Post on 25-Mar-2018
transcript
0 www.maybank.com
Invest Malaysia 2016
Humanising Financial Services
Shangri-La Hotel, Kuala Lumpur
12-13 April 2016
1
Invest Malaysia 2016
Financial Performance
Outlook and Strategic Priorities
Shareholder Returns
Strategy: Maybank2020
Overview
2
Leading Regional Financial Services Group Presence in all 10 ASEAN countries
■ No. 1 bank in Malaysia: Conventional and Islamic
■ Top 5 bank in ASEAN
■ No. 95 in The Banker’s Top 1000 World Banks
■ Most Valuable Company on Bursa Malaysia
■ Over 2,400 branches and offices in 20 countries
■ 1,176 branches in 10 ASEAN countries
■ 5 International Financial Centres
■ 48% owned by PNB and its funds and 16% by EPF *
■ Foreign shareholding 18.7% **
■ A− credit rating, on par with Malaysia sovereign
Wide Branch Network
Leadership Position
Strong Shareholders and Credit Ratings
* As at 31 Dec 2015 ** As at 4 April 2016
China
India
ASEAN
3
Strong Financial Position: Top 5 Bank in ASEAN Maybank is a Top 5 ASEAN banking group in terms of assets, loans and deposits, net profit and market cap
28.6
27.0
25.0
22.7
22.5
21.5
18.7
18.3
13.6
10.7
DBS
OCBC
Bank Central Asia
Maybank
UOB
Bank Rakyat Indonesia
Public Bank
Bank Mandiri
Siam Commercial
CIMB
43
63
66
77
84
107
165
223
275
323
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial
Public Bank
CIMB
Maybank
UOB
OCBC
DBS
34.4
48.3
48.8
52.5
70.0
73.8
111.1
169.7
173.8
225.9
28.9
42.5
43.9
51.0
63.5
69.2
106.8
146.3
148.7
202.4
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial
Public Bank
CIMB
Maybank
UOB
OCBC
DBS
Loans Deposits
727
1,297
1,345
1,386
1,520
1,759
1,896
2,335
2,843
3,246
CIMB
Public Bank
Bank Central Asia
Siam Commercial
Bank Mandiri
Maybank
Bank Rakyat Indonesia
UOB
OCBC
DBS
No.4
No.4 No.4
No.5
Source: Bloomberg
Total Assets (USD bil): 31 Dec 2015 Loans and Deposits (USD bil): 31 Dec 2015
PATAMI (USD mil): 12 months ended 31 Dec 2015 Market Capitalisation (USD bil): 31 Mar 2016
4
Expanding ASEAN footprint Maybank presence in all ten ASEAN countries makes it a truly ASEAN franchise
Universal Banking Retail & Commercial Banking Investment Banking Affiliate/Representative Office * Wholesale Banking license only
BANK
MARKET
CAP
@
31 Mar 16
(USD Bil)
TOTAL
ASSETS
@
31 Dec 15
(USD Bil)
MALAYSIA
SIN
GAPO
RE
IND
ON
ESIA
TH
AIL
AN
D
PH
ILIP
PIN
ES
BRU
NEI
VIE
TN
AM
CAM
BO
DIA
LAO
S
MYA
NM
AR
1 DBS 28.6 323
2 OCBC 27.0 276
3 BCA 25.0 43
4 Maybank 22.7 165 *
5 UOB 22.5 223
6 Public 18.7 84
7 Mandiri 18.3 66
8 SCB 13.6 77
9 CIMB 10.7 107
10 Bangkok 9.8 79
11 BDO 8.1 43
12 Metrobank 5.7 38
*
*
*
Source: Bloomberg (for market cap & total assets data)
5 5
Demographics
We are positive about the future of ASEAN and we are well-positioned to benefit from the long term
growth of the ASEAN Economic Community.
● 7th largest economy in the world, projected to
be 4th largest by 2030.
● Combined GDP of USD2.6 trillion, third largest
economy behind China and India in 2014.
● 76% increase in per capital GDP from USD2,343
in 2007 to USD4,135 in 2014.
● Large and young population.
● 622 million people currently, third largest in
the world after China and India.
● Over 50% are below 30 years old.
