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MIDF Research maintains buy on RHB Capital

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MIDF Research maintains buy on RHB Capital Empty MIDF Research maintains buy on RHB Capital

Post by Cals Tue 11 Mar 2014, 18:49

MIDF Research maintains buy on RHB Capital
Business & Markets 2014
Written by Bernama   
Tuesday, 11 March 2014 13:58

KUALA LUMPUR (Mar 11): MIDF Research has maintained its 'buy' call on RHB Capital Bhd with an unchanged target price of RM9.50 after the company rolled out a transformation plan for 2014 until 2017 to develop regional business and capabilities.

Under the plan, RHB Capital aims to increase international profit contribution to 30.0 per cent and double the revenue contribution from Singapore operations to between 5 per cent and 10 per cent by 2017.

Other aims include achieving return on equity (RoE) of more than 14 per cent, achieving rapid growth in small and medium enterprise as well as commercial banking business, and expanding Islamic banking loans to 30 per cent of the group's total financing assets.

In a research note today, MIDF Research said the group aimed to achieve 40 per cent revenue contribution from its international operations by 2020.

"We view the medium-term plans to enhance its regional businesses and capabilities as positive for the stock valuation," the research house said.

Potential regional asset acquisitions could further enhance its earnings moving forward, it said.

RHB Capital's stock traded at RM8.00 at the mid-day break. 
Cals
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