Bursa Malaysia Stock Watch

CIMB Group Holdings: Maintain Sell - Withdraws Support For APH

kltrader
Publish date: Wed, 27 Jun 2012, 09:25 AM
kltrader
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Impact likely neutral. CIMB's withdrawal of support for Asia Petroleum Hub Sdn Bhd (APH)'s restructuring scheme is not a positive development for this project, but the impact to CIMB's financials is likely neutral on expectations that much of the outstanding loan amount has already been provided for. We maintain our SELL call on the stock with an unchanged TP of MYR6.80 (1.8x FY12 P/BV, ROE: 15.1%).

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Source: Maybank Research - 27 June 2012
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