国际股市

【319股市】 CIMB shares up most in more than five months; EPS beats

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(Sept 1): CIMB Group Holdings Bhd’s share price rose 2.8%. The company reported earnings per share (EPS) and sales above estimates.

Trading volume was five times the average for this time of day.

CIMB’s share price increased to RM5.52, higher than any close since Feb 28, from RM5.37.

The stock was the best performer among its peers.

The FBM KLCI fell 0.8%, while the MSCI AC Asia Pacific Index lost 1.4%.

Market metrics

CIMB shares’ trading volume was 8.15 million shares, five times the 20-day average of 1.52 million shares for this time of day.

Of shares that were traded, 49% were at the ask price and 46% were at the bid.

Market insights

CIMB’s share price advanced 9.4% in the past 52 weeks, compared with a 14% increase for the company’s Bloomberg peers. The KLCI lost 5.6%.

CIMB’s share price was up 3% in the past five days and rose 5.1% in the past 30 days.

In terms of valuation, CIMB trades at 11 times its estimated EPS for the coming year. It trades at 16 times trailing EPS.

The company is priced at 0.9 time book value.

CIMB’s dividend yield is 4.2% on a trailing 12-month basis and 4.8% based on Bloomberg Dividend Forecasts for the next 12 months.

Analyst activity

Analysts have nine “buy”, four “hold”, and one “sell” recommendations on CIMB shares.

The consensus rating is 4.1, on a 1-5 scale with 1 meaning strong sell and 5 meaning strong buy.

The price target of RM5.99 for CIMB shares represents an 8.5% increase from the last price.

Catalysts

The company had a profit of 12 sen a share on a Generally Accepted Accounting Principles (GAAP) basis for the latest quarter, and sales of RM4.88 billion on a comparable basis versus the RM4.41 billion estimate.

Maybank Investment Banking Group analyst Desmond Chng upgraded the recommendation on CIMB to “buy” and assigned a target price of RM6.20.

Nomura analyst Tushar Mohata upgraded the recommendation for CIMB to “buy” and assigned a target price of RM6.30 on Thursday.