MY : Syarikat Takaful Malaysia Keluarga Bhd - Net profit growth to gain traction in 2Q21F

STMK’s 1QFY21 net profit was within expectations at 26% of our full-year forecast and 27% of Bloomberg consensus. We estimate net profit growth of 7-20% yoy for STMK in 2Q21F, as 2Q20 was adversely impacted by MCO 1.0 (the most stringent MCO so far). Reiterate Add on STMK given its attractive valuation (FY22F P/E of 8.8x) and dividend yield of 4.9% in FY21F.

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