CIMB’s 3Q21 core results were above expectations, while the write-off of goodwill will assist in a marginal uplift to future ROEs. We raise our FY21 net profit forecast by 8%, but cut FY22 earnings by 8% to factor in Cukai Makmur. We trim our TP by 10sen to MYR5.40, pegging on an FY22 PBV target of 0.9x, supported by an FY22 ROE of 8.5%. Maintain HOLD.