CIMB Group (CIMB) announced the completion of its divestment in the remaining 25% stakes held in the initial CGS-CIMB partnerships, pursuant to the call option exercised by CGS International. CIMB will not be exiting the stockbroking space altogether, having already disclosed plans last year to acquire 100% of KAF Equities Sdn Bhd for an indicative cash consideration of RM147.94m. We remain confident in the Group’s ability to rebuild its stockbroking franchise and are still optimistic over its medium to long-term banking-related prospects as it continues to reap the rewards from its past and ongoing transformative initiatives. Our Outperform call is affirmed with an unchanged dividend-derived target price of RM6.70.
Source: PublicInvest Research - 2 Jan 2024
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