Nov
23
Priced for Crisis, Malaysian Banks Still Too Pricey for Top Fund
By-
RHB Capital trades at 0.8 times net assets, lowest since 2003
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Country’s banks are among biggest losers in Asia this year
At first glance, Malaysian banking stocks may look tempting, after a share plunge took valuations to the lowest since the global financial crisis in 2009. Some funds are considering them again.
For David Ng, the time to buy is a long way off.
“There’s no catalyst and no upside,” said Ng, who oversees about $7.5 billion as the chief investment officer of Affin Hwang Asset Management Bhd. in Kuala Lumpur and whose Affin Hwang PRS Growth Fund has beaten 80 percent of peers over three years. “Valuations have to be absolutely cheap before we start buying and when we think there is a rebound in the economic cycle. Neither are present right now.”…
Priced for Crisis, Malaysian Banks Still Too Pricey for Top Fund
