Malaysia's banking sector's outlook looks challenging: UOB Kay Hian
KUALA LUMPUR (Sept 12): Malaysian banking-sector earnings are expected to contract this year, given earnings disappointments in 2Q rose to 44% from 22% in 1Q, says UOB Kay Hian.
There is no visible earnings growth catalysts in the sector, the brokerage adds, maintaining its market weight on Malaysia's banking industry.
It downgrades AMMB to a hold rating from buy, citing its recent share price rally but retains buy ratings on CIMB and BIMB citing attractive valuations andabove-industry earnings growth. UOB Kay Hian says it expects Public Bank is atrisk of falling given its relatively high foreign shareholding and expensive valuations.
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