Price Target (MBSB): Malaysia Building Society - Spike in Credit Charge

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1 comment(s). Last comment by marykhu2850 2020-06-26 10:02

marykhu2850

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Posted by marykhu2850 > 2020-06-26 10:02 | Report Abuse

Our TP is reduced to RM0.60 (from RM0.90). Our TP is based on a GGM-derived PBV of 0.45x ascribed to FY21E BVPS. We view its targeted PF loans growth to be at risk given the current challenging times with its volatile impairment allowances leading to elevated credit costs ahead. Downgrade to UNDERPERFORM. --- KENANGA

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