CreditSights keeps 'market perform' on CIMB, RHB and Maybank
CreditSights maintained its “market perform” ratings on CIMB Bank Bhd, RHB Bank Bhd and Malayan Banking Bhd after reviewing their 2024 half-year results.
Source: RSS · August 23, 2026 at 6:00 AM · AI-assisted report
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KUALA LUMPUR, 23 AUGUST 2026 —
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CreditSights Maintains “Market Perform” Ratings on CIMB, RHB and Maybank
Market Impact
KUALA LUMPUR, Sept 6 – CreditSights, a financial‑research firm, has kept its “market perform” recommendations on Malaysia’s three largest banks – CIMB Bank Bhd, RHB Bank Bhd and Maybank – in a note issued today. The firm cited healthy capital and profitability metrics, solid operating momentum and a disciplined resolution of COVID‑19 restructured loans for CIMB, while noting that RHB’s capital remains stronger but its asset quality and credit costs have deteriorated relative to CIMB.
Impact on Malaysian Markets
The ratings are unlikely to trigger immediate market moves, as the banks are already well‑established in the Malaysian banking sector. However, the note’s emphasis on CIMB’s steady return on equity (ROE) improvement – 11.4 % in the first half of 2024 versus a FY2024 target of 11.0‑11.5 % – may reinforce investor confidence in the bank’s growth trajectory. RHB’s ROE target of over 10 % for FY2024, with a 1H 2024 result of 9.4 %, suggests a cautious outlook for the bank’s profitability. Maybank’s “market perform” rating, based on its reasonable profitability and solid capital, liquidity and asset‑quality metrics, is expected to maintain its current valuation levels.
Details from CreditSights
CreditSights noted that CIMB’s geographical diversification across key ASEAN markets has helped manage asset quality better in recent years. For RHB, the firm highlighted a widening spread differential and limited liquidity in its dated bond issue, while Maybank does not have any liquid senior benchmark bonds outstanding. Maybank’s issuance of callable Formosa bonds to Taiwanese investors was described as a “fundamental rather than a relative value” approach. The note also mentioned that liquidity in the bond market for these banks is likely to be limited, given the dated nature of the issues.
Outlook
CreditSights expects the second half of 2024 to mirror the first half for RHB, with ROE remaining broadly similar to the 9.4 % achieved in 1H 2024. CIMB is projected to continue its ROE improvement trajectory, staying within its FY2024 target range. Maybank’s performance is expected to remain stable, supported by its strong capital and liquidity position. Details not yet available.
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