[%QAEC%] 
Research by MIDF
Neutral - TP RM5.18

"1QFY25 Results: Major Loan Rebalancing Underway"

• 3MFY25’s Core NP of RM500m was Within / Within our/street forecasts: 29 %/ 28 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Liability management to improve NIM further, (b) Disappointing loan growth target revision, (c) Still plenty of upside for dividend payouts
• FY25/26/27 Core NP adjusted by +3%/+2%/+3%.
• Downgrade to NEUTRAL | Revised TP of RM5.18 | based on a revised FY26F P/BV of 0.80x (formerly 0.78 x, from FY25F )

Analyst:
Samuel Woo
[%QDRQ%]

$KLSE-AMBANK 
Research by MIDF
Neutral - TP RM5.18

"1QFY25 Results: Major Loan Rebalancing Underway"

• 3MFY25’s Core NP of RM500m was Within / Within our/street forecasts: 29 %/ 28 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Liability management to improve NIM further, (b) Disappointing loan growth target revision, (c) Still plenty of upside for dividend payouts
• FY25/26/27 Core NP adjusted by +3%/+2%/+3%.
• Downgrade to NEUTRAL | Revised TP of RM5.18 | based on a revised FY26F P/BV of 0.80x (formerly 0.78 x, from FY25F )

Analyst:
Samuel Woo
samuel.woo@midf.com.my