Buy; upgrading target price. 2Q12 results (flat YoY at MYR953m) threw up
no major surprises and were within our forecast and consensus. It is
business as usual for the group and most financial indicators continue
to exhibit strength. For its strong fundamentals and resilient earnings
base (the more volatile treasury, investment banking and Hong Kong
operations account for just 8% of total pretax), a higher P/BV target is
justified, in our view, and our target price is raised to 3.2x (1sd
above mean) from 3x before, premised on a 2012 ROE of 23.1%.
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Source: Maybank Research - 24 July 2012
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