主要支撑来自证据质量及同业相对估值。
相对较弱项为ROE；20日平均成交额为 RM 2,182,628，仅作执行旁证。Main Market 公司 / Companies32
核心公司 / Core15
板块市值 / Market capRM 497bn
银行市值占比 / Bank share94%
中位 P/E / Median P/E10.6x
影响因素 / Factor mappings611
执行摘要Executive Summary
市场结构
板块市值高度集中于大型银行，因此宏观利率、存款竞争、贷款增长和资产质量是指数层最重要的盈利因素。但保险/Takaful、交易所/券商和消费金融具有不同的利润传导机制，不应仅用 P/E 混合排名。
关键判断
- OPR（隔夜政策利率）稳定在 2.75% 附近有利于可预测的资产负债重定价，但存款竞争可使个体 NIM（净利息收益率）走势分化。
- 保险业的重点不是单纯收入增长，而是赔付率、综合成本率、VNB（新业务价值）、CSM（合同服务边际）、再保险成本与医疗通胀。VNB 衡量当期新签业务预计创造的价值；CSM 代表未来保险服务尚未确认的利润。
- 资本市场公司对 ADV（平均每日成交额）、零售参与、IPO（首次公开募股）及其他资本筹集活动、AUM（管理资产规模）更敏感。ADV 通常按“统计期证券成交总额 ÷ 交易日数”计算，并以 RM million/day 或 RM billion/day 表示。ADV 上升一般增加交易、清算及经纪收入机会；但实际利润还受费率、产品组合、零售/机构客户结构和成本影响，不会必然与 ADV 同比例增长。AUM 是公司代客户管理的基金、投资组合及其他资产的市场价值，不等于公司自有资产。AUM 增长可来自客户净流入或市场价格上涨；前者通常更能证明获客与产品竞争力。管理费收入大致受“AUM × 费率”驱动，但实际利润还取决于产品费率、绩效费、渠道分成及成本。2025 年低交易量已造成盈利压力。例子（示意，并非盈利预测）：
① Bursa Malaysia（交易所运营商）：若 ADV 假设增加 20%，交易及清算收费通常受益，但相关收入未必同步增加 20%，因为费率、产品结构及场内／场外交易组合可能变化。
② Kenanga、HLCAP、APEX（券商／投资银行）：同样的 ADV 上升，只有在市场份额稳定且佣金率没有明显下降时，才较可能转化为更强的经纪收入；IPO 承销、企业融资顾问及交易收益也会造成业绩差异。
③ 资管业务：若 AUM 从 RM10bn 增至 RM11bn，可能来自 RM1bn 客户净流入，也可能只是持有资产价格上涨。客户净流入通常更能说明产品吸引力与渠道竞争力；若平均管理费率下降，AUM 增长也未必带来同比例收入增长。 - 消费金融的估值支撑必须与资金成本、减值、NPF（不良融资）和监管执行一起评估。
术语与“/”符号说明
- “/”
- 用于并列两个相关但不同的观察指标，例如 VNB/CSM；不是除法或比率。
- NIM
- Net Interest Margin，净利息收益率。常用公式为净利息收入 ÷ 平均生息资产。例如净利息收入 RM6bn、平均生息资产 RM300bn，则 NIM 约为 2.0%。NIM 上升通常有利于银行核心利息盈利，下降则形成压力；实际变化受 OPR、贷款与存款重定价速度、存款竞争、资金来源及资产组合共同影响。
- ADV
- Average Daily Trading Value，平均每日成交额。常用公式为统计期成交总额除以交易日数，是观察市场活跃度及交易相关收入的重要领先指标。
- AUM
- Assets Under Management，管理资产规模。指公司代客户管理资产的市场价值；应同时观察净流入、市场涨跌、平均费率和产品组合，不能只看期末总额。
- P/E
- 市盈率＝股价相对于每股盈利的倍数。
- P/B
- 市账率＝股价相对于每股账面价值的倍数，银行及保险分析常用。
- ROE
- 股东权益回报率，衡量公司运用股东资本创造利润的效率。
- CASA
- 活期及储蓄存款；占比越高通常越有利于银行资金成本。
- GIL
- 总减值贷款率，用于观察银行资产质量。
- CET1
- 普通股一级资本充足率，反映银行吸收损失的核心资本缓冲。
- PATAMI
- 归属于母公司股东的税后利润。
- PBZT
- Takaful 公司缴付 Zakat（天课）及税项前利润。
Market structure
Large banks dominate sector market capitalisation, making policy rates, deposit competition, loan growth and asset quality the main index-level earnings drivers. Insurance / Takaful, capital-markets businesses and consumer lenders have different profit transmission mechanisms and should not be ranked together on P/E alone.
Key judgements
- An OPR near 2.75% supports predictable asset and liability repricing, but deposit competition can produce divergent NIM outcomes.
- For insurers, claims and combined ratios, VNB, CSM, reinsurance pricing and medical inflation matter more than revenue growth alone.
- Capital-markets earnings are sensitive to ADV, retail participation, IPO and capital-raising activity, and AUM. Fee rates, product and client mix determine how much higher activity converts into profit.
- Consumer-finance valuation support must be assessed together with funding cost, impairment, NPF and regulatory execution.
Key terms
- NIM
- Net interest income divided by average interest-earning assets.
- ADV
- Average Daily Trading Value, a leading indicator for trading and clearing income.
- AUM
- Assets Under Management; growth may come from net inflows or market appreciation.
- P/E
- Share price divided by trailing earnings per share.
- P/B
- Share price divided by book value per share.
- ROE
- Profit attributable to shareholders divided by average equity.
- CASA
- Current and savings accounts, usually a lower-cost funding source.
- GIL
- Gross impaired-loan ratio, an asset-quality indicator.
- CET1
- Core common-equity capital available to absorb losses.
市值前 15Top 15 by market capitalisation
研究优先级不是投资评级。 Priority 1 代表需要优先尽调，可能来自估值张力、盈利变化、信息不确定性或催化剂，不等于预期回报最高。
Research priority is not an investment rating. Priority 1 identifies the need for earlier diligence due to valuation tension, earnings change, evidence uncertainty or catalysts; it does not mean the highest expected return.
研究优先级Research priority
| ticker | subsector | research_priority | priority_score | valuation_lens |
|---|---|---|---|---|
| AEONCR | Consumer Finance/Leasing/Payments | Priority 1 - immediate diligence | 82.50 | Balanced valuation; focus on earnings durability |
| BURSA | Capital Markets/Exchange/Asset Management | Priority 1 - immediate diligence | 80.00 | Premium valuation requires durable growth |
| CIMB | Banking | Priority 1 - immediate diligence | 77.14 | Balanced valuation; focus on earnings durability |
| KENANGA | Capital Markets/Exchange/Asset Management | Priority 1 - immediate diligence | 72.50 | Low P/B requires ROE recovery evidence |
| TAKAFUL | Insurance/Takaful | Priority 1 - immediate diligence | 68.75 | Balanced valuation; focus on earnings durability |
| RCECAP | Consumer Finance/Leasing/Payments | Priority 2 - active watch | 68.50 | Balanced valuation; focus on earnings durability |
| ALLIANZ | Insurance/Takaful | Priority 2 - active watch | 66.25 | Balanced valuation; focus on earnings durability |
| MAYBANK | Banking | Priority 2 - active watch | 64.29 | Balanced valuation; focus on earnings durability |
| MNRB | Insurance/Takaful | Priority 2 - active watch | 62.75 | Balanced valuation; focus on earnings durability |
| AMBANK | Banking | Priority 2 - active watch | 61.29 | Low P/B requires ROE recovery evidence |
| RHBBANK | Banking | Priority 3 - monitor | 54.29 | Balanced valuation; focus on earnings durability |
| BIMB | Banking | Priority 3 - monitor | 52.86 | Low P/B requires ROE recovery evidence |
| LPI | Insurance/Takaful | Priority 3 - monitor | 52.25 | Premium valuation requires durable growth |
| HLBANK | Banking | Priority 3 - monitor | 52.14 | Balanced valuation; focus on earnings durability |
| PBBANK | Banking | Priority 3 - monitor | 50.00 | Balanced valuation; focus on earnings durability |
估值与筛选Valuation & Screening
15 家核心公司按同子行业估值机制排序；先看主排名，再按需进入情景估值、通用研究筛选和公司五视角详情。The 15 core companies are ranked under subsector-specific valuation mechanisms. Start with the primary ranking, then open scenario valuation, the general research screen and five reference lenses when needed.
