Although BIMB’s 1QFY21 net profit accounted for 28.9% of our full-year forecast, we consider it as in line as we see weaker quarters ahead. We do not expect the low FLP of RM11.8m in 1Q21 to be sustainable given protracted credit risks from Covid-19. We project FLP of RM309m in FY21. Reiterate Add on BIMB as we believe that its internal reorganisation will unlock the value in Bank Islam.
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