[%isyJ%] 
Research by Maybank
BUY – TP RM1.74

" Attractive valuations”

Despite expectations for seasonal weaker QoQ earnings in 2Q24, we are encouraged by early signs of consumer spending improvements following added inflows of disposable income from EPF Account 3. AEON’s resilient PMS segment and rejuvenation/expansion plans also showcases its medium-term earnings growth prospects. No changes to our earnings estimates. At 13x FY24E PER, valuation is undemanding, below its 5-year mean of 17x. Maintain BUY with a TP of MYR1.74 (17x FY24E PER, mean). 

Analyst:
Jade Tam
[%QLLy%]

$KLSE-AEON 
Research by Maybank
BUY – TP RM1.74

" Attractive valuations”

Despite expectations for seasonal weaker QoQ earnings in 2Q24, we are encouraged by early signs of consumer spending improvements following added inflows of disposable income from EPF Account 3. AEON’s resilient PMS segment and rejuvenation/expansion plans also showcases its medium-term earnings growth prospects. No changes to our earnings estimates. At 13x FY24E PER, valuation is undemanding, below its 5-year mean of 17x. Maintain BUY with a TP of MYR1.74 (17x FY24E PER, mean). 

Analyst:
Jade Tam
jade.tam@maybank-ib.com