排名机制：同子行业相对估值 50%＋ROE 30%＋股息率 15%＋证据质量 5%。银行采用 P/E 40% 与 P/B 60% 的相对倍数组合；保险、资本市场与消费金融只和各自同业比较。五视角参考层不参与分数，也不形成智能体投票。Ranking mechanism: 50% same-subsector relative valuation, 30% ROE, 15% dividend yield and 5% evidence quality. Bank relative valuation uses 40% P/E and 60% P/B; insurance, capital-markets and consumer-finance companies are compared only with their own peers. The five reference lenses neither affect the score nor constitute an agent vote.
主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 1,346,496，仅作执行旁证。主要支撑来自股息率及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 360,466，仅作执行旁证。主要支撑来自股息率及证据质量。
相对较弱项为ROE；20日平均成交额为 RM 2,374,084，仅作执行旁证。主要支撑来自股息率及证据质量。
相对较弱项为ROE；20日平均成交额为 RM 209,486，仅作执行旁证。主要支撑来自股息率及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 901,894，仅作执行旁证。主要支撑来自证据质量及同业相对估值。
相对较弱项为股息率；20日平均成交额为 RM 1,066,575，仅作执行旁证。主要支撑来自证据质量及股息率。
相对较弱项为同业相对估值；20日平均成交额为 RM 74,959,346，仅作执行旁证。主要支撑来自证据质量及股息率。
相对较弱项为同业相对估值；20日平均成交额为 RM 39,882,223，仅作执行旁证。主要支撑来自证据质量及股息率。
相对较弱项为ROE；20日平均成交额为 RM 31,998,913，仅作执行旁证。主要支撑来自证据质量及ROE。
相对较弱项为股息率；20日平均成交额为 RM 19,344,680，仅作执行旁证。主要支撑来自证据质量及ROE。
相对较弱项为同业相对估值；20日平均成交额为 RM 84,937,841，仅作执行旁证。主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 113,921,600，仅作执行旁证。主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 1,242,750，仅作执行旁证。主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 7,259,247，仅作执行旁证。Priority 1：估值、安全边际与论点跟踪Priority 1: Valuation, Margin of Safety & Thesis Tracking
估值采用子行业适配的 trailing P/E 或 P/B。低、基准和高情景是可复核模型值，不构成个人化目标价；外部一致预期单列，也不是本报告结论。缺少个人持仓与风险约束，因此所有状态均为 watchlist / not implementation-ready。Valuation uses subsector-appropriate trailing P/E or P/B. Low, base and high cases are auditable model scenarios, not personalised price targets; external consensus is shown separately and is not the report conclusion. Without portfolio holdings and risk constraints, all names remain watchlist / not implementation-ready.
| ticker | price | price_as_of | primary_method | current_multiple | low_implied_value | base_implied_value | high_implied_value | base_price_gap | external_consensus_target | valuation_posture |
|---|---|---|---|---|---|---|---|---|---|---|
| AEONCR | 5.60 | 2026-07-15 | P/E | 7.09 | 5.13 | 5.92 | 6.71 | 0.06 | 6.59 | balanced / narrow margin |
| BURSA | 8.62 | 2026-07-16 | P/E | 27.50 | 7.21 | 8.15 | 9.09 | -0.05 | 9.24 | demanding versus base case |
| CIMB | 7.70 | 2026-07-16 | P/B | 1.19 | 6.79 | 7.76 | 8.74 | 0.01 | 8.97 | balanced / narrow margin |
| KENANGA | 0.71 | 2026-07-16 | P/B | 0.48 | 0.56 | 0.74 | 0.92 | 0.04 | balanced / narrow margin | |
| TAKAFUL | 3.20 | 2026-07-15 | P/E | 7.16 | 3.13 | 3.80 | 4.47 | 0.19 | 4.46 | valuation support, proof required |
AEONCR
基准差距 5.8%核心争议：融资增长能否在资金成本、减值和 AEON Bank 投入上升时仍提升每股盈利？
差异化假设：Q1FYE27 显示本体经营杠杆改善，但市场可能低估 AEON Bank 损失持续时间和信贷成本的滞后性。
当前RM 5.60
低情景RM 5.13
基准RM 5.92
高情景RM 6.71
外部一致预期RM 6.59
市场已反映：当前约 7x trailing P/E 已反映部分信用与执行折价，但基准情景安全边际不宽。
证伪：逾期/减值率连续恶化，且 AEON Bank 亏损未随客户与存款规模改善。
下一证据：Q2FYE27 receivables、credit cost、finance cost 与 AEON Bank 分部损益。
研究状态：wait for proof · balanced / narrow margin · not implementation-ready
BURSA
基准差距 -5.5%核心争议：高估值能否由证券 ADV 回升和非交易收入增长共同支撑？
差异化假设：交易所质量与派息值得溢价，但当前价格已要求活动恢复，单靠成本控制不足。
当前RM 8.62
低情景RM 7.21
基准RM 8.15
高情景RM 9.09
外部一致预期RM 9.24
市场已反映：约 27.5x trailing P/E 接近基准情景上部，利润恢复若延后会先压缩倍数。
证伪：ADV/零售参与持续低迷，非交易收入也无法抵消证券收入下降。
下一证据：2Q26 securities ADV、derivatives、BSAS/data revenue 与 operating-cost run-rate。
研究状态：watch · demanding versus base case · not implementation-ready
CIMB
基准差距 0.8%核心争议：NIM 触底与 NOII 增长能否把 ROE 稳定在 11% 以上？
差异化假设：非利息收入和区域业务可缓冲 NII，但市场对持续资本回报已有一定预期。
当前RM 7.70
低情景RM 6.79
基准RM 7.76
高情景RM 8.74
外部一致预期RM 8.97
市场已反映：约 1.2x P/B 对 11% ROE 属合理而非明显折价，重估需要 Forward30 继续兑现。
证伪：NIM、NOII 和资产质量同时转弱，使 ROE 低于资本成本改善路径。
下一证据：2Q26 NIM、NOII 质量、credit cost、CET1 与资本返还进展。
研究状态：watch · balanced / narrow margin · not implementation-ready
KENANGA
基准差距 4.2%核心争议：低 P/B 与高股息是否足以抵消低 ROE 和资本市场周期？
差异化假设：0.5x 左右 P/B 提供资产折价，但 1Q26 显示盈利恢复尚未成立，价值释放依赖 ROE。
当前RM 0.71
低情景RM 0.56
基准RM 0.74
高情景RM 0.92
外部一致预期RM —
市场已反映：市场已反映弱盈利，但未必计入长期费用率和交易活跃度结构性下降。
证伪：ADV 回升后 stockbroking/IB 盈利仍不能覆盖人员与科技成本。
下一证据：2Q26 brokerage PBT、IB pipeline、AUM/net flows、cost-income trend。
研究状态：re-underwrite · balanced / narrow margin · not implementation-ready
TAKAFUL
基准差距 18.7%核心争议：高 ROE、业务量和股息能否在医疗赔付与渠道竞争下保持？
差异化假设：1Q26 PBZT 和一般 Takaful 增长支持盈利韧性；当前 P/E 仍未完全反映质量，但需验证投资收益成分。
当前RM 3.20
低情景RM 3.13
基准RM 3.80
高情景RM 4.47
外部一致预期RM 4.46
市场已反映：约 7x trailing P/E 反映较高风险折价，基准情景有一定估值支撑。
证伪：业务量增长不再转化为 PBZT，或医疗/一般险赔付持续跑赢重定价。
下一证据：2Q26 takaful service result、claims experience、CSM/coverage units 与 solvency。
研究状态：wait for proof · valuation support, proof required · not implementation-ready
监控规则Monitoring rules
| ticker | rule_type | kpi_or_event | threshold_or_trigger | investment_readthrough | status |
|---|---|---|---|---|---|
| AEONCR | prove | Credit cost / impairment | 同比改善且 receivables 仍增长 | 强化本体盈利质量 | open |
| AEONCR | kill | Delinquency and AEON Bank loss | 两者连续两个报告期同时恶化 | 重新评估估值折价和增长质量 | open |
| BURSA | prove | Securities ADV + non-trading revenue | ADV 恢复且非交易收入仍增长 | 支持基准以上盈利情景 | open |
| BURSA | kill | Operating revenue | 连续两个季度下降且成本率上升 | 高估值缺乏盈利支撑 | open |
| CIMB | prove | NIM and ROE | NIM 稳定/回升且 ROE ≥11% | 支持 1.2x 以上 P/B | open |
| CIMB | kill | NIM + credit cost | NIM 下行且 credit cost 超过管理层正常区间 | 下调可持续 ROE | open |
| KENANGA | prove | Brokerage/IB PBT | 两个业务合计 PBT 连续改善 | 证明低 P/B 可转化为 ROE 修复 | open |
| KENANGA | kill | ROE and fixed costs | 市场活动恢复但 ROE 仍低于 6% | 视为结构性而非周期性折价 | open |
| TAKAFUL | prove | PBZT + service result | 两者同比增长且 claims 稳定 | 支持基准/乐观估值 | open |
| TAKAFUL | kill | Claims / medical inflation | 赔付恶化快于重定价两个报告期 | 下调盈利质量与估值倍数 | open |
32 家通用研究筛选与风险监控32-company Research Screen & Risk Monitoring
评分由经营质量 30%、估值支持 25%、流动性 15%、证据质量 15% 和催化剂准备度 15% 构成，仅用于安排研究顺序，不是投资评级或仓位建议。The screen assigns 30% to operating quality, 25% to valuation support, and 15% each to liquidity, evidence quality and catalyst readiness. It schedules research; it is neither an investment rating nor a position-size recommendation.
