KLCI Stock - CIMB / 1023 - 2012 Quarter 1

CIMB GROUP HOLDINGS BERHAD



Company Description

The Group's principal activity is providing consumer banking which include Retail Banking, Business Banking, Direct Banking & Cards and Consumer Sales & Distribution. Other activity includes providing corporate and investment banking which comprises corporate finance, corporate banking, international banking & transactional services, equity capital market and other related services. The Group is involve in providing commercial banking and related services. Other activities include providing treasury activities, insurance businesses, fund management and unit trust activities and support services. The Group operates in Malaysia, Indonesia and other countries.

Company Info 

Listing Date	1987-11-03
Market Capital (Capital Size)	53,515,977,451 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Finance
Major Industry	Banking
Sub Industry	Other Financial Services
Website	http://www.cimb.com/

My Analysis 

Forecast P/E now	(7.2-0.24)/0.5419 = 12.84 (Moderate)
Target Price	8.67+0.24 = 8.91 (PE 16.0, EPS 0.5419, DPS 0.24)
Decision	BUY if stock price sustain above 7.1 and got very strong buy volume than sell or wait stock price below Bolinger lower band
Comment	Revenue decreased 3.7% but higher than preceding year corresponding quarter 18.4%, eps decreased 10.8% but higher than preceding year corresponding quarter 10.3%, no cash generated from all cash flow hence spent 9.7% of Group cash to cover all expenses, maintained high operating margin, lower interest income since FY10Q1, lower loans, advances & financing can indicate loan grow slow down, allowances for losses on loans, advance & financing remain high
First Support Price	7.1
Second Support Price	6.9
Risk Rating	MODERATE

Research House

TA Target Price	7.7 (2012-02-17)
MIDF Target Price	7.7 (2012-02-28)
CIMB Target Price	7.86 (2012-03-16)
RHB Target Price	8.05 (2012-04-02)
Alliance Target Price	7.92 (2012-05-09)
AMMB Target Price	8 (2012-05-09)
Kenanga Target Price	8.5 (2012-05-09)
Jupiter Target Price	8.16 (2012-05-10)
ECM Target Price	7 (2012-05-25)
HLG Target Price	7.78 (2012-05-25)
HwangDBS Target Price	7.6 (2012-05-25)
Maybank Target Price	6.8 (2012-05-25)
OSK Target Price	8.53 (2012-05-25)

Accounting Ratio 

Return on Equity	15.65%
Dividend Yield	3.33%
Gross Profit Margin	0.00%
Operating Profit Margin	40.46%
Net Profit Margin	41.20%
Tax Rate	23.73%
Asset Turnover	0.0407
Net Asset Value Per Share	3.51
Net Tangible Asset per share	2.21
Price/Net Tangible Asset Per Share	3.25
Cash Per Share	8.78
Liquidity Current Ratio	1.121
Liquidity Quick Ratio	0.9817
Liquidity Cash Ratio	0.2461
Gearing Debt to Equity Ratio	10.85
Gearing Debt to Asset Ratio	0.9134
Working capital per thousand Ringgit sale	254.2%
Days to sell the inventory	1737
Days to collect the receivables	5302
Days to pay the payables	12065

Technical Analysis 

SMA 20	7.39 (Downtrend 25 days)
SMA 50	7.53 (Downtrend)
SMA 100	7.316 (Uptrend)
SMA 200	7.234 (Downtrend)
MACD (26d/12d)	-0.093877 ( 0.000655 )
Signal (9)	-0.068606 ( 0.006318 )
MACD Histogram	0.025271 (Bearish trend 9 days)
Bolinger Upper Band	7.765
Bolinger Lower Band	7.015

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 largely due to the strong expansion in non-interest income partially offset by higher impairment charges and overhead expenses

- Consumer Bank PBT increased by 3.4% Y-o-Y (contributed 40% to Group PBT) as the Malaysia consumer operations PBT grew 4.7% Y-o-Y as the expansion in the retail banking operations were offset by lower recoveries at the bad bank. The Indonesian consumer operations were 1.8% lower Y-o-Y owing to higher operating costs and currency translation. The consolidated Thai consumer PBT saw improved profits under Thai GAAP but a small loss on consolidation due to the different timing of provision expenses

- Wholesale Banking PBT rose 7.1% Y-o-Y as the Markets (contributed 28% to Group PBT) divisional PBT almost doubled on the back of strong debt capital markets and foreign exchange flows. Investment Banking (contributed 1% to Group PBT) had a relatively slow start to the year with a 78.2% Y-o-Y PBT decline, while the Corporate Banking (contributed 18% to Group PBT) PBT fell 27.0% Y-o-Y due to higher provisions made in 1Q12. Investments (contributed 13% to Group PBT) PBT grew by 40.4% Y-o-Y

- CIMB Niaga’s PBT rose 30.7% Y-o-Y to IDR1,280 billion while its contribution to the Group was 28.3% higher Y-o-Y at RM431 million. CIMB Thai’s PBT grew 20.8% to THB353 million but after GAAP and FRS139 adjustments, its contribution to the Group was 73.5% lower at RM10 million. Total non-Malaysian PBT increased to 43% in 1Q12 from 38% in FY11

- The Group’s total gross loans expanded 10.5% Y-o-Y. Excluding the declining bad bank loan book, the Group’s total gross loans increased by 11.8% Y-o-Y. Within the Consumer segment, mortgages, term loans, credit cards and the Group’s micro lending grew by 12.6%, 7.5%, 8.0% and 33.6% respectively Y-o-Y. Commercial banking loans were 18.3% higher Y-o-Y while auto loans rose 3%. The Group's overall net interest margins were marginally lower at 3.04% from 3.08% last year

