* UOB KayHian *

UOB KayHian: Maybank’s cash offer of $3.10/share for Kim Eng at 1.91x P/B could lead to a re-rating of rival broker UOBKH +8.7% to $2.00. Even after the price jump, UOBKH is trading at a stark undervaluation (1.4x P/B) to Kim Eng. At 1.9x P/B, UOB-KH could potentially trade up to $2.66, for a 33% upside.