At the analyst briefing yesterday, MBSB continued to emphasise its strategy of building a more balanced loans portfolio to attain sustainable growth. Having diversified into personal financing, mortgages and corporate loans, MBSB looks set to push into new frontiers. It is also channeling more efforts into generating more fee-based income via bancassurance. Maintain BUY with a FV of RM2.70, based on 2.6x FY12 PBV.
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