- Total Group deposits grew by 13.7% Y-o-Y driven by a 15.6% expansion in retail deposits. Corporate and Treasury deposits were 11.1% higher Y-o-Y. Geographically, the deposit growth was strongest in Thailand at 25.3% from a low base, while Malaysian deposits expanded at 15.2%. Indonesia and Singapore deposits grew 6.2% and 13.0% respectively Y-o-Y. The Group’s CASA ratio fell slightly to 34.2% from 34.6% last year

- Estimate next 4Q eps after 2012 Q1 result announced = 26851609*0.15/7432772 = 0.5419, estimate PE on current price 7.2 = 12.84(DPS 0.24)
- Estimate next 4Q eps after 2011 Q4 result announced = 27005917*0.15/7432772 = 0.545, estimate highest/lowest PE = 14.17/12.61 (DPS 0.24)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.4176*1.05 = 0.4385, estimate highest/lowest PE = 16.42/14.6 (DPS 0.24)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1305*0.8*4 = 0.4176(reduce 20% non-interest income due to market sluggish), estimate highest/lowest PE = 18.22/15.09 (DPS 0.26)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1097*4*1.1 = 0.4827(deduct RM160 million losses on loans, advance & financing), estimate highest/lowest PE = 18.29/15.66 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.49*1.05 = 0.5145, estimate highest/lowest PE = 15.86/14.69 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate highest/lowest PE = 18.29/15.99 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)

CIMB latest news (English)

