Friday, January 7, 2011

HDBSVR: Maintains Buy on Maybank, TP RM10.80

KUALA LUMPUR: Hwang DBS Vickers Research is maintaining its BUY rating on MALAYAN BANKING BHD [] and a Target Price of RM10.80.

The research house said on Friday, Jan 7 that it likes Maybank's proposed acquisition of Singapore-listed stockbroking firm Kim Eng Holdings Ltd as it will accelerate Maybank's regional growth prospects in brokerage and investment advisory

HDBSVR said Maybank is paying S$3.10/share (1.9x BV) for Kim Eng; 100% stake would cost RM4.3bn

'Maintain Buy rating and RM10.80 TP; Maybank is our high conviction pick,' it said.

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