While aggregate net profit growth is estimated at just 3% in 2022, i) Cukai Makmur is one-off and we expect earnings to rebound 18% in 2023, ii) current valuations largely reflect the tax impact, in our view, and iii) dividend yields are still decent at current prices. POSITIVE maintained on the sector, with BUYs on RHB, AMMB, HLBK, HLFG, BIMB and ABMB.