Stock With Momentum: RHB Bank

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Stock With Momentum: RHB Bank

Post by Cals on Fri 01 Jul 2016, 01:23

Stock With Momentum: RHB Bank

By Asia Analytica / The Edge Financial Daily   | June 30, 2016 : 10:31 AM MYT  





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Stock With Momentum: RHB Bank


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This article first appeared in The Edge Financial Daily, on June 30, 2016.
 
RHB Bank Bhd (-ve)
SHARES in RHB Bank Bhd (fundamental: 1.1/3, valuation: 1.65/3) triggered our momentum algorithm yesterday for the fourth time this year. The counter closed up 24 sen or 4.96% at RM5.08 yesterday, with some 2.74 million shares traded.
RHB Bank assumed the listing status of RHB Capital Bhd on June 28, completing the restructuring of the financial services group. The restructuring was done to create efficiencies and synergies within the group, as well as to bring more cost savings.
RHB managing director Datuk Khairussaleh Ramli was reported as saying that the group could potentially save RM160 million a year on completion of the restructuring, apart from a projected RM180 million savings per year from the massive career transition scheme the group conducted last year.
Thus, going forward, RHB is potentially looking at total yearly savings of up to RM340 million.
The stock is currently trading at 0.7 times its book value

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