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NewsCIMB Research has Outperform on BIMB, TP RM3.78 (5258)
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CIMB Research has Outperform on BIMB, TP RM3.78 (5258)
by hlk Tue 11 Sep 2012, 23:15
KUALA LUMPUR: CIMB Equities Research has an Outperform recommendation on BIMB Holdings with a target price of RM3.78.
It
said on Tuesday investors should stay invested in BIMB, which provides
the only pure exposure to the fast-growing Islamic banking sector.
“The
catalyst will the bright earnings outlook, supported by rapid topline
growth. BIMB's possible venture into the Indonesian financial market
would help to support its earnings growth in the longer term,” it said.
CIMB
Research rolled its target price forward to end-2013, explaining the
basis remained the same, which was a 10% discount to DDM value (cost of
equity of 14.4%; long term growth of 5%).
“We maintain our
Outperform rating, underpinned by the swift topline growth, which will
be driven by loan growth of 12% and non-interest income growth of
12-14% for CY13-14,” it said.
It
said on Tuesday investors should stay invested in BIMB, which provides
the only pure exposure to the fast-growing Islamic banking sector.
“The
catalyst will the bright earnings outlook, supported by rapid topline
growth. BIMB's possible venture into the Indonesian financial market
would help to support its earnings growth in the longer term,” it said.
CIMB
Research rolled its target price forward to end-2013, explaining the
basis remained the same, which was a 10% discount to DDM value (cost of
equity of 14.4%; long term growth of 5%).
“We maintain our
Outperform rating, underpinned by the swift topline growth, which will
be driven by loan growth of 12% and non-interest income growth of
12-14% for CY13-14,” it said.
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