[%TYZE%] 
Research by Kenanga
OUTPERFORM– TP RM8.55

“Digital Banking on the Right Path”

We maintain our OUTPERFORM call and GGM-derived PBV TP of RM8.55 for AEONCR and keeping our forecast. Insights from Aeon Bank reflect challenges faced by the industry with collaboration between license holders and regulators being key to ensure long-term agendas are met. That said, we maintain our 3-star ESG rating on AEONCR (with no ESG-premium to valuations), subject to further assessment on Aeon Bank and the industry’s medium-term ability to cater to the unserved/underserved communities.

Analyst:
Clement Chua
[%daeN%]

$KLSE-AEONCR 
Research by Kenanga
OUTPERFORM– TP RM8.55

“Digital Banking on the Right Path”

We maintain our OUTPERFORM call and GGM-derived PBV TP of RM8.55 for AEONCR and keeping our forecast. Insights from Aeon Bank reflect challenges faced by the industry with collaboration between license holders and regulators being key to ensure long-term agendas are met. That said, we maintain our 3-star ESG rating on AEONCR (with no ESG-premium to valuations), subject to further assessment on Aeon Bank and the industry’s medium-term ability to cater to the unserved/underserved communities.

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

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