March 26, 2012

MBSB - Sustainable growth

Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
Research House: HWANGDBSPrice Call: BUYTarget Price: 2.50



Malaysia Building Society; Not Rated; RM2.21
Fair Value: RM2.50; MBS MK

Personal finance to remain key growth driver. Strict credit processes and continuous efforts to recover legacy NPL. Fair value at RM2.50, assuming 8x FY13 EPS.

Source: HwangDBS Research 26 March 2012

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