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HwangDBS keeps 'buy' call on Alliance
by hlk Wed 13 Jul 2011, 19:18
HwangDBS Vickers Research has maintained its "buy" recommendation on Alliance Financial Group (AFG) but raised the target price to RM4.30 from RM3.85.
"We like AFG for its scaleable domestic franchise and non-interest income traction which will boost sustainable earnings and ultimately return on equity," the research house said in its Company Focus today.
HwangDBS said AFG was the cheapest stock in its bank universe, currently trading at 1.6 times book value compared to the sector average of 2.3 times.
The RM4.30 target price implies 1.8 times book value for the 2012 calendar year.
"Its attractive valuation, coupled with strong earnings visibility going forward, makes AFG stand out as a gem in the next round of bank consolidation," it said. -- Bernama
"We like AFG for its scaleable domestic franchise and non-interest income traction which will boost sustainable earnings and ultimately return on equity," the research house said in its Company Focus today.
HwangDBS said AFG was the cheapest stock in its bank universe, currently trading at 1.6 times book value compared to the sector average of 2.3 times.
The RM4.30 target price implies 1.8 times book value for the 2012 calendar year.
"Its attractive valuation, coupled with strong earnings visibility going forward, makes AFG stand out as a gem in the next round of bank consolidation," it said. -- Bernama
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