KUALA LUMPUR: Shares of CIMB Group rose in early trade on Wednesday, Feb 24 after it posted an excellent set of earnings.
At 9.09am, it was up 30 sen to RM12.96 with 1.14 million shares done.
The FBM KLCI rose 2.48 points to 1,268.91. Turnover was 27.62 million shares valued at RM38 million. There were 52 losers, 94 gainers and 76 stocks unchanged.
OSK Research maintains its Buy on CIMB Group at RM12.64 with a target price of RM14.90 after its reported earnings were 7.5% ahead of consensus but largely in line with its full-year estimates.
The research house said on Wednesday, Feb 24 that the 4Q09 results were the group's best ever quarterly numbers, with non-domestic earnings contribution increasing from 12% in FY08 to 29% in FY09.
"This indicates that the group is making good progress in its regional growth plans, which include a bigger regional investment banking market share and transactional banking growth trajectory. We are maintaining our BUY recommendation and TP of RM14.90 (2.4 times FY10 PBV and 15.6 times FY10 PER)," it said.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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