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UBS has upgraded CIMB Group Holdings Bhd to a "buy" rating from "neutral," setting a target price of MYR 8.50. This follows a 15% decline in share price after the announcement of CIMB's F30 medium-term strategy and ROE targets, which did not meet market expectations. The analyst noted that the high proportion of foreign shareholders and negative sentiment towards Indonesian banks may have influenced the stock's performance.
UBS analyst Aakash Rawat has upgraded CIMB Group Holdings Bhd from Neutral to Buy, setting a target price of MYR 8.50 following a 15% drop in shares. This decline was attributed to the company's new F30 strategy and unmet return on equity targets, alongside negative sentiment affecting Indonesian banks. The upgrade suggests a renewed confidence in CIMB's future performance, potentially presenting a buying opportunity for investors.
ASEAN digibanks face significant challenges, including high customer acquisition costs and difficulties in monetization, despite a growing deposit base. While only a few are expected to succeed long-term, their total loans market share is projected to remain under 2% by 2030, limiting disruption to incumbent banks.
Aakash Rawat
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ubs upgrades cimb group to buy with target price of myr 8.50
16:55 21.03.2025
ubs upgrades cimb group to buy with new price target of myr 8.50
16:54 21.03.2025
Challenges and Opportunities for Digibanks in ASEAN Financial Landscape
14:03 04.12.2024
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