[%MhFB%] 
Research by Kenanga
Underperform - TP RM0.59

"Larger Pipes Offset by More Allowances"

MBSB’s 1HFY24 net profit (-16%) met our expectations. The group continues to juggle taming high credit costs with expanding its income streams. With several headline targets seemingly behind their full-year targets (i.e. financing growth, gross impaired financing, ROE), MBSB may need to take larger strides in 2HFY24 to meet them. Maintain UNDERPERFORM and GGM-derived PBV TP of RM0.59.

Analyst:
Clement Chua 
[%BSkK%]

$KLSE-MBSB 
Research by Kenanga
Underperform - TP RM0.59

"Larger Pipes Offset by More Allowances"

MBSB’s 1HFY24 net profit (-16%) met our expectations. The group continues to juggle taming high credit costs with expanding its income streams. With several headline targets seemingly behind their full-year targets (i.e. financing growth, gross impaired financing, ROE), MBSB may need to take larger strides in 2HFY24 to meet them. Maintain UNDERPERFORM and GGM-derived PBV TP of RM0.59.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my

$MBSB / 1171 (MALAYSIA BUILDING SOCIETY BERHAD)