CIMB latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	gros_m	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-05-24	2012	1	N/A	N/A	-	3.76%	3.76%	3255553	3255553	1341222	1341222	1010667	1010667	0.1360	0.1360	310121782	283270173	743695	26851609	832600	1547382	961730	34309809	2379982	3341712	30968097	7432772	7432772	53441630	2012-03-31	-	40.46%	41.20%	23.73%	0.0407	-	3.51	2.21	3.25	8.78	1.121	0.9817	0.2461	10.85	0.9134	254.2%	1737	5302	12065
2012-02-27	2011	4	7.96	7.11	0.1	4.19%	14.93%	3380963	12122029	1404970	5203142	1132514	4030798	0.1524	0.5423	300392654	273386737	726690	27005917	10700706	4650068	1620688	26997519	6050638	7671326	34668845	7432772	7432772	53069992	2011-12-31	-	32.93%	41.56%	18.49%	0.0404	13.1661	3.54	2.21	3.23	7.75	1.1272	0.9895	0.2258	10.4031	0.9101	267.5%	1736	5535	12251
2011-11-15	2011	3	7.44	6.64	-	3.89%	11.16%	3031492	8741066	1287672	3798172	1011758	2898284	0.1361	0.3899	295612295	269633235	711466	25979060	5759491	2989489	668339	26944386	2770002	3438341	30382727	7432772	7432772	52772681	2011-09-30	-	40.04%	42.48%	21.19%	0.0403	-	3.4	2.08	3.41	8.08	1.1204	0.9903	0.2375	10.6711	0.9121	255.1%	1664	5421	12392
2011-08-23	2011	2	7.87	6.56	0.12	3.81%	7.41%	2959191	5709574	1277929	2510500	970015	1886526	0.1305	0.2538	282075871	256605077	700442	25470794	4689051	2136440	877413	26881425	2552611	1675198	28556623	7432772	7432772	57901293	2011-06-30	-	41.07%	43.19%	23.23%	0.0419	-	3.33	2.03	3.84	7.49	1.1139	0.9817	0.2298	10.3594	0.9097	233.8%	1634	5220	11874
2011-05-25	2011	1	9.01	7.74	-	3.75%	3.75%	2750383	2750383	1232571	1232571	916511	916511	0.1233	0.1233	272311277	247871425	696360	24439852	1527109	708797	41500	26854887	2235906	2194406	24660481	7432772	7432772	61469024	2011-03-31	-	43.56%	44.81%	24.28%	0.0436	-	3.19	1.89	4.38	7.49	1.1176	0.993	0.239	10.4396	0.9103	230.7%	1472	5050	11475
2011-02-25	2010	4	8.42	7.82	0.08	3.59%	14.40%	3185683	11878203	1143047	4626717	872615	3500803	0.1176	0.4872	269365244	245062045	873233	24303199	2676058	451069	2263367	27146882	2224989	38378	27185260	7418466	7186034	59867020	2010-12-31	-	34.12%	35.88%	23.36%	0.0442	16.5651	3.26	1.91	4.23	7.74	1.1157	0.9874	0.249	10.4593	0.9098	224.1%	1478	4881	11075
2010-11-22	2010	3	9.17	8.04	0.1345	3.74%	10.79%	2910818	8787331	1186106	3503853	916803	2648371	0.1268	0.3698	261101772	236564765	1367393	24537007	4773594	149157	241884	27537533	4624437	4382553	23154980	7229190	7160752	60797487	2010-09-30	-	39.49%	40.75%	19.85%	0.0438	-	3.24	1.81	4.65	7.39	1.1072	0.9812	0.238	10.2101	0.906	210.2%	1482	4907	11218
2010-08-26	2010	2	8.62	7.72	0.04625	3.85%	7.48%	3018763	5860608	1184973	2313722	889460	1727543	0.1250	0.2425	255897662	232795167	2216150	23102495	4958543	221111	653389	28534220	5179654	5833043	22701177	7118009	7122567	56374631	2010-06-30	-	41.20%	39.25%	20.08%	0.0443	-	2.93	1.63	4.86	7.17	1.1033	0.9662	0.2307	11.1458	0.9097	201.8%	1591	4903	11140
2010-05-20	2010	1	8.0	6.58	-	3.66%	3.66%	2787592	2787592	1129394	1129394	838728	838728	0.2366	0.2366	245856199	222917659	2165933	22938540	3069709	1018935	13	27902725	2050774	2050787	25851938	3544216	3544216	25057607	2010-03-31	-	40.08%	40.52%	19.17%	0.0443	-	5.86	3.23	2.19	13.95	1.1032	0.9682	0.2332	10.7313	0.9067	200.8%	1520	4827	10666
2010-02-23	2009	4	14.82	7.0	0.185	3.55%	12.39%	2731255	10483151	1093623	3811877	802893	2806816	0.2267	0.7951	239983999	217337285	2101700	22646714	1530848	2612161	653919	24785597	4143009	3489090	28274687	3542351	3529967	44846163	2009-12-31	-	35.57%	40.04%	18.29%	0.0443	15.9217	5.82	3.17	3.99	13.13	1.1034	0.959	0.2253	10.5786	0.9056	201.0%	1584	4887	10517
2009-11-10	2009	3	13.58	12.06	-	3.44%	9.50%	2786977	7889775	1000788	2718254	726830	2003923	0.2058	0.5678	228891774	207791017	1512510	21100757	5053613	860228	399579	25066168	4193385	4592964	20473204	3531770	3529361	45277291	2009-09-30	-	37.15%	35.91%	21.89%	0.0427	-	5.55	3.1	4.14	11.53	1.1043	0.9539	0.207	10.6079	0.9078	209.9%	1685	5097	10649
2009-08-12	2009	2	13.14	9.95	-	3.34%	6.43%	2589220	5102798	878550	1717466	663150	1277093	0.1879	0.3620	224677381	204813407	1381727	19863974	2709290	146971	752948	24895608	2856261	3609209	21286399	3528801	3528136	38111050	2009-06-30	-	34.71%	33.93%	19.43%	0.0386	-	5.24	2.81	3.84	11.71	1.0995	0.9349	0.2132	11.0816	0.9116	222.7%	2024	5476	11768
2009-05-14	2009	1	11.0	8.5	-	3.34%	3.34%	2513578	2513578	839005	839005	614032	614032	0.1739	0.1739	226918356	208561461	1198377	18356895	2625669	1353384	1058244	24556541	3979053	5037297	19519244	3531781	3531781	31256261	2009-03-31	-	33.71%	33.38%	20.85%	0.0363	-	4.86	2.51	3.53	11.49	1.091	0.913	0.2051	12.155	0.9191	218.6%	2424	5701	12996
2009-02-23	2008	4	9.5	5.9	0.25	1.69%	10.38%	1882411	7740512	448225	2715990	318687	1952369	0.0919	0.5776	207090759	188278166	1513390	18812593	2086075	4676654	669399	30502041	6762729	6093330	24408711	3469635	3380215	22379145	2008-12-31	-	30.93%	23.81%	33.73%	0.0374	11.1671	5.12	2.81	2.3	12.0	1.1032	0.9523	0.2341	10.8836	0.9092	237.2%	2005	5535	12710
2008-11-13	2008	3	7.15	5.55	-	2.63%	9.59%	1683217	5858101	572018	2267765	448044	1633682	0.1345	0.4876	195474820	178435134	944260	17039686	5226430	2751813	183887	30720554	2474617	2290730	33011284	3330835	3350191	20318093	2008-09-30	-	34.64%	33.98%	19.11%	0.04	-	4.8	3.32	1.84	16.59	1.1127	1.0045	0.3265	11.0861	0.9128	243.9%	1400	4976	12357
2008-08-14	2008	2	8.45	5.65	-	3.90%	7.10%	2157629	4174884	946915	1695772	650238	1185663	0.1941	0.3529	190906548	174214068	893614	16692480	1602828	784040	428857	30452032	818788	1247645	31699677	3350579	3360180	27139689	2008-06-30	-	42.65%	43.89%	27.45%	0.045	-	4.7	3.23	2.51	16.41	1.1145	1.0124	0.334	11.027	0.9126	219.5%	1104	4385	10282
2008-05-09	2008	1	10.2	6.95	-	3.16%	3.16%	2017256	2017256	748859	748859	535426	535426	0.1589	0.1589	186154060	169184426	963546	16969634	3749359	124866	1296175	30184468	3624493	2328318	27856150	3369757	3369757	33360594	2008-03-31	-	38.16%	37.12%	24.40%	0.0478	-	4.75	3.28	3.02	16.88	1.1198	1.0077	0.3562	10.57	0.9088	215.0%	1114	3931	9399
2008-02-21	2007	4	10.6	8.45	0.25	2.88%	16.58%	1958649	9010661	738821	3686872	486018	2794342	0.1437	0.8363	182801239	165946629	944559	16854610	16127335	2520861	2770213	19689199	13606474	10836261	30525460	3382562	3341389	34840388	2007-12-31	-	39.58%	37.72%	31.80%	0.0492	12.3164	4.76	3.27	3.15	16.17	1.1135	0.9983	0.3469	10.4303	0.9078	199.2%	1125	3896	9208
2007-11-12	2007	3	12.2	10.1	-	6.47%	14.48%	2458162	7026483	1205719	2948588	1032286	2308861	0.3051	0.6933	174924378	158978430	961417	15945948	6941228	2113003	2306969	19782841	4828225	2521256	22304097	3383951	3330306	36208275	2007-09-30	-	23.09%	49.05%	11.59%	0.0527	-	4.5	2.97	3.6	13.44	1.1164	1.0032	0.3025	10.6095	0.9088	189.9%	982	3800	8181
2007-08-24	2007	2	11.5	10.6	0.25	4.27%	8.25%	2465466	4568321	916889	1742969	660837	1276675	0.1923	0.3863	166937259	151453907	837834	15483352	6980479	816117	335925	19730302	6164362	5828437	25558739	3436926	3304458	40212034	2007-06-30	-	37.16%	37.19%	24.00%	0.0405	-	4.43	2.89	4.05	14.06	1.1267	1.0223	0.3406	10.3413	0.9073	266.0%	1218	4810	10888
2007-05-07	2007	1	N/A	N/A	-	4.47%	4.47%	2102855	2102855	826475	826475	616233	616233	0.1896	0.1896	161437099	147662545	775648	13774554	2313132	896942	520163	19665083	1416190	896027	20561110	3249914	3249914	32336644	2007-03-31	-	39.59%	39.30%	21.40%	0.0266	-	4.0	2.43	4.09	12.88	1.1223	1.008	0.3043	11.3596	0.9147	392.0%	1988	7591	16494
2007-03-01	2006	4	N/A	N/A	0.15	3.59%	12.09%	2187538	6392570	596495	2019233	452118	1521618	0.1419	0.4812	157301284	144711964	604790	12589320	3912712	881916	4866364	12024781	3030796	7897160	19921941	3185604	3162110	24688431	2006-12-31	-	26.19%	27.27%	21.85%	0.0139	16.1055	3.79	2.2	3.52	12.75	1.1283	1.0241	0.3046	12.0749	0.92	781.9%	3140	15073	28681

