Saham: KLSE-BIMB - PT. Bimb Holdings Berhad

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by RHB

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by CGSI

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by APEX

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by Maybank

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by Kenanga
UNDERPERFORM – TP RM2.25

"Counting on Backloaded Earnings”

BIMB’s 1HFY24 net profit was within expectations despite modest financing growth, with a greater pipeline of disbursements from retail and corporate accounts planned for 2HFY24. While the group reported positive movements in NIMs and GIF, we reckon risk-reward profile for the group is less favourable at current price points, following a rise in the stock price in August after the recently announced civil servant wage hike, on anticipated benefits to BIMB of up to +4% in financing assets. Maintain forecasts and TP of RM2.25 but downgrade the stock to UP (from MP). Nevertheless, BIMB is also supported by a decent yield of more than 6%.

Analyst:
Clement Chua
clement.chua@kenanga.com.my

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by HLIB
BUY – TP RM3.10

"Growth fuelled by lower provisions”

BIMB’s 2Q24 earnings rose 6% QoQ given lower financing loss allowances and better total income. Moreover, NFM widened sequentially, financing growth held steady, and GIF ratio improved. Overall, results were broadly in line and hence, forecasts were unchanged. All in all, we now find BIMB’s risk-reward profile to be skewed to the upside. We like the bank for its attractive dividend yield of 6- 7% (2ppt higher vs peers) and we reckon it is one of the beneficiaries of the civil servants pay hike. Upgrade to BUY call with a higher GGM-TP of RM3.10 (from RM2.65), based on 0.90x FY25 P/B.

Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by Maybank
HOLD – TP RM 2.75

"2Q24 results below expectations”

Bank Islam’s 2Q24 results were below expectations, and we lower our FY24-26E earnings by 5% respectively. We maintain a HOLD call and roll forward valuations to FY25 on an unchanged PBV of 0.8x (FY25E ROE: 7.9%). Our TP of MYR2.75 is maintained.

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by RHB
Neutral – TP RM 2.55

"Playing The Waiting Game”

Maintain NEUTRAL, new MYR2.55 TP from MYR2.45, 7% downside with c.6% FY25F yield. BIMB’s 1H24 results broadly met expectations – we think the softer-than-expected trading income could pick up once the global rate cut cycle starts in 2H24. Elsewhere, financing growth remained muted, while the NIM and asset quality outlook appears stable. At this juncture, we have no major concerns on BIMB, but we prefer banks with bigger non-retail exposure to better capitalise on current thematic plays.

Analyst:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com

$BIMB / 5258 (BIMB HOLDINGS BERHAD)
Research by MIDF
BUY – TP RM3.06

"2QFY24 Results: Gear-Up”

• 6MFY24’s Core NP of RM266m was Within/Within our/street forecasts: 44%/45% of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Gear-Up programme boost, (b) Branch revamp, (c) Loan growth targets maintained
• Forecasts unchanged
• Maintain BUY | Revised TP of RM3.06 | based on a revised FY25F P/BV of 0.87x (previously 0.82x)

Analyst:
Samuel Woo
samuel.woo@midf.com.my