Deutsche Bank AG Equities Research has lowered its outlook for Malayan Banking (Maybank) and CIMB but upgrades Public Bank after MSCI's rebalancing.
It said on Thursday it had downgraded Maybank from Buy to Sell and cut the target price by 25% to RM7.40 as revenue weakness hurts its returns on equity (ROE) prospects.
“Maybank and CIMB will be additionally impacted as offshore funds sell out of Malaysia on reduced MSCI Emerging Markets (EM) weighting (-33 basis points).
“We upgrade Public Bank from Hold to Buy, lifting the target price to RM22, to account of its having the strongest domestic retail banking pedigree.
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It said on Thursday it had downgraded Maybank from Buy to Sell and cut the target price by 25% to RM7.40 as revenue weakness hurts its returns on equity (ROE) prospects.
“Maybank and CIMB will be additionally impacted as offshore funds sell out of Malaysia on reduced MSCI Emerging Markets (EM) weighting (-33 basis points).
“We upgrade Public Bank from Hold to Buy, lifting the target price to RM22, to account of its having the strongest domestic retail banking pedigree.
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