[%sLaA%]
Research by CGS
Add - TP RM7.00

"An improvement in NIM and loan growth"

■ RHB Bank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’ estimate.
■ We expect RHB Bank’s 2H24F net profit to increase by 12.8% yoy, driven by higher net and non-interest income and potentially lower loan loss provision.
■ Reaffirm Add, given its attractive CY24F dividend yield of 5.8% and enticing valuation (CY25F P/E of 8x, which is the lowest in the sector).

Analyst:
Winson NG, CFA
[%UPKd%]

$KLSE-RHBBANK
Research by CGS
Add - TP RM7.00

"An improvement in NIM and loan growth"

■ RHB Bank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’ estimate.
■ We expect RHB Bank’s 2H24F net profit to increase by 12.8% yoy, driven by higher net and non-interest income and potentially lower loan loss provision.
■ Reaffirm Add, given its attractive CY24F dividend yield of 5.8% and enticing valuation (CY25F P/E of 8x, which is the lowest in the sector).

Analyst:
Winson NG, CFA
winson.ng@cgsi.com