Economy
Foreign Direct Investment and
Infrastructure Investment
● USD24 billion intra-ASEAN trade, 2nd highest
source of FDI in 2014 at 17.9%, behind EU-28.
● Estimated infrastructure and real estate
investment requirement of USD7 trillion from
2015 and to 2030.
Financial Inclusion and Digitalisation
● Below 1% of financial assets to GDP ratio for
the ASEAN countries of Indonesia, Cambodia,
Laos, Myanmar and the Philippines, versus 3.5%
in OECD.
● 142% increase in internet subscriptions per 100
people, from 11.8 per 100 people in 2007 to
28.6 in 2014
Opportunities in the ASEAN Economic Community (1/2) Leveraging on our existing ASEAN presence
Source: The ASEAN Secretariat and EU-ASEAN Business Council
6 6
Opportunities in the ASEAN Economic Community (2/2) Strong GDP growth and Trade for ASEAN
Source: ASEAN 2030: Toward a Borderless Economic Community by
Asian Development Bank Institute
* CLMV: Cambodia, Laos, Myanmar and Vietnam
1.8% 1.9% 2.1% 2.1%
4.6% 4.7% 4.8% 5.1%
7.3% 6.9% 6.3%
6.0%
7.3% 7.3%
7.5% 7.5%
2014 2015 2016 2017
Advanced Economies ASEAN-5 China India
Source: World Economic Outlook Update, Jan 2016 by IMF
5.8% 5.1%
7.4%
6.4% 6.2%
7.9%
ASEAN ASEAN-6 CLMV
1991-2010 2011-2030
Comparative GDP growth Long term ASEAN GDP growth
1.6
2.5
2007 2014
24%
14% 10% 9% 8%
ASEAN China Euro Japan US
Total ASEAN Trade Intra-ASEAN Trade
Source: ASEAN Secretariat Source: ASEAN Secretariat
Between 2007 and 2014, total trade
increased by nearly US$1 trillion Intra-ASEAN trade comprised the
largest share of ASEAN's total trade
of US$2.5 trillion by partner in 2014
US$ t
rillio
n
7 7
Invest Malaysia 2016
Financial Performance
Outlook and Strategic Priorities
Shareholder Returns
Strategy: Maybank2020
Overview
8
Vision
Strategic Objectives
Mission
To be a regional financial services leader
Humanising Financial Services
Community Financial
Services
1. Undisputed No. 1 Retail Financial Services provider in
Malaysia by 2015
2. Leading ASEAN wholesale bank eventually expanding to
Middle East, China & India
3. Undisputed Insurance & Takaful Leader in Malaysia and
Emerging Regional Player
4. Truly regional organisation with approximately 40% of pre-
tax profit derived from international operations by 2015
5. Global leader in Islamic Finance
Global Banking
Insurance and Takaful
International
Islamic Banking
Our Vision, Mission and Strategic Objectives for 2011-2015 We have concluded our 2011-2015 transformation
9
Strategic Objectives for 2011-2015 Achievements of our strategic objectives
Undisputed No. 1 Retail Financial Service provider in Malaysia by 2015
Market share leader in Unit Trust, Total Deposits, Retail CASA and Internet Banking (subscriber base)
Leading ASEAN wholesale bank, eventually expanding further into the
Middle East, China and India
Undisputed Insurance & Takaful leader in Malaysia and emerging regional player
Malaysia’s market leader for General Insurance & Takaful, with presence in Singapore and the Philippines
International FY2015 PBT under 30% due to lack of attractive M&A opportunities. However, our
complete ASEAN footprint positions us to capture trade, capital, investment and wealth flows in Asia
Truly regional organisation, with ˜40% of pre-tax profit derived from
international operations by 2015
Global leader in Islamic Finance
Leading Islamic bank in ASEAN and one of the top 5 Islamic banks globally
3
5
Top 4 in regional league tables for Investment Banking & Advisory, Debt Capital Market and M&A deals
4
2
1
10
Maybank2020 Strategy The Next 5 Years in ASEAN
10
The AEC is expected to drive further intra- &
inter-regional trade activities, including
