[%DvLv%] CIMB GROUP 
Research by AmInvest
BUY ; Fair Value: RM6.00

"Stronger net interest income from NIM expansion"
 We retain our BUY recommendation on CIMB Group with an unchanged fair value of RM6.00/share. Our fair value is supported by an FY20 ROE of 9.2% leading to a P/BV of 1.0x. Valuation of the stock remains compelling at 0.8x FY20 P/BV. We have priced in another OPR reduction of 25bps in 2H19 into our estimates. Our FY19/20/21 earnings forecast for CIMB Group have been tweaked marginally by 1.7%/-1.8%/-2.2% to RM4.8bil/RM5.1bil/RM5.6bil. 
 
Kelvin Ong, CFA
[%KKBC%]
03-2036 2294 

$KLSE-CIMB CIMB GROUP 
Research by AmInvest
BUY ; Fair Value: RM6.00

"Stronger net interest income from NIM expansion"
 We retain our BUY recommendation on CIMB Group with an unchanged fair value of RM6.00/share. Our fair value is supported by an FY20 ROE of 9.2% leading to a P/BV of 1.0x. Valuation of the stock remains compelling at 0.8x FY20 P/BV. We have priced in another OPR reduction of 25bps in 2H19 into our estimates. Our FY19/20/21 earnings forecast for CIMB Group have been tweaked marginally by 1.7%/-1.8%/-2.2% to RM4.8bil/RM5.1bil/RM5.6bil. 
 
Kelvin Ong, CFA
kelvin-ong@ambankgroup.com
03-2036 2294 

$CIMB / 1023 (CIMB GROUP HOLDINGS BERHAD)