Confidence in CIMB Group unshaken
AmBank Research has maintained a “buy” recommendation on CIMB Group, with an unchanged fair value of RM6.80 per share. Its fair value is based on an FY19 P/BV of 1.2x, supported by an ROE of 10.8 per cent.
AmBank Research said CIMB Group Holdings, a 93.7-per-cent-owned subsidiary of CIMB Thai, released its 2QFY18 results with a higher net profit of Bt191 million, an increase of 13.2 per cent quarter-on-quarter.
The first-half net profit of CIMB Thai fell 24.6 per cent year-on-year to Bt360 million, largely due to higher operating expenses that offset an improvement in total income.