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Goodwill on consolidation (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Derivative financial assets (A-1)	Financial assets at fair value through profit and loss (A-1)	Financial investments available-for-sale (A-1)	Financial investments held-to-maturity (A-1)	Loans, advances & financing (A-1)	Other assets (A-1)	Reverse repurchase agreements (A-1)	Statutory deposits with Bank Negara Malaysia (A-1)	Bonds (L-0)	Deferred tax liabilities (L-0)	Loan stock (L-0)	Loans & borrowings (L-0)	Non-cumulative guaranteed and redeemable preference shares (L-0)	Subordinated notes (L-0)	Bills payables (L-1)	Current tax liabilities (L-1)	Deposits & placements of banks & other financial institutions (L-1)	Deposits from customers (L-1)	Derivative financial liabilities (L-1)	Floating rate certificates of deposits (L-1)	Irredeemable convertible unsecured loan stocks (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Obligations on securities sold under repurchase agreements (L-1)	Other liabilities (L-1)	Recourse obligations on loans sold to Cagamas Berhad (L-1)	Redeemable convertible unsecured loan stocks (L-1)	Minority interest (M-1)
2012	1	54524	8139539	1562608	1359361	8110	169070	1481501	30968097	14324	126145	7279441	3676517	21640362	21115299	11396906	183419585	7878982	4443338	5388073	499416	142981	-	5333431	865685	11178056	5787423	504781	16136980	229838761	3570326	-	-	-	1409831	8002502	-	-	743695
2011	4	49998	8242489	1611879	1357866	8653	170564	1458400	34668845	17248	139258	4174012	4274073	13665700	18421118	12460832	183838777	6518355	4230482	5084105	521225	181475	-	5324032	881016	11417980	7566691	483820	12964309	221933142	4217291	-	-	-	1067946	6827810	-	-	726690
2011	3	-	8239759	1583238	1016604	7076	174424	1434671	30382727	22237	98794	8056171	5101884	17485644	12857378	16046517	177129129	7904090	3973360	4098592	-	113458	-	3928637	914734	11944557	5329569	601228	16050898	218202092	5035567	-	-	-	263647	7248848	-	-	711466
2011	2	-	8126855	1566539	956419	6859	178071	1381595	28556623	14710	96142	9290784	3482618	14401283	12191533	15719739	168851939	9716167	4124475	3413520	-	58149	-	3440787	858130	9988828	4506061	483424	13782083	210943412	3570421	-	-	-	-	8973782	-	-	700442
2011	1	41498	8115074	1552518	889479	13469	197247	1343653	24660481	64808	83098	10522222	3845343	18083513	11602150	14760112	164170490	7354781	2634107	2377234	434996	7400	-	3993034	858787	9795950	4769968	396762	14966391	202111513	4054425	-	-	-	-	6422355	59844	-	696360
2010	4	15269	8159469	1543295	680293	61216	185542	1442948	27185260	59050	98358	11745823	3577155	17082596	11658702	14120263	159181385	7353522	3804662	1410436	423982	12124	-	3484667	860162	9675340	4831366	322789	13092157	199845664	3748516	-	-	-	33087	8624668	107523	-	873233
2010	3	-	8676284	1561045	662027	98362	230754	1411467	23154980	38196	190334	10725748	5156389	18359797	11665985	14229244	153904555	7482062	2390102	1164441	417950	105950	-	3599369	882905	7155945	3824572	211567	10702355	193851856	5385296	-	-	-	132614	10082676	211710	-	1367393
2010	2	158810	7646241	1603832	654920	99807	247405	1432088	22701177	33342	118764	13579829	4573437	14246307	10653474	15558490	152130415	5837016	4120080	502228	432591	8201	-	3203031	896915	7051747	3745402	216226	10178570	193487137	4649490	-	-	-	33494	8659727	232636	-	2216150
2010	1	132928	7693284	1633653	651402	101024	286461	1480223	25851938	158742	148426	11784403	3675309	11099487	10483760	14147082	144074375	7763255	3980114	710333	429053	6335	-	3296250	876764	6304978	4252364	254975	13877644	178730585	3719074	-	-	-	-	10918829	250808	-	2165933
2009	4	293708	7694653	1667784	649138	120349	279924	1499066	28274687	226224	110416	2383055	3689831	14999302	11000536	14266710	142218190	5221796	4544873	843757	443051	13247	-	3218286	884087	6342738	4494794	428565	10131582	178882336	3492587	-	-	-	565097	8105303	335612	-	2101700
2009	3	384808	7581938	1061276	583343	101277	72049	1915712	20473204	27184	106232	7582410	4100849	11816689	11709786	13782090	136467443	6203264	4089682	832538	442440	1982	-	4906085	905670	4855859	2859207	397427	13719588	166155429	3784830	-	-	-	-	9307849	454651	-	1512510
2009	2	416005	7499180	1052570	545516	101193	71617	1781106	21286399	28063	113137	7200119	4548196	11584432	12668704	13776754	130051166	5209320	5480914	1262990	-	7916	-	4861344	903746	5133106	3189218	92830	14056130	163847041	4007946	-	-	-	-	8198186	515944	-	1381727
2009	1	638018	7828191	465870	286592	102238	73502	1671689	19519244	8310	418306	8382898	5784303	11559821	13104222	14205512	128662796	5176780	7915602	1114462	25760	11565	-	3711706	965658	5999126	3388838	142082	11724585	167394357	4952184	-	-	-	550015	8864459	831126	-	1198377
2008	4	260062	6204724	1591670	913767	100175	256788	1559550	24408711	82452	388756	4063276	5723801	10423239	11608213	11921430	117382074	4154483	3311243	2736345	24374	14895	-	4004836	948336	5443518	3333266	212220	13653284	146890210	5168280	-	-	29499	62924	7498706	993818	-	1513390
2008	3	408849	4483950	476497	277440	101606	51807	1432651	33011284	231939	-	2411196	3157582	17387063	10856504	5398484	106572085	4742354	2038011	2435518	24030	9900	-	4430968	855580	3935189	4254194	100931	10971723	141953822	2618253	-	-	83860	406897	7561201	1228586	-	944260
2008	2	530802	4482568	462001	331963	99212	48362	1428558	31699677	297897	-	6055955	3710094	14578174	9551400	4583370	103229095	4484690	2674487	2658243	22810	9297	-	4924065	806228	3783658	3984920	240093	10853415	136842264	2833690	-	-	80648	598873	7756723	1475605	1779	893614
2008	1	465278	4495546	473531	323628	96309	54127	1372404	27856150	838158	-	10987661	2962184	15562792	9585736	3850705	95846448	4416974	4475766	2490663	272228	12365	-	4574727	815758	3773041	4324899	149310	10847957	131601981	2660887	-	4381	633481	-	7776033	1735576	1802	963546
2007	4	482835	4474119	503660	274576	97421	53740	1298580	30525460	762094	-	6485564	1783013	14652312	10259560	3529444	95904058	4294878	4371313	3048612	304693	23523	-	4752167	816033	2333476	4668033	217887	12884467	126866791	1658434	-	9282	556090	605780	8243463	2004707	1803	944559
2007	3	412704	4541766	556143	283221	59661	55521	1131515	22304095	-	273853	7607270	3850904	12935200	10620615	2920545	95937714	5318130	3473168	2642353	316651	20577	91830	4664653	809276	2690427	4462639	403767	10472725	120199138	3947303	-	11482	-	260745	8204295	2418781	4141	961417
2007	2	502860	4581696	530418	280787	60798	61054	1094942	25558739	-	166674	5677983	1796399	14715444	9954726	2135802	89024303	5715976	2712113	2366545	374106	6651	41830	5731810	758334	2685279	5010068	351826	7633726	113195757	2391655	-	11508	-	1212209	9203294	2836899	8955	837834
2007	1	465263	4601263	485898	303823	61329	-	1118299	20561110	-	126442	4810048	2448061	14239819	9954244	2150377	89227876	5013367	3608072	2261808	488841	7834	41830	6158878	683968	2699525	4653286	184254	6949088	104793678	3678719	207450	11778	-	7028072	6781362	3272851	21131	775648
2006	4	433063	4503692	527282	286938	62982	59859	1021646	19921941	-	-	4857118	1233713	13581924	9367534	2040062	90334759	4336771	2482653	2249347	784527	2086	41610	7015261	798728	2767254	4495562	209800	7021779	104568715	1463133	211800	14199	-	5662529	5956175	3665824	32982	604790

