2024 Half-Year Recap | Who is the Most Generous Dividend Payer in Malaysia So Far in 2024?

Moomoo News MY wrote a column · Jun 25, 2024 17:49

Looking back at the first half of 2024, bank stocks dominated the majority of the top 10 high-yield dividend stocks list.

Among companies with a market capitalization exceeding RM5 billion, $BIMB (5258.MY)$ was the best-performing stock, with a dividend yield of over 8% and a year-to-date increase of over 14%. The three local banking giants, $RHBBANK (1066.MY)$, $MAYBANK (1155.MY)$, and $PBBANK (1295.MY)$, were also among the top performers, with dividend yields of 7.26%, 6.06%, and 4.73%, respectively.

Due to the easing of financing costs compared to a year ago, Malaysia's Bank Islam Malaysia Berhad (BIMB) is committed to achieving stronger profit growth this year, targeting a 7-8% expansion in financing, compared to a growth rate of 2.6% last year. The company's net profit rose 9.4 percent YoY to RM129.17 million in the first quarter ended Mar 31, 2024 versus RM118.09 million in the corresponding period last year.

As one of the few banks to exceed analysts' expectations during the earnings season, BIMB announced the distribution of a fully cash second interim dividend of 4.22 sen per share, to be paid on April 5, 2024, bringing its total annual dividend to 16.81 sen per share. The full cash dividend means a higher-than-expected payout ratio of 68.3%. When asked if it would be able to maintain a similar payout ratio this year, Group CEO Muazzam said, "We have a policy of paying out 60% of our net profit, so we're sticking to that."

Below are the Top 10 High-Yield Dividend Stocks in Malaysia so far in 2024:

2024 Half-Year Recap | Who is the Most Generous Dividend Payer in Malaysia So Far in 2024?

In this list, investors can also pay attention to the performance of these companies' stock prices so far this year. Among them, $CIMB (1023.MY)$ saw the highest increase, up to 19.24%, followed closely by $MAYBANK (1155.MY)$ and $ABMB (2488.MY)$, both with a year-to-date increase of over 14%.

Source: Bursa Malaysia, moomoo, the Edge Malaysia

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