Affin – Upgrade to buy moderately

We like its result for this quarter and last quarter. We believe a stable earnings trend is forming with growth. Expecting around RM 0.40. If current colsing price of RM 3.370 will have a 9 times PE plus discounted book of 15%.  Yield is closing to 5%.  Although is not great.bargain but we believe is good to put in our buy when dip profile.

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