CIMB - Financial Analysis

BUY RM14.20  Price Target : 12-Month RM 15.20 

CIMB Group Holdings
•  Malaysian business would be base earnings driver, with boosts from Indonesia and Thailand operations.
•  Bullish on earnings reflecting higher capital markets income given strong pipeline ahead and higher contribution from CIMB Niaga.
•  Deserves a premium over historical range and peers given that it has evolved into a regional bank. Our RM15.20 target price for CIMB is under review.

by HWDBS Vickers