[%AaTD%] 
Research by HLIB
BUY – TP RM4.90 

" Within expectations”

STMB’s 2Q24 profit nudged up 1% QoQ on the back of stronger net investment income. Overall, results were in line with expectations and thus, forecasts were unchanged. All in all, we still find STMB’s risk-reward profile remains skewed to the upside as it is undervalued, trading close to -1.0SD P/B. Also, we continue to believe that STMB’s structural long-term growth prospects is bright given: (i) under penetrated insurance space, (ii) favourable demographics, and (iii) huge local protection gap. Maintain BUY call and GGM-TP of RM4.90, based on 1.85x FY25 P/B

Analyst:
Chan Jit Hoong, CFA, CPA
[%jcJf%]

$KLSE-TAKAFUL 
Research by HLIB
BUY – TP RM4.90 

" Within expectations”

STMB’s 2Q24 profit nudged up 1% QoQ on the back of stronger net investment income. Overall, results were in line with expectations and thus, forecasts were unchanged. All in all, we still find STMB’s risk-reward profile remains skewed to the upside as it is undervalued, trading close to -1.0SD P/B. Also, we continue to believe that STMB’s structural long-term growth prospects is bright given: (i) under penetrated insurance space, (ii) favourable demographics, and (iii) huge local protection gap. Maintain BUY call and GGM-TP of RM4.90, based on 1.85x FY25 P/B

Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)