Sector - Banks
Research by RHB
Overweight (Maintained)

"Recovery In Underlying Operations Intact"

OVERWEIGHT, Top Picks: CIMB, Malayan Banking (Maybank) and
AMMB. COVID-19 will remain a near-term concern, but is not likely to derail
our expectation of stronger GDP growth in 2022. The persistent uptrend in
inflation is also increasing focus on an imminent monetary policy tightening.
Banks remain the best proxy for an economic recovery, and a key
beneficiary of higher interest rates. We favour CIMB (good progress in
ROE-lifting strategies), Maybank (ESG leadership and attractive dividends),
and AMMB (earnings recovery, undemanding valuation).

Fiona Leong
T +603 9280 8886
E fiona.leong@rhbgroup.com

Eddy Do Wey Qing
T +603 9280 8856
E wey.qing.do@rhbgroup.com