$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)
Research by MIDF
Buy - TP RM25.76

"1QFY24 Results: Bolstered by Strong Investment Income"

• 3MFY24’s Core NP of RM190m was Within/Within our/street forecasts: 25%/25% of full-year forecasts
• Core themes: (a) Excellent investment returns, (b) Mediocre General result, (c) Strong Life result
• Forecasts unchanged
• Maintain BUY | Revised TP of RM25.76 | based on SOTP using (1) FY25F P/BV of 1.7x, (2) FY25F P/EV of 1.0x

Analyst:
Samuel Woo
samuel.woo@midf.com.my