Q1 is always the weaker quarter of the 4 for Maybank - cyclical within the business, look at the past 4 years. Never compare Q on Q, but Y on Y instead.

RE: eagleis,

share price of Nestle @ RM 56.50 (down 90 cents), I am looking forward to your conclusion.

barramundi mate, you've made my day with your math.

are you aware that the leftover assets in ECM after disposal and return of capital will mainly comprise of liquid assets. Despite the rest, CASH itself would be 659m - 443m = 216m and this translates to more than 70% of its book value (equity) after distribution.

be prudent and value the cash at 1.0x P/B?

moreover, the P/B on this sale (IB division) is 1.2x?

RE: baramundi80,

The deal is NOT valued at 68cents, 68cents is just the portion of capital repayment from ECM to its shareholders (dividend in cash & dividend in-specie).

Moreover, ECM (group) is just disposing its investment banking division, and the disposal is at a premium, not at a discount, for simplicity sake, I suggest you to compare at the P/B of the deal.

Upon disposal and capital repayment, ECM will have a highly liquid asset base.

Book Value of ECM is RM1.2xx, you make the call.