RHB Bank falls to Feb 3 low

CIMB Research's top pick is RHB Bank

KUALA LUMPUR: Shares of RHB Bank Bhd fell to a low of RM4.95 – the lowest since Feb 3 – on profit taking on the banking group despite Buy calls by research houses and in the absence of any negative news.

At 11.35am, it was down 19 sen to RM4.95. There were 2.01 million shares traded.

The FBM KLCI fell 1.01 points or 0.06% to 1,705.54. Turnover was 1.20 billion shares valued at RM778.67mil. There were 364 gainers, 324 losers and 357 counters unchanged.

At the current price, it is among the cheapest banking stock as it is trading at a price-to-earnings of 11.17 times. 

Its 52 week high was RM5.25 on Feb 13 this year and the 52 week low was RM4.03 on Feb 29, 2016.

UOB Khian Malaysia Research, Nomura and KAF have Buy calls with target prices at RM5.40, RM5.60 and RM5.70 respectively. However, Maybank Investment Bank Research has a Hold at RM5.25.