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NewsRHB Research keeps Maybank (1155) , CIMB (1023), Public Bank (1295) as top picks
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RHB Research keeps Maybank (1155) , CIMB (1023), Public Bank (1295) as top picks
by hlk Wed 05 Sep 2012, 10:44
KUALA LUMPUR: RHB Research Institute is maintaining Maybank, CIMB and Public Bank as its top picks in the banking sector.
It said on Wednesday Maybank and CIMB are excellent proxies to ETP
activities while diversified domestic loan book as well as geographical
exposure means it is less vulnerable to the impact of domestic policy
changes on household credit demand. Both are also expected to be key
beneficiaries from Malaysia's vibrant capital market activities.
"Between
the two, we think CIMB would be more vulnerable to election risk and
thus, we have ascribed a 1x PER multiple discount in deriving our fair
value as well as assigning a Trading Buy call on the stock (versus
benchmark valuation of 14.0 times CY13 EPS and Outperform
recommendation for Maybank)," it said.
RHB Research said until
the election risk is passed, it recommends buying on dips for CIMB. As
for Public Bank, it likes the group for its leading domestic retail
banking franchise, well-regarded management, sound asset quality and
cost efficiency.
It said on Wednesday Maybank and CIMB are excellent proxies to ETP
activities while diversified domestic loan book as well as geographical
exposure means it is less vulnerable to the impact of domestic policy
changes on household credit demand. Both are also expected to be key
beneficiaries from Malaysia's vibrant capital market activities.
"Between
the two, we think CIMB would be more vulnerable to election risk and
thus, we have ascribed a 1x PER multiple discount in deriving our fair
value as well as assigning a Trading Buy call on the stock (versus
benchmark valuation of 14.0 times CY13 EPS and Outperform
recommendation for Maybank)," it said.
RHB Research said until
the election risk is passed, it recommends buying on dips for CIMB. As
for Public Bank, it likes the group for its leading domestic retail
banking franchise, well-regarded management, sound asset quality and
cost efficiency.
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