Results below. BIMB's 3Q11 net profit of RM16.3m (-53% YoY, -74% QoQ) was below expectations due mainly to lower investment income and a higher tax rate. Correspondingly, our 2011 and 2012 earnings are cut by 8% and 6% respectively, while our TP is lowered to RM2.05 from RM2.40 on the earnings revision and a lower 2012 P/BV target of 1.1x (1.2x previously), in line with lower peer valuations. Positively though, the group has introduced a 50% dividend payout ratio, which translates to a decent net yield of 4.8-5.2%. Buy maintained.

Maybank research (30 November 2011)

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