| ticker | subsector | research_screen_tier | screen_score | operating_quality_score | valuation_support_score | liquidity_score | evidence_quality_score | qa_count | implementation_readiness |
|---|---|---|---|---|---|---|---|---|---|
| HLFG | Banking | Active diligence | 72.70 | 65.50 | 100.00 | 65.60 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| WELLCHIP | Consumer Finance/Leasing/Payments | Active diligence | 72.50 | 100.00 | 82.00 | 53.10 | 78.00 | 7.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| CIMB | Banking | Active diligence | 68.30 | 89.10 | 37.30 | 93.80 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| AEONCR | Consumer Finance/Leasing/Payments | Active diligence | 65.50 | 52.00 | 89.00 | 68.80 | 100.00 | 2.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| AMBANK | Banking | Active diligence | 64.90 | 58.20 | 64.50 | 87.50 | 100.00 | 2.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| ABMB | Banking | Active diligence | 64.60 | 52.70 | 73.60 | 81.20 | 100.00 | 0.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| MAYBANK | Banking | Active diligence | 63.60 | 83.60 | 23.20 | 96.90 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| HLBANK | Banking | Active diligence | 63.30 | 65.50 | 51.40 | 84.40 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| MNRB | Insurance/Takaful | Active diligence | 63.20 | 66.30 | 80.70 | 50.00 | 84.00 | 6.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| BURSA | Capital Markets/Exchange/Asset Management | Active diligence | 62.20 | 93.30 | 14.30 | 78.10 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| TAKAFUL | Insurance/Takaful | Active diligence | 60.20 | 68.00 | 49.50 | 62.50 | 100.00 | 2.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| INSAS | Capital Markets/Exchange/Asset Management | Monitor | 59.60 | 36.70 | 92.10 | 43.80 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| PBBANK | Banking | Monitor | 59.00 | 74.50 | 14.10 | 100.00 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| RHBBANK | Banking | Monitor | 58.80 | 56.40 | 40.50 | 90.60 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| BIMB | Banking | Monitor | 57.80 | 27.30 | 82.70 | 71.90 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| HLCAP | Capital Markets/Exchange/Asset Management | Monitor | 57.60 | 70.00 | 50.70 | 37.50 | 96.00 | 4.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| ALLIANZ | Insurance/Takaful | Monitor | 56.80 | 66.90 | 46.80 | 46.90 | 100.00 | 3.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| MANULFE | Insurance/Takaful | Monitor | 55.20 | 65.70 | 84.40 | 15.60 | 60.00 | 10.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| KENANGA | Capital Markets/Exchange/Asset Management | Monitor | 54.70 | 46.70 | 68.20 | 31.20 | 100.00 | 1.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| RCECAP | Consumer Finance/Leasing/Payments | Monitor | 53.00 | 56.00 | 51.00 | 40.60 | 100.00 | 2.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| APEX | Capital Markets/Exchange/Asset Management | Monitor | 51.60 | 40.00 | 93.60 | 21.90 | 60.00 | 16.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| LPI | Insurance/Takaful | Monitor | 47.20 | 67.40 | 15.60 | 56.20 | 78.00 | 7.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| AFFIN | Banking | Monitor | 46.70 | 14.50 | 70.90 | 75.00 | 68.00 | 8.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| ELKDESA | Consumer Finance/Leasing/Payments | Monitor | 46.30 | 36.00 | 58.00 | 28.10 | 96.00 | 4.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| M&A | Capital Markets/Exchange/Asset Management | Monitor | 45.40 | 53.30 | 28.60 | 34.40 | 88.00 | 5.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| MBSB | Banking | Evidence gap | 41.00 | 12.70 | 41.80 | 59.40 | 98.00 | 3.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| PPJACK | Consumer Finance/Leasing/Payments | Evidence gap | 40.50 | 56.00 | 20.00 | 25.00 | 84.00 | 6.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| JOHAN | Other Financial Services | Evidence gap | 40.20 | 60.00 | 45.00 | 3.10 | 58.00 | 11.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| TUNEPRO | Insurance/Takaful | Evidence gap | 35.80 | 17.10 | 63.30 | 18.80 | 60.00 | 15.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| ECM | Capital Markets/Exchange/Asset Management | Evidence gap | 31.50 | 10.00 | 52.50 | 6.20 | 70.00 | 8.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| MAA | Other Financial Services | Evidence gap | 27.40 | 30.00 | 22.50 | 9.40 | 64.00 | 9.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
| P&O | Insurance/Takaful | Evidence gap | 24.50 | 8.60 | 32.10 | 12.50 | 60.00 | 17.00 | Not implementation-ready: no holding, benchmark, mandate or risk budget supplied |
高敏感风险与触发器High-sensitivity risks & triggers
| ticker | liquidity_tier | top_adverse_factors | adverse_triggers | monitoring_action |
|---|---|---|---|---|
| MAYBANK | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| PBBANK | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| CIMB | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| HLBANK | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| RHBBANK | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| AMBANK | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| HLFG | Medium | Climate, flood and physical-risk events | Deposit competition and CASA mix | Asset quality and credit cost | Severe nationwide or concentrated event | CASA falls or deposit beta rises sharply | GIL and credit cost rise for two periods | Re-underwrite on trigger; position sizing requires portfolio inputs |
| ABMB | High | Climate, flood and physical-risk events | Deposit competition and CASA mix | Asset quality and credit cost | Severe nationwide or concentrated event | CASA falls or deposit beta rises sharply | GIL and credit cost rise for two periods | Re-underwrite on trigger; position sizing requires portfolio inputs |
| AFFIN | High | Climate, flood and physical-risk events | Deposit competition and CASA mix | Asset quality and credit cost | Severe nationwide or concentrated event | CASA falls or deposit beta rises sharply | GIL and credit cost rise for two periods | Re-underwrite on trigger; position sizing requires portfolio inputs |
| MBSB | Medium | Climate, flood and physical-risk events | Deposit competition and CASA mix | Asset quality and credit cost | Severe nationwide or concentrated event | CASA falls or deposit beta rises sharply | GIL and credit cost rise for two periods | Re-underwrite on trigger; position sizing requires portfolio inputs |
| BIMB | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| ALLIANZ | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| LPI | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| TAKAFUL | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| MNRB | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| MANULFE | Low | Climate, flood and physical-risk events | Medical and motor claims inflation | Reinsurance pricing, protection and counterparty quality | Severe nationwide or concentrated event | Claims inflation exceeds repricing | Renewal cost spike or counterparty downgrade | Re-underwrite on trigger; position sizing requires portfolio inputs |
