Impact likely neutral. CIMB’s withdrawal of support for Asia Petroleum
Hub Sdn Bhd (APH)’s restructuring scheme is not a positive development
for this project, but the impact to CIMB’s financials is likely neutral
on expectations that much of the outstanding loan amount has already
been provided for. We maintain our SELL call on the stock with an
unchanged TP of MYR6.80 (1.8x FY12 P/BV, ROE: 15.1%).
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Source: Maybank Research - 27 June 2012
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