Sell maintained.CIMB hosted its pre-results briefing yesterday with
Dato' SriNazirRazak in attendance. The discussion was big picture in
nature and the general tone continues to be upbeat. There was, however,
little change in guidance and as usual, our Sell call is premised on
expectations of CIMB's premium valuations narrowing against its
conventional peers' amid capital market volatility, coupled with the
risk of foreign selling owing to its 33% foreign shareholding. Our
RM6.80 TP pegs on a target P/BV of 1.9x (2012 ROE: 16.1%).
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Source: Maybank Research - 24 April 2012
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