| TUNEPRO | Low | Climate, flood and physical-risk events | Medical and motor claims inflation | Reinsurance pricing, protection and counterparty quality | Severe nationwide or concentrated event | Claims inflation exceeds repricing | Renewal cost spike or counterparty downgrade | Re-underwrite on trigger; position sizing requires portfolio inputs |
| P&O | Low | Climate, flood and physical-risk events | Medical and motor claims inflation | Reinsurance pricing, protection and counterparty quality | Severe nationwide or concentrated event | Claims inflation exceeds repricing | Renewal cost spike or counterparty downgrade | Re-underwrite on trigger; position sizing requires portfolio inputs |
| BURSA | High | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| HLCAP | Medium | Climate, flood and physical-risk events | Proprietary trading and investment valuation | Brokerage fee compression and digital platforms | Severe nationwide or concentrated event | Large fair-value loss or risk-limit breach | Fee compression exceeds volume growth | Re-underwrite on trigger; position sizing requires portfolio inputs |
| INSAS | Medium | Climate, flood and physical-risk events | Proprietary trading and investment valuation | Brokerage fee compression and digital platforms | Severe nationwide or concentrated event | Large fair-value loss or risk-limit breach | Fee compression exceeds volume growth | Re-underwrite on trigger; position sizing requires portfolio inputs |
| KENANGA | Low | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| M&A | Low | Climate, flood and physical-risk events | Proprietary trading and investment valuation | Brokerage fee compression and digital platforms | Severe nationwide or concentrated event | Large fair-value loss or risk-limit breach | Fee compression exceeds volume growth | Re-underwrite on trigger; position sizing requires portfolio inputs |
| APEX | Low | Climate, flood and physical-risk events | Proprietary trading and investment valuation | Brokerage fee compression and digital platforms | Severe nationwide or concentrated event | Large fair-value loss or risk-limit breach | Fee compression exceeds volume growth | Re-underwrite on trigger; position sizing requires portfolio inputs |
| ECM | Low | Climate, flood and physical-risk events | Proprietary trading and investment valuation | Brokerage fee compression and digital platforms | Severe nationwide or concentrated event | Large fair-value loss or risk-limit breach | Fee compression exceeds volume growth | Re-underwrite on trigger; position sizing requires portfolio inputs |
| AEONCR | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| RCECAP | Medium | OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure | OPR change or forward guidance shift | 50bp move or material curve inversion/steepening | Persistent inflation above official range | Re-underwrite on trigger; position sizing requires portfolio inputs |
| PPJACK | Low | Climate, flood and physical-risk events | Funding cost and wholesale-liquidity access | Delinquency, NPF and impairment | Severe nationwide or concentrated event | Funding spread widens materially | Two-quarter deterioration or overlay build | Re-underwrite on trigger; position sizing requires portfolio inputs |
| WELLCHIP | Medium | Climate, flood and physical-risk events | Funding cost and wholesale-liquidity access | Delinquency, NPF and impairment | Severe nationwide or concentrated event | Funding spread widens materially | Two-quarter deterioration or overlay build | Re-underwrite on trigger; position sizing requires portfolio inputs |
| ELKDESA | Low | Climate, flood and physical-risk events | Funding cost and wholesale-liquidity access | Delinquency, NPF and impairment | Severe nationwide or concentrated event | Funding spread widens materially | Two-quarter deterioration or overlay build | Re-underwrite on trigger; position sizing requires portfolio inputs |
| MAA | Low | Climate, flood and physical-risk events | Investment valuation and disposal timing | Corporate restructuring and related-party transactions | Severe nationwide or concentrated event | Large valuation or disposal event | Material acquisition/disposal | Re-underwrite on trigger; position sizing requires portfolio inputs |
| JOHAN | Low | Climate, flood and physical-risk events | Investment valuation and disposal timing | Corporate restructuring and related-party transactions | Severe nationwide or concentrated event | Large valuation or disposal event | Material acquisition/disposal | Re-underwrite on trigger; position sizing requires portfolio inputs |
宏观、市场与监管环境Macro, Market & Regulatory Environment
每项因素均记录状态、传导机制、领先指标和 source_id；完整明细见 XLSX。Each factor records its status, transmission mechanism, leading indicator and source_id; see the XLSX for full detail.
BNM Overnight Policy Rate
2.75%
Changes floating-rate asset yields, deposit pricing, funding cost, credit demand and valuation discount ratesMGS 10-year yield
3.63%
Affects insurance and bank securities valuations, investment yields, bond issuance and equity valuationKL USD/MYR reference rate
4.0668
Translates overseas earnings and capital, affects imported inflation, investor flows and foreign-currency exposuresMalaysia real GDP growth
1Q2026 +5.4% year-on-year
Supports loan demand, repayment capacity, fee income, insurance demand and market activityPrivate consumption growth
1Q2026 +4.7% year-on-year
Drives cards, auto, housing and personal financing, payment volume and protection demandMalaysia headline CPI
May 2026 +2.0% year-on-year
Influences policy rates, operating expenses, real household income, claims severity and medical costsMalaysia unemployment rate
3.0%; 513.4 thousand unemployed
Low unemployment supports repayment capacity and new business; deterioration raises delinquencies and claims lapsesBNM 2026 GDP forecast
4.0%-5.0% growth
Frames base-case credit, asset-quality and fee assumptionsBNM 2026 headline inflation forecast
1.5%-2.5%
Frames policy-rate and household real-income assumptionsPrivate non-financial sector credit growth
2025 +5.4%; SME financing +5.9%
Shows continuing financing demand and banking intermediationBank and insurer capital/liquidity buffers
BNM describes strong capital and ample liquidity; stress tests remain above minima
Buffers absorb credit and market shocks and support lending/dividendsHousehold/business repayment capacity
BNM sees sound repayment capacity with contained pockets of MSME stress
Supports low credit cost but requires monitoring vulnerable borrower segments金融服务板块汇总Financial-services Sector Summary
默认按子行业汇总，先观察板块结构、规模与典型估值；需要分析个别公司时，再展开下方完整明细进行搜索。市值采用公司市值求和；P/E、P/B、ROE 与股息率采用有数据公司的中位数，避免少数极端值扭曲整体判断。The default view aggregates by subsector to show structure, scale and representative valuation. Expand the full table only when company-level analysis is needed. Market capitalisation is summed; P/E, P/B, ROE and dividend yield use medians to reduce distortion from outliers.
| 子行业 | 公司数 | 核心公司数 | 市值（RMm） | 市值占比（%） | P/E中位数（x） | P/B中位数（x） | ROE中位数（%） | 股息率中位数（%） |
|---|---|---|---|---|---|---|---|---|
| 银行 | 11 | 7 | 465,846.00 | 93.66 | 10.64 | 0.99 | 10.48 | 5.03 |
| 保险／Takaful | 7 | 4 | 15,672.00 | 3.15 | 7.28 | 0.56 | 14.89 | 5.00 |
| 资本市场／交易所／资产管理 | 7 | 2 | 9,531.00 | 1.92 | 11.79 | 0.48 | 4.44 | 4.59 |
| 消费金融／租赁／支付 | 5 | 2 | 6,249.00 | 1.26 | 12.53 | 1.30 | 13.18 | 4.59 |
| 其他金融服务 | 2 | 0 | 74.00 | 0.01 | 0.16 | -17.97 |
市值单位为 RM million / Market capitalisation in RM million. Median values describe the middle of the sample and are not valuation conclusions.
