February 29, 2012

RHBCAP - Strong growth, albeit slower

Stock Name: RHBCAP
Company Name: RHB CAPITAL BHD
Research House: HWANGDBSPrice Call: BUYTarget Price: 9.10



RHB Capital; Buy; RM7.80
Price Target: RM9.10; RHBC MK

4Q11/FY11 net profit of RM348m/RM1.5bn in line. Key drag to earnings are RM76m mark-to-market losses from hedging positions, RM40m impairment charge for CLOS and RM20m one-off HR expenses. Maintain Buy and RM9.10 TP.

Source: HwangDBS Research 29 Feb 2012

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