[%IRTK%] Syarikat Takaful M’sia Keluarga 
Research by Kenanga
OUTPERFORM ; Target Price : RM6.85 

"Buy the Book"
Post-meeting, we are assured by TAKAFUL’s near-term outlook. While top-line growth could be less exciting as banca-partnership yields plateau, its efficient operating setup should keep bottom-line expansion healthy. Its strong balance sheet remains one of the leading merits of the group. Upgrade to OP (from MP) but with a lower TP of RM6.85 (from RM7.15) as we move to a PBV only valuation from a blended PER/PBV methodology previously. 

Clement Chua
[%KfDw%] 

$KLSE-TAKAFUL Syarikat Takaful M’sia Keluarga 
Research by Kenanga
OUTPERFORM ; Target Price : RM6.85 

"Buy the Book"
Post-meeting, we are assured by TAKAFUL’s near-term outlook. While top-line growth could be less exciting as banca-partnership yields plateau, its efficient operating setup should keep bottom-line expansion healthy. Its strong balance sheet remains one of the leading merits of the group. Upgrade to OP (from MP) but with a lower TP of RM6.85 (from RM7.15) as we move to a PBV only valuation from a blended PER/PBV methodology previously. 

Clement Chua
clement.chua@kenanga.com.my 

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)