按需查找 / On-demand: 32-company detail
| ticker | company_name | subsector | selected_core | share_price | market_cap | P/E（过去12个月） | P/B（市账率） | ROE（股东权益回报率） | dividend_yield_trailing | average_traded_value_20d_myr | profit_cagr_fy22_fy25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAYBANK | MALAYAN BANKING BERHAD | Banking | True | 11.04 | 132,565.00 | 12.72 | 1.41 | 11.33 | 5.75 | 84,937,840.80 | 0.10 |
| PBBANK | PUBLIC BANK BERHAD | Banking | True | 5.20 | 100,936.00 | 13.89 | 1.64 | 12.27 | 4.46 | 113,921,600.00 | 0.06 |
| CIMB | CIMB GROUP HOLDINGS BERHAD | Banking | True | 7.70 | 83,310.00 | 10.66 | 1.19 | 11.31 | 6.11 | 74,959,346.00 | 0.13 |
| HLBANK | HONG LEONG BANK BERHAD | Banking | True | 22.02 | 45,355.00 | 10.42 | 1.13 | 11.13 | 4.32 | 19,344,680.10 | 0.09 |
| RHBBANK | RHB BANK BERHAD | Banking | True | 8.47 | 36,971.00 | 10.68 | 1.12 | 10.63 | 5.92 | 39,882,223.15 | 0.08 |
| AMBANK | AMMB HOLDINGS BERHAD | Banking | True | 6.49 | 21,471.00 | 10.20 | 0.99 | 9.95 | 5.33 | 31,998,912.55 | 0.10 |
| HLFG | HONG LEONG FINANCIAL GROUP BERHAD | Banking | False | 18.60 | 21,097.00 | 6.31 | 0.43 | 10.48 | 3.87 | 1,433,967.00 | 0.10 |
| ABMB | ALLIANCE BANK MALAYSIA BERHAD | Banking | False | 4.80 | 8,305.00 | 9.74 | 0.94 | 10.03 | 3.96 | 7,279,896.00 | 0.09 |
| BURSA | BURSA MALAYSIA BERHAD | Capital Markets/Exchange/Asset Management | True | 8.62 | 7,000.00 | 27.50 | 9.22 | 33.78 | 3.24 | 7,259,246.80 | 0.03 |
| LPI | LPI CAPITAL BHD | Insurance/Takaful | True | 15.00 | 5,976.00 | 16.18 | 2.50 | 15.80 | 5.20 | 1,242,750.00 | 0.13 |
| AFFIN | AFFIN BANK BERHAD | Banking | False | 2.27 | 5,701.00 | 10.64 | 0.47 | 4.60 | 3.79 | 3,253,920.15 | -0.23 |
| MBSB | MBSB BERHAD | Banking | False | 0.64 | 5,262.00 | 23.39 | 0.54 | 2.31 | 5.03 | 1,277,347.20 | -0.15 |
| BIMB | BANK ISLAM MALAYSIA BERHAD | Banking | True | 2.15 | 4,873.00 | 8.92 | 0.61 | 6.94 | 6.72 | 2,374,083.75 | 0.04 |
| ALLIANZ | ALLIANZ MALAYSIA BERHAD | Insurance/Takaful | True | 21.06 | 3,855.00 | 7.39 | 0.59 | 15.50 | 7.29 | 901,894.50 | 0.14 |
| AEONCR | AEON CREDIT SERVICE (M) BERHAD | Consumer Finance/Leasing/Payments | True | 5.60 | 2,859.00 | 7.09 | 0.90 | 13.18 | 5.09 | 2,182,628.00 | 0.01 |
| TAKAFUL | SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD | Insurance/Takaful | True | 3.20 | 2,791.00 | 7.16 | 1.17 | 17.21 | 5.67 | 1,346,496.00 | 0.11 |
| MNRB | MNRB HOLDINGS BERHAD | Insurance/Takaful | True | 2.78 | 2,177.00 | 3.99 | 0.56 | 14.89 | 1.80 | 1,066,574.80 | 0.51 |
| RCECAP | RCE CAPITAL BERHAD | Consumer Finance/Leasing/Payments | True | 1.08 | 1,585.00 | 12.53 | 1.82 | 14.80 | 6.02 | 360,466.20 | -0.07 |
| HLCAP | HONG LEONG CAPITAL BERHAD | Capital Markets/Exchange/Asset Management | False | 3.22 | 759.00 | 11.79 | 0.73 | 6.26 | 5.90 | 235,704.00 | -0.07 |
| PPJACK | PAPPAJACK BHD | Consumer Finance/Leasing/Payments | False | 0.90 | 694.00 | 22.56 | 2.43 | 11.13 | 1.93 | 135,373.50 | 0.41 |
| WELLCHIP | WELL CHIP GROUP BERHAD | Consumer Finance/Leasing/Payments | False | 1.11 | 666.00 | 6.93 | 1.30 | 20.24 | 4.59 | 1,190,752.50 | 0.48 |
| INSAS | INSAS BERHAD | Capital Markets/Exchange/Asset Management | False | 0.91 | 635.00 | 5.79 | 0.23 | 4.26 | 3.28 | 537,750.85 | -0.24 |
| MANULFE | MANULIFE HOLDINGS BERHAD | Insurance/Takaful | False | 2.24 | 519.00 | 4.15 | 0.35 | 8.96 | 4.02 | 25,502.40 | 0.68 |
| KENANGA | KENANGA INVESTMENT BANK BERHAD | Capital Markets/Exchange/Asset Management | True | 0.71 | 510.00 | 11.48 | 0.48 | 4.15 | 7.04 | 209,485.50 | -0.03 |
| ELKDESA | ELK-DESA RESOURCES BERHAD | Consumer Finance/Leasing/Payments | False | 1.02 | 445.00 | 14.43 | 0.92 | 6.45 | 4.41 | 149,526.90 | 0.08 |
| M&A | M & A EQUITY HOLDINGS BERHAD | Capital Markets/Exchange/Asset Management | False | 0.20 | 400.00 | 18.83 | 0.88 | 4.62 | 216,257.92 | -0.08 | |
| TUNEPRO | TUNE PROTECT GROUP BERHAD | Insurance/Takaful | False | 0.27 | 203.00 | 8.53 | 0.33 | 4.64 | 4.81 | 36,450.00 | |
| P&O | PACIFIC & ORIENT BERHAD | Insurance/Takaful | False | 0.54 | 151.00 | 0.44 | -14.18 | 25,023.60 | |||
| APEX | APEX EQUITY HOLDINGS BERHAD | Capital Markets/Exchange/Asset Management | False | 0.62 | 133.00 | 3.81 | 0.34 | 125,875.00 | 0.76 | ||
| ECM | ECM LIBRA GROUP BERHAD | Capital Markets/Exchange/Asset Management | False | 0.19 | 94.00 | 17.29 | 0.48 | 2.79 | 2,998.20 | ||
| MAA | MAA GROUP BERHAD | Other Financial Services | False | 0.17 | 45.00 | 0.18 | -23.05 | 8,699.75 | |||
| JOHAN | JOHAN HOLDINGS BERHAD | Other Financial Services | False | 0.03 | 29.00 | 0.15 | -12.89 | 2,981.00 |
P/E（过去12个月）＝当前股价 ÷ 过去12个月每股盈利；应与 P/B、ROE、资产质量和资本水平一起判断。
P/B（市账率）＝当前股价 ÷ 每股账面价值；高低估值需结合可持续 ROE 与风险。
ROE＝归母净利润 ÷ 平均股东权益 × 100%。Trailing P/E is current price divided by trailing earnings per share and should be assessed with P/B, ROE, asset quality and capital.
P/B is current price divided by book value per share; its interpretation depends on sustainable ROE and risk.
ROE is attributable profit divided by average shareholders' equity.
15 家核心公司15 Core Companies
先按子行业展开，再查看公司；点击“聚焦阅读”可放大，双击空白区域可收起当前模块。Expand by subsector, then open a company. Use Focus Reading to enlarge a card; double-click an empty area to collapse the current module.
银行7 家核心公司
BIMB BANK ISLAM MALAYSIA BERHAD银行Banking
估值研究排名 #4
主要支撑来自股息率及证据质量。
相对较弱项为ROE；20日平均成交额为 RM 2,374,084，仅作执行旁证。；研究排序，不是投资评级。纯伊斯兰银行代表，覆盖零售、商业、企业、财富和伊斯兰资本市场业务。A pure-play Islamic bank covering retail, business, corporate, wealth and Islamic capital-markets activities.
PriceRM 2.15
Market capRM 4.9bn
P/E8.9x
P/B0.61x
ROE6.9%
Yield6.7%
最新可得报告期：Q12026 归母净利润 RM 115.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 491.7 | 553.0 | 571.1 | 557.2 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
8.92 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=100.61 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=106.94 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=106.72 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=10115.03 MYR_m
同业中位数 856.76 MYR_m · Q12026 · 可比较 · n=7605.05 MYR_m
同业中位数 2,106.00 MYR_m · Q12026 · 可比较 · n=70.05 MYR_per_share
同业中位数 0.09 MYR_per_share · Q12026 · 可比较 · n=70.14 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 支持
主估值研究分数 68.2；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 中性
ROE与正盈利记录形成的质量参考值约 63.6；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -30.5%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 50.3；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 马来西亚伊斯兰金融渗透率增长的直接暴露Direct exposure to rising Islamic-finance penetration in Malaysia潜在正面结果：Potential positive result:伊斯兰金融渗透提高可推动融资、存款、财富及费用收入增长。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Direct exposure to rising Islamic-finance penetration in Malaysia.
