[%VbpE%] 
Research by Kenanga
Under Perform – TP of MYR 0.59

“Hopeful to Continue its Momentum ” 

We maintain our GGM-derived PBV TP of RM0.59 (COE: 9.2%, TG: 2.0%, ROE: 6.0%) and UNDERPERFORM call with forecasts relatively unchanged post briefing The group reflected on further efforts to drive profits. While we are encouraged by new streams brought about by MIDF’s business units, we prefer to remain conservative with the group’s medium-term trajectory going forward as it could be exposed to integration risks.

Analyst(s):
Clement Chua 
[%FhUo%]

$KLSE-MBSB 
Research by Kenanga
Under Perform – TP of MYR 0.59

“Hopeful to Continue its Momentum ” 

We maintain our GGM-derived PBV TP of RM0.59 (COE: 9.2%, TG: 2.0%, ROE: 6.0%) and UNDERPERFORM call with forecasts relatively unchanged post briefing The group reflected on further efforts to drive profits. While we are encouraged by new streams brought about by MIDF’s business units, we prefer to remain conservative with the group’s medium-term trajectory going forward as it could be exposed to integration risks.

Analyst(s):
Clement Chua 
clement.chua@kenanga.com.my

$MBSB / 1171 (MALAYSIA BUILDING SOCIETY BERHAD)