Bursa Malaysia Stock Watch
CIMB Group (Hold) - FY12 ROE KPI Maintained At 16.4%
kltrader
Publish date: Tue, 28 Feb 2012, 09:53 AM
kltrader
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CIMB Group (Hold)
FY12 ROE KPI Maintained At 16.4%
- FY11 results in line with HLIB and consensus.
- Two one-offs were offset by additionalprovisions.
- Second interim single-tier div 10 sen, making total for FY11 at 22 sen,below HLIB's 29 sen projection.
- FY12 KPI looking to maintain ROE at 16.4% (vs. HLIB's 16.2%) as externalheadwinds has been largely factored in while competition from European bankshas reduced.
- Underpinned by double-digit loans growth, higher NIM and delay in IBdeals from FY11.
- Partly offset by higher overheads and slightly higher credit cost(though not expecting significant deterioration).
- Group capital ratios comfortably meet Basel III.
- Dividend payout likely to be at the lower range of its40-60% KPI, thus, we reduced our projection from 55% to 45%.
- FY12-13 forecasts raised by circa 3% post the finalresults.
- Maintain Hold.
- Target price raised to RM7.78 (Gordon Growth with ROEof 16.3% and WACC of 10.5%), from RM7.69.
Source: HLIB Research 28 Feb 2012
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