Manageable. Any impact from Bank Indonesia's recent guidelines is likely
to be confined mainly to CIMB Niaga's vehicle financing segment and we
do not see a significant slowdown in its loan growth as such. We think
the overall earnings impact will be minimal at the CIMB group level and
our forecasts are maintained. Sell and RM6.80 TP maintained (target P/BV
of 1.9x, 2012 ROE: 16.1%).
Maybank Research 22 March 2012
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