Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
Research House: OSK
OSK Research expects CIMB Group's fourth quarter financial year ending 2010 sequential growth to be even stronger than the third quarter result.
This is due to a hefty lift in investment banking income arising from the recent Petronas Chemical Group initial public offering (IPO).
"Corporate advisory, underwriting and other capital market derived fee income remained sluggish quarter-on-quarter (-38.5 per cent), representing a marginal 3.3 per cent of the group's total non-interest income.
"But, we expect a strong lift in the fourth quarter on the back of the mega Petronas Chemical IPO," it said in a research note today.
CIMB Group recorded a higher pre-tax profit of RM1.184 billion for the third quarter ended September 30, 2010, from RM1 billion in the third quarter of 2009. Revenue rose to RM2.91 billion from RM2.78 billion in the corresponding period.
The research house is maintaining a 'buy' call on its share with a target price of RM9.77. -- Bernama
Company Name: CIMB GROUP HOLDINGS BERHAD
Research House: OSK
OSK Research expects CIMB Group's fourth quarter financial year ending 2010 sequential growth to be even stronger than the third quarter result.
This is due to a hefty lift in investment banking income arising from the recent Petronas Chemical Group initial public offering (IPO).
"Corporate advisory, underwriting and other capital market derived fee income remained sluggish quarter-on-quarter (-38.5 per cent), representing a marginal 3.3 per cent of the group's total non-interest income.
"But, we expect a strong lift in the fourth quarter on the back of the mega Petronas Chemical IPO," it said in a research note today.
CIMB Group recorded a higher pre-tax profit of RM1.184 billion for the third quarter ended September 30, 2010, from RM1 billion in the third quarter of 2009. Revenue rose to RM2.91 billion from RM2.78 billion in the corresponding period.
The research house is maintaining a 'buy' call on its share with a target price of RM9.77. -- Bernama
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