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Gain/loss on disposal of subsidiaries	Impairment loss	Net income from Islamic banking business	Write back/(Allowances) for losses on loans, advance & financing	(Allowance)/Writeback of allowance for doubtful receivables	(Provision)/Writeback of provision for commitments & contigencies	After tax effect of finance cost on ESOS	Elimination of interest expense on RCULS	After tax effect of interest on exercise of warrants	After-tax effect of interest expense on Guaranteed Exchangeable Bonds	Share of net profit of jointly controlled entity	Losses/recoveries from asset management and securities services	Income from investment of proceeds from exercise of warrants in money market instruments	Interest income	Interest expense
2012	1	3255553	318253	1141996	1792473	12302	31977	-	2011	375879	143785	10600	738	-	-	-	-	1823	-	-	3301229	1563551
2011	4	3380963	259804	1008474	1721926	12652	21460	250000	6387	362508	289204	3571	18234	-	-	-	-	5401	0	-	3356955	1596974
2011	3	3031492	272794	1011543	1700709	3120	34863	-	11140	357605	105721	7953	22230	-	-	-	-	9610	15000	-	3249382	1587038
2011	2	2959191	296901	952255	1661845	11013	32766	-	4115	347116	86244	2125	13066	-	-	-	-	14755	-	-	3117622	1457802
2011	1	2750383	299317	815800	1545432	16743	22070	-	778	340477	6174	491	1905	-	-	-	-	10106	-	-	2957553	1363447
2010	4	3185683	267065	1055956	1899417	3367	34491	20142	11655	462952	167627	16405	17363	-	-	-	-	2530	0	-	2950527	1303894
2010	3	2910818	235424	965985	1617854	33879	16392	0	2037	329511	145391	18812	2897	-	-	-	-	3056	-	1133	2844748	1229426
2010	2	3018763	237891	1036909	1634833	57622	14200	7076	10890	308531	122356	30762	50947	-	-	-	-	1798	-	-	2774981	1108734
2010	1	2787592	216450	954021	1508710	74216	21537	-	11776	229770	149825	12540	307	-	-	645	-	2164	-	-	2576625	972824
2009	4	2731255	200012	902351	1489298	90718	6159	0	67297	260129	203148	88213	26727	-	-	-	-	1012	-	-	2583286	1014511
2009	3	2786977	219112	899712	1439213	54846	17831	69549	2560	222602	245516	89913	34474	-	-	-	-	2536	-	-	2647433	1052319
2009	2	2589220	170728	924016	1414042	44672	1298	0	25741	163286	302302	19984	2762	-	-	-	-	3977	-	-	2618576	1116658
2009	1	2513578	174958	915425	1326589	50015	3583	30251	37783	160859	271639	34885	7579	-	-	-	89	230	-	-	2730891	1323848
2008	4	1882411	151207	485541	1095700	21669	39527	19723	38563	130869	262735	74832	660	-	-	-	89	616	-	-	2633924	1348200
2008	3	1683217	109287	449648	929662	14687	1664	0	2826	93234	167582	13524	10	-	-	-	83	638	-	-	2377969	1237634
2008	2	2157629	259902	911786	1035043	36775	3486	17716	9199	120389	175412	4154	1	-	13	-	79	1209	-	-	2262362	1154624
2008	1	2017256	182718	798539	1061400	30715	11216	-	2945	93298	188986	10566	57	-	13	-	80	790	-	-	2319278	1193859
2007	4	1958649	234922	767829	1084837	17881	2806	6437	11171	67558	116172	26681	1282	170	13	-	84	512	-	-	2330251	1200552
2007	3	2458162	139756	685482	965331	33677	7592	628451	61381	52373	358189	663	2	263	101	-	87	988	-	-	2242152	1150296
2007	2	2465466	220072	1206042	1164406	35980	3002	-	17352	109948	367488	2879	151	303	101	-	93	200	-	-	2302671	1153195
2007	1	2102855	176878	985153	987011	33364	104	-	2207	87949	285582	8478	8	367	102	-	417	1710	-	-	2227773	1198020
2006	4	2187538	130333	1088914	1198260	14044	26773	-	321	52157	416711	5427	1037	959	129	-	3629	1419	-	-	2317770	1271303

