Sell maintained. CIMB Niaga's 1Q12 results were above our expectations,
coming in at 27% of our full-year forecast. To a large extent, results
were bolstered by strong treasury gains during the period and while
partially offset by higher levels of provisioning, we do not expect
these gains to be sustainable. Our forecasts for both the bank and CIMB
Group are maintained, as is our Sell call and MYR6.80 TP on CIMBGroup
(P/BV of 1.9x, 2012 ROE: 16.1%).
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Source: Maybank Research - 27 April 2012
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