$AFFIN / 5185 (AFFIN BANK BERHAD)
Research by MIDF
SELL – TP RM1.82

" 2QFY24 Results: NIM Issues to Persist”

• 6MFY24’s Core NP of RM229m was Within/Within our/street forecasts: 46%/47% of full-year forecasts
• Management’s tone: Neutral
• Core themes: (a) Further NIM compression, (b) Downward revision of FY24 targets expected, (c) Asset quality fears push Affin to reprioritise consumer loan segment
• Forecasts unchanged
• Maintain SELL | Unchanged TP of RM1.82 | based on an unchanged FY25F P/BV of 0.35x

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