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Initiation � AEON Credit (BUY,
Initiation)
- The right expertise and niche We initiate coverage on AEONCS with a BUY rating and RM15.10 price target, on a 9x CY16E PE. We think the shares are bottoming out as asset-quality concerns should ease on expected recoveries in 4QFY15. Potential catalysts include provisions recovery, expansion in personal-financing schemes, and merchant fee-income growth. We see AEONCS as an alternative to the slowing banking industry on expected 20% receivables growth and 20%+ ROEs.
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