Priced in. Much as we continue to view Bank Islam's and Syarikat
Takaful's (STMB MK, MYR6.12, Not Rated) prospects positively, the recent
runup in BIMB’s share price is cause to pause and take stock. Our
SOP-derived TP of MYR3.00 for BIMB prices Bank Islam at a P/BV of 1.6x
(2012 ROE: 12.7%) and STMB at its current P/BV of 2x, valuations which
we believe are fair at this stage. For this reason and with the stock up
58% YTD, we are downgrading BIMB to a SELL.
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Source: Maybank Research - 25 June 2012
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