[%dQsj%]
Research by TA
BUY – TP RM11.85

"Higher Operating Income”

We updated the beta and lowered our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise Maybank’s TP from RM11.12 to RM11.85. Our valuation is based on an implied PBV of c. 1.40x based on the Gordon Growth Model and a 3% ESG premium. Buy maintained on Maybank

Analyst:
Li Hsia Wong 
[%Mzev%]

$KLSE-MAYBANK
Research by TA
BUY – TP RM11.85

"Higher Operating Income”

We updated the beta and lowered our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise Maybank’s TP from RM11.12 to RM11.85. Our valuation is based on an implied PBV of c. 1.40x based on the Gordon Growth Model and a 3% ESG premium. Buy maintained on Maybank

Analyst:
Li Hsia Wong 
liwong@ta.com.my