No material impact. While there may be uncertainty surrounding Syarikat
Takaful's (STMB) shareholding in PT Syarikat Takaful Indonesia (PT
Takaful), we do not expect this to affect our earnings nor valuations
for the BIMB group. Growth over the next few years will be driven by
domestic activities while Indonesia really is the icing on the cake over
the longer term. Our Buy call on BIMB is maintained with an unchanged
SOP-derived TP of MYR2.95.
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Source: Maybank Research - 4 May 2012
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