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CIMB Research retains Overweight on banks

KUALA LUMPUR: CIMB Equities Research holds its Overweight approach banks because of the normal recuperation in Net Benefit Development in FY17, undemanding valuations, and an appealing profit yield of 4.3% in 2017. 

It said on Tuesday its top pick is RHB Bank.

Be that as it may, the drawback dangers for the segment are a spike in hindered credits and further decay in advance development. 

CIMB Research brought up banks posted second continuous quarter of on-year net Benefit Development (of 3% on-year) in 4Q16 in spite of a hop in credit costs. Underperformance proportion fell for the fifth back to back quarter to 12.5% in 4Q16. 

"Banks anticipate that advance development will be steady and gross disabled advance proportion to rise imperceptibly in 2017. We anticipate center Net Benefit development of 13.3% in 2017 (versus a drop of 3% in 2016).

Hold Overweight on expected recuperation in 2017 net benefit development," it said. 

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KLCI                         1722.300                      +0.380                           +0.02

NASDAQ                         5875.780                           +14.060                                       +0.24

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CIMB Research retains Overweight on banks


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