
160 60%
140
50%
120
40%
100
80 30%
60
20%
40
10%
20
0 0%
FY13 FY14 FY15 FY16 FY17 9MFY18
AUM (INR b) Growth YoY
Source: Company
Fig 4: Vehicle loans form the bulk of its loans
3%
5%
10%
0%
6%
47%
29%
Vehicle MSME SME Gold + Farm NBFC Real Estate Group Business Banking
Source: Company
In the MSME and SME segments, AUBANK caters to businesses such as provision
stores, dairy vendors, hotels, restaurants, traders, wholesalers, retailers and
distributors of consumer goods. Their loans are secured by immovable property.
Maximum tenure is 12 years for MSMEs and 15 for SMEs. Average tenure is 5-7
years. Interest rates are 12-19%, depending on client and collateral cover.
60% 73%
93%
40% 78%
20% 19%
8%
0%
Retail loans Wholesale loans Total Loans
Up to INR10m INR10m to INR50m Above INR50m
Source: Company
100% 1% 2% 2% 3%
7% 7% 6% 5% 6% 5%
5% 6%
8% 7% 8% 10%
6% 9% 9%
80% 6% 6%
30%
28% 30% 31% 30%
60% 29%
40%
55% 51% 50% 49% 48% 47%
20%
0%
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Vehicle MSME SME Gold + Farm NBFC Real Estate Group Business Banking
Source: Company
Fig 8: Active loan accounts have increased rapidly since it became a bank…
350,000
320,000
290,000
260,000
230,000
200,000
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Source: Company
28,000
24,000
20,000
16,000
12,000
8,000
4,000
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Disbursement (INR m)
Source: Company
Fig 10: From a low base, wholesale loans have grown strongly
Loan Book Composition (INR m) 3Q17 2Q18 3Q18 YoY (%) QoQ (%)
Retail loans
Vehicle loans 50,020 57,860 62,690 25.3% 8.3%
MSSME loans 27,260 36,080 39,200 43.8% 8.6%
SME loans 5,700 7,850 7,930 39.1% 1.0%
Gold loans + agriculture loans 0 60 240 na 300.0%
Total retail loans 82,980 101,850 110,060 32.6% 8.1%
Wholesale loans
NBFC 6,510 10,210 13,330 104.8% 30.6%
Real Estate Group 6,890 7,050 7,370 7.0% 4.5%
Business Banking 1,610 2,240 3,400 111.2% 51.8%
Total wholesale loans 15,010 19,500 24,100 60.6% 23.6%
Total loans 97,990 121,350 134,160 36.9% 10.6%
Loan Mix (%)
Retail loans
Vehicle loans 51.0% 47.7% 46.7% -4.3% -1.0%
MSSME loans 27.8% 29.7% 29.2% 1.4% -0.5%
SME loans 5.8% 6.5% 5.9% 0.1% -0.6%
Gold loans + agriculture loans 0.0% 0.0% 0.2% 0.2% 0.1%
Total retail loans 84.7% 83.9% 82.0% -2.6% -1.9%
Wholesale loans
NBFC 6.6% 8.4% 9.9% 3.3% 1.5%
Real Estate Group 7.0% 5.8% 5.5% -1.5% -0.3%
Business Banking 1.6% 1.8% 2.5% 0.9% 0.7%
Total wholesale loans 15.3% 16.1% 18.0% 2.6% 1.9%
Total loans 100.0% 100.0% 100.0%
Disbursement (INR m)
Retail loans 11,000 17,710 17,440 58.5% -1.5%
Wholesale loans 1,300 7,490 8,430 548.5% 12.6%
Total loans 12,300 25,200 25,870 110.3% 2.7%
Source: Company
Fig 11: Western states such as Rajasthan, Gujarat and Maharashtra are the top
contributors
13%
46%
13%
15%
Source: Company
AUBANK caters to the middle and lower-middle class in rural and semi-urban
areas. As of Dec 2017, 149 of its 306 branches were in rural and semi-urban
areas. The majority are in Rajasthan (46%), Gujarat (13%), Maharashtra (12%) and
Madhya Pradesh (12%). AUBANK also has 113 asset-financing centres (AFCs).
These can be found serving middle and upper-middle-class individuals and
businesses in urban locations. Owing to India’s large unbanked population,
AUBANK has opportunities to expand in these states before moving out to new
ones.
