CIMB Group Holdings Bhd's shares rose 0.9% to RM6.85 on Monday, buoyed by positive analyst reports. Several brokerage houses upgraded their price targets for the stock, citing its robust regional growth prospects and improving asset quality. This comes ahead of the full-year earnings season.
CIMB Group Holdings Bhd's shares displayed strong performance in Monday's trading, rising 0.9% to RM6.85. This surge was primarily driven by optimistic analyst sentiment, with several investment banks issuing positive research reports. For instance, RHB Investment Bank upgraded CIMB's target price from RM7.20 to RM7.50, maintaining a 'Buy' rating, citing the bank's robust performance in Indonesian and Thai markets, along with its potential for domestic loan growth in Malaysia. Analysts also highlighted CIMB's continuous improvement in asset quality, with a reduction in non-performing loan ratios, providing a solid foundation for its future profitability. The market generally anticipates that CIMB will continue to benefit from its diversified business portfolio and extensive regional network as regional economies recover.
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