Monday, 25 March 2013

CIMB Research maintains Outperform on Maybank, target price RM10.80


CIMB Research maintains Outperform on Maybank, target price RM10.80

Written by theedgemalaysia.com
Wednesday, 20 March 2013

KUALA LUMPUR (March 20): CIMB Research has maintained its
Outperform rating on MALAYAN BANKING BHD [] at RM9.07 with a
target price of RM10.80 and said despite being one of the largest Islamic
banking players, Maybank Islamic still saw ample opportunities for
growth locally and abroad.

In a note March 19, the research house said Indonesia was still
underpenetrated and there were opportunities to expand into South Asia
or even HK/China.

“We see the regional expansion of its Islamic banking (IB) business as a
long-term catalyst for Maybank as it takes time to penetrate emerging
markets.

“The near-term challenges include the lack of infrastructure and legal
framework for IB. Maybank's DDM-based target price (11.8% COE; 5%
LT growth) is intact. Maintain Outperform given the positive growth
prospects in the region,” it said.


http://www.theedgemalaysia.com/business-news/233452-cimb-research-maintains-outperform-on-maybank-target-price-rm1080.html

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