Malayan Banking $MAYBANK / 1155 (MALAYAN BANKING BERHAD)
Research by AmInvest
BUY (Maintained): Price Target: RM10.40

"Low exposure to ESG vulnerable sectors"

We maintain our BUY call on Malayan Banking (Maybank) with an unchanged fair value (FV) of RM10.40/share pegging the stock to P/BV of 1.3x supported by FY22 ROE of 10.4%. Our FV reflects an additional 3% premium from an assigned 4-star ESG rating.

Kelvin Ong, CFA
T 03-2036 2294
E kelvin-ong@ambankgroup.com