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Alliance IB Research maintains Neutral on CIMB, trims target price

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Alliance IB Research maintains Neutral on CIMB, trims target price Empty Alliance IB Research maintains Neutral on CIMB, trims target price

Post by Cals Wed 22 Jan 2014, 08:53

Alliance IB Research maintains Neutral on CIMB, trims target price
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 22 January 2014 08:34

KUALA LUMPUR (Jan 22): Alliance IB Research has maintained Neutral on CIMB Group Holdings Bhd at RM7.11 with a lower target price of RM6.74 (from RM7.21) and said its recent meeting with management of CIMB indicated that (1) uptick in CIMB Niaga’s credit cost may not be significant in the 4Q, (2) acquired RBS operations likely to break even in the later part of 2014, and (3) the group has completed the restructuring of its consumer banking operations with RM217 million restructuring costs and is expected to yield annual cost savings of RM130 million going forward.

“We conservatively trim our FY14-15 earnings by 3.1-5.9% to account for equity dilution arising from recent private placement, assuming that (1) minimal returns from proceeds raised, and (2) the group is continuing with its dividend reinvestment plan.

“Maintain Neutral with lower target price of RM6.74,” it said.
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