[%weQL%] 
Research by Maybank
Buy - MYR1.70

"3QFY24 results above expectations"

Investment income continued to surprise positively, alongside lower claims. Our forecasts are raised by 56%/18%/20% respectively for FY24-FY26E (largely to factor in higher investment income assumptions) and we maintain our BUY call. Our Gordon Growth Model (GGM)-derived TP is raised to MYR1.70 from MYR1.40 on rolling forward valuations to FY25 from CY24 (COE: 10.6%, ROE: 6.8%, LT growth: 3.5%).

Analyst:
Desmond Ch'ng, BFP, FCA
[%sXGz%]

$KLSE-MNRB 
Research by Maybank
Buy - MYR1.70

"3QFY24 results above expectations"

Investment income continued to surprise positively, alongside lower claims. Our forecasts are raised by 56%/18%/20% respectively for FY24-FY26E (largely to factor in higher investment income assumptions) and we maintain our BUY call. Our Gordon Growth Model (GGM)-derived TP is raised to MYR1.70 from MYR1.40 on rolling forward valuations to FY25 from CY24 (COE: 10.6%, ROE: 6.8%, LT growth: 3.5%).

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com