- 品牌、政府/机构关系和 Shariah 产品能力Brand, government and institutional relationships, and Shariah product capability潜在正面结果：Potential positive result:品牌和机构关系可降低获客摩擦、扩大企业及政府业务，并提高产品交叉销售。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Brand, government and institutional relationships, and Shariah product capability.
- 市账率较低且股息率较高A relatively low P/B and high dividend yield潜在正面结果：Potential positive result:较低估值和较高股息可提供现金回报与一定估值缓冲，ROE 改善时重估弹性更大。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A relatively low P/B and high dividend yield.
弱点与潜在结果Weaknesses & potential results
- ROE 低于大型银行，资本效率有待提升ROE trails large banks and capital efficiency needs improvement潜在结果：Potential result:资本回报偏低会限制内部资本生成、P/B 重估和股息增长，并降低与大型银行竞争的投入空间。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: ROE trails large banks and capital efficiency needs improvement.
- 收入组合和规模相对集中Revenue mix and operating scale are relatively concentrated潜在结果：Potential result:单一市场或业务波动较难由其他利润来源抵消，使收入增速与资产质量变化对净利润影响更大。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Revenue mix and operating scale are relatively concentrated.
催化剂与业绩影响Catalysts & earnings impact
- 融资增长、费用收入和数字获客Financing growth, fee income and digital customer acquisition潜在影响：Potential impact:融资余额、费用收入和数字客户增长可扩大营业收入及规模效率，但获客补贴或信用成本会影响净收益。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Financing growth, fee income and digital customer acquisition.
- ROE 恢复带动市账率重估ROE recovery supports a P/B rerating潜在影响：Potential impact:ROE 持续恢复可证明资本运用改善，并支持 P/B 重估；若主要来自一次性项目，重估空间有限。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: ROE recovery supports a P/B rerating.
- 伊斯兰财富与企业融资扩张Expansion in Islamic wealth and corporate financing潜在影响：Potential impact:财富和企业融资扩张可提高管理费、顾问费及交叉销售，并降低零售融资集中度。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Expansion in Islamic wealth and corporate financing.
风险与可能结果Risks & possible results
- 融资收益率与存款成本错配Mismatch between financing yields and deposit costs可能结果：Possible result:可能压缩净融资收益率和净利润，使 ROE 恢复与 P/B 重估延后。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Mismatch between financing yields and deposit costs.
- 家庭与 SME 融资质量Household and SME financing quality weakens可能结果：Possible result:可能推高 NPF、减值和资本占用，并削弱股息支付能力。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Household and SME financing quality weakens.
- 数字银行和伊斯兰同业竞争Competition from digital banks and Islamic peers可能结果：Possible result:可能降低新客户、融资和费用收入增长，同时迫使银行增加获客及科技投入。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Competition from digital banks and Islamic peers.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:融资增长未能转化为 ROE 提升，或资产质量恶化吞噬股息能力。The thesis is invalidated if financing growth does not lift ROE or asset-quality deterioration erodes dividend capacity.
CIMB CIMB GROUP HOLDINGS BERHAD银行Banking
估值研究排名 #8
主要支撑来自证据质量及股息率。
相对较弱项为同业相对估值；20日平均成交额为 RM 74,959,346，仅作执行旁证。；研究排序，不是投资评级。区域性综合银行，马来西亚、印尼、新加坡和泰国是主要市场，企业/投资银行与财富管理增加对资本市场的敏感度。A regional universal bank with major operations in Malaysia, Indonesia, Singapore and Thailand; corporate banking, investment banking and wealth management increase capital-markets sensitivity.
PriceRM 7.70
Market capRM 83.3bn
P/E10.7x
P/B1.19x
ROE11.3%
Yield6.1%
最新可得报告期：Q12026 归母净利润 RM 1,916.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 5,440.0 | 6,981.0 | 7,728.0 | 7,860.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
10.66 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=101.19 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=1011.31 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=106.11 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=101,916.00 MYR_m
同业中位数 856.76 MYR_m · Q12026 · 可比较 · n=75,076.00 MYR_m
同业中位数 2,106.00 MYR_m · Q12026 · 可比较 · n=70.18 MYR_per_share
同业中位数 0.09 MYR_per_share · Q12026 · 可比较 · n=70.40 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 60.5；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 90.9；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -23.0%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 46.7；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 区域网络和企业/投行特许权Regional network and corporate / investment-banking franchise潜在正面结果：Potential positive result:可增加跨境企业、承销、顾问和交易收入，并分散单一市场的信贷周期。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Regional network and corporate / investment-banking franchise.
- Forward30 提升资本配置和成本纪律Forward30 can improve capital allocation and cost discipline潜在正面结果：Potential positive result:若资本和成本纪律持续，可提高 ROE、每股盈利质量及剩余资本回报空间。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Forward30 can improve capital allocation and cost discipline.
- 相对估值与股息对 ROE 改善有支撑Relative valuation and dividends provide support if ROE improves潜在正面结果：Potential positive result:估值支持配合 ROE 改善和股息，可降低下行估值压力并提供重估空间。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Relative valuation and dividends provide support if ROE improves.
弱点与潜在结果Weaknesses & potential results
- 多市场多币种使盈利波动较大Multiple markets and currencies create greater earnings volatility潜在结果：Potential result:区域经济、货币和监管差异可能放大换算及信用波动，使集团盈利和资本回报的可预测性下降。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Multiple markets and currencies create greater earnings volatility.
- 交易、外汇和投行收入周期性较高Trading, foreign-exchange and investment-banking income is cyclical潜在结果：Potential result:市场低迷时，承销、交易和外汇收入可能快速回落，固定成本会进一步放大利润波动。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Trading, foreign-exchange and investment-banking income is cyclical.
催化剂与业绩影响Catalysts & earnings impact
- NIM 见底与非利息收入持续NIM bottoms while non-interest income remains resilient潜在影响：Potential impact:NIM 止跌并配合费用、交易和财富收入，可恢复营业收入及拨备前利润增长，提升 ROE 的持续性。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: NIM bottoms while non-interest income remains resilient.
- 资本回购/返还计划提升每股价值Share buybacks or capital returns raise per-share value潜在影响：Potential impact:回购或资本返还能提高每股价值、ROE 和估值效率，但会降低剩余资本缓冲及未来扩张空间。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Share buybacks or capital returns raise per-share value.
- 印尼和投行周期改善Indonesia and the investment-banking cycle improve潜在影响：Potential impact:印尼信贷与投行业务复苏可提升贷款、承销、顾问及交易收入，但也增加周期、信用和市场风险。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Indonesia and the investment-banking cycle improve.
风险与可能结果Risks & possible results
- 利差压缩快于资产增长Margin compression outpaces asset growth可能结果：Possible result:可能导致净利息收入和 ROE 下降，资产增长若无法补足利差收窄，盈利预期需下调。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Margin compression outpaces asset growth.
- 区域货币换算和地缘政治波动Regional currency translation and geopolitical volatility可能结果：Possible result:可能造成换算损失、交易收入波动和风险溢价上升，降低区域盈利可见度。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Regional currency translation and geopolitical volatility.
- 企业贷款或印尼消费信贷风险Corporate-loan or Indonesian consumer-credit stress可能结果：Possible result:可能推高减值、GIL 和资本占用，拖累印尼及企业银行利润。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Corporate-loan or Indonesian consumer-credit stress.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:Forward30 未能稳定 ROE，同时非利息收入无法抵消 NII 压力。The thesis is invalidated if Forward30 does not stabilise ROE and non-interest income cannot offset pressure on net interest income.
RHBBANK RHB BANK BERHAD银行Banking
估值研究排名 #9
主要支撑来自证据质量及股息率。
相对较弱项为同业相对估值；20日平均成交额为 RM 39,882,223，仅作执行旁证。；研究排序，不是投资评级。综合银行集团，覆盖零售、SME、批发、伊斯兰金融、投资银行和保险，收入主要来自马来西亚。A diversified financial group spanning retail, SME, wholesale, Islamic finance, investment banking and insurance, with earnings primarily generated in Malaysia.
