Outperform
Company Update
- Transformation moving to second phase – target ROA of 1% by end 09. First phase has yielded some positive results.
- Internal restructuring delayed by six months – potential tax free income and higher dividend.
- More active capital management given strong capital ratios and the positive impact from the internal restructuring.
- No changes to our forecasts but our assumptions are more conservative than management guidance, implying potential upside to our forecasts.
- Maintain Outperform. Fair value is pegged at RM7.27 based on unchanged 15x (1x discount to sector and market benchmark) CY10 EPS.
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