KUALA LUMPUR: AmResearch is'' upgrading CIMB Holdings Group Bhd to BUY from HOLD with a higher fair value of RM9.60/share (from RM7.80 previously).
In a research note issued on Tuesday, Nov 2, it said CIMB's fast-expanding regional franchise is one value proposition that has been under-rated by the market.
'Key re-rating catalysts are (a) stronger-than-expected non-interest income; (b) reaffirmation of higher ROE target of 18% for FY11F; and (c) confirmation of special dividend,' AmResearch said.
In a research note issued on Tuesday, Nov 2, it said CIMB's fast-expanding regional franchise is one value proposition that has been under-rated by the market.
'Key re-rating catalysts are (a) stronger-than-expected non-interest income; (b) reaffirmation of higher ROE target of 18% for FY11F; and (c) confirmation of special dividend,' AmResearch said.
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