cn21Alliance bank is one of the smallest local bank in Malaysia.....Can they survive in the next financial crisis???
cn21AFG’s share price registered the strongest outperformance among peers, appreciating 17% since our upgrade in Feb 16 and 16% ytd (sector: 5%). Current valuations imply an ROE of close to 12.0%, higher than our 11.1% forecast. We think such a strong ROE expectation which the market is pricing in will be challenged by sharply higher provisions. Downgrade to HOLD but maintain target price at RM3.95 (1.24x FY17F P/B, 11.1% ROE, 11.5x PE). Entry price: RM3.80.
Alliance Bank is one of the smallest bank in Malaysia,,, Can they survive in the next financial crisis???
cn21Downgrade to hold with a target price (TP) of RM4.15: We downgrade Alliance Financial Group Bhd (AFGB) from add to hold as its valuation is no longer attractive following its strong share price outperformance. -----CIMB reserach