[%vTgK%]
Research by RHB 
Neutral – TP RM 2.55

"Playing The Waiting Game”

Maintain NEUTRAL, new MYR2.55 TP from MYR2.45, 7% downside with c.6% FY25F yield. BIMB’s 1H24 results broadly met expectations – we think the softer-than-expected trading income could pick up once the global rate cut cycle starts in 2H24. Elsewhere, financing growth remained muted, while the NIM and asset quality outlook appears stable. At this juncture, we have no major concerns on BIMB, but we prefer banks with bigger non-retail exposure to better capitalise on current thematic plays.

Analyst:
Nabil Thoo
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David Chong, CFA
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$KLSE-BIMB
Research by RHB 
Neutral – TP RM 2.55

"Playing The Waiting Game”

Maintain NEUTRAL, new MYR2.55 TP from MYR2.45, 7% downside with c.6% FY25F yield. BIMB’s 1H24 results broadly met expectations – we think the softer-than-expected trading income could pick up once the global rate cut cycle starts in 2H24. Elsewhere, financing growth remained muted, while the NIM and asset quality outlook appears stable. At this juncture, we have no major concerns on BIMB, but we prefer banks with bigger non-retail exposure to better capitalise on current thematic plays.

Analyst:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com