First Read AEON Credit Service: Earnings beat on lower opex, offsetting slightly higher credit costs

研报英文原文证据摘录

First Read AEON Credit Service: Earnings beat on lower opex, offsetting slightly higher credit costs

Global Research

9 July 2026ab

First Read

EquitiesAEON Credit Service

Earnings beat on lower opex, offsetting slightly Malaysia

higher credit costs Diversified Financial

12-month rating Buy

12m price target RM6.90

Earnings beat UBSe; in line with consensus

AEON Credit reported Q1FY27 net profit that was 8% ahead of UBSe and appears

broadly in line with consensus expectations, accounting for c25% of consensus FY27 Price (08 Jul 2026) RM5.75

net profit forecasts. The earnings beat versus UBSe was primarily driven by lower-than- RIC: ANCR.KL BBG: ACSM MK

expected operating expenses, while revenue was largely in line. Several key highlights

Trading data and key metrics

from the results:

52-wk range RM6.09-4.85

Lower losses from AEON Bank – Share of losses from associates, reflecting Market cap. RM2.94b/US$0.72b

AEON Credit’s 50% stake in digital bank AEON Bank, came in at RM18m during Shares o/s 511m (ORD)

Q1FY27. Annualising this quarterly run rate implies approx. RM71m of losses for Free float 32%

FY27, which is slightly better than mgmt’s guidance of around RM75m (vs.

Avg. daily volume ('000) 269

RM85m loss in FY26) and our estimate of RM91m. This is a modest positive, as

Avg. daily value (m) RM1.6

losses from the digital banking business have been one of the key investor

Common s/h equity (02/27E) RM3.29b

concerns and a major overhang on valuation. We expect investors to focus on

whether mgmt believes this quarterly loss run-rate can be sustained through the P/BV (02/27E) 0.9x

remainder of FY27 at the results briefing tomorrow (10th July). Tier 1 ratio 20%

Credit costs edged higher – Based on our calculations, credit cost annualised at EPS (UBS, diluted) (RM)

UBS Cons.