KUALA LUMPUR (April 30): Analysts are mixed on CIMB Group Holdings Bhd’s outlook, even though its 92.5%-owned Indonesian banking unit PT Bank CIMB Niaga Tbk (CIMB Niaga) reported a robust set of financial results for the first quarter ended March 31, 2021 (1QFY21). AmBank Research maintained its “buy” recommendation on CIMB Group, with an unchanged fair value (FV) of RM5.50 per share, based on an estimated FY22 return on equity (ROE) of 9%, leading to a price-to-book value ratio of 0.9 times. “CIMB Niaga's strong earnings in 1QFY21 led to an ROE of 10.5%. “With the number of Covid-19 cases in Indonesia on a declining trend, this, coupled with optimism about the country’s vaccination programme, is likely to improve consumer and business sentiment, leading to an economic recovery in Indonesia,” analyst Kelvin Ong said in a note today.