Fig 12: 50% of AUBANK’s branches are in semi-urban & rural areas
Semi- Total number
Metropolitan Urban Rural
Urban of branches
Rajasthan 11% 16% 58% 14% 142
Maharashtra 32% 43% 24% 0% 37
Gujarat 20% 50% 30% 0% 40
Madhya Pradesh 14% 43% 43% 0% 37
Punjab 6% 61% 33% 0% 18
Haryana 7% 79% 14% 0% 14
Other States 39% 39% 22% 0% 18
Total 16% 34% 43% 7% 306
Source: Company
19 4
2
14 5 UTTAR PRADESH
142 37
40 5
1 37
Source: Company
Its initial momentum in gathering low-cost CASA deposits was strong. From the
commencement of its banking operations, deposits have grown to form 34% of its
funding mix, as of 3QFY18. CASA now stands at 37.2% of deposits vs 33% for
Equitas Small Finance Bank (EQUITAS IN, CMP: INR144, NR) and 3.7% for Ujjivan
Small Finance Bank (UJJIVAN IN, CMP: INR356, NR). Management attributes this
to: a) its higher interest rates; b) Tablet-based account opening; and c) monthly
interest payments vs yearly for peers.
40 37.2 70%
35 60%
30 61.1%
50%
25
19.8 40%
20
37.2% 30%
15 32.6%
8.2 20%
10
5 10%
0 0%
1Q18 2Q18 3Q18
Total Deposits (INR b) (LHS) CASA Ratio (%) (RHS)
Source: Company
Large and established banks offer lower interest rates for savings deposits,
averaging 3.5% pa. AUBANK offers 6.5% pa for deposits over INR1m, 5% for
deposits up to INR100K and 6% for INR101K-1m. Even though 6.5% seems high, it
is lower than its existing average cost of funds of 8.6%. AUBANK also pays
monthly interest on deposits, another selling point. On top of that, it avoids too
many product variants and does not adopt a home-branch concept; rather, it
provides the same level of service in all its branches. Extended banking hours and
a single-page form for all banking needs are further appealing features. Along
with traditional banking products, most of its branches offer lockers for
depositing valuables like gold, jewellery and important documents. Cash
recyclers, where customers can deposit cash to their bank account, are available
in 50 locations.
Fig 15: AUBANK attracts depositors with higher yields… Fig 16: … enabling it to add savings accounts rapidly
9% 350,000 341,712
8.00%
8% 7.25% 7.25%
6.80% 6.75% 6.70% 300,000
7% 6.5% 7%
6% 6%
250,000
6%
5%
5% 200,000 175,451
4%
4% 150,000
3%
100,000
2% 53,292
1% 50,000
0% 0
UJJIVAN AUBANK EQUITAS IIB YES KMB 1Q18 2Q18 3Q18
Saving rate Term deposit rate Current accounts Savings accounts Term deposit accounts
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
FY12 FY13 FY14 FY15 FY16 FY17 9MFY18
Source: Company
Up until FY17, NPL recognition was based on 120 days past due while from
June’17 it changed to 90 days past due to comply with the change in regulatory
requirement. As a result, in FY18 NPLs appears to be higher than the historical
trend. Gross NPLs were at 2.8% as of 9MFY18 and net NPLs were at 1.9%, which is
the best amongst the small finance banks.
Fig 18: On a like-to-like basis, AUBANK’s asset quality has remained stable
3.5% 40%
3.0% 35%
2.5%
30%
2.0%
25%
1.5%
20%
1.0%
0.5% 15%
0.0% 10%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Gross NPLs (LHS) Net NPLs (LHS) Provision Coverage ratio (RHS)
Source: Company
Fig 19: AUBANK has one of the lowest NPLs among small finance banks/NBFCs
8%
7%
6%
5%
4%
3%
2%
1%
0%
RBL
KVB
DCB
EQUITAS
MGMA
UJJIVAN
LVB
CAFL
CUB
CIFC
SUF
AUBANK
SIB
SCUF
Net NPL Gross NPL
Source: Company
Small finance bank peers, EQUITAS and UJJIVAN, are primarily focused on
microfinance lending. These banks witnessed a sharp spike in NPLs in FY17 due to
demonetisation-led slippages. However, for AUBANK NPLs were reduced to 0.6%
in FY17 from 0.9% in FY16. Lending to individuals and small businesses for
income-generating activities, a secured loan book and strong credit underwriting
policies helped it to maintain excellent asset quality.
