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Research by RHB
Neutral– TP RM 11.30

"Expect a Slower 2H”

NEUTRAL, new MYR11.30 TP from MYR10.60, 4% upside. Malayan Banking’s 2Q24 results are in line, with 1H24 reported ROE of 11% tracking its 2024 target of 11%. While 1H24 headline PATMI growth looks strong, Maybank guided for a moderation ahead in both loan growth and non-II, and hence, has left its 2024 ROE target unchanged. With valuations approaching long-term mean levels and dividend yield for FY24 having compressed to <6%, its current valuation looks fair, in our view

Analyst:
David Chong, CFA
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Nabil Thoo
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$KLSE-MAYBANK
Research by RHB
Neutral– TP RM 11.30

"Expect a Slower 2H”

NEUTRAL, new MYR11.30 TP from MYR10.60, 4% upside. Malayan Banking’s 2Q24 results are in line, with 1H24 reported ROE of 11% tracking its 2024 target of 11%. While 1H24 headline PATMI growth looks strong, Maybank guided for a moderation ahead in both loan growth and non-II, and hence, has left its 2024 ROE target unchanged. With valuations approaching long-term mean levels and dividend yield for FY24 having compressed to <6%, its current valuation looks fair, in our view

Analyst:
David Chong, CFA
david.chongvc@rhbgroup.com
Nabil Thoo
nabil.thoo@rhbgroup.com