Perak Transit Berhad (AR 2018)

Corporate Profile

• Business segment are divided into:-
• Integrated public transportation terminal operations (rental of advertisement & promotional (A&P) spaces, rental of shops & kiosk, bus & taxi entrance fee, project facilitation fee)
• Bus operation 
• Petrol station operation 
• Listed on Ace Market in 2016 and transfer to Main Market in 2018 (may attract more sophisticated investor being on the main market). 
• PTrans received Letter of Intent from SPAD on the appointment as network operator for the SBST programme for a period of 8 years since 2015 (5 more years to expiry however i think the chances for renewal are quite high).

Financial Highlight

• Increase in revenue from 2016 - 2018 is mainly due to higher project facilitation fee and revised upward of rental of A&P spaces in 2018. (the profit margin for project facilitation fees and A&P spaces are 80%)
• Gross profit margin and net profit margin for the company is relatively high at approximately 40% and 30% respectively as the main source of income for PTrans is from its terminal operations which is a bit similar to reit where the company just collect rental income. 
• The higher operating income in 2018 is due to higher rental income received (however, i am not too sure where does the rental income from?)
• Administrative expenses increase by 27% however its revenue merely increased 7% (my guess on the increase of admin expenses is due to the increase of its depreciation cost, as depreciation increased by approximately 20% in 2018 due to completion of its Terminal Kampar )
• Finance cost is 23% of its net profit before tax which is considered fair and manageable. 
• The company's EPS managed to increase even though the number of shares increased. 
• Dividend increased over the 3 years with dividend payout ratio of 30 - 40% (assuming the management will pay the same amount of dividend in 2019, at current price of RM 0.22 a share, the dividend yield is 4.7%)
• ROE > 10% (very well managed for a penny stock like this)
• Borrowings increased by 20%, however gearing remain at the same level of 65% thanks to the strong operating cash flow. (main reasons on increasing in borrowings is due to construction of Terminal Kampar and the expansion plan for Terminal Bidor and Terminal Tronor)

• As we can see that in 2018, its profit after tax (RM 36 million) is higher than its profit before tax (RM 32 million) because the company have reinvestment allowance (RM 9 million) and over provision of tax expenses in prior year (RM 2.5 million) to offset their income tax. Even in year 2017, the tax paid is only 5% of its PBT due to the reinvestment allowance (I am not too sure how long can the reinvestment allowance last for the company to enjoy such low tax rate)

• The company has a capital grant of RM 10 million from the government on construction of integrated public transport terminal which is to be claimed over 50 years (this is kind of insignificant as it only translate into approximately RM 200k per year which is only 0.6% of its PBT)

• Trade receivable increased by 80% however its revenue only increased by 6% (however on the bright side, there is no impairment being made)
  
• Integrated public transport terminal operations (IPTT) contribute 40% of its revenue, followed by petrol station operation of 38% and public transport operation of 22%. 
• Integrated public transport terminal operations contribute 97% of its profit before tax and the remaining was contributed by its petrol station operation. Public transport operations made a losses of RM 32,000 in 2018 (not too sure what is the reasons for the loss)
• Profit before tax margin for IPTT operations was 77% and petrol station operation was 2.5%. However in 2016 & 2017, profit before tax margin for public transport operation is 15% and 8% respectively. 

Futures Prospect

• Kampar Terminal to operate in 2019 (Terminal Kampar is 8 times of the size of its existing Amanjaya Terminal, there is also a mall and 12 storey hotel attached to Terminal Kampar) 
• Terminal Kampar is near to kampar hospital, UTAR and Kolej Tar with 28,000 student population. 
• Amanjaya Phase 2 in the pipeline after Kampar Terminal (There is a land besides Amanjaya Terminal which is used as a holding bay right now with the size of 135,721sf). 
• Plans to construct Bidor Terminal and Tronor Terminal (still at preliminary stage however the deposit for acquisition the land for Bidor Terminal has been paid)

Strength

• Management is willing to share its profit with the shareholders with dividend payout ratio of approximately 35% which is more than the company policy of 25% dividend payout (it is quite rare for a penny stock like this to be generous with dividend payout)
• PTrans is more like a real estate investment company where 97% of its profit is generated from its terminal operation such as collecting rental, advertisement and promotional space rental & terminal facility fees collection. This recurring income are relatively stable.
• PTrans competitive advantage:- 
• 1st: Terminal Amanjaya is the only gazetted express bus terminal in Ipoh (monopoly business)
• 2nd: Operates in industry with barriers to entry
• 3rd: All express buses are mandated to pick up and drop off passengers at the Amanjaya Terminal
• 4th: Controlling 97% market share of bus operation in Ipoh
• Bus terminal operations business will not affected by the economic cycle as the demand will always be there.  

