malaymail.com 30 Apr, 2021 04:15 am

Analysts mixed on CIMB Group despite Indonesia unit’s robust Q1 results

Analysts mixed on CIMB Group despite Indonesia unit’s robust Q1 results
KUALA LUMPUR, April 30 — Analysts are mixed on CIMB Group Holdings Bhd’s outlook despite its 92.5 per cent-owned Indonesian banking unit, PT Bank CIMB Niaga Tbk (Niaga) reported a robust financial results in the first quarter ended March 31, 2021 (Q1 FY21). AmBank Research has...

KUALA LUMPUR, April 30 — Analysts are mixed on CIMB Group Holdings Bhd’s outlook despite its 92.AmBank Research has maintained a “buy” recommendation on CIMB Group with an unchanged fair value of RM5.Meanwhile, Public Investment Bank Bhd has retained its “neutral” call on CIMB Group with a target price (TP) of RM4.Kenanga Research, however, has maintained its “underperform” call on CIMB Group with an unchanged TP of RM3.

“Overall, we are less excited on CIMB Group compared to its outperforming peers, possibly from its less favourable regional exposures, it houses a gross impaired loan ratio of 3.0 per cent, leading to a price-to-book value ratio 0.

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