Fig 20: AUBANK’s asset quality has always been stable among small finance
banks
6%
5%
4%
3%
2%
1%
0%
FY12 FY13 FY14 FY15 FY16 FY17 9M18
Source: Companies
AUBANK has access to multiple sources of funds, which reduces its dependency
on any one segment. Its cost of borrowing fell from 11.6% in FY13 to 8.6% in
3QFY18 as it benefited from conversion to a bank and improvement in credit
rating. AUBANK has ‘A+’ long term credit rating and ‘A1+’ short-term credit
rating.
After being converted from a NBFC to a bank, it now has access to new sources of
funding such as low-cost CASA deposits. Over the past three quarters, AUBANK’s
costs have fallen further as CASA ramp-up continues. Incremental cost of funds
was reduced to 7.2% in 9MFY18 from 8.2% in Apr’17. Management believes there
is room to lower the cost of funds further with increase in contribution of low-
cost deposits.
ICRA - A+ / Stable
India Ratings - A+ /Positive
CARE Ratings BBB+ A+
Brickwork Ratings - AA / Stable
Source: Company
Fig 22: Incremental cost of funds fell after transition to SFB
70 7.90% 8.0%
60 7.8%
50
7.6%
40 7.40%
7.4%
30 7.20%
7.2%
20
10 7.0%
0 6.8%
1Q18 1H18 9M18
Incremental funds (INR b) Cost of Incremental Funds (%)
Source: Company
Fig 23: Deposits’ share in funding mix is increasing rapidly
100% 1%
60%
23%
12% 21%
16%
40% 21% 5% 3%
14% 6%
11%
7% 8% 4%
20% 23% 13%
4% 34%
18% 21%
8% 5% 10%
0%
2Q17 4Q17 1Q18 2Q18 3Q18
Source: Company
Fig 24: Spread has increased benefiting from lower cost of funds
0%
FY13 FY14 FY15 FY16 FY17 9MFY18
Source: Company
AUBANK’s focus on the low and middle-income customer segments, and high-
yielding products has led to higher yields. A larger share of high-yielding MSME
(Micro, Small & Medium Enterprises) and SME (Small & Medium Enterprise) loans
in the loan mix, and lower cost of funds aided margin expansion. NIMs improved
steadily from 6.9% in FY13 to 11.9% in FY17. Deployment of INR22-23b in G-Sec
instruments to comply with regulatory reserve ratio norms led to margin squeeze
in 9MFY18. Banks are required to set aside 20% of the borrowings as liquid
instruments. These instruments are relatively of lower yields of 6-7.5% vs. 15-16%
for loans. Management guidance for medium-term NIMs is in the range of 7-8%.
10%
8
9%
6
8%
4
7%
2
6%
0 5%
FY13 FY14 FY15 FY16 FY17 9MFY18*
AUBANK has made significant investment in IT infrastructure and has adopted the
latest technologies. This has resulted in better customer experience, such as
Aadhar (biometric identity) linked TAB-based “Paperless” account opening,
interactive voice response systems in regional languages and blue-tooth printers
by field officers. 90% of savings accounts are opened using TAB-based banking. As
on 3QFY18, AUBANK launched more than 250 point-of-sales terminals. The bank
also uses data analytics for target customer profiling, and customised & tailor-
made products. AUBANK has entered into agreements with IT companies like
Accenture and Netmagic for its technology rollout. It deploys solutions like
accounting platform (Flexcube) by Oracle, and Newgen for workflow-based loan
origination & collection system and CRM solutions. These investments have
initially led to a rise in cost, which in management’s view are necessary keeping
long-term benefits of its transition in mind.
Fig 26: Investment in branches and technology has adversely impacted C-I
ratio
60%
55%
50%
45%
40%
35%
30%
25%
20%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Source: Company
Fig 27: AUBANK is well capitalised with tier-1 CAR at 20% vs 7% of regulatory
requirement
32%
26.6%
27% 24.0% 24.5%
23.0% 23.5%
22% 21.0%
19.9%
17%
24.4%
21.3% 22.3% 21.5% 22.5%
18.9% 20.0%
12%
7%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
Source: Company
Return ratios impacted in short run due to investments and regulators costs
AUBANK has consistently reported high earnings with strong return ratios. PAT
jumped from INR694m in FY13 to INR3,051m in FY17. Core business performance
has been backed by robust loan growth, NIM expansion and controlled credit
cost. Loans grew by a 33% CAGR from FY12-17, while NIMs expanded 2.8ppts to
9.7%. Credit cost has remained steady at 0.9% in the past five years. AUBANK has
one of the best ROEs in the industry. Its average ROE for the past five years was
20.2% while it was 21.8% for FY17 vs the sector average of 19.7%.
