Sell maintained. CIMB's 2011 net profit of RM4.03b (+15% YoY) was in
line. That management spent 2011 consolidating its position, building
liquidity and driving cost efficiency is a positive. Strong fundamentals
notwithstanding, our Sell call is largely premised on expectation of
CIMB's valuations narrowing against those of its conventional banking
counterparts, given prevailing economic and capital market volatility.
Our RM6.80 TP is maintained (target P/BV of 1.9x, 2012 ROE: 16.1%).
Maybank Research 28 Feb 2012
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