NST Online Business Times : latest
NST Online Business Times : latest |
| Sunway cut to 'hold', stock slides Posted: 31 May 2011 06:19 PM PDT Sunway Holdings Bhd, a Malaysian construction and property group, fell the most in two weeks in Kuala Lumpur trading after the stock was cut to "hold" from "buy" at Maybank Investment Bank Bhd. The stock slid 1.2 per cent to RM2.54 at 9:11 a.m. local time, set for its biggest decline since May 19. -- Bloomberg  Full Feed Generated by Get Full RSS, sponsored by USA Best Price. |
| RHB Cap gains on possible merger report Posted: 31 May 2011 07:40 PM PDT Shares in RHB Capital Bhd gained 10 per cent or 88 sen to RM10.10 at 10.02am today following news that Bank Negara
Investors cheered the possible exercise, which is expected to cost RM20 billion, with about 1.66 million shares changing hand. However, both Maybank and CIMB's shares lost its lustre, with both declining eight sen and one sen to RM8.83 and RM8.36, respectively. HwangDBS Vickers Research, in a note today, said the merger of Maybank+RHB Cap or CIMB+RHB Cap, with an estimated combined asset size of US$154 billion and US$132 billion, respectively, would bring the enlarged entity closer to their larger Asean peers, namely Singapore banks. "We believe the creation of a regional banking champion is essential in an evolving competitive landscape. We would not discount a likely duplication in branches and customers arising from the merger but we believe there are synergies to be extracted," it said in a note today. The research house also seem to favour CIMB+RHP Cap, saying that the possible enlarged entity would create a more value enhancing union given its previous successful mergers, both domestically and regionally. "RHB Cap remains our merger and acquisition pick pending imminent
The research house also maintained a'"buy" recommendation on RHB Cap at a target price of RM10. -- Bernama
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