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CIMB Research maintains Neutral on banks, Maybank top pick
by hlk Fri 07 Sep 2012, 10:41
KUALA LUMPUR: CIMB Equities Research is maintaining its Neutral outlook on Malaysian banks with Maybank as its top pick.
In
its wrap-up of the April-June earnings for the banks, it said on Friday
better-than-expected economic growth and robust investment banking deal
flow did little to boost banks' earnings during the quarter.
“Once
again, the culprit was a margin squeeze, which limited topline growth
to only 4.8% on-year in 2Q12. Meanwhile, Q2, 2012 net profit expanded
10.7% on-year.
“Overall, banks' 2Q12 results were slightly below
our expectations. While the margin squeeze would cap the upside for
banks' earnings, we see minimal downside risks given the improving
asset quality, and (2) still-healthy loan growth of more than 12%,” it
said.
In
its wrap-up of the April-June earnings for the banks, it said on Friday
better-than-expected economic growth and robust investment banking deal
flow did little to boost banks' earnings during the quarter.
“Once
again, the culprit was a margin squeeze, which limited topline growth
to only 4.8% on-year in 2Q12. Meanwhile, Q2, 2012 net profit expanded
10.7% on-year.
“Overall, banks' 2Q12 results were slightly below
our expectations. While the margin squeeze would cap the upside for
banks' earnings, we see minimal downside risks given the improving
asset quality, and (2) still-healthy loan growth of more than 12%,” it
said.
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