During the transition from NBFC to SFB, AUBANK’s expenditure on technology and
infrastructure increased. Its cost-to-income ratio jumped to 57% in 3QFY18 from
34% in 3QFY17. As a result, in 9MFY18, return ratios fell slightly. Also, regulatory
reserve requirements have also dented margins. Management believes opex will
gradually fall and the cost-to-income ratio will be around 50% for the next three
years. In the long run, it will fall into the range of 40-42%.
AUBANK is in the early stages of growth and it has only 0.1% share of bank loans,
by value, in India. With a diversified loan portfolio and lower competition in
unserved geographies management is confident about AUBANK’s rapid growth. In
the medium term, management expects return ratios to fall and ROEs will be
around 14-16% due to higher spending on expansion/technology and regulatory
investments yielding lower returns. Long-term ROEs are expected to return to
the 17-18% range.
30% 5%
25%
4%
20%
3%
15%
23.9% 2%
10% 18.6% 20.4% 20.4%
14.0% 13.3% 1%
5%
0% 0%
FY13 FY14 FY15 FY16 FY17 9MFY18*
3,500 100%
3,000 80%
2,500
60%
2,000
40%
1,500
20%
1,000
500 0%
0 -20%
FY13 FY14 FY15 FY16 FY17 9MFY18
Source: Company
Fig 30: Comparative valuation of banks and NBFCs: P/BV vs ROE (FY19E)
7.0
P/BV FY19E
6.0 AUBANK
5.0 BAF
4.0
SUF
CIFC
3.0 RBK
CAFL
CUBK
EQUITAS UJJIVAN
2.0
DCBB
MGMA SCUF
KVB
1.0
LVB SIB ROE FY19E
0.0
6% 8% 10% 12% 14% 16% 18% 20% 22%
Au small Finance Bank AUBANK NR NA 576 2,537 59.3 55.6 40.1 9.7 7.2 6.1 21.8 13.8 16.5
City Union Bank CUBK NR NA 174 1,782 22.8 19.2 16.4 3.2 2.8 2.5 15.2 15.4 15.9
DCB Bank DCBB NR NA 165 783 20.9 20.3 16.0 1.9 2.0 1.8 9.6 10.6 11.4
Equitas EQUITAS NR NA 144 754 30.0 118.8 29.7 2.2 2.2 2.0 8.9 1.9 6.9
Lakshmi Vilas Bank LVB HOLD 140 118 467 9.4 12.7 10.2 1.2 1.2 0.8 0.1 9.4 9.2
Karur Vysya Bank KVB NR NA 111 1,246 12.0 19.4 10.6 1.4 1.3 1.2 12.6 7.9 11.4
RBL Bank RBK NR NA 472 3,037 37.5 29.9 22.7 4.1 3.0 2.7 12.2 11.9 13.0
South Indian Bank SIB NR NA 27 749 10.3 14.7 7.8 1.0 1.0 0.9 9.0 7.0 12.1
Ujjivan UJJIVAN NR NA 356 662 20.0 NA 20.3 2.4 2.4 2.2 14.1 NA 11.6
Average NR NA NA NA 20.4 33.6 16.7 2.2 2.0 1.8 10.2 8.0 11.4
Bajaj Finance BAF NR NA 1,639 14,569 48.2 36.6 27.1 9.3 5.9 4.9 21.6 20.5 20.4
Capital First CAFL BUY 925 678 1,035 28.6 20.9 15.7 3.0 2.6 2.3 11.9 13.3 15.6
Chola Finance CIFC NR NA 1,333 3,213 28.9 22.0 18.1 4.8 4.1 3.4 18.0 19.7 20.1
Magma Fincorp MGMA NR NA 161 590 187.7 16.7 13.2 1.8 1.6 1.5 0.9 10.1 12.0
Shriram City Unioun SCUF NR NA 1,970 2,004 22.5 17.6 13.5 2.5 2.3 2.1 11.8 13.8 15.8
Sundaram Finance SUF NR NA 1,635 2,801 26.6 30.6 26.4 3.8 4.3 3.9 15.2 15.1 15.6
Average NR NA NA NA 57.1 24.1 19.0 4.2 3.5 3.0 13.2 15.4 16.6
Source: Companies, Bloomberg, Maybank Kim Eng; *Prices as of 20th February 2018
750 INR/share
700
650
600
550
500
450
400
10-Jul-17
19-Jul-17
28-Jul-17
04-Nov-17
13-Nov-17
22-Nov-17
28-Dec-17
08-Oct-17
17-Oct-17
26-Oct-17
01-Dec-17
10-Dec-17
19-Dec-17
06-Jan-18
15-Jan-18
24-Jan-18
06-Aug-17
15-Aug-17
24-Aug-17
02-Feb-18
11-Feb-18
20-Feb-18
02-Sep-17
11-Sep-17
20-Sep-17
29-Sep-17
Source: Bloomberg
About AUBANK
AUBANK has reported robust performance in all key parameters with loan growth
at 30% CAGR over FY13-17, healthy NIMs at 7% as on 3QFY18, benign asset quality
with net NPLs at 1.9% for 3QFY18. It has diversified product portfolio. Within
