Results below. BIMB's 3Q11 net profit of RM16.3m (-53% YoY, -74% QoQ)
was below expectations due mainly to lower investment income and a
higher tax rate. Correspondingly, our 2011 and 2012 earnings are cut by
8% and 6% respectively, while our TP is lowered to RM2.05 from RM2.40 on
the earnings revision and a lower 2012 P/BV target of 1.1x (1.2x
previously), in line with lower peer valuations. Positively though, the
group has introduced a 50% dividend payout ratio, which translates to a
decent net yield of 4.8-5.2%. Buy maintained.
Maybank research (30 November 2011)
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