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CIMB Research maintains Underweight on banking sector

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CIMB Research maintains Underweight on banking sector Empty CIMB Research maintains Underweight on banking sector

Post by Cals Fri 03 Oct 2014, 18:02

CIMB Research maintains Underweight on banking sector
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 03 October 2014 09:00

KUALA LUMPUR (Oct 3): CIMB Research has maintained Underweight on the Malaysian banking sector and said loan growth was stuck at 8.6% year-on-year (y-o-y) in August 2014, on par with the level in July 2014.
In a note Oct 2, the reserach house however said it was hopeful that loan growth would rebound in the coming months, supported by the recovery in August 2014’s leading loan indicators.
CIMB Research its projected loan growth of 9-10% for 2014 was lower than the 10.6% in 2013.
“Another concern would be margin contraction despite the rate hike.
“These factors point to a rather gloomy outlook for banks.
“Hence, we continue to Underweight the sector. Maybank stays our top pick,” it said.
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