HLB maintains 'buy' call on Maybank

Hong Leong Investment Bank (HLIB) Research has maintained a "buy" call on Malayan Banking Bhd (Maybank) at a target price of RM9.33 after the largest bank in Malaysia reported a higher revenue of RM1.18 billion for the first quarter ended March 31, 2016 from RM9.18 billion reported in the corresponding quarter.

HLIB also said improving domestic operations and expanding regional footprint, the establishment of new divisions to better address competition, customer-centric, as well as, the new investment bank outfit, which gained traction, bode well for the bank.

It said other positives for Maybank included the dividend reinvestment plan which provided downside protection while giving additional boost to the industry.

At 12.30 pm, Maybank's share price was four sen lower at RM8.23 with 5.4 million shares traded.