If base on 1.75 to 2 times book ratio for CIMB to acquire MBSB and RHBCAP. OSK will have a NTA of 25% adjusted upward easily above RM 3.30. OSK can be the ultimate winner if base on its price from RM 1.750. However, we do not like OSK too much due to its major shareholder historical attitude towards its minority share holders. We recommend gradual selling OSK from RM 2.20 upwards. Do not wait for the highest price to sell off.
OSK can be the potential biggest winner of the CIMB, RHBCAP & MBSB merger
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