Financial Quarter Segments Revenue

year	qrt	Investment Banking	Consumer Banking	Corporate & Investment Banking	Treasury & Investment	Asset Management & Insurance	Foreign Banking	Support & Others	Investment	Corporate Banking, Treasury and Markets
2012	1	13442	1118868	-	-	-	-	23373	22862	605879
2011	4	-	619937	322560	4102	3760	860429	42603	-	-
2011	3	-	632591	303106	26392	3175	801722	51858	-	-
2011	2	-	641910	289922	23865	3008	802127	53282	-	-
2011	1	-	643490	307438	66736	2796	753958	46840	-	-
2010	4	-	458571	130960	327093	4483	764889	34089	-	-
2010	3	-	756629	358989	206125	5514	745620	45305	-	-
2010	2	-	778015	399402	245578	3798	765903	35293	-	-
2010	1	-	608362	323462	7456	3397	711596	35560	-	-
2009	4	-	647715	411365	99588	2757	634627	28101	-	-
2009	3	-	671130	268592	26190	3933	656798	35326	-	-
2009	2	-	670567	322861	83438	4567	588101	887	-	-
2009	1	-	664043	365761	98275	5058	483667	13211	-	-
2008	4	-	812092	393350	246513	2332	338507	12957	-	-
2008	3	-	686638	337315	15302	1020	196099	65435	-	-
2008	2	-	606687	279246	33239	58	184432	70963	-	-
2008	1	-	702477	293894	54619	1359	187994	5686	-	-
2007	4	-	663329	358314	50377	523	193431	35521	-	-
2007	3	-	654786	260575	18483	7840	194190	36546	-	-
2007	2	-	630427	231682	117723	8926	200532	52140	-	-
2007	1	-	645538	206615	6954	10189	201561	41104	-	-
2006	4	-	688241	283589	229223	4427	206100	93333	-	-

Financial Quarter Segments Profit

year	qrt	Investment Banking	Consumer Banking	Corporate & Investment Banking	Treasury & Investment	Asset Management & Insurance	Foreign Banking	Support & Others	Investment	Corporate Banking, Treasury and Markets
2012	1	14383	545528	-	-	-	-	48071	154672	640910
2011	4	-	278762	97198	603958	15999	436310	55118	-	-
2011	3	-	373245	182221	330242	11707	414230	68446	-	-
2011	2	-	392813	268339	189057	24610	410157	54568	-	-
2011	1	-	362158	259228	247344	17099	369670	55104	-	-
2010	4	-	902139	894268	403957	27594	367692	1484616	-	-
2010	3	-	179333	253884	347683	25575	385866	26816	-	-
2010	2	-	163024	297210	316650	29069	423516	60494	-	-
2010	1	-	199415	221431	278083	8016	429149	31046	-	-
2009	4	-	284683	240681	332145	12429	259705	43191	-	-
2009	3	-	143649	141405	385038	45120	298782	33573	-	-
2009	2	-	140426	171345	323458	50629	175791	14222	-	-
2009	1	-	130875	122243	483165	33213	95899	30292	-	-
2008	4	-	173697	245837	141035	66270	4357	11609	-	-
2008	3	-	215012	159305	112218	22464	91230	14332	-	-
2008	2	-	276123	226875	381994	22086	102753	67704	-	-
2008	1	-	53968	252926	348278	11553	96534	4067	-	-
2007	4	-	4908	450954	270912	40249	94134	29995	-	-
2007	3	-	529032	69184	783283	30133	77016	766104	-	-
2007	2	-	277455	406454	534423	65286	110275	480703	-	-
2007	1	-	273636	319049	437840	54963	103220	364725	-	-
2006	4	-	195601	220689	597681	74042	76716	598305	-	-

