Aeon Credit Service (ACSM MK, BUY, TP: MYR16.00)
Expectations Of Sustained Growth
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We expect Aeon Credit’s 3QFY17 results to be in line with our expectations with no major surprises. Loan receivables growth is expected to be on track to meet our estimate of 19% YoY growth for FY17F, while we forecast NIMs to remain compressed. Asset quality remains the key highlight to the results as we expect improved credit cost ahead from lower impairment allowances. We maintain our earnings forecast and TP of MYR16.00 (17% upside). Following a recent share price correction, we upgrade the stock to BUY (from Neutral).
Success in Stock Market through Value Investment
Thursday 8 December 2016
AEON Credit Service
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