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CIMB Research does not expect banks to outperform stockmarket in 2014
by Cals Wed 29 Jan 2014, 10:04
| CIMB Research does not expect banks to outperform stockmarket in 2014 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Wednesday, 29 January 2014 09:36 |
KUALA LUMPUR (Jan 29): CIMB Research has maintained its Neutral rating on the Malaysian banking sector and said it does not expect Malaysian banks to outperform the stockmarket in 2014 given the concerns over the ongoing margin compression and weaker residential mortgage expansion which will pull down overall loan growth.
In a note Jan 28, the research house said however said it anticipates that the banks’ asset quality will remain stable in 2014, alleviating the concerns over higher credit costs from the new impaired loans.
“A margin contraction is inevitable in 2014 but it is expected to be milder as mortgage rates have stabilised in the past 1-2 years.
“Hence, we retain our Neutral rating on banks, with RHB Capital as our top pick,” it said.
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