CIMB-A Re-Rating Again

AmResearch Sdn Bhd has upgraded CIMB Group Holdings Bhd. on the expectations of improved non-interest income, particularly from overseas capital markets in Asia.

Case in point is its appointment as one of 11 book runners for AIA Group Ltd’s Hong Kong initial public offering which is sufficient testimony to its growing regional investment banking franchise.

As such, CIMB’s fair value was raised to a whopping RM9.60 from RM7.80, according to the report.

CIMB shares are treading water at RM8.30 currently.