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