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CIMB deeply oversold, says HLIB Research
by Cals Wed 30 Sep 2015, 22:06
CIMB deeply oversold, says HLIB Research
By theedgemarkets.com / theedgemarkets.com | September 30, 2015 : 8:29 AM MYTKUALA LUMPUR (Sept 30): [size=16]Hong Leong IB Research said CIMB Group Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 1.65, Fundamental: 1.05) was deeply oversold and that the research house opined that recent selldown to 1x P/B (against average historical 10-year 1.7x and peers’ 1.2x) had been over exaggerated.
“57X P/BV (46% below its 10-year historical average 1.06x).
“Moreover, CIMB is only trading at 8.7x 2016 P/E, lower than our market 14.2x and peers’ 9.8x,” it said in a note today.
HLIB Research said that if share prices were able to hold above critical supports near RM4.48 (S1) and RM4.38 (S2) in the near term, a resumption of uptrend is on the cards towards RM4.70-RM4.83 in the short term.
“A decisive breakout above RM4.83 could provide further impetus for long term objective of RM5.18. Cut loss at RM4.35,” it said.
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