ASEAN Banks
Overweight the oversold

Overweight Thai banks; positive on Singapore banks. Cautious on Indonesian banks on policy risks. Muted wave for Philippines banks; downgrade recommendations on valuation; limited upside. Limited catalysts for Malaysian banks; downside risk to loan growth. Top picks: KTB, OCBC, BBRI, BPI, RHBC.

RHB Capital; Buy; RM7.60
Price Target: RM9.20; RHBC MK
Building on strength

Banking on enlarged IB franchise. Integration costs will lift expenses. Bank Mestika acquisition still on the cards. Maintain BUY, RM9.20 TP.

Source: HwangDBS Research - 30 Sep 2013