Above expectations, but limited impact. CIMB Niaga's 1H12 net profit
rose 28% YoY to IDR2.0t, accounting for 55% of our full-year forecast.
However, on expectations of a softer 2H12 due to margin compression, our
FY12/13 forecasts for CIMB Niaga are raised by just 8-9%, with no
material impact (+2%) on CIMB Group’s forecasts, which are maintained.
Our SELL call on CIMB Group is unchanged, as is our MYR6.80 TP (1.8x
FY12 P/BV, ROE: 15.1%).
Click here for full report
Source: Maybank Research - 27 July 2012
No comments:
Post a Comment