retail segment, AUBANK offers vehicle loans and secured business loans to MSME
and SMEs whereas in wholesale loans it extends loans to NBFCs, SMEs and MSMEs,
micro-finance institutions (MFIs) and real estate developers. Since becoming a
bank it has widened its product suite to include current accounts, saving
accounts, term deposits, locker services, online banking and electronic fund
transfer. It is rapidly building a granular retail deposit franchise. Its CASA ratio
was at 37% with a total deposit base of INR37.2b as on 3QFY18.
With increasing share of low cost deposits in funding mix, cost of funds fell to
8.6% in 3QFY18 from 10% in FY17. This helped spread to increase to 6.7% and
kept NIMs healthy at 7% despite reduction in loan yields. With robust AUM growth
and healthy NIMs, return ratios have always been high with average ROEs at
19.4% over FY13-9MFY18.
We visited branches to get a sense of the ambience and facilitates available for
customers. We found the branches have a modern design. Bank accounts
primarily are opened using Aadhar linked tabs with no documentation. These
tablets have biometric sensor. Branches are divided into e-lobby, reception with
welcome desk, branch manager’s cabin, locker room, and asset origination and
collection section. Asset centres look after loan processing and disbursement.
ATMs and cash recyclers are provided in the e-lobby. The look and feel is
comparable to modern private sector banks. According to management, most
urban branches offer full services and are located in densely populated
catchment areas. Incrementally, expansion in braches may be limited as growth
will shift to garnering business from the existing branches.
Fig 33: Branches are located in densely populated locations.. Fig 34:.. so footfalls are high
Fig 35: Branches have modern designs.. Fig 36:.. which improves customer experience
Fig 39: Asset centre looks after loan processing and Fig 40: AUBANK also provides lockers to its customers
disbursement
Fig 41: ATMs are equipped with finger print sensor Fig 42: Aadhar linked TAB-based ‘paperless’ account opening
Profitability (%)
Non-int. income/Total income 0.6 0.8 0.5 0.6 0.6
Average lending yields 20.14 19.30 20.29 20.12 17.79
Average cost of funds 14.55 14.62 12.98 12.32 10.22
Net interest margin 6.86 6.91 8.09 8.94 11.35
Cost/income 44.7 40.0 37.2 40.9 39.3
Liquidity (%)
Loans/customer deposits nm nm nm nm nm
Returns (%)
ROAE 18.6 14.0 20.4 23.9 20.4
ROAA 3.2 2.4 4.0 4.1 3.8
Shareholders equity/assets 14.2 20.2 19.3 16.0 20.2
Source: Company; Maybank
Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Christopher WONG Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0652 Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy christopherwong@kimeng.com.hk Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • HK & China Properties • Strategy • Consumer • Materials • Ind. Estates
Desmond CH’NG, ACA • Oil & Gas • Telcos
WONG Chew Hann, CA (603) 2297 8680 Jacqueline KO, CFA
Sittichai DUANGRATTANACHAYA
desmond.chng@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk
Regional Head of Institutional Research (66) 2658 6300 ext 1393
• Banking & Finance • Consumer Staples & Durables
(603) 2297 8686 Sittichai.D@maybank-ke.co.th
wchewh@maybank-ib.com Ka Leong LO, CFA • Services Sector • Transport • Property • Telcos
LIAW Thong Jung
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0630 kllo@kimeng.com.hk Tanawat RUENBANTERNG
