Wednesday, 2 May 2012

Maybank IB Research maintains Hold on BIMB, raises target price to RM2.95

KUALA LUMPUR (May 2): Maybank Investment Bank Bhd has maintained its Buy rating on BIMB HOLDINGS BHD [] and raised its target price to RM2.95 (from RM2.55) and said higher valuations were 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,” it said in a note Wednesday.

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