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CIMB Research maintains Outperform on BIMB, lowers target price to RM5.45

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CIMB Research maintains Outperform on BIMB, lowers target price to RM5.45 Empty CIMB Research maintains Outperform on BIMB, lowers target price to RM5.45

Post by Cals Thu 28 Nov 2013, 10:26

CIMB Research maintains Outperform on BIMB, lowers target price to RM5.45
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 28 November 2013 09:35
KUALA LUMPUR (Nov 28): CIMB Research has maintained its outperform rating on BIMB Holdings Bhd at RM4.50 with a lower target price of RM5.45 (from RM5.75) and said BIMB’s 9M13 net profit was slightly below expectations, at 71% of house and consensus full-year forecasts.

In a note Nov 27, CIMB Research’s Wingson Ng said the variance was mainly due to the wider-than-expected margin contraction.

“We cut our FY13-15 EPS forecasts by about 5% as we lower our assumed lending yield by about 15 basis points.

“This also reduces our DDM-based target price (cost of equity of 13.5%; long-term growth of 4%). Despite the lower-than-expected 3Q results, we retain an Outperform on the stock in view of the still-strong expansion of loans and fee income, which will help to catalyse earnings in the coming quarters,” said Ng.
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