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NewsRHB Research’s fair value for MBSB at RM2.46, market perform
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RHB Research’s fair value for MBSB at RM2.46, market perform
by hlk Thu 14 Jun 2012, 10:06
KUALA LUMPUR: RHB Research Institute has a fair value of RM2.46 for Malaysia Building Society Bhd (MBSB) which is 10 times fully-diluted 2012 earnings per share and is maintaining its Market Perform call.
It
said on Thursday that MBSB management's main concern on the Eurozone
debt crisis was its impact on funding/liquidity rather than asset
growth.
“Nevertheless, we believe the liquidity issue is largely
mitigated by the backing MBSB has from its major shareholder, EPF,” it
said.
RHB Research said MBSB remains comfortable with asset
quality and loan impairment coverage level, and targets to lower its
net impaired loan ratio to 5% by end-2012.
“The improvement in the ratio would partly come from the growing loan base and resolution of legacy cases,” it said.
It
said on Thursday that MBSB management's main concern on the Eurozone
debt crisis was its impact on funding/liquidity rather than asset
growth.
“Nevertheless, we believe the liquidity issue is largely
mitigated by the backing MBSB has from its major shareholder, EPF,” it
said.
RHB Research said MBSB remains comfortable with asset
quality and loan impairment coverage level, and targets to lower its
net impaired loan ratio to 5% by end-2012.
“The improvement in the ratio would partly come from the growing loan base and resolution of legacy cases,” it said.
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