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Research by Maybank
Buy – TP RM2.70

“1QFY25 results above expectations"

MNRB’s 1QFY25 results were above expectations, riding on still robust earnings growth at its reinsurance and general takaful divisions. We upgrade our FY25/26E earnings by 92%/76% and raise our TP to MYR2.70 from MYR1.70, pegging its CY25E earnings to its updated long-term forward rolling PER mean of 5.5x. BUY maintained.

Analyst:
Desmond Ch'ng, BFP, FCA
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$KLSE-MNRB
Research by Maybank
Buy – TP RM2.70

“1QFY25 results above expectations"

MNRB’s 1QFY25 results were above expectations, riding on still robust earnings growth at its reinsurance and general takaful divisions. We upgrade our FY25/26E earnings by 92%/76% and raise our TP to MYR2.70 from MYR1.70, pegging its CY25E earnings to its updated long-term forward rolling PER mean of 5.5x. BUY maintained.

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com