capital raising and transactions
Significant upside for Insurance
penetration in ASEAN
Islamic Banking is a differentiation
opportunity in an industry entrenched with
conventional banking solutions
1
2
3
4
Young population with 60% millennials – the
Digital Native generation
5
ASEAN population, with 660 million people,
swelling middle class, growing SMEs
11
Maybank2020: Strategic Objectives What we aim to be in the next 5 years
The Top ASEAN Community Bank
The Leading ASEAN Wholesale Bank Linking Asia
The Leading ASEAN Insurer
The Global Leader In Islamic Finance
Digital Bank Of Choice
By leveraging on our regional presence, banking expertise and ASEAN growth opportunities
By leveraging on our ASEAN leadership capabilities to deliver client solutions across Asia
By enhancing synergies between Maybank’s regional banking footprint and Etiqa’s expertise
in takaful & bancassurance
By continuing to deliver innovative client-centric universal financial solutions, building on
our global leadership position
By putting our customers’ preferences first and transforming to deliver next-generation
customer experience on mobile and digital platforms
1
2
3
4
5
12 12
Invest Malaysia 2016
Financial Performance
Outlook and Strategic Priorities
Shareholder Returns
Strategy: Maybank2020
Overview
13
12% - 13%
8% - 9%
6% - 7%
5% - 6%
10% - 13%
10% - 11%
ROE
Group Loans
Growth
Malaysia Loans
Growth
Singapore
Loans Growth
Indonesia
Loans Growth
Group Deposits
Growth
Maybank Group realigns FY2015 guidance
in 2H 2015 to focus on balance sheet
initiatives:
More selective asset growth
Franchise-led deposits taking
Proactive management of asset quality
Maintain strong capital position
Continued focus on productivity
13% - 14%
9% - 10%
8% - 9%
8% - 9%
13% - 15%
9% - 10%
Initial FY2015
Guidance
Revised FY2015
Guidance
Continued softness in commodity prices
Weakening MYR vs USD
Slowing economic growth in China
Prolonged softness in macroeconomic
indicators for 2015
Revision in guidance during 2015 Maybank Group revised FY2015 guidance at mid-year due to less certainty in economic outlook
14
FY2015 Headline Key Performance Indicators Full year achievements reflect Group’s proactive balance sheet management
* in local currency terms
Key Performance Indicators FY2015 Guidance FY2015 Achievement
Return on Equity 12.0% - 13.0% 12.2%
Group Loans Growth 8.0% - 9.0% 12.0%
• Malaysia 6.0% - 7.0% 5.3%
• Singapore * 5.0% - 6.0% 6.0%
• Indonesia * 10.0% - 13.0% 5.0%
Group Deposits Growth 10.0% - 11.0% 12.8%
15
Summary Financial Performance for 2015 Full year revenue growth of 14.6% to RM21.2 billion with net profit of RM6.84 billion
Net fund based income rose as Group loans grew 12.0% and net
interest margin remained stable at 2.31% …
… while net fee based income increased due to higher net earned
premiums, forex gains and Islamic operations fee income …
… that was kept under control through Strategic Cost Management
Programme (SCMP), resulting in a positive JAW position …
… but performance was affected by higher loan loss provisions
and impairment in securities leading to a…
… net profit of RM6.8 billion, which was 1.8% higher than the
previous year.
EPS declined due to expanded capital base from the DRP and
revised guidance.
Net Fund Based Income
RM14.5b, +15.3%
Net Fee Based Income
RM6.7b, +13.2%
Net Income
RM21.2b, +14.6%
Overhead Expenses
RM10.3b, +12.9%
Impairment Losses
RM2.0b, +327.5%
Net Profit
RM6.8b, +1.8%
Earnings per Share
72.0 sen, -2.9%
… resulting in net income growth outpacing growth in
overheads …
PPOP
RM11.0b, +16.3% … and enabling Pre-Provision Operating Profit to grow by 16.3%...
