[%zhMo%]
Research by Kenanga
Outperform – TP of RM8.55

“Near-Term Pains for Long-Term Gains”

We maintain our OUTPERFORM call and GGM-derived PBV TP of RM8.55. AEONCR’s guidance for FY25 appears softer withinflationary concerns likely to hang over its lower income customer demographics, albeit reflecting improvements in approvals and collections. Meanwhile, Aeon Bank is likely to only contribute losses in the near-term as it builds up its customer base, which led to our cut in FY25F-FY26F earnings by c.9% each. 

Analyst(s):
Clement Chua 
[%JuFU%]

$KLSE-AEONCR
Research by Kenanga
Outperform – TP of RM8.55

“Near-Term Pains for Long-Term Gains”

We maintain our OUTPERFORM call and GGM-derived PBV TP of RM8.55. AEONCR’s guidance for FY25 appears softer withinflationary concerns likely to hang over its lower income customer demographics, albeit reflecting improvements in approvals and collections. Meanwhile, Aeon Bank is likely to only contribute losses in the near-term as it builds up its customer base, which led to our cut in FY25F-FY26F earnings by c.9% each. 

Analyst(s):
Clement Chua 
clement.chua@kenanga.com.my

$AEONCR / 5139 (AEON CREDIT SERVICE (M) BERHAD)