nomura report, page-9

Neo in essence is correct. Their coverage was comprehensive and far more informative than anything coming out of HQ which has always bugged me. Their approach is very conservative which sometimes doesn't hurt and as a result their risk weighted valuation was not all that exciting but it was as they described it 'risk weighted'.

Now take into account what TitusPullo correctly said that they have recently given undervaluations on 2 rising stars in MSB & SPL (with the same attention to detail). l have almost no doubt the same will apply with ACL.