Decelerating TIV in May
■ TIV in May fell 19% mom due to MCO 3.0 implementation, a shorter working
month following Hari Raya holidays, and the ongoing chip shortage issues.
■ TIV could fall by 20-25% qoq in 2Q21F due to FMCO, but recover in 2H21F
with the sales tax holiday extension, in our view. Maintain 2021F TIV (580k).
■ Retain Neutral rating, with Sime, UMW and Bermaz as preferred sector picks.