KUALA LUMPUR (Feb 15): Shares of MALAYAN BANKING BHD [] (Maybank) were unchanged in late afternoon trade on Wednesday despite news that the Indonesian regulator had decided against a shareholding cap for its banks.
At 3.05pm, it was unchanged at RM8.52.
CIMB Equities Research said the latest development was not a total surprise but it was good news for selected Malaysian banks.
“Maybank will not have to cut its stake in BII (Bank Internasional Indonesia) while RHB and Affin can proceed with their investments in Indonesian banks. Contributions from Indonesia for the banks we cover are still small at about 2% of earnings.
“While this news lifts the shareholding fears, we are still worried about the impact of an economic slowdown this year. We remain Neutral, with Maybank staying as our top pick,” it said.
At 3.05pm, it was unchanged at RM8.52.
CIMB Equities Research said the latest development was not a total surprise but it was good news for selected Malaysian banks.
“Maybank will not have to cut its stake in BII (Bank Internasional Indonesia) while RHB and Affin can proceed with their investments in Indonesian banks. Contributions from Indonesia for the banks we cover are still small at about 2% of earnings.
“While this news lifts the shareholding fears, we are still worried about the impact of an economic slowdown this year. We remain Neutral, with Maybank staying as our top pick,” it said.