ONG Seng Yeow • Consumer Discretionary & Auto
• Oil & Gas Services- Regional (66) 2658 6300 ext 1394
Regional Head of Retail Research Tanawat.R@maybank-ke.co.th
(65) 6231 5839 Mitchell KIM • Banks & Diversified Financials
ONG Chee Ting, CA
ongsengyeow@maybank-ke.com.sg (852) 2268 0634 mitchellkim@kimeng.com.hk
(603) 2297 8678 ct.ong@maybank-ib.com Ornmongkol TANTITANATORN
• Internet & Telcos
• Plantations - Regional (66) 2658 6300 ext 1395
TAN Sin Mui
Ning MA, CFA ornmongkol.t@maybank-ke.co.th
Director of Research Mohshin AZIZ • Oil & Gas
(852) 2268 0672 ningma@kimeng.com.hk
(65) 6231 5849 (603) 2297 8692 mohshin.aziz@maybank-ib.com • Insurance Sukit UDOMSIRIKUL Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem
(66) 2658 5000 ext 5090
Ricky NG, CFA Sukit.u@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA (852) 2268 0689 rickyng@kimeng.com.hk
(603) 2297 8916 samuel.y@maybank-ib.com • Regional Renewables Ekachai TARAPORNTIP Deputy Head
Suhaimi ILIAS • Gaming – Regional • Media • HK & China Properties 66) 2658 5000 ext 1530
Chief Economist Ekachai.t@maybank-ke.co.th
Malaysia | Philippines | China TAN Chi Wei, CFA Sonija LI, CFA, FRM Surachai PRAMUALCHAROENKIT
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0641 sonijali@kimeng.com.hk (66) 2658 5000 ext 1470
suhaimi_ilias@maybank-ib.com • Power • Telcos • Gaming Surachai.p@maybank-ke.co.th
• Auto • Conmat • Contractor • Steel
CHUA Hak Bin WONG Wei Sum, CFA Stefan CHANG, CFA
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com (852) 2268 0675 stefanchang@kimeng.com.hk Suttatip PEERASUB
(65) 6231 5830 • Property • Technology – Regional (66) 2658 5000 ext 1430
chuahb@maybank-ke.com.sg suttatip.p@maybank-ke.co.th
LEE Yen Ling Bonny WENG • Media • Commerce
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com (852) 2268 0644 bonnyweng@kimeng.com.hk Sutthichai KUMWORACHAI
Singapore • Building Materials • Glove • Ports • Shipping • Technology – Regional (66) 2658 5000 ext 1400
(65) 6231 5844 sutthichai.k@maybank-ke.co.th
leejuye@maybank-ke.com.sg Ivan YAP Tony REN, CFA • Energy • Petrochem
(603) 2297 8612 ivan.yap@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk
• Healthcare & Pharmaceutical Termporn TANTIVIVAT
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology (66) 2658 5000 ext 1520
(603) 2082 6818 termporn.t@maybank-ke.co.th
zamros.d@maybank-ib.com Kevin WONG INDIA
• Property
(603) 2082 6824 kevin.wong@maybank-ib.com Jigar SHAH Head of Research
Ramesh LANKANATHAN • REITs • Consumer Discretionary Jaroonpan WATTANAWONG
(91) 22 6623 2632 jigar@maybank-ke.co.in (66) 2658 5000 ext 1404
(603) 2297 8685
ramesh@maybank-ib.com LIEW Wei Han • Strategy • Oil & Gas • Automobile • Cement jaroonpan.w@maybank-ke.co.th
• Transportation • Small cap
(603) 2297 8676 weihan.l@maybank-ib.com
Vishal MODI
FX • Consumer Staples Sorrabhol VIRAMETEEKUL
(91) 22 6623 2607 vishal@maybank-ke.co.in Head of Digital Research
Saktiandi SUPAAT Adrian WONG • Banking & Financials (66) 2658 5000 ext 1550
Head, FX Research (603) 2297 8675 adrian.wkj@maybank-ib.com sorrabhol.V@maybank-ke.co.th
(65) 6320 1379 • Constructions • Healthcare Neerav DALAL • Food, Transportation
saktiandi@maybank.com.sg (91) 22 6623 2606 neerav@maybank-ke.co.in Wijit ARAYAPISIT
Jade TAM • Software Technology • Telcos (66) 2658 5000 ext 1450
Christopher WONG
