CIMB Group Holdings: Maintain Sell - Bidding for RBS' Asian equities biz?

Little impact. We see little impetus for CIMB to acquire RBS' Asian equities and advisory businesses but even if it did, pricing is likely to be decent enough, with little impact to CIMB's financials. We maintain our Sell call on CIMB with an unchanged RM6.80 target price (1.8x 2012 P/BV, ROE: 15.1%).


Maybank Research 9 Feb 2012

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