$ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD)
Research by MIDF
BUY – TP RM25.76

" 2QFY24 Results: General Combined Ratio Normalises”

• 6MFY24’s Core NP of RM357m was Within/Within our/street forecasts: 47%/47% of full-year forecasts
• Core themes: (a) Normalising Investment returns, (b) Mediocre General result, (c) Mediocre Life result
• Forecasts unchanged
• Maintain BUY | Unchanged TP of RM25.76 | based on SOTP using (1) FY25F P/BV of 1.6x, (2) FY25F P/EV of 1.0x

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