Weakness 

• Its bus operation business made losses in 2018. 
• Petrol station operation margin is relatively low at 2.5% (however, this is not a major issue as this segment only contribute 3% of its PBT)
• Tax rate hike when the reinvestment allowance was being fully utilized hence lower its net profit. 
• Risk of further increase in borrowings and gearing to build Bidor Terminal and Tronoh Terminal thus dampen its cash flow (however if Kampar Terminal start operating in 2019, i believe the cash flow from operating for PTrans will further strengthen).  
• Higher depreciation will incur when Terminal Kampar starts operating. (If the income generated from Terminal Kampar is enough to mitigate the depreciation cost, then this wont be an issue)
• Higher Interest expenses will incur for constructing Bidor and Tronor Terminal (like i mentioned, if the recurring income from Amanjaya and Kampar Terminal are stable enough, this wont be an issue)
• Start up cost to run Terminal Kampar. 
• Dividend payout is currently based on its borrowing. 
• Its earning is heavily depends on Amanjaya Terminal (if anything happened to the terminal, things will look ugly)

Valuation @ RM 0.22

• Dividend yield at RM 0.22 is 4.7%. 
• ROE of PTrans is 11.5, therefore i think a fair PE for PTrans would be somewhere around 11 - 12. At current price of RM 0.22, its PE is only 8.2. At PE of 11.5, its share price is RM 0.31. 
• If the contribution of Kampar Terminal kicks in during 2019, EPS 🔺 & PE will 🔻
• Question to ponder: Can Terminal Kampar at least double up PTrans revenue and profit when it is fully operating in 2 years down the road? 

Technical Analysis

• The share price is currently in a downtrend with support at RM 0.22 followed by 0.205.
• Moving average is also facing downward indicating the share is currently in a bearish momentum. 

Genting Malaysia Berhad (AR 2018)

Corporate Profile

•  Genting Malaysia owns and operates major resort properties including:
• Resorts World Genting (“RWG”) in Malaysia (RWG Malaysia has 10500 rooms and its occupancy rate is 97% in 2018 [2017: 95%])
• Resorts World Casino New York City (“RWNYC”) in the United States (the first and only video gaming machine facility in New York City, RWNYC offers the ultimate gaming and entertainment experience, with electronic gaming machines, shows, events and culinary delights. Additionally, RWNYC embarked on an expansion project in July 2017 to add new facilities and attractions to its portfolio, such as a 400-room hotel, additional gaming space, F&B outlets, retail stores and entertainment facilities. The Group also owns the 527-room Hilton Miami Downtown with 79% occupancy rate which sits on 30 acres of prime freehold waterfront land.)
•  Resorts World Bimini (“RW Bimini”) in the Bahamas (the Group operates RW Bimini, which features a casino, The Hilton at RW Bimini with occupancy rate of 48%, restaurants and bars, various resort amenities as well as the largest yacht and marina complex on the island surrounded by turquoise waters and white-sand beaches)
•  Resorts World Birmingham and over 40 casinos in the UK, making it one of the largest casino operators in the country (Resort World Birmingham is the first integrated leisure complex of its kind in the UK, offering gaming and entertainment facilities, retail and dining outlets and a 178-room four-star hotel with >80% of occupany rate.)
• Crockfords Cairo in Egypt (exclusive casino nestled within the posh surroundings of The Nile Ritz-Carlton Hotel in Cairo, is the Group’s first venture into the region)
• Resorts World Kijal in Terengganu (Hotel occupancy rate 34%)
• Resorts World Langkawi on Langkawi island (Hotel occupancy rate 64%)
• In December 2013, the Group embarked on a 10-year master plan to reinvigorate and transform RWG under the Genting Integrated Tourism Plan (“GITP”) that includes: 
• 1st: additional food and beverage offerings, and entertainment and retail areas (achieved)
  
