BUY, with a higher target price. Higher valuations are warranted for
both Bank Islam and Syarikat Takaful (STMB), given their strong
underlying fundamentals. Pegging on higher P/BV valuations for both
companies, our SOP valuation for BIMB Holdings is raised to MYR2.95 from
MYR2.55, which implies 16% upside to the current share price. Our
revised target P/BV multiple for STMB (Not Rated) values the takaful
operator at MYR4.75, or 20% upside to its current share price.
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Source: Maybank Research - 2 May 2012
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