OSK Investment Banking raised its fair value estimate for Malaysia Building Society Bhd shares to RM3.02 from RM2.70
as the financial services firm renews focus on driving fee-based income.

"The growth drivers are expected to be bancassurance tie-ups with several insurance players, as well as the kick-start of a foreign currency transfer business under Western Union," it said in a research note on Friday.

OSK maintained its "buy" call on the firm and added that the firm is also focused on maintaining the aggressive loans growth it showed in the past two quarters.

"We believe MBSB will repeat the fund-raising exercises carried out in 2011," OSK said.

At 10.14am Malaysia Building Society was up 0.89 per cent at RM2.27 per share while the Malaysia's benchmark composite index was up 0.01 per cent at 1618.18. - Reuters