•  First World Hotel Tower 3
• Awana SkyWay cable car system
• Theme Park Hotel 
• Crockfords Hotel 
• SkyAvenue entertainment complex 
• Newly refurbished First World Plaza 
• 2nd:  New indoor theme park (achieved)
• New Skytropolis Funland indoor theme park 
• 3rd: Rebuilding of the outdoor theme park as a 20th Century Fox World theme park (ceased due to fox refuse to come in) 

Financial Highlights

• Earnings of Genm is relatively stable (however its growth is kind of flat)
• Gross profit margin is more than 20% while net profit margin is more than 10% (consider pretty decent)
• Net profit margin and ROE in 2016 was higher due to one off gain of RM 1,273 million on disposal of Genting Hong Kong Limited. 
• Balance sheet remain strong where the gearing ratio of the company is merely 9%.
• Genm has strong operating cash flow as proven from year 2014 - 2018.
• Main reason for the loss in 2018 is due to the recognition of an impairment loss amounting RM 1,834 million due to the uncertainties surrounding the reaffirmation of the Tribe’s land in trust status which is needed for the Tribe to proceed with the development of a destination resort casino (according to the management, the impairment loss can be reversed if the Tribe's land rights are secured and the promissory notes are assessed to be recoverable)
• If exclude the impairment loss and reversal of impairment loss, Genm recorded a profit of RM 1,856 million which is the highest since 2014. 
• Dividend payout ratio used to be approximately 30% however since 2016, Genm started to give out special dividend which increase its dividend payout ratio to 80% due to its stronger operating cash flow which generated over RM 2,000 million (hopefully the management will keep this dividend payout ratio)

• Approximately 68% of the income from Leisure & Hospitality are generated from Malaysia, 18% from UK & Egypt while 14% from US and Bahamas
• Leisure & Hospitality business in malaysia enjoy the highest EBITDA margin which is 31% as compared to UK & Egypt of 12% and US & Bahamas of 22%
• Revenue from Resort World Genting increased by 13% while business from UK, Egypt, US and Bahamas decreased. 

• Gaming remain as Genm main source of income generator with approximately 80% of its revenue. 

Strength

• The only casino in Malaysia with a strong brand name. 
• Strong balance sheet with room to take up more borrowings for expansion. 

• Number of visitors that patron Genting remain stable and grow exponentially starting 2016 (which is in line with their GITP) with 10% increase from 2017 to 2018. 
• Stable earnings (where earning will not fluctuate). 
• Business might be better during economic recession/slowdown as people tend to travel domestically which is beneficial to Genting. 
• Gambler tend to gamble more during economic recession/slowdown
• Resort World New York City (RWNYC) had committed to an expansion plan of USD400m and is slated to be open in phases starting by end of 2019 (However, significant earnings contribution should only flow earliest in 2021)

Weakness

• Additional impairment cost due to the amount invested in Fox Century theme park now ceased.
• Delay of opening of outdoor theme park due to the court case (however this can be a catalyst for Genm's share price to move higher if Genm will win the court case or bring in a new theme park). 
• Margin being compressed due to increase in gaming tax from 25% to 35% (Genm is now trying to mitigate part of its tax rate hike by reducing its capital expenditure & optimizing its manpower)
• Earnings for Genm is stable however is quite flat unless the new theme park can be a wow factor to bring in more crowd. 
• Casino in UK is not doing very well (However, UK only contributes 14% of Genm income)
• Lack of info on the tax incentive under GITP 

Valuation @ RM 3.25

• I have made adjustments on 2018 Q3 and Q4 result as the EPS was affected by the RM 1,834 million of impairment loss (Q3) as well as reversal of additional tax expense and utilization of tax incentive (Q4). 
• After the adjustment, at RM 3.25 a share, PE of Genm is only 13.5 (EPS: 24.3 sen) which is fairly below its usual PE of 17. 
• A fair PE of Genm would be around 15 - 17, therefore, at the PE of 17, Genm should be priced at RM 4.1. 
• However, due to additional 10% of income tax increment, let's discount it EPS for 2019 by 10% which is  around 21.8 sen (this 10 % discount is including its non gaming income to fully account the tax hike effect). At PE of 17, Genm should worth at least RM 3.70. 
• If Genm would continue its 80% dividend payout ratio in 2019, at RM 3.25 a share, its dividend yield for 2019 could be 5.2% assuming a dividend payout of 17sen. 
• There is also a potential of reversal of the RM 1,800 million of impairment which could boost its earnings. 

