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Malaysian banking sector cut to 'neutral’
by hlk Mon 29 Aug 2011, 19:00
Malaysia’s banking sector was downgraded to “neutral” from “overweight” at RHB Research Institute Sdn Bhd amid rising concerns on the global economy.
“Banking stocks tend to underperform the market as economic conditions soften,” David Chong, an analyst at RHB, wrote in a report today.
Malayan Banking Bhd and Public Bank Bhd were downgraded to “market perform” from “outperform” at RHB.
Malayan Banking had its fair value cut to RM8.85 from RM9.70, while Public Bank’s fair value was trimmed to RM14.10 from RM15.
The rating for AMMB Holdings Bhd was cut to “underperform” from “outperform.
“Banking stocks tend to underperform the market as economic conditions soften,” David Chong, an analyst at RHB, wrote in a report today.
Malayan Banking Bhd and Public Bank Bhd were downgraded to “market perform” from “outperform” at RHB.
Malayan Banking had its fair value cut to RM8.85 from RM9.70, while Public Bank’s fair value was trimmed to RM14.10 from RM15.
The rating for AMMB Holdings Bhd was cut to “underperform” from “outperform.
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