Malayan Banking [%ccbL%] 
Research by HLIB
BUY (Maintain): Price Target: RM9.40

"Pursuing sustainable growth"

After listening to more of Maybank’s sustainability efforts & ESG transformation journey during its virtual Investor Day, it further reaffirms our view and analysis that it is a leader in this space. In gist, the game plan is to develop sustainability focused products and services, fostering financial inclusion, cultivating good governance practices, and shy away from ESG vulnerable sectors. Overall, our forecasts are unchanged. We continue to like Maybank for its regional exposure and leadership position. Also, it offers superior dividend yield. Retain BUY and GGM-TP of RM9.40, based on 1.22x FY22 P/B.

Chan JitHoong, CFA, CPA
T (603) 2083 1722
E [%RXLu%]

Malayan Banking $KLSE-MAYBANK 
Research by HLIB
BUY (Maintain): Price Target: RM9.40

"Pursuing sustainable growth"

After listening to more of Maybank’s sustainability efforts & ESG transformation journey during its virtual Investor Day, it further reaffirms our view and analysis that it is a leader in this space. In gist, the game plan is to develop sustainability focused products and services, fostering financial inclusion, cultivating good governance practices, and shy away from ESG vulnerable sectors. Overall, our forecasts are unchanged. We continue to like Maybank for its regional exposure and leadership position. Also, it offers superior dividend yield. Retain BUY and GGM-TP of RM9.40, based on 1.22x FY22 P/B.

Chan JitHoong, CFA, CPA
T (603) 2083 1722
E jhchan@hlib.hongleong.com.my