0633 GMT - RHB Research favors Indonesian banks over those in Malaysia and Singapore, its analysts write in a research report. Earnings growth for Indonesian banks is expected to rebound this year after underperforming last year, the analysts note. Meanwhile, returns from Singaporean and Malaysian banking stocks are likely to be more modest this year, partly due to mean reversion, they add. A recovery in earnings growth and more "palatable" valuations make Indonesian banks RHB's top sector pick in the region. RHB has buy ratings on Indonesian banks, with target prices of IDR8,100.00 for Bank Mandiri, IDR5,700.00 for Bank Rakyat Indonesia, and IDR3,500.00 for Bank Syariah Indonesia. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 01:33 ET (06:33 GMT)
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