Hold maintained. Hong Leong Bank's (HL Bank) move to sell MIMB Investment Bank (MIMB) to Hong Leong Capital (HLC) has been anticipated, while the decision to price the disposal at book value is fair, in our view. There is little impact to the group's financials - our Hold call and RM11.60 TP (P/BV of 1.7x, CY2012 ROE: 15.5%) are maintained.
Click here for full reportSource: Maybank Research - 12 April 2012