Stock Name: AFFIN
Company Name: AFFIN HOLDINGS BHD
KUALA LUMPUR: CIMB Equities Research is maintaining its Underperform rating on AFFIN HOLDINGS BHD [].
It said on Tuesday, Aug 16 that Affin's results at the midway stage met expectations as 1H11 net profit eased 2.7% and worked out to 48% of its full-year forecast and 47% of consensus estimates. The absence of dividend was also well expected.
'We retain our EPS forecasts and DDM-based target price of RM3.40,' it said.
CIMB Research said the weak 1H performance, characterised by decelerating loan growth and margin erosion, underpinned its decision to maintain its Underperform rating.
'The stock could be de-rated by the (1) continuing loan growth slippage, (2) wider-than-expected margin contraction, and (3) weak non-interest income growth. We prefer Maybank (Outperform),' it said.
Company Name: AFFIN HOLDINGS BHD
| Research House: CIMB | Price Call: SELL | Target Price: 3.40 |
KUALA LUMPUR: CIMB Equities Research is maintaining its Underperform rating on AFFIN HOLDINGS BHD [].
It said on Tuesday, Aug 16 that Affin's results at the midway stage met expectations as 1H11 net profit eased 2.7% and worked out to 48% of its full-year forecast and 47% of consensus estimates. The absence of dividend was also well expected.
'We retain our EPS forecasts and DDM-based target price of RM3.40,' it said.
CIMB Research said the weak 1H performance, characterised by decelerating loan growth and margin erosion, underpinned its decision to maintain its Underperform rating.
'The stock could be de-rated by the (1) continuing loan growth slippage, (2) wider-than-expected margin contraction, and (3) weak non-interest income growth. We prefer Maybank (Outperform),' it said.
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