[%tBJb%]
Research by Kenanga
Underperform – TP RM0.59

“More Fees Incoming"

MBSB’s 1QFY24 core net profit (+6% YoY) beat expectations, thanks to stronger non-interest income on contributions from MIDF’s business units. This led us to upgrade our FY24F-FY25F earnings by 14%-5%. While the group appears to be gradually improving, further effort may be needed to see earnings meaningfully turn around in the near term. Maintain UNDERPERFORM and GGM-derived PBV TP of RM0.59.

Analyst:
Clement Chua 
[%yuwB%]

$KLSE-MBSB
Research by Kenanga
Underperform – TP RM0.59

“More Fees Incoming"

MBSB’s 1QFY24 core net profit (+6% YoY) beat expectations, thanks to stronger non-interest income on contributions from MIDF’s business units. This led us to upgrade our FY24F-FY25F earnings by 14%-5%. While the group appears to be gradually improving, further effort may be needed to see earnings meaningfully turn around in the near term. Maintain UNDERPERFORM and GGM-derived PBV TP of RM0.59.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my

$MBSB / 1171 (MALAYSIA BUILDING SOCIETY BERHAD)