Buy, target price raised. BIMB Holdings' 51%-owned Bank Islam is taking a
more cautious approach to lending in 2012 but will place more emphasis
on portfolio rebalancing, which we view positively. Much of this
cautiousness is reflected in our assumptions, but our net profit
forecasts are nevertheless raised by 4-5% on lower credit cost
estimates. With a higher target P/BV, our SOP-derived target price for
BIMB is raised to RM2.55 from RM2.40.
Maybank Research - 19 March 2012
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