Singapore Stock Market News
Silverlake Axis - Merger Deal Called Off
StockFanatic
Publish date: Wed, 21 Jan 2015, 01:39 PM
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The CIMB-RHB-MBSB merger, which could have provided Silverlake's largest deal, has been officially terminated. Maintain SELL and SGD1.03 TP (15.6% downside). With the deal off, potential orderbook could decrease by ~MYR100m and revenue from 2H16 onwards may be negatively impacted by lower topline growth. We do expect Silverlake to resume talks with RHB on its core banking upgrade project, though.
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