PriceRM 8.47
Market capRM 37.0bn
P/E10.7x
P/B1.12x
ROE10.6%
Yield5.9%
最新可得报告期：Q12026 归母净利润 RM 856.8m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 2,678.0 | 2,806.0 | 3,120.0 | 3,363.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
10.68 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=101.12 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=1010.63 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=105.92 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=10856.76 MYR_m
同业中位数 856.76 MYR_m · Q12026 · 可比较 · n=72,106.00 MYR_m
同业中位数 2,106.00 MYR_m · Q12026 · 可比较 · n=70.20 MYR_per_share
同业中位数 0.09 MYR_per_share · Q12026 · 可比较 · n=70.50 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 57.3；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 81.8；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -24.8%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 45.5；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 业务组合多元且资本充足A diversified business mix and ample capital潜在正面结果：Potential positive result:多元业务与充足资本可分散收入来源、吸收波动，并支持贷款及股息增长。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A diversified business mix and ample capital.
- 近年净利润和股息稳步增长Steady recent growth in net profit and dividends潜在正面结果：Potential positive result:持续利润和股息增长可提高资本回报可信度，并支持 P/B 估值。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Steady recent growth in net profit and dividends.
- 批发、SME 和投行能受益于国内投资周期Wholesale, SME and investment banking can benefit from domestic investment潜在正面结果：Potential positive result:国内投资周期上行时，可同时增加企业贷款、费用收入和投行项目。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Wholesale, SME and investment banking can benefit from domestic investment.
弱点与潜在结果Weaknesses & potential results
- 品牌与存款特许权弱于最大型同业Brand and deposit franchise are weaker than the largest peers潜在结果：Potential result:可能需要更高存款定价或营销投入来争取客户，压缩 NIM 并限制低成本资金增长。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Brand and deposit franchise are weaker than the largest peers.
- 投行和保险增加周期性Investment banking and insurance add cyclicality潜在结果：Potential result:市场与承保周期转弱时，非利息收入及保险利润可能下降，使集团盈利波动高于纯商业银行。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Investment banking and insurance add cyclicality.
催化剂与业绩影响Catalysts & earnings impact
- 存款结构改善和 ROE 上升The deposit mix improves and ROE rises潜在影响：Potential impact:低成本存款占比和 ROE 上升可改善 NIM、资本效率及 P/B 估值，但需确认不是由高杠杆驱动。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: The deposit mix improves and ROE rises.
- 基建、数据中心与并购融资活动Infrastructure, data-centre and M&A financing activity expands潜在影响：Potential impact:基建、数据中心和并购活动可增加企业贷款、承销及顾问费，并带动交叉销售；项目延误会降低收入兑现。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Infrastructure, data-centre and M&A financing activity expands.
- 保险/投行非利息收入恢复Insurance and investment-banking non-interest income recovers潜在影响：Potential impact:保险和投行收入恢复可提高非利息收入并分散银行利差压力，但市场回落或赔付上升会增加波动。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Insurance and investment-banking non-interest income recovers.
风险与可能结果Risks & possible results
- 企业与 SME 信贷成本上升Higher corporate and SME credit costs可能结果：Possible result:可能提高 ECL、GIL 与资本占用，使利润、ROE 和股息能力下降。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher corporate and SME credit costs.
- 批发存款价格竞争Wholesale deposit pricing competition可能结果：Possible result:可能推高资金成本并压缩 NIM，尤其在贷款重定价较慢时影响更明显。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Wholesale deposit pricing competition.
- 市场交易活动放缓Slower trading and capital-markets activity可能结果：Possible result:可能减少经纪、承销、顾问与交易收入，并削弱投行固定成本吸收能力。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Slower trading and capital-markets activity.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:ROE 改善中断，且市账率重估无资本回报或盈利增长支持。The thesis is invalidated if ROE improvement stalls and the P/B rerating lacks support from capital returns or earnings growth.
AMBANK AMMB HOLDINGS BERHAD银行Banking
估值研究排名 #10
主要支撑来自证据质量及股息率。
相对较弱项为ROE；20日平均成交额为 RM 31,998,913，仅作执行旁证。；研究排序，不是投资评级。中型综合银行，业务包括零售、商业、批发、投资银行、伊斯兰金融和保险合资暴露。A mid-sized universal bank with retail, business, wholesale, investment-banking, Islamic-finance and insurance joint-venture exposure.
PriceRM 6.49
Market capRM 21.5bn
P/E10.2x
P/B0.99x
ROE9.9%
Yield5.3%
最新可得报告期：Q42026 归母净利润 RM 520.5m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 1,503.0 | 1,709.0 | 1,868.0 | 2,001.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
10.20 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=100.99 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=109.95 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=105.33 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=10520.50 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=21,288.00 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=20.16 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=20.23 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=2估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 56.4；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 68.2；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -23.3%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 42.0；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- FY2026 创纪录 PATMI，盈利和股息恢复Record FY2026 PATMI and a recovery in earnings and dividends潜在正面结果：Potential positive result:较高盈利可增强内部资本生成、派息能力和转型投资空间。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Record FY2026 PATMI and a recovery in earnings and dividends.
- 批发与商业银行推动贷款增长Wholesale and business banking support loan growth潜在正面结果：Potential positive result:批发及商业贷款增长可扩大净利息收入和客户交叉销售，但需维持信贷纪律。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Wholesale and business banking support loan growth.
- 市账率仍提供 ROE 改善选择性P/B still offers optionality if ROE continues to improve潜在正面结果：Potential positive result:若 ROE 持续改善，较低 P/B 可提供估值重估空间并降低下行倍数风险。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: P/B still offers optionality if ROE continues to improve.
弱点与潜在结果Weaknesses & potential results
- 成本收入比高于最优同业The cost-to-income ratio remains above best-in-class peers潜在结果：Potential result:较高成本收入比会限制运营杠杆，使收入增长较难完全转化为利润和 ROE 改善。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: The cost-to-income ratio remains above best-in-class peers.
- 历史特殊事项影响投资者风险溢价Historical exceptional items still influence the market risk premium潜在结果：Potential result:可能使投资者长期要求更高风险折价，即使盈利恢复，P/B 重估幅度也可能受限。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Historical exceptional items still influence the market risk premium.
催化剂与业绩影响Catalysts & earnings impact
- WT29 的数字化和运营优化WT29 digitalisation and operating optimisation潜在影响：Potential impact:数字化和运营优化若降低服务成本与处理时间，可改善成本收入比和 ROE；转型投入超支则先压低利润。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: WT29 digitalisation and operating optimisation.
- NIM 稳定与信贷成本低位Stable NIM and low credit cost潜在影响：Potential impact:NIM 稳定且信贷成本维持低位，可同时支撑收入与减值后利润；资产质量转弱会迅速逆转效果。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Stable NIM and low credit cost.
- 派息率与 ROE 持续性被市场重估Sustained payout and ROE lead to a lower market discount潜在影响：Potential impact:持续 ROE 与派息表现可降低历史风险折价并支持 P/B 重估；若盈利质量不足，估值提升难以维持。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Sustained payout and ROE lead to a lower market discount.
风险与可能结果Risks & possible results
- 商业银行 ECL 和 GIL 上升Higher ECL and GIL in business banking可能结果：Possible result:可能增加减值准备与信贷成本，拖累商业银行利润和集团 ROE。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher ECL and GIL in business banking.
- 转型投入推高成本Transformation investment raises operating costs可能结果：Possible result:可能使成本收入比短期上升、转型回报延后，并增加项目减值风险。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Transformation investment raises operating costs.
- 存款增长落后贷款导致资金成本上升Deposit growth lags loans and increases funding costs可能结果：Possible result:可能提高边际融资成本、压缩 NIM，并迫使银行放慢贷款扩张。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Deposit growth lags loans and increases funding costs.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:ROE 停滞在低位，而 GIL/信贷成本和 CTI 同时恶化。The thesis is invalidated if ROE stagnates while GIL, credit cost and the cost-to-income ratio deteriorate together.
HLBANK HONG LEONG BANK BERHAD银行Banking
估值研究排名 #11
主要支撑来自证据质量及ROE。
相对较弱项为股息率；20日平均成交额为 RM 19,344,680，仅作执行旁证。；研究排序，不是投资评级。以马来西亚零售、按揭、汽车、SME 和财富管理为核心，并透过 Bank of Chengdu 及区域分行获得海外暴露。A Malaysian bank focused on retail, mortgages, vehicles, SMEs and wealth management, with overseas exposure through Bank of Chengdu and regional branches.
