Further earnings downgrades likely for CIMB Group

Affin Investment Bank said that management of CIMB has guided that its outlook for the second quarter ended June 30th, 2014 and financial year 2014 remains cautious, largely due to the weaker prospects at pt bank CIMB Niaga TBK.

The research house said that the consensus has yet to fully factor the weak guidance into the FY14 to FY16 profit estimates and as such, the stock could be subject to further earnings (or rating) downgrades.

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