16 16
2.80
2.56 2.53 2.48
2.43
2.31 2.31
FY10 FY11 PF11 FY12 FY13 FY14 FY15
46.5
49.2 49.7
48.6
47.8
48.9 48.2
FY10 FY11 PF11 FY12 FY13 FY14 FY15
86.9
90.2
87.8
89.8 89.9
91.8 91.5
FY10 FY11 PF11 FY12 FY13 FY14 FY15
14.5 14.5 15.2
16.0 15.1
13.8
12.2
FY10 FY11 PF11 FY12 FY13 FY14 FY15
Key Operating Ratios Maintained good performance amidst challenging environment
2016 guidance: 11%-12%
2016 guidance
-8 to -10 bps
2016 guidance: <50%
Return on Equity (%) Net Interest Margin (%)
Loan to Deposit Ratio (%) Cost to Income Ratio (%)
2016 guidance:
91%-92%
17
Asset Quality Uptick in impaired loans ratio
Indonesia (MBI Group)
Singapore
Malaysia
Gross Impaired Loans Ratio Group Gross Impaired Loans Ratio
and Loan Loss Coverage Ratio
*
* Inclusive of regulatory reserve is 86.6%
3.93% 3.51%
2.00% 1.69% 1.85% 1.76%
FY11 PF11 FY12 FY13 FY14 FY15
0.53% 0.42%
0.29% 0.23%
0.45%
PF11 FY12 FY13 FY14 FY15
2.29% 2.18% 2.81%
3.24% 4.15%
PF11 FY12 FY13 FY14 FY15
86.9%
105.6% 107.5%
95.6%
72.0%*
2.84%
1.78%
1.48% 1.52%
1.86%
0%
1%
2%
3%
4%
5%
0%
20%
40%
60%
80%
100%
120%
PF11 FY12 FY13 FY14 FY15
Loan Loss Coverage
Group Gross Impaired Loans Ratio
18
Asset Quality: Malaysia GIL ratios for consumer and business portfolios below industry, except for Business Banking
Mortgage Auto Finance Credit Cards
Retail SME Business Banking Corporate Banking
Consumer
Business
0.7% 0.6%
0.5%
1.2%
2013 2014 2015 Industry
0.4% 0.5% 0.5%
1.0%
2013 2014 2015 Industry
0.9%
0.7% 0.8%
1.3%
2013 2014 2015 Industry
3.5%
2.4% 2.0%
2.4%
2013 2014 2015 Industry
8.4%
10.3% 10.0%
2.0%
2013 2014 2015 Industry
1.4% 1.4% 1.5%
2.0%
2013 2014 2015 IndustryNote:
As at Dec 2015, industry GIL for BB and Corporate Banking are proxy figures based on total industry GIL after deducting Consumer and SME GIL
19
Asset Quality: Singapore Impaired Loans Ratios rising from low levels and still manageable
Mortgage Auto Finance Credit Cards
Retail SME Business Banking Corporate Banking
Consumer
Business
0.19%
0.33%
0.47%
2013 2014 2015
0.20% 0.23%
0.33%
2013 2014 2015
1.05% 1.35%
2.66%
2013 2014 2015
N.A. N.A.
1.16%
2013 2014 2015
0.56% 0.57%
0.64%
2013 2014 2015
0.23%
0.15%
0.41%
2013 2014 2015
20
Asset Quality: Indonesia Impaired Loans Ratios improved for Auto Finance and Business Banking
Mortgage Auto Finance Credit Cards
Retail Banking Business Banking Corporate Banking
Consumer
Business
0.34%
0.44%
0.63%
2013 2014 2015
1.02%
1.48% 1.40%
2013 2014 2015
2.08% 1.90%
2.31%
2013 2014 2015
0.84%
1.10% 1.16%
2013 2014 2015
1.28%
1.50%
1.23%
2013 2014 2015
6.86%
10.24%
14.94%
2013 2014 2015Note:
Retail banking includes mortgage, credit card, personal and auto finance loans. Business Banking also includes SME loans.
21
1.67% 1.67%
2014 2015
2.69% 2.76%
2014 2015
Agriculture Energy Metals & Mining
Malaysia
Group
Commodities Exposure (1/2) Maybank Group’s loan exposure for its home markets Malaysia, Singapore and Indonesia
2.99% 2.73%
2014 2015
2.67% 2.43%
2014 2015
2.49%
2.11%
2014 2015
1.47% 1.43%
2014 2015Notes:
1) Group exposure is for three home markets Malaysia, Singapore and Indonesia.
2) Data for 2014 is as at 31 Dec 2014 while data for 2015 is as at 30 Sept 2015.
