CIMB NDR takeaways: Focus on Indonesia, wealth and capital allocation

研报英文原文证据摘录

CIMB NDR takeaways: Focus on Indonesia, wealth and capital allocation

Global Markets Research

CIMB Group CIMB.KL CIMB MK 31 July 2026

EQUITY: FINANCIALS

CIMB NDR takeaways: Focus on Indonesia, wealth and capital allocation Rating Remains Buy

Target price MYR 9.00 RemainsQuick Note

Closing priceWe hosted CIMB for investor meetings in Singapore on 23-24 July 2026. Across the 31 July 2026 MYR 7.89

meetings, discussions centred on CIMB’s wealth strategy, the near-term challenges in

Indonesia, the redeployment of capital towards higher-return businesses and the outlook

for margins and asset quality. Management remained constructive on CIMB’s longer-term Research Analysts

earnings and ROE trajectory, but acknowledged that near-term operating conditions Malaysia Banksremain uneven across markets.

Tushar Mohata, CFA - NSM

tushar.mohata@nomura.com

Wealth is emerging as a more important and scalable fee-income engine +60(3)20276895

• Management identified wealth as one of CIMB’s most important structural growth Research Associates

opportunities. Rather than competing directly with Singapore banks in high-net-worth Malaysia Banks

private banking, CIMB is targeting the much larger upper mass-affluent segment. In Alpa Aggarwal, CFA - NSFSPL

Malaysia, its newly branded Private Wealth proposition targets customers with

MYR250k to MYR1mn of investable assets. Management believes this segment

remains underserved and offers attractive fee income with limited capital consumption.

• CIMB launched its MyWealth digital platform in October 2025 and formally introduced

the Private Wealth proposition recently. The platform recommends an asset allocation

based on the customer’s risk profile and then narrows the investable universe to a few

suitable products.