- Malaysia
Banking | NEUTRAL
- RFM
Corp (RFM PM) | Results Preview
- Sime
Darby (SIME MK) | Acquisition
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Malaysia Banking
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Sector Update
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CIMB-RHB-MBSB�s mega-merger
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- Outright
winner is MBSB with potential cash option at MYR2.82/share
(+19% upside).
- Positive
for RHB - upgrade to BUY with a higher TP of MYR10.45. Positive
for OSK with a FV MYR2.64.
- HOLD
on CIMB with an unchanged TP of MYR7.60.
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RFM Corp (RFM PM)
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Stronger earnings likely in 2H14
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Share Price: PHP5.22 | Target
Price: PHP7.00 (+34%) | MCap (USD): 408M | ADTV (USD): 0.2M
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- Maintain
BUY on under-researched stock based on PHP7 TP. Our profit
forecast is 4-10% higher than guidance but we believe it is
achievable.
- RFM
maintains 2014F profit guidance at PHP900m-950m (+15-20% YoY)
on stronger 2H14 sales and earnings.
- Impact
of Royal to be better felt in 4Q14. We anticipate ice cream
sales cont�d to
grow in 3Q14, sustaining its recovery.
- (FULL
REPORT WILL BE OUT SOON)
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Sime Darby (SIME MK)
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Short term pain, long term gain
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Share Price: MYR9.10 | Target
Price: MYR10.30 (+13%) | MCap (USD): 16.8B | ADTV (USD): 13M
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- Expect
neutral-to-slight negative earnings impact in the short term
if Sime successfully privatises NBPO.
- But
we are long term positive as PNG opens up a new market and
provides future expansion opportunities for the group.
- Maintain
BUY with an unchanged TP of MYR10.20 based on 18x 2015 PER.
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