3) Energy exposure, which is oil and gas and nuclear fuel, includes IPPs for Malaysia only in 2014. For 2015, energy includes IPPs for Malaysia and Indonesia while for Singapore, energy perimeter was
widen to include wholesale providers of solid, liquid and gaseous fuels and related products NEC as well as manufacturers of water and gas pipe-line.
22
0.02%
0.01%
2014 2015
0.10%
0.27%
2014 2015
Agriculture Energy Metals & Mining
Indonesia
Singapore
Notes:
1) Group exposure is for three home markets Malaysia, Singapore and Indonesia.
2) Data for 2014 is as at 31 Dec 2014 while data for 2015 is as at 30 Sept 2015.
3) Energy exposure, which is oil and gas and nuclear fuel, includes IPPs for Malaysia only in 2014. For 2015, energy includes IPPs for Malaysia and Indonesia while for Singapore, energy perimeter was
widen to include wholesale providers of solid, liquid and gaseous fuels and related products NEC as well as manufacturers of water and gas pipe-line.
Commodities Exposure (2/2) Maybank Group’s loan exposure for its home markets Malaysia, Singapore and Indonesia
0.09% 0.10%
2014 2015
0.24%
0.19%
2014 2015
0.10%
0.38%
2014 2015
0.18%
0.23%
2014 2015
23 23
Capital Adequacy (1/2) Strong capital while growing responsibly
410.5
459.8
Dec 14 Dec 15
352.9 373.3
Dec 14 Dec 15
Total capital ratio of 17.49%
and CET1 capital ratio of
12.53% (after proposed
dividend and assuming 85%
dividend reinvestment rate)
11.38% 12.53%
13.17% 14.22%
15.87% 17.49%
Dec 14 Dec 15
Total Capital Ratio
Tier 1 Capital Ratio
CET 1 Capital Ratio
Managed Risk Weighted Assets growth of 5.8%
vs loan growth of 12.0% in 2015
Group Gross Loans
RM
billion
Total Group RWA
+5.8%
RM
billion
+12.0%
24 24
Invest Malaysia 2016
Financial Performance
Outlook and Strategic Priorities
Shareholder Returns
Strategy: Maybank2020
Overview
25 25
3.82 4.45
2.58
5.75 6.55 6.72 6.84
FY 2010 FY 2011 ^ 6 monthsFP2011
FY 2012 FY 2013 FY 2014 FY 2015
14.5% 15.2% 16.2% 16.0% 15.1%
13.8% 12.2%
Launched
House of
Maybank
Acquired
Kim Eng
RM 3.66 billion
Equity Private
Placement
Sale of Papua
New Guinea
operations
Malaysian Banks adopt
Basel III Capital
Requirements
Summary of Analysts' Recommendations
as at 10 March 2016
Target Price RM8.94
Coverage 24 analysts
Recommendations 13 Buy, 8 Hold, 3 Sell
Analysts'
Consensus:
Net Profit
(RM mil)
FY2015 6,627
FY2016 6,963
^ 6 months Financial Period ended 31 Dec 2011 due to change in financial year end
FY2015 PATAMI of RM6.84
billion was 3% ahead of
consensus
ROE
Net
Pro
fit
(RM
billion)
Delivering Shareholder Return Maybank’s earnings have grown as we stayed focused on our regional strategy and business growth;
Malaysian Banks adopt Basel III requirements
26 26
Annual Dividend Yield (%)
2010-2015
Source: Bloomberg
(%)
7.3
6.7
8.4
6.1
6.6 6.4
2010 2011 2012 2013 2014 2015
Maybank Public Bank CIMB DBS UOB OCBC Mandiri BCA Bank Rakyat Siam Comm Kasikorn Bank Bangkok Bank
Dividend Yield Maybank continues to provide superior dividend yield amongst most regional banks
27 27
High Dividend Payout Gross dividend for 2015 at 54 sen
61.0%
76.5% 74.9% 79.9%
74.7% 71.9%
78.5% 76.3%
11
28 32
22.5 24 24
44
32
36
33
31 33 30
FY10 FY11 FP11 FY12 FY13 FY14 FY15
Final
Interim
54.0
82.6%*
● Dividend payout ratio for 2015 at 76.3% continues to be above policy rate of 40% - 60%
