KUALA LUMPUR: OSK Research says CIMB Group is set to announce its 4Q09 results on Tuesday, Feb 23 and it believes that earnings will outpace consensus estimates for the third consecutive quarter.
It said the stronger earnings will be underpinned by a recovery in forex income flow; further traction in CIMB Niaga’s earnings growth; and relatively benign NPL trend.
“Maintain BUY, TP: 14.90 (17% ROE, 2.55x FY10 PBV),” it said.
It expected CIMB’s full-year results to come in slightly above its already bullish earnings assumption of RM2.72 billion (consensus: RM2.61 billion), driven by 1) stronger earnings from CIMB Niaga, 2) renewed growth in forex income on the back of buoyant global trading volume, and 3) a still-benign NPL environment.
OSK Research said it expected full-year earnings to come in roughly 6%-7% above consensus forecast.
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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