Stock Name: MAYBANK
Company Name: MALAYAN BANKING BHD
Research House: OSK
Company Name: MALAYAN BANKING BHD
Research House: OSK
Malayan Banking Bhd's (Maybank) RM4.3 billion proposed acquisition of Singapore-based stockbroker, Kim Eng Holdings Ltd, will enable it to fast-track growth of the latter's retail broking in key under-penetrated growing markets like Indonesia.
In a note today, OSK Research said the acquisition would give Maybank an immediate investment banking and broking distribution access to eight countries, with the key market focus being Singapore, Indonesia, Thailand and Philippines, in which Kim Eng was one of the top seven brokerages.
"Judging from the success CIMB has had with the acquisition of GK Goh, there are certainly viable and apparent synergies that Maybank can unlock from bringing Kim Eng into the fold," it said.
OSK said overall, it was 'neutral to slightly positive' on the deal as the near term earnings impact was negligible.
It maintained its 'buy' call on Maybank with target price of RM10.07. -- Bernama
In a note today, OSK Research said the acquisition would give Maybank an immediate investment banking and broking distribution access to eight countries, with the key market focus being Singapore, Indonesia, Thailand and Philippines, in which Kim Eng was one of the top seven brokerages.
"Judging from the success CIMB has had with the acquisition of GK Goh, there are certainly viable and apparent synergies that Maybank can unlock from bringing Kim Eng into the fold," it said.
OSK said overall, it was 'neutral to slightly positive' on the deal as the near term earnings impact was negligible.
It maintained its 'buy' call on Maybank with target price of RM10.07. -- Bernama
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