* Reinvestment rate for the Dividend Reinvestment Plan
# The Net Dividend is 28.5 sen of which 15 sen is single-tier dividend.
85.9%*
85.7%*
88.2%* 85.9%*
88.5%* 91.1%*
86.1%*
88.6%*
#
N.A.*
55.0 60.0
36.0
65.0
53.5 57.0
84.0%*
Dividend
Payout Ratio
Gross Dividend (sen) and Payout Ratio (%)
87.5%*
28 28
Invest Malaysia 2016
Financial Performance
Outlook and Strategic Priorities
Shareholder Returns
Strategy: Maybank2020
Overview
29 29
Market Outlook 2016 outlook for our home markets
Key Indicators Outlook
Singapore
Malaysia
Indonesia
• GDP (f) 4.3% (2015: 5.0%)
• System loan (f) 6.5%
• OPR(f) 3.00%-3.25% (2015: 3.25%)
• USD/MYR (f) 3.85 (2015: 4.29)
• Inflation (f) 3.0-3.5% (2015: 2.1%)
• GDP (f) 1.7% (2015: 2.0%)
• System loan (f) 2%-3%
• System deposit (f) 5%
• 3M SIBOR (f) 1.52% (2015: 1.1%)
• USD/SGD (f) 1.37 (2015: 1.42)
• Inflation (f) -0.4% (2015: -0.5%)
• GDP(f) 5.2% (2015: 4.79%)
• System loan (f): 12.8%
• System deposit (f): 11.5
• Reference Rate (f) 6.25%-6.50% (2015:
7.50%)
• USD/IDR average (f) 13095 (2015: 13458)
• Inflation average (f) 3.98% (2015: 6.38%)
• Government infrastructure spending to drive Indonesia’s
economic growth in 2016
• Increased funding following domestic economy recovery
• Rate cut by 75 bps to 6.75% will help increase demand
for credit, which in turn will stimulate Indonesia’s
economic growth
• Loan growth expected to remain muted due to slower
regional and domestic economic growth
• Asset quality may continue to rise as credit cycle turns
and if weakness in oil & gas sector persists
• Stable to modest improvement in NIMs
• Capital and liquidity buffers to remain healthy
• Slowdown in household loan growth to 6.1% (2015: 7.7%)
and moderation in non-household to 7% (2015: 8%)
• Competition for deposits to remain keen
• Credit cost uptick on growing NPLs
• Cost and capital management will remain key priorities
30 30 30
Remain focused on selective asset growth in line with capital position
Manage liquidity effectively through high-quality liquid assets
Improve productivity and manage discretionary spend
Downside risks include further global macroeconomic headwinds
Credit cost expected to remain elevated
Group Strategic Priorities for 2016 Managing growth amidst a more challenging environment
31 31
Headline KPI
Return on Equity 12-13% 11% - 12%
Other targets
Group Loans Growth 8% - 9% 8% - 9%
• Malaysia 6% - 7% 6% - 7%
• Singapore 5% - 6% 3% - 4%
• Indonesia 10% - 13% 11% - 13%
Group Deposits Growth 10% - 11% 10% - 11%
Key Performance IndicatorsFY2016
Guidance
FY2015
Revised
Guidance
Key Performance Indicators Our targets for 2016 reflect our continued focus on balance sheet management
32
Disclaimer. This presentation has been prepared by Malayan Banking Berhad (the “Company”) for information purposes only and does not purport to contain all the
information that may be required to evaluate the Company or its financial position. No representation or warranty, express or implied, is given by or on behalf of the
Company as to the accuracy or completeness of the information or opinions contained in this presentation.
The presentation does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of
it form the basis of, or be relied in any connection with, any contract, investment decision or commitment whatsoever.
The Company does not accept any liability whatsoever for any loss howsoever arising from any use of this presentation or their contents or otherwise arising in
connection therewith.
Humanising Financial Services
Dato’ Mohamed Rafique Merican
Group Chief Financial Officer
Contact: (6)03-2074 7878
Email: rafique@maybank.com
MALAYAN BANKING BERHAD
14th Floor, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur, Malaysia
Tel : (6)03-2070 8833
www.maybank.com
Jeeva Arulampalam
Acting Head, Group Investor Relations
Contact: (6)03-2074 8346
Email: jeeva.a@maybank.com
Investor Relations Contact