Stock Name: RHBCAP
Company Name: RHB CAPITAL BHD
Lacklustre. RHB Cap's 3Q11 results were below expectations, with net profit of RM376m down 5% QoQ. Cost pressures remain and are likely to extend into 2012, in our view. Our 2011 and 2012 earnings forecasts are trimmed by 3-5% and our Sell call remains. Our TP is correspondingly lowered to RM6.80 (-3%) on an unchanged 2012 P/BV target of 1.2x (ROAE: 12.7%).
Maybank research (30 November 2011)
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Company Name: RHB CAPITAL BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 6.80 |
Lacklustre. RHB Cap's 3Q11 results were below expectations, with net profit of RM376m down 5% QoQ. Cost pressures remain and are likely to extend into 2012, in our view. Our 2011 and 2012 earnings forecasts are trimmed by 3-5% and our Sell call remains. Our TP is correspondingly lowered to RM6.80 (-3%) on an unchanged 2012 P/BV target of 1.2x (ROAE: 12.7%).
Maybank research (30 November 2011)
Click here for full report
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