[%gWeM%] 
Research by Maybank
Buy - TP RM1.86

"2Q24 beat expectations"

AEON’s 2Q24 results surpassed expectations. Robust PMS segmental earnings are expected to drive group earnings growth in sequential quarters despite potentially sluggish retail sales without festivities to drive consumer spending. No change to our earnings estimates. Rolling forward our valuation base year to FY25E, our TP is raised to MYR1.86 (+12sen), based on 17x FY25E PER, mean.

Analyst:
Jade Tam
[%ZnaY%]

$KLSE-AEON 
Research by Maybank
Buy - TP RM1.86

"2Q24 beat expectations"

AEON’s 2Q24 results surpassed expectations. Robust PMS segmental earnings are expected to drive group earnings growth in sequential quarters despite potentially sluggish retail sales without festivities to drive consumer spending. No change to our earnings estimates. Rolling forward our valuation base year to FY25E, our TP is raised to MYR1.86 (+12sen), based on 17x FY25E PER, mean.

Analyst:
Jade Tam
jade.tam@maybank-ib.com