Financial Quarter Segments Associate

year	qrt	Investment Banking	Consumer Banking	Treasury & Investment	Asset Management & Insurance	Foreign Banking	Support & Others	Investment
2012	1	119	8470	-	-	-	-	25449
2011	4	-	1353	5494	64	19950	-	-
2011	3	-	557	11352	6210	26354	-	-
2011	2	-	3497	12375	11258	20391	-	-
2011	1	-	3952	1902	4617	21705	-	-
2010	4	-	3309	13534	75	20254	1	-
2010	3	-	3028	3914	475	12980	1	-
2010	2	-	1664	3522	338	11151	1	-
2010	1	-	2448	10551	312	10201	813	-
2009	4	-	115	14003	-	20010	1049	-
2009	3	-	2536	13100	915	3170	646	-
2009	2	-	3977	3901	448	2230	821	-
2009	1	-	230	1126	467	2257	667	-
2008	4	-	616	4990	4143	39545	865	-
2008	3	-	638	1501	915	1977	273	-
2008	2	-	1209	605	1110	2248	733	-
2008	1	-	790	11967	933	1566	118	-
2007	4	-	512	2386	2031	1514	97	-
2007	3	-	988	495	1620	4564	913	-
2007	2	-	200	808	1753	-	441	-
2007	1	-	1710	-	484	-	380	-
2006	4	-	1419	415	3602	-	22756	-

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

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KLCI Stock - CIMB / 1023 - 2011 Quarter 4

CIMB GROUP HOLDINGS BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher pbt mainly from Treasury & Investment and Foreign Banking segments

- The Group’s Malaysian Consumer Banking division PBT declined 24.1% Q-o-Q mainly due to a one off change in methodology in provisions for retail loans. CIB was 42.7% lower given the slower advisory activities in 4Q11 but Treasury and Investments was 73.3% higher due to a large gain on deconsolidation of investment in CIMB Aviva. CIMB Niaga’s PBT contribution was 3.5% lower Q-o-Q at RM390 million. GAM and Insurance PBT fell 5.6% to RM17 million. CIMB Thai’s PBT contribution (after GAAP adjustments) increased three-fold to RM49 million compared to 3Q11

- Estimate next 4Q eps after 2011 Q4 result announced = 27005917*0.15/7432772 = 0.545, estimate PE on current price 7.5 = 13.32(DPS 0.24)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.4176*1.05 = 0.4385, estimate highest/lowest PE = 16.42/14.6 (DPS 0.24)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1305*0.8*4 = 0.4176(reduce 20% non-interest income due to market sluggish), estimate highest/lowest PE = 18.22/15.09 (DPS 0.26)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1097*4*1.1 = 0.4827(deduct RM160 million losses on loans, advance & financing), estimate highest/lowest PE = 18.29/15.66 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.49*1.05 = 0.5145, estimate highest/lowest PE = 15.86/14.69 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate highest/lowest PE = 18.29/15.99 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)

CIMB latest news (English)

CIMB latest news (Chinese)

KLCI Stock - CIMB / 1023 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	50,096,901,114 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(6.74-0.26)/0.4176 = 15.52 (Moderate)
Target Price	6.68+0.26 = 6.94 (PE 16.0, EPS 0.4176, DPS 0.26)
Decision	Not interested unless stock price near or reach SMA point
Comment	Revenue decreased 13.2% and also lower than preceding year corresponding quarter 1.3%, eps increased 4.2% and also higher than preceding year corresponding quarter 4.5%, no cash generated from operating or investing and is over spent and still no cash generate from financing activities, lower revenue is due to lower other income, interest and islamic banking income still high, unusual low allowance of losses on loans, advance & financing, if normal then profit have to deduct another RM160 million
First Support Price	6.6
Second Support Price	6.0
Risk Rating	MODERATE

Research House

Affin Target Price	10 (2011-01-21)
Golman Sachs Target Price	10 (2011-04-18)
Kenanga Target Price	9.1 (2011-08-24)
MIDF Target Price	9 (2011-08-24)
TA Target Price	9.7 (2011-08-24)
HwangDBS Target Price	7.4 (2011-09-08)
OSK Target Price	7.62 (2011-09-30)
AMMB Target Price	8 (2011-10-25)
ECM Target Price	7 (2011-11-16)
HLG Target Price	7.2 (2011-11-16)
Maybank Target Price	6.8 (2011-11-16)
RHB Target Price	5.63 (2011-11-21)

Accounting Ratio

Return on Equity	14.77%
Dividend Yield	2.97%
Profit Margin	42.48%
Tax Rate	21.19%
Asset Turnover	0.0403
Net Asset Value Per Share	3.4
Net Tangible Asset per share	2.08
Price/Net Tangible Asset Per Share	3.41
Cash Per Share	8.08
Liquidity Current Ratio	1.1204
Liquidity Quick Ratio	0.9903
Liquidity Cash Ratio	0.2375
Gearing Debt to Equity Ratio	10.6711
Gearing Debt to Asset Ratio	0.9121
Working capital per thousand Ringgit sale	255.5%
Days to sell the inventory	1768
Days to collect the receivables	5428
Days to pay the payables	13172

My notes based on 2011 quarter 3 report (number in '000):-
- Better result mainly due to rebound in treasury and investments and higher income from foreign banking, other segments recorded lower income

- Estimate next 4Q eps after 2011 Q3 result announced = 0.4176*1.05 = 0.4385, estimate PE on current price 6.74 = 15.52(DPS 0.24)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1305*0.8*4 = 0.4176(reduce 20% non-interest income due to market sluggish), estimate highest/lowest PE = 18.22/15.09 (DPS 0.26)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1097*4*1.1 = 0.4827(deduct RM160 million losses on loans, advance & financing), estimate highest/lowest PE = 18.29/15.66 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.49*1.05 = 0.5145, estimate highest/lowest PE = 15.86/14.69 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate highest/lowest PE = 18.29/15.99 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)

