[%ZOje%] 
Research by Kenanga
Outperform – TP of MYR 8.55

“Long-Term Trade Off from Higher Costs” 

AEONCR’s 1QFY25 net profit (+7% YoY) met expectations with the recent earnings release indicating results could have been better if not for spends on long-term customer acquisition strategies and on Aeon Bank. The stock’s presently solid ROEs (c.15%) may be taken further in the long-run should its investments pay off. Maintain our forecasts, OUTPERFORM call and GGM-derived TP of RM8.55.

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

$KLSE-AEONCR 
Research by Kenanga
Outperform – TP of MYR 8.55

“Long-Term Trade Off from Higher Costs” 

AEONCR’s 1QFY25 net profit (+7% YoY) met expectations with the recent earnings release indicating results could have been better if not for spends on long-term customer acquisition strategies and on Aeon Bank. The stock’s presently solid ROEs (c.15%) may be taken further in the long-run should its investments pay off. Maintain our forecasts, OUTPERFORM call and GGM-derived TP of RM8.55.

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

$AEONCR / 5139 (AEON CREDIT SERVICE (M) BERHAD)