Maybank soars 30 per cent after reporting doubled earnings

Shares of Maybank Kim Eng Securities Thailand (MBKET) soared by 29.53 per cent to the ceiling price of 12.50 baht on Friday, after reporting robust first-quarter earnings of 276.73 million baht, jumping 105.5 percent from a year earlier.

MBKET’s percentage jump was the biggest in the morning session, accounting for a transaction value of 107.36 million baht.

The stock’s rise hit the limit imposed by the Stock Exchange of Thailand (SET) of a maximum 30-per-cent price change in a given session.

The impressive results were bolstered by a sharp increase in the brokerage fees from securities business, said Arapat Sangkharat, deputy Chief Executive Officer, on the statement uploaded on the SET.

MBKET saw a 46-per-cent surge of its securities’ brokerage fees to 203.83 million baht driven by the average daily trading value rising 44.9 per cent year-on-year to 96.95 billion baht per day, including 47.33 per cent jump on the proportion of retail brokerage fees.

The average trading value of retails increased by 81.40 per cent from last year to 45.88 billion baht per day, the company said, while fees from derivatives business dropped by 38.84 per cent to 40.07 million baht.

As a result, MBKET’s brokerage fees income rose 35.12 per cent year-on-year to 686.32 million baht.

The statement said that fee and service income climbed 205.77 per cent from the previous year to 41.89 million baht from an increase in underwriting fees, financial advisory fees, and other service fees.

Other brokerage companies also shared a ride following the sentiment from the upcoming strong quarterly results, led by Asia Plus Group Holdings (ASP) gaining 16.9 per cent to 3.32 baht, Trinity Watthana (TNITY) rising 6.72 per cent to 6.35 baht, and KGI Securities (KGI) jumping 6.11 per cent to 4.86 baht by mid-day break.