The Group made an overnight announcement that its 99.99%-owned subsidiary CIMB Bank has entered into a sale and purchase agreement with the Employees Provident Fund (EPF) for the sale of equity interests in two private equity closed end real estate funds (AOF1 and AOF2) for a collective amount of AUD37.1m (c. RM122.8m). While this move is positive from a cash-raising standpoint, impact to earnings is negligible. With cost and asset quality management being the key priorities in the near to medium term, coupled with the challenging market environment, we are not likely to see overly exciting growth numbers in the near term. Our Neutral call is maintained with an unchanged target price of RM5.25 on expectation of trading still being range-bound amid the lack of near-term catalysts. We see fundamentals of the Group improving over the longer given its on-going initiatives but would only suggest accumulation on significant market and share price weakness however. Valuations are relatively inexpensive.
Source: PublicInvest Research - 7 Dec 2016
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zaqwerty
So hard up for money.
2016-12-07 15:46