Bursa Malaysia Stock Watch
K&N Kenanga: Non Rated - Enhanced Asset Size and Market Share
kltrader
Publish date: Mon, 18 Jun 2012, 09:07 AM
kltrader
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A re-rating is warranted. Acquiring ECM Libra Investment Bank (ECM IB) will catapult Kenanga into the number 3 position by equity trading value market share. More significant, however, is that the group has returned to the black with much improved asset quality, while the merged entity could potentially be the largest stand-alone investment bank (IB) in the country. Trading at an adjusted P/BV of just 0.6x, valuations are undemanding. Kenanga is Not Rated but we have tacked on a fair value of MYR0.90 (38% upside), pegged to a peer average P/BV of 0.8x, supported by an estimated ROE of 6.8%.
Click here for full report
Source: Maybank Research - 18 June 2012
Click here for full report
Source: Maybank Research - 18 June 2012
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