(603) 2297 8687 jade.tam@maybank-ib.com wijit.a@maybank-ke.co.th
(65) 6320 1347 Vishal PERIWAL
• Media • Building Materials • Strategist
wongkl@maybank.com.sg
(91) 22 6623 2605 vishalperiwa@maybank-
Leslie TANG Mohd Hafiz Hassan ke.co.in VIETNAM
(65) 6320 1378 (603) 2082 6819 mohdhafiz.ha@maybank-ib.com • Infrastructure
• Small & Mid Caps LE Hong Lien, ACCA
leslietang@maybank.com.sg
INDONESIA Head of Institutional Research
TEE Sze Chiah Head of Retail Research (84 28) 44 555 888 x 8181
Fiona LIM
(603) 2082 6858 szechiah.t@maybank-ib.com Isnaputra ISKANDAR Head of Research lien.le@maybank-kimeng.com.vn
(65) 6320 1374
(62) 21 8066 8680 • Strategy • Consumer • Diversified
fionalim@maybank.com.sg
Nik Ihsan Raja Abdullah, MSTA, CFTe isnaputra.iskandar@maybank-ke.co.id
(603) 2297 8694 • Strategy • Metals & Mining • Cement THAI Quang Trung, CFA,
STRATEGY nikmohdihsan.ra@maybank-ib.com Deputy Head, Institutional Research
Rahmi MARINA (84 28) 44 555 888 x 8180
Sadiq CURRIMBHOY (62) 21 8066 8689
Global Strategist SINGAPORE rahmi.marina@maybank-ke.co.id
trung.thai@maybank-kimeng.com.vn
• Real Estate • Construction • Materials
(65) 6231 5836 Neel SINHA Head of Research • Banking & Finance
sadiq@maybank-ke.com.sg (65) 6231 5838 neelsinha@maybank-ke.com.sg LE Nguyen Nhat Chuyen
Aurellia SETIABUDI
• Strategy (62) 21 8066 8691 (84 28) 44 555 888 x 8082
Willie CHAN • SMID Caps – Regional aurellia.setiabudi@maybank-ke.co.id chuyen.le@maybank-kimeng.com.vn
Hong Kong / Regional • Oil & Gas
• Property
(852) 2268 0631 CHUA Su Tye
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg Janni ASMAN NGUYEN Thi Ngan Tuyen,
• REITs (62) 21 8066 8687 Head of Retail Research
FIXED INCOME janni.asman@maybank-ke.co.id (84 28) 44 555 888 x 8081
Derrick HENG, CFA • Cigarette • Healthcare • Retail tuyen.nguyen@maybank-kimeng.com.vn
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg
• Food & Beverage • Oil&Gas • Banking
(65) 6231 5831 • Property • REITs (Office) PHILIPPINES
winsonphoon@maybank-ke.com.sg TRUONG Quang Binh,
Luis HILADO Minda OLONAN Head of Research
(65) 6231 5848 luishilado@maybank-ke.com.sg Deputy Head, Retail Research
Se Tho Mun Yi (63) 2 849 8840
• Telcos (84 28) 44 555 888 x 8087
(603) 2074 7606 minda_olonan@maybank-atrke.com
binh.truong@maybank-kimeng.com.vn
munyi.st@maybank-ib.com • Strategy
John CHEONG, CFA • Rubber Plantation • Tyres & Tubes • Oil & Gas
(65) 6231 5845 johncheong@maybank-ke.com.sg Katherine TAN
• Small & Mid Caps • Healthcare • Transport (63) 2 849 8843 TRINH Thi Ngoc Diep
kat_tan@maybank-atrke.com (84 28) 44 555 888 x 8208
NG Li Hiang • Banks • Construction diep.trinh@maybank-kimeng.com.vn
(65) 6231 5840 nglihiang@maybank-ke.com.sg • Technology • Utilities • Construction
• Banks Luis HILADO
(65) 6231 5848 luishilado@maybank-ke.com.sg NGUYEN Thi Sony Tra Mi
LAI Gene Lih • Telcos (84 28) 44 555 888 x 8084
(65) 6231 5832 laigenelih@maybank-ke.com.sg mi.nguyen@maybank-kimeng.com.vn
• Technology • Port Operation • Pharmaceutical
• Food & Beverage
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DISCLOSURES
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Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.
Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820
Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221
Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
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