Bumiputra-Commerce (RM10.80; Buy; Price Target:
RM12.10; BCHB MK)
Raising the bar
• 1H09 beat expectations due to higher NIMs and
recovering capital markets, prompting us to raise
earnings by 23-28%
• Regional operations and possibly capital management
will drive future ROE
• Upgrade to Buy, and raised TP to RM12.10.
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