February 28, 2012

CIMB - Higher provisions offset by one-off items

Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
Research House: HWANGDBSPrice Call: HOLDTarget Price: 7.06



CIMB; Hold; RM7.14
Price Target: RM7.60; CIMB MK

4Q11/FY11 earnings in line, as higher provisions were offset by one-off items. Outlook remains cautious with external headwinds in the picture. Declared 10 sen final DPS, equivalent to 41% payout (FY11: 22sen). Maintain Hold and RM7.60 TP.

Source: HwangDBS Research 28 Feb 2012

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