[%RxQc%] 
Research by RHB
Sell – TP of MYR 2.40

“A Slight Miss; Keep SELL” 

RCE Capital’s FY24 (Mar) results missed our and Street’s expectations on the back of higher-thanexpected operating and credit costs. While the impending revision to civil service wages will likely boost its financing growth prospects, we still prefer peers with similar ROE generation that are trading at cheaper valuations.

Analyst(s):
Nabil Thoo
[%HKbz%]
David Chong, CFA
[%BTxP%]

$KLSE-RCECAP 
Research by RHB
Sell – TP of MYR 2.40

“A Slight Miss; Keep SELL” 

RCE Capital’s FY24 (Mar) results missed our and Street’s expectations on the back of higher-thanexpected operating and credit costs. While the impending revision to civil service wages will likely boost its financing growth prospects, we still prefer peers with similar ROE generation that are trading at cheaper valuations.

Analyst(s):
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com