Technical Analysis

• Genm breakout from its downtrend of after forming doji for 3 continuous day. A break above RM 3.3 would be a sign for trend reversal. 

Malayan Banking Berhad (AR 2018)

Corporate Profile

• First company that breach RM 100 billion in market capital in Malaysia
• 48% owned by PNB and its fund, 12% by EPF and 19% by foreign fund. 

• Maybank is presence in 18 countries with 2,601 retail branches with Malaysia, Singapore and Indonesia as its main market. 
• Malaysia contributes 70.1% of its PBT followed by Singapore 12.2% and Indonesia 6.9%. (overseas contribution of PBT is 29.9%)

• Maybank business are divided into 4 categories: 
• Islamic Banking
• Leading provider of Islamic financial product and services in ASEAN
• Domestic market leader in total asset, total financing and total funding
• Contribute 59% to Maybank's financing in Malaysia
• Etiqa
• Offering full range of life & general conventional insurance policies as well as family & general takaful plan
• Etiqa is presence in Malaysia, Singapore, Philippines & Indonesia with over 8100 agents, 46 branches and 17 offices. 
• Maybank Kim Eng Group
• Invesment arm of Maybank Group namely Maybank Investment Bank (focus on operation in Malaysia) and Maybank Kim Eng (focus on overseas operation).
• Maybank Kim Eng has operation in 9 countries namely Singapore, Thailand, Philippines, Indonesia, Vietnam, Hong Kong and US with a total of 155 retail branches globally 
• Maybank Asset Management
• Currently has RM 26 billion of assets under the management

• 47.5% of PBT are from community financial services, 45.7% of PBT are from global banking while 6.8% of PBT are from islamic insurance (Etiqa). 

• 4th largest bank by total asset in ASEAN
• 6th largest bank in term of market capital. 

Financial Performance

• Interest income and net interest income grew at CAGR of 5.38% & 4.47% respectively from 2014 - 2015.
• Net interest margin remain stable at 2.3% - 2.4% throughout the 5 years.
• Income from islamic banking operation grew at CAGR of 11.4%.
• Etiqa insurance premium grew at CAGR of 8.5%.
• Total operating income and net profit income grew at CAGR of 4.9% and 3.87% respectively throughout the 5 years (which is in line with their interest income growth)
• Overheads to income ratio reduced by 1% to 39% in 2018.
• Its profit hitting the RM 8 billion benchmark for the first time. 
• Net profit margin remain stable at approximately 30%. 
• Dividend payout ratio is at 75 - 77% (one of the most generous dividend payout company in the industry).
• Percentage of impairment losses on loan, advances and financing improved greatly to 13% in 2018. 
• ROE improved from 9.88% in 2016 to 10.75% in 2018. 
• Total loan and deposit grew at CAGR of 4.79% & 3.92% respectively.
• Loan to deposit ratio for Maybank is on the high side where they use 98% of their deposit collected to borrow out to their clients. 
• Non performing loan ratio increased from 1.52% in 2014 to 2.41% in 2018 (however 2.41% is still consider acceptable). 
• Risk weight capital ratio is 19.02% which is well above the 8% set by bank negara. 

Future Outlook

• Focus on digital banking by launching QRpay, form partnership with grab to increase the usage of cashless payment, implement E-CLEVA (real time video assistance claim for motor and fire insurance, allowing claims to be processed via video calls within 15 min), launched MAE.

• Market outlook sounds competitive in its 3 main markets. 

Strength

• Diversified business income (involved in islamic insurance where the business is growing exponentially with CAGR of 8.5% from 2014 - 2019) 
• Generous with its dividend payout with 6% dividend yield which is highest amount the region. 
• Stable earning

Weakness 

• Finance industry remain to be challenging moving forward. 

Valuation @ RM 9.27

• At RM 9.27 a share, PE for Maybank is 12.62 which is deemed fairly valued as its futures prospects seems challenging moving forward. 

Technical Analysis

• Maybank is currently on a downtrend with the price trading below its moving average. The nearest support will be at 9.15, follow by 8.70 and 7.96. 