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KLCI Stock - CIMB / 1023 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	52,401,061,254 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(7.05-0.26)/0.4176 = 16.26 (High)
Target Price	6.68+0.26 = 6.94 (PE 16.0, EPS 0.4176, DPS 0.26)
Decision	Not interested unless stock price sustain above 7.3
Comment	Revenue decreased 13.2% and also lower than preceding year corresponding quarter 1.3%, eps increased 4.2% and also higher than preceding year corresponding quarter 4.5%, no cash generated from operating or investing and is over spent and still no cash generate from financing activities, lower revenue is due to lower other income, interest and islamic banking income still high, unusual low allowance of losses on loans, advance & financing, if normal then profit have to deduct another RM160 million
First Support Price	6.9
Second Support Price	6.4
Risk Rating	MODERATE

Research House

Affin Target Price	10 (2011-01-21)
Golman Sachs Target Price	10 (2011-04-18)
AMMB Target Price	9.7 (2011-07-20)
Maybank Target Price	9.6 (2011-08-09)
ECM Target Price	7.88 (2011-08-24)
HLG Target Price	9 (2011-08-24)
Kenanga Target Price	9.1 (2011-08-24)
MIDF Target Price	9 (2011-08-24)
TA Target Price	9.7 (2011-08-24)
RHB Target Price	7.49 (2011-08-29)
HwangDBS Target Price	7.4 (2011-09-08)
OSK Target Price	8.2 (2011-09-08)

Accounting Ratio

Return on Equity	14.75%
Dividend Yield	4.74%
Profit Margin	43.19%
Tax Rate	23.23%
Asset Turnover	0.0418
Net Asset Value Per Share	3.33
Net Tangible Asset per share	2.03
Price/Net Tangible Asset Per Share	3.84
Cash Per Share	7.49
Liquidity Current Ratio	1.1139
Liquidity Quick Ratio	0.9817
Liquidity Cash Ratio	0.2298
Gearing Debt to Equity Ratio	10.3594
Gearing Debt to Asset Ratio	0.9097
Working capital per thousand Ringgit sale	234.1%
Days to sell the inventory	1744
Days to collect the receivables	5228
Days to pay the payables	12677

My notes based on 2011 quarter 2 report (number in '000):-
- CIMB Group’s 1H11 revenues decreased by 1.5% Y-o-Y to RM5.71 billion due to lower non-interest income as last year’s revenues were boosted by sales of ex-Lippo Bank bonds (excluding this, revenues would have increased 3.5%). The Group’s profit before tax (“PBT”) was 8.5% higher at RM2.51 billion as credit losses remained subdued

- For 1H11, the Group’s Malaysian consumer bank PBT increased by 83.3% Y-o-Y to RM715 million as the 11.9% improvement in revenue was enhanced by low credit charges. PBT at Corporate & Investment Banking (“CIB”) rose 1.2% Y-o-Y to RM493 million, while Treasury & Investments declined 15.7% Y-o-Y to RM461 million

- CIMB Niaga’s PBT rose 39.6% to IDR2,123 billion but its contribution to the Group was 11.1% lower Y-o-Y at RM736 million due to the absence of gains arising from the sale of ex-Lippo Bank bonds which occurred in 1H10. CIMB Thai’s PBT contribution (after GAAP and FRS139 adjustments) surged to RM49 million from RM26 million in 1H10. Asset Management and Insurance PBT rose 57.9% Y-o-Y to RM57 million due to the non-recurrence of provisions for doubtful debts made at CIMB Aviva in 1H10

- The Group’s total gross loans expanded 11.0% Y-o-Y, underpinned by the strong 25.9% growth (in RM terms) at CIMB Niaga as well as the 13.7% increase in Malaysian consumer loans. Mortgages, credit cards and the Group’s micro credit lending grew by 17.3%, 19.1% and 72.0% respectively Y-o-Y. Hire purchase loans grew at a modest 4.6% Y-o-Y but commercial banking loans declined 1.0% Y-o-Y. Corporate loans contracted 5.3% Y-o-Y. The Group's overall net interest margins eased to 3.11% from 3.38% last year

- Total Group deposits grew by 8.8% Y-o-Y underpinned by a 26.7% expansion in CIMB Bank’s retail deposits. CIMB Niaga’s focus on deposit accumulation resulted in a 14.6% Y-o-Y growth. CIMB Thai’s deposits however, grew by only 2.0%

- Estimate next 4Q eps after 2011 Q2 result announced = 0.1305*0.8*4 = 0.4176(reduce 20% non-interest income due to market sluggish), estimate PE on current price 7.05 = 16.26(DPS 0.26)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1097*4*1.1 = 0.4827(deduct RM160 million losses on loans, advance & financing), estimate highest/lowest PE = 18.29/15.66 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.49*1.05 = 0.5145, estimate highest/lowest PE = 15.86/14.69 (DPS 0.26)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.1267*4*0.97 = 0.4916, estimate highest/lowest PE = 18.29/15.99 (DPS 0.18)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.125*4*1.1 = 0.55, estimate highest/lowest PE = 15.42/13.78 (DPS 0.14)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2366*4*1.1 = 1.041(10% increase quarter-by-quarter), after bonus estimate eps = 1.041/2 = 0.5205, estimate highest/lowest PE = 15.19/12.46 (DPS 0.185/2 = 0.0925)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2268*4*1.1 = 0.9979, estimate highest/lowest PE = 14.67/12.5 (DPS 0.185)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2058*4*1.1 = 0.9055, estimate highest/lowest PE = 14.72/13.04 (DPS 0.25)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1879*4*1.1 = 0.8268, estimate highest/lowest PE = 15.59/11.73 (DPS 0.25)

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