“The fundamentals of banking stocks should improve in line with the economic recovery," AmInvest Research said.
KUALA LUMPUR: AmInvestment Research has downgraded its end-2021 FBM KLCI target to 1,695 to mitigate the distortion arising from earnings spikes from glove makers and also due to the rapid rise in global bond yields.
In its strategy report on Monday, it said the projection of 1,695 was at a discount to its five-year historical average of 18 times (vs. 1,770 based on 17.5 times its 2021F earnings projection previously).
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