$MAYBANK / 1155 (MALAYAN BANKING BERHAD)
Research by MIDF
BUY – TP RM12.11

"2QFY24 Results: Can Foreign Interest Keep Up?”

• 6MFY24’s Core NP of RM4,955m was Within/Within our/street forecasts: 51%/50% of full-year forecasts
• Management’s tone: Neutral
• Core themes: (a) Liquidity concerns weigh down on NIM, (b) Dividend payout under watch, (c) Core beneficiary of foreign investor interest
• Forecasts unchanged
• Upgrade to BUY | Revised TP of RM12.11 | based on a revised FY25F P/BV of 1.46x (formerly 1.21x)

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