Core earnings in line. RM54m 1HFY12 core net profit (-1% YoY) was 51% of our full-year forecast. We maintain our FY12 core net profit forecast but raise bottomline forecast to include a RM5.9m one-off gain. We lower FY13 forecast on slower-than-expected lending activities in FY12 todate. Recent central bank guidelines to rein on household debts, extended to lendings under the Cooperatives Commission's purview, may impact RCE. Our target price continues to peg the stock to 0.8x historical P/B amid these uncertainties. Hold at this juncture.

Maybank research (29 November 2011)

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