Published: Tuesday September 4, 2012 MYT 9:20:00 AM
Updated: Tuesday September 4, 2012 MYT 1:19:55 PM
CIMB Research maintains Neutral, KLCI end-2012 target 1,650
KUALA LUMPUR: CIMB Equities Research described the April to June corporate results as surprisingly weak, making it the ninth straight results season that disappointed.
It said on Tuesday the stronger-than-expected 2Q GDP growth of 5.4% failed to translate into better corporate performance. This resulted in a cut in EPS growth for 2012.
“We maintain our Neutral call and end-2012 KLCI target of 1,650 which is based on an unchanged 13.3 times CY13 P/E. We introduce our end-2013 KLCI target of 1,730pts based on an unchanged 13.3 times P/E. General election risks remain the key overhang, the timing of which appears likely to be later rather than sooner,” said CIMB Research.