• We expect a significant rerating from its bargain basement PE and P/B valuations on the back of a 3-year EPS CAGR of 79%.
• The eventual divestment of 30% of Bank Muamalat could enable the group to expand its footprint regionally. Based on 1.4x NTA, similar to Hong Leong Bank’s offer for EON Bank's
assets, this could raise RM600m.
• Strengthening its services and property business with the Pos Malaysia acquisition.
by DBS Group Research