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MBSB’s 1QFY24 core net profit (+6% YoY) beat expectations, thanks to stronger non-interest income on contributions from MIDF’s business units. This led us to upgrade our FY24F-FY25F earnings by 14%-5%. While the group appears to be gradually improving, further effort may be needed to see earnings meaningfully turn around in the near term. Maintain UNDERPERFORM and GGM-derived PBV TP of RM0.59.
