$RHBBANK / 1066 (RHB BANK BERHAD)
Research by MIDF
Buy - TP RM6.60

"2QFY24 Results: Worst of Asset Quality Woes Over?"

• 1H24’s Core NP of RM1,452m was Within / Within our/street forecasts: 51 %/ 51 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Topline outlook intact, (b) Worst of asset quality woes over, (c) Loan growth target revision (as expected)
• Forecasts unchanged
• Maintain BUY | Revised TP of RM6.60 | based on a revised FY25F P/BV of 0.85x (formerly 0.78 x)

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