Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
Company Name: CIMB GROUP HOLDINGS BERHAD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 7.00 |
Maintain HOLD, TP: RM7.00
FY11 results were within market expectations. EPS growth of 11% came in 2% above consensus. PBT before provisions was up only 4% y-o-y despite a 14% growth in loans, as net interest margins fell and non-interest income was down 5% y-o-y. FY11 DPR was 41%, the lower end of its 40-60% KPI. Our EPS forecasts have been adjusted marginally, hence we are retaining our target price and HOLD recommendation. (refer to report for details)
FY11 results were within market expectations. EPS growth of 11% came in 2% above consensus. PBT before provisions was up only 4% y-o-y despite a 14% growth in loans, as net interest margins fell and non-interest income was down 5% y-o-y. FY11 DPR was 41%, the lower end of its 40-60% KPI. Our EPS forecasts have been adjusted marginally, hence we are retaining our target price and HOLD recommendation. (refer to report for details)
Source: ECM Newz Bits 28 February 2012, PDF Report
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