Pavilion Reit (AR 2018)

Financial Highlight

• Stable growth of revenue and net property income(NPI) over the 5 years period. 
• Main reasons for the increase in revenue and NPI in 2018 is due to the acquisition of Elite Pavilion Mall from the executive chairman Tan Sri Lim Siew Choon & Qatar Holdings LLC for a consideration of RM 580 millions. 
• Those who bought Pavreit since its IPO has enjoyed a great dividend yield at almost 9%. 
• Total asset value and net asset value(NAV) continues to grow with NAV per unit at RM 1.31 as at 31 December 2019.
• Gearing ratio increase due to acquisition of Elite Pavilion Mall however is still well below its company policy of 50%

• 98% of Pavreit income are from retail and shopping mall while 2% are from offices. 
• Pavilion KL Mall remain as its anchor income contributor with 83.61% of net property income. 
• Pavilion KL Mall and Elite Pavilion Mall accounts for 90% of its income (Pavreit performance will mainly based on these 2 malls).
•  Net property income is 67.53% of its gross revenue. 

Performance Of The Rental Properties

Pavillion Kuala Lumpur:

• Net lettable area - 1,334,331 square feet
• Occupancy rate as at 31 December 2018 - 98.7%
• Gross revenue - RM 441 million
• Net property income - RM 313 million 
• Margin - 70.97%

Intermark Mall:

• Net lettable area - 222,565 square feet
• Occupancy rate as at 31 December 2018 - 94.4%
• Gross revenue - RM 29 million
• Net property income - RM 17 million 
• Margin - 58.62%

Da Men Mall*:

• Net lettable area - 434,938 square feet
• Occupancy rate as at 31 December 2018 - 74.4%
• Gross revenue - RM 30 million
• Net property income - RM 9 million 
• Margin - 30%
• Acquisition cost of Da Men Mall is RM 487 million however the market value as at 2018 is merely RM 310 million

*Despite continuous activities to promote the DA MEN Mall, a number of tenants have decided against renewal upon expiration of their tenancy as visitation to the neighbourhood mall still remains challenging.

Elite Pavilion Mall:

• Net lettable area - 241,831 square feet
• Occupancy rate as at 31 December 2018 - 96.7%
• Gross revenue - RM 43 million
• Net property income - RM 27 million 
• Margin - 62.79%

Pavilion Tower (Office):

• Net lettable area - 163,844 square feet
• Occupancy rate as at 31 December 2018 - 94%
• Gross revenue - RM 13 million
• Net property income - RM 8 million 
• Margin - 61.53%

Top 30 Shareholders

• Top 30 shareholders are all fund house with Tan Sri Lim Siew Choon and his wife as the biggest shareholder with 37.12% follow by Qatar Holdings LLC (35.66%) and EPF (5.13%)
• Top 30 shareholders accounted for 94.17% of Pavreit shares (meaning there are less than 5% of shares in the market)

Strength

• Its Pavilion Mall, Elite Pavilion Mall and Pavilion Office Tower is located at the most prime area in KL with occupancy rate of over 95%. 
• Stable growth and increase in net property income 
• Tan Sri Lim Siew Choon is experienced in this industry. He also owns WCT Holdings Bhd and Malton Bhd.  

Weakness

• Da Men Mall is not doing very well and is not doing according to its plan during acquisition. 

Valuation @ RM 1.80

No doubt that Pavreit is a stable real estate investment trust however at the price of RM 1.8, its DY is only 4.8% which is not very attractive as compared to other reits. 

CIMB Group Holdings Berhad (AR 2018)

Corporate Profile

• Fifth largest banking group by assets in ASEAN
• 3rd largest bank in Malaysia with market cap of RM 48 billion follow by Maybank (market cap: RM 102 billion) and PBBank (market cap: RM 88 billion)

• Presence in 16 countries with 796 retail branches and strengthen its presence in ASEAN markets by opening its first branch in Vietnam in 2016 and operates its banking business in Philippines in 2018. 

