$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)
Research by Maybank
Hold – TP RM24.85

“1Q24 results above expectations"

Allianz’s 1Q24 results were above expectations and we upgrade our FY24/25/26E forecasts by 16%/18%/22% respectively. Correspondingly, our valuation matrix is rolled forward and we raise our SOP-derived TP to MYR24.85 from MYR20.00. HOLD maintained – prospective dividend yields of about 4.7% for FY24E provide support to share price.

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