[%wlRK%]
Research by RHB
Neutral (from Buy) – TP RM21.70

“Moderation Year Ahead? D/G To NEUTRAL"

Downgrade to NEUTRAL from Buy with unchanged MYR21.70 TP, 6% downside, c.5% FY24F yield. Allianz Malaysia’s 1Q24 net profit came in line with expectations as higher insurance service expenses YoY was mitigated by a resounding investment performance. We downgrade ALLZ as there is no longer any upside to our TP, while forecasting the earnings growth to moderate in FY24.

Analysts:
Nabil Thoo 
[%mUCV%]
David Chong CFA 
[%rqgU%]

$KLSE-ALLIANZ
Research by RHB
Neutral (from Buy) – TP RM21.70

“Moderation Year Ahead? D/G To NEUTRAL"

Downgrade to NEUTRAL from Buy with unchanged MYR21.70 TP, 6% downside, c.5% FY24F yield. Allianz Malaysia’s 1Q24 net profit came in line with expectations as higher insurance service expenses YoY was mitigated by a resounding investment performance. We downgrade ALLZ as there is no longer any upside to our TP, while forecasting the earnings growth to moderate in FY24.

Analysts:
Nabil Thoo 
nabil.thoo@rhbgroup.com
David Chong CFA 
david.chongvc@rhbgroup.com

$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)