[%GBJD%] 
Research by MIDF
Buy - TP RM22.76

"4QFY24 Results: Potential Fed Rate Cut Benefits?"

• FY24’s Core NP of RM4,196m was Within / Within our/street forecasts: 104 %/ 101 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Fed-cut induced NIM benefits, (b) FY25F loan growth target can be beaten, (c) Progress on Singapore’s wealth management segment.
• Forecasts revised: FY25F/26F Core NP adjusted by +5%/+8%
• Maintain BUY | Revised TP of RM22.76 | based on a revised FY25F P/BV of 1.16x (formerly 1.11 x)

Analyst:
Samuel Woo
[%BFxL%]

$KLSE-HLBANK 
Research by MIDF
Buy - TP RM22.76

"4QFY24 Results: Potential Fed Rate Cut Benefits?"

• FY24’s Core NP of RM4,196m was Within / Within our/street forecasts: 104 %/ 101 % of full-year forecasts
• Management’s tone: Optimistic
• Core themes: (a) Fed-cut induced NIM benefits, (b) FY25F loan growth target can be beaten, (c) Progress on Singapore’s wealth management segment.
• Forecasts revised: FY25F/26F Core NP adjusted by +5%/+8%
• Maintain BUY | Revised TP of RM22.76 | based on a revised FY25F P/BV of 1.16x (formerly 1.11 x)

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