Malayan Banking Berhad Valuation

Q: What is the Fair Price of MAYBANK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MAYBANK (MYR10.2) is trading above our estimate of [[fair value]] (MYR9.57)

Is MAYBANK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MAYBANK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MAYBANK (MYR10.2) is trading above our estimate of fair value (MYR9.57)

Significantly Below Fair Value: MAYBANK is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MAYBANK?

Key metric: As MAYBANK is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MAYBANK. This is calculated by dividing MAYBANK's market cap by their current earnings.
What is MAYBANK's PE Ratio?
PE Ratio	12.6x
Earnings	RM 9.76b
Market Cap	RM 123.08b

MAYBANK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	2.7x

Price to Earnings Ratio vs Peers

How does MAYBANK's PE Ratio compare to its peers?

The above table shows the PE ratio for MAYBANK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.2x
CIMB CIMB Group Holdings Berhad	11.8x	6.4%	RM 88.1b
PBBANK Public Bank Berhad	12.6x	5.2%	RM 85.0b
HLBANK Hong Leong Bank Berhad	10x	7.5%	RM 42.0b
RHBBANK RHB Bank Berhad	10.5x	8.2%	RM 28.3b
MAYBANK Malayan Banking Berhad	12.6x	4.6%	RM 123.1b

Price-To-Earnings vs Peers: MAYBANK is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (11.2x).

Price to Earnings Ratio vs Industry

How does MAYBANK's PE Ratio compare vs other companies in the Asian Banks Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MAYBANK is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the Asian Banks industry average (8.6x).

Price to Earnings Ratio vs Fair Ratio

What is MAYBANK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MAYBANK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12.6x
Fair PE Ratio	11.7x

Price-To-Earnings vs Fair Ratio: MAYBANK is expensive based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MAYBANK forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	RM 10.20	RM 11.15 +9.3%	8.8%	RM 12.50	RM 8.85	n/a	18
Nov ’25	RM 10.40	RM 11.27 +8.4%	7.2%	RM 12.50	RM 9.40	n/a	18
Oct ’25	RM 10.54	RM 11.25 +6.7%	7.6%	RM 12.50	RM 9.40	n/a	18
Sep ’25	RM 10.78	RM 10.99 +1.9%	9.7%	RM 12.50	RM 8.60	n/a	18
Aug ’25	RM 10.26	RM 10.25 -0.1%	8.1%	RM 11.50	RM 8.60	n/a	18
Jul ’25	RM 9.97	RM 10.03 +0.6%	8.5%	RM 11.50	RM 8.60	n/a	18
Jun ’25	RM 9.93	RM 9.92 -0.1%	8.5%	RM 11.50	RM 8.60	n/a	18
May ’25	RM 9.73	RM 9.73 -0.02%	8.4%	RM 11.00	RM 8.10	n/a	18
Apr ’25	RM 9.71	RM 9.67 -0.4%	8.9%	RM 11.00	RM 8.10	n/a	18
Mar ’25	RM 9.45	RM 9.54 +0.9%	9.0%	RM 11.00	RM 8.10	n/a	18
Feb ’25	RM 9.26	RM 9.40 +1.5%	7.8%	RM 10.70	RM 8.10	n/a	18
Jan ’25	RM 8.89	RM 9.40 +5.7%	7.8%	RM 10.70	RM 8.10	n/a	18
Dec ’24	RM 9.00	RM 9.35 +3.9%	8.3%	RM 10.70	RM 8.00	n/a	18
Nov ’24	RM 9.02	RM 9.26 +2.7%	7.8%	RM 10.50	RM 8.00	RM 10.40	18
Oct ’24	RM 8.79	RM 9.26 +5.3%	7.8%	RM 10.50	RM 8.00	RM 10.54	18
Sep ’24	RM 9.15	RM 9.32 +1.9%	7.7%	RM 10.50	RM 8.00	RM 10.78	19
Aug ’24	RM 8.99	RM 9.18 +2.1%	7.2%	RM 10.30	RM 8.00	RM 10.26	19
Jul ’24	RM 8.63	RM 9.20 +6.6%	7.8%	RM 10.30	RM 7.70	RM 9.97	19
Jun ’24	RM 8.60	RM 9.20 +7.0%	7.8%	RM 10.30	RM 7.70	RM 9.93	19
May ’24	RM 8.66	RM 9.18 +6.0%	7.6%	RM 10.30	RM 7.70	RM 9.73	19
Apr ’24	RM 8.57	RM 9.19 +7.3%	7.2%	RM 10.30	RM 8.00	RM 9.71	19
Mar ’24	RM 8.78	RM 9.23 +5.1%	7.6%	RM 10.30	RM 8.00	RM 9.45	19
Feb ’24	RM 8.74	RM 9.22 +5.5%	8.0%	RM 10.40	RM 8.00	RM 9.26	19
Jan ’24	RM 8.70	RM 9.22 +6.0%	8.0%	RM 10.40	RM 8.00	RM 8.89	19
Dec ’23	RM 8.62	RM 9.21 +6.8%	7.9%	RM 10.40	RM 8.00	RM 9.00	19
Nov ’23	RM 8.54	RM 9.49 +11.2%	9.1%	RM 11.05	RM 8.00	RM 9.02	19

Analyst Forecast: Target price is less than 20% higher than the current share price.