Low 1H21 FLP not sustainable
■ Although BIMB’s 1H21 net profit accounted for 55% of our full-year forecast,
we deem the results in line in anticipation of a weaker 2H21F hoh.
■ We expect BIMB’s 2H21F FLP to surge 477.8% hoh, leading to a projected
19.6% hoh drop in 2H21F net profit.
■ Reiterate Add on BIMB as we believe that its internal reorganisation would
unlock Bank Islam’s value.