CIMB Keeps EONCap As Outperform, MYR8.60 Tgt

CIMB Securities keeps EON Capital as Outperform, MYR8.60 target based 1.9X price-to-book; says among smaller banks, EONCap has highest exposure to construction loan segment (7.4% of loan portfolio), with 6.2% market share of construction loans; thus bank will be prime beneficiary of 9 Malaysia Plan or 9MP lending; also an attractive takeover target. "Potential re-rating catalysts are 9MP exposure, M&A newsflow, and potential entry of a strategic shareholder," CIMB says. Stock flat at MYR6.55 in moderate trade midday.