Munir Majid, the former executive chairman of CIMB who hired Nazir fresh from his U.K.( Cambridge) graduation in 1989, concurs.

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"The fact that the group is diversifying away from Malaysia into growth countries is viewed positively, " notes Steven Tan, an analyst with CIMB-GK Research.

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But Gan Kim Khoon of SocGen-Crosby does not think both offerings will be undersubscribed, so CIMB should not be stuck with excess Bakun shares on its books.

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Woods, who has won 14 major titles to his rival's two, traveled to China after finishing tied for fourth at the CIMB Classic in Malaysia on Sunday.

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"He's got so many roles to play, " says CIMB-GK's Tan.

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"In the short term, people are looking for excuses to short or sell into a weaker market, " said Bertram Lai, head of Hong Kong and China research at CIMB.

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Most analysts are keen to see CIMB expand outward.

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"Construction starts may have been up last year, but I expect that to fall around 10% this year because of the central government's lowered target for public-housing starts and diminished investment from private-property developers, " said Johnson Hu, a CIMB-GK Securities analyst.

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