Bursa Malaysia Stock Watch
Credit Suisse maintains 'outperform' for CIMB
kltrader
Publish date: Tue, 18 May 2010, 12:31 PM
kltrader
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Credit Suisse is maintaining its stock rating for CIMB at 'outperform' with a target price of RM16.80.
Credit Suisse notes that CIMB's 1Q10 results are tentatively due to be released on May 20 2010.
'We expect operating profit to be robust but could be partially mitigated by a QoQ increase in provisions. CIMB will also be the first bank to fully adopt FRS139 in the 1Q10 results,' Credit Suisse says.
So far, CIMB Niaga and CIMB Thai's 1Q10 results have exceeded 'our expectations'.
Operating trends appear positive: 1) loan growth has picked up, 2) NIM has increased and 3) credit cost has declined.
Credit Suisse notes that CIMB's 1Q10 results are tentatively due to be released on May 20 2010.
'We expect operating profit to be robust but could be partially mitigated by a QoQ increase in provisions. CIMB will also be the first bank to fully adopt FRS139 in the 1Q10 results,' Credit Suisse says.
So far, CIMB Niaga and CIMB Thai's 1Q10 results have exceeded 'our expectations'.
Operating trends appear positive: 1) loan growth has picked up, 2) NIM has increased and 3) credit cost has declined.
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