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Research by Kenanga
Outperform - TP RM7.25

"International Pains Hopeful to Ease"

RHBBANK’s 1HFY24 net profit (-8%) and interim dividend were within expectations. Despite higher credit cost in 1HFY24, asset quality stresses from its overseas portfolios may subside as the group sufficiently provided for them. Meanwhile, a better loans trajectory could support group earnings with NIMs also expected to stay in a tight range bound. Maintain OUTPERFORM and GGM-derived PBV TP of RM7.25. RHBBANK is one of our 3QCY24 Top Picks for its leading dividend defensiveness.

Analyst:
Clement Chua 
[%ySOV%]

$KLSE-RHBBANK
Research by Kenanga
Outperform - TP RM7.25

"International Pains Hopeful to Ease"

RHBBANK’s 1HFY24 net profit (-8%) and interim dividend were within expectations. Despite higher credit cost in 1HFY24, asset quality stresses from its overseas portfolios may subside as the group sufficiently provided for them. Meanwhile, a better loans trajectory could support group earnings with NIMs also expected to stay in a tight range bound. Maintain OUTPERFORM and GGM-derived PBV TP of RM7.25. RHBBANK is one of our 3QCY24 Top Picks for its leading dividend defensiveness.

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