• Malaysia and Indonesia accounts for 84% of their PBT and 57% of their PBT was from commercial and consumer banking

Analysis of Financial Statement

• The compound annual growth rate (CAGR) for interest income is 3.68% over the 5 years. 
• Net interest margin decreased from 2.8% in 2014 to 2.5% in 2018 (CIMB can work harder on this). 
• Income from Islamic banking operations grew at CAGR of 12.30%. 
• Total income grew at CAGR of 4.21% over the five years, however, the total income in 2018 is actually RM 1,173 million lesser than 2017 if exclude the one off gain of RM 928 million.
• Net profit grew at CAGR of 12.27% with net profit margin improved greatly to 33% in 2018 (the improvement in net profit margin in 2018 is mainly due to RM 928 million on sale of CIMB-Principal Asset Management and 10% of CIMB-Principal Islamic Asset Management). 
• Overheads to income ratio improved greatly from 59% in 2014 to 50% in 2018 (if exclude the one off gain of RM 928 million, the overheads to income ratio remain at 52% in 2018 which is the same as 2017)
• Dividend payout ratio remain at 40 - 50%. 
• Percentage of impairment losses from loans, advances and financing improved to 16% in 2018 (this is some great improvement)
• Return of equity is around 10.77% in 2018, improved from 8.27% in 2014.
• CIMB total assets grew at CAGR of 5.22% over the 5 years. 
• Return of asset is around 1.06% in 2018.
• Net tangible asset is currently RM 4.62 per share (if you bought CIMB at RM 5.11, RM4.62 out of the RM 5.11 you paid is actually asset) 
• Gross loan and deposit grew at CAGR of 5.53% and 5.93% respectively.
• Loan to deposit ratio remain at a very healthy level of 90 - 95% over the 5 years. 
• Non Performing Loan remain at around 3% (not much improvement on this and CIMB has the highest NPL in the industry, ). 
• Risk weight capital ratio improved from 14% in 2014 to 17% in 2018 (CIMB is now stronger than before in term of the degree of protection of depositor's assets) 

Future Plans

Before we look at CIMB futures plan, lets recap its 3 years financial target known as "T18" that was being announced in year 2015 and to achieve by year 2018. 

T18 Initiatives:

• To be presence in all 10 ASEAN countries (achieved, managed to add Vietnam and Philippines onto their footprint) 
• ROE of more than 15% (not achieved, however they improved their ROE from 6.86% in 2015 to 10.77% in 2018 )
• Cost to income ratio of less than 50% (consider achieved, as they improve their cost to income ratio from 60% down to 52%)
• Consumer banking to contribute approximately 60% of its income (not achieved however they improved from 43.21% in 2015 to 46.38% in 2018)
• Common equity tier 1 ratio of more than 11% (achieved, its CET1 ratio is 12.2% in 2018)

Overall, the company managed to strengthen their fundamental over the 3 years through its T18 initiatives. Now lets look at its next 5 years of blueprints known as "Forward23".

Forward23 - financial target to achieve by 2023:

• ROE of more than 12%
• Cost to income ratio of less than 45%
• Common equity tier 1 ratio of more than 13%

Forward 23 - non financial target to achieve by 2023:

• Customer experience, environmental, social & governance ranking and ratio of digitally skilled staff

Financial target for 2019:

Strength

• Presence in all 10 ASEAN countries. 
• Successfully strengthen its foundation through its T18 initiatives (Risk weight capital ratio was highest at 17.83% over the five years)

Weakness

• None performing loan ratio of 2.91% to remain as the highest in the industry (PBB - 0.5%, Maybank - 2.41%, RHB - 2.06%, Ambank - 1.70%, BIMB - 0.93%)
• Interest income for 2018 is actually lower than 2017 (indicating the market remain challenging for CIMB)

Valuation @ RM 5.11

• At the price of RM 5.11, CIMB is currently trading at its lowest PE (PE 8.75) ever since 2014 
• EPS at 2018 Q2 was higher at 21.29 sen due to a one off disposal gain of RM 928 million. If we took out the one off gain, the actual EPS for 2018 Q2 will be 11.29 sen. Therefore, the actual EPS for 2018 will be 49.67 sen. 
• At RM 5.11 with EPS of 49.67 sen, the real PE for CIMB is 10.28 which is still the lowest since 2014. 
• Dividend yield at RM 5.11 is 4.9% which is the highest since 2014. 

PE Comparison Among Peers

                    PE

PBBank - 15.89

Maybank - 12.61

RHBank - 9.97

Ambank - 10.28

BIMB - 11.38

CIMB - 8.75

HLBank - 16.16

Affin Bank - 8.69

Allianz Bank - 11.84

Technical Analysis

CIMB is currently trading at its support of 5.10 follow by 4.93 and 4.72. Technical wise, CIMB is at its downtrend and there is no sign of rebound yet. However, there might be opportunity for value investors.