Bursa Malaysia Stock Watch
RHB Capital: Upgrade to Hold - A Better Quarter, Upgrade to HOLD
kltrader
Publish date: Tue, 28 Aug 2012, 09:30 AM
kltrader
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- Above expectations. 1H12 net profit of MYR889m was above our and consensus expectations, accounting for 53% of our full-year estimate. Our FY12-13 forecasts are raised by 6% & 3% respectively and with a higher FY12 ROE of 14.7% (13.9% previously), our TP is upped to MYR7.70 as we ascribe a higher target P/BV of 1.4x (1.3x previously).
- We upgrade our call to a HOLD. Prospects have improved with several senior management appointments but we do still expect the acquisition of OSK Investment Bank and Bank Mestika to be cumulatively 8-10% dilutive to FY13 EPS.
Source: Maybank Research - 28 August 2012
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