PriceRM 22.02
Market capRM 45.4bn
P/E10.4x
P/B1.13x
ROE11.1%
Yield4.3%
最新可得报告期：Q32026 归母净利润 RM 1,029.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 3,289.0 | 3,818.0 | 4,196.0 | 4,273.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
10.42 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=101.13 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=1011.13 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=104.32 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=101,029.00 MYR_m
同业中位数 — MYR_m · Q32026 · 期间不一致 · n=21,543.00 MYR_m
同业中位数 — MYR_m · Q32026 · 期间不一致 · n=20.50 MYR_per_share
同业中位数 — MYR_per_share · Q32026 · 期间不一致 · n=20.96 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 55.9；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 86.4；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -25.2%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 反对
盈利回撤与股息形成的下行参考值约 35.9；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 较低 GIL、精简成本和稳健资本Low GIL, a lean cost base and sound capital潜在正面结果：Potential positive result:低 GIL 和精简成本可维持较低减值与成本收入比，支持稳定利润和 ROE。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Low GIL, a lean cost base and sound capital.
- 按揭、汽车、SME 与 CASA 增长动能Growth potential across mortgages, vehicles, SMEs and CASA潜在正面结果：Potential positive result:贷款与 CASA 同步增长可扩大净利息收入，同时缓和资金成本压力。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Growth potential across mortgages, vehicles, SMEs and CASA.
- Bank of Chengdu 提供关联利润和中国暴露Bank of Chengdu provides associate earnings and China exposure潜在正面结果：Potential positive result:关联利润可增加集团盈利和资本生成，并分散马来西亚单一市场暴露。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Bank of Chengdu provides associate earnings and China exposure.
弱点与潜在结果Weaknesses & potential results
- 关联公司利润和人民币换算会扭曲底层增长Associate earnings and RMB translation can distort underlying growth潜在结果：Potential result:Bank of Chengdu 盈利或人民币变化可能掩盖马来西亚核心业务趋势，并增加归母利润预测误差。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Associate earnings and RMB translation can distort underlying growth.
- 汽车和房贷集中度较高Relatively high concentration in vehicle and housing loans潜在结果：Potential result:房屋或汽车周期转弱时，新增贷款和资产质量可能同步恶化，导致减值上升及增长放缓。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Relatively high concentration in vehicle and housing loans.
催化剂与业绩影响Catalysts & earnings impact
- 贷款增长持续高于行业Loan growth remains above the industry rate潜在影响：Potential impact:贷款增长高于行业且定价纪律稳定，可扩大净利息收入和市场份额；若 LDR 过快上升，资金成本会抵消收益。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Loan growth remains above the industry rate.
- CASA 增长和财富管理支持收入CASA growth and wealth management support revenue潜在影响：Potential impact:CASA 增长有助降低资金成本，财富管理则增加费用收入，两者可共同支持 NIM 和 ROE。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: CASA growth and wealth management support revenue.
- 转型计划带来运营杠杆Transformation initiatives deliver operating leverage潜在影响：Potential impact:流程自动化和渠道优化可降低单位成本并形成运营杠杆；前期科技支出或执行延误会压低短期利润。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Transformation initiatives deliver operating leverage.
风险与可能结果Risks & possible results
- Bank of Chengdu 股权稀释、盈利放缓或 FX 拖累Dilution, slower earnings or FX pressure at Bank of Chengdu可能结果：Possible result:可能减少关联利润并产生人民币换算压力，导致归母净利润增速低于核心银行业务表现。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Dilution, slower earnings or FX pressure at Bank of Chengdu.
- 汽车/按揭资产质量转弱Weaker vehicle-loan or mortgage asset quality可能结果：Possible result:可能提高逾期、GIL 与信贷成本，抵消贷款增长带来的收入。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Weaker vehicle-loan or mortgage asset quality.
- LDR 上升导致融资成本压力A higher loan-to-deposit ratio raises funding costs可能结果：Possible result:可能推高批发融资依赖和存款成本，压缩 NIM，并限制后续贷款增长。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: A higher loan-to-deposit ratio raises funding costs.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:高于行业的贷款增长转化为资产质量恶化，或关联公司贡献持续下降。The thesis is invalidated if above-industry loan growth leads to worse asset quality or associate contributions decline persistently.
MAYBANK MALAYAN BANKING BERHAD银行Banking
估值研究排名 #12
主要支撑来自证据质量及ROE。
相对较弱项为同业相对估值；20日平均成交额为 RM 84,937,841，仅作执行旁证。；研究排序，不是投资评级。马来西亚最大的区域综合银行之一，盈利来自马来西亚、新加坡、印尼及其他 ASEAN 市场的商业银行、伊斯兰金融、投资银行、财富管理和保险/Takaful。One of Malaysia's largest regional universal banks, with earnings from commercial banking, Islamic finance, investment banking, wealth management and insurance / Takaful across Malaysia, Singapore, Indonesia and other ASEAN markets.
PriceRM 11.04
Market capRM 132.6bn
P/E12.7x
P/B1.41x
ROE11.3%
Yield5.8%
最新可得报告期：Q12026 归母净利润 RM 2,481.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 7,961.0 | 9,350.0 | 10,089.0 | 10,514.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
12.72 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=101.41 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=1011.33 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=105.75 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=102,481.00 MYR_m
同业中位数 856.76 MYR_m · Q12026 · 可比较 · n=76,891.00 MYR_m
同业中位数 2,106.00 MYR_m · Q12026 · 可比较 · n=70.21 MYR_per_share
同业中位数 0.09 MYR_per_share · Q12026 · 可比较 · n=70.63 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 54.1；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 95.5；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -25.3%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 44.5；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 规模、存款特许权和 ASEAN 网络带来收入多元化Scale, deposit franchise and the ASEAN network diversify revenue潜在正面结果：Potential positive result:规模和低成本存款可支持 NIM，区域网络与收入多元化则有助降低单一国家或业务波动。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Scale, deposit franchise and the ASEAN network diversify revenue.
- 较高股息回报与稳定资本生成A relatively high dividend yield and consistent capital generation with CET1 headroom潜在正面结果：Potential positive result:稳定资本生成可支持持续股息、业务增长和损失吸收能力，并降低投资者要求的风险折价。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A relatively high dividend yield and consistent capital generation with CET1 headroom.
- 伊斯兰金融、财富管理和保险提供交叉销售空间Cross-selling potential across Islamic finance, wealth management and insurance潜在正面结果：Potential positive result:交叉销售可增加费用、保费及财富管理收入，提高客户黏性和单客收入。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Cross-selling potential across Islamic finance, wealth management and insurance.
弱点与潜在结果Weaknesses & potential results
- 区域多币种暴露使 MYR 升值时出现换算压力Regional multi-currency exposure creates translation pressure when MYR appreciates潜在结果：Potential result:MYR 升值时，海外收入、利润及净资产换算为 MYR 后可能减少，使集团增长低于当地业务实际表现。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Regional multi-currency exposure creates translation pressure when MYR appreciates.
- 大型组织的科技更新成本和执行复杂度高Technology renewal in a large organisation carries high cost and execution complexity潜在结果：Potential result:可能长期维持较高科技与合规支出、拉高成本收入比，并增加跨市场项目延误或整合失败概率。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Technology renewal in a large organisation carries high cost and execution complexity.
催化剂与业绩影响Catalysts & earnings impact
- ROAR30 推动 ROE/NIM 和业务组合改善ROAR30 execution improves ROE, NIM and business mix潜在影响：Potential impact:若净利差、费用收入组合和成本效率同步改善，可提高核心盈利增速与 ROE，并支持 P/B；转型投入过高则会延迟利润兑现。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: ROAR30 execution improves ROE, NIM and business mix.
- ASEAN 贸易、财富和伊斯兰金融增长Growth in ASEAN trade, wealth and Islamic finance潜在影响：Potential impact:跨境结算、财富管理和伊斯兰金融业务量增加，可扩大费用收入、低成本存款及交叉销售，降低单一市场依赖。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Growth in ASEAN trade, wealth and Islamic finance.
- 资本回报或股息稳定性Stable dividends or additional capital returns潜在影响：Potential impact:稳定或提高股息可支撑股息率与估值；股份回购可提升每股盈利，但资本回报过多会减少 CET1 缓冲。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Stable dividends or additional capital returns.
风险与可能结果Risks & possible results
- OPR 下行或存款竞争压缩 NIMA lower OPR or deposit competition compresses NIM可能结果：Possible result:可能使净利息收入、拨备前利润与 ROE 下滑，并压缩股息增长和 P/B 估值空间。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: A lower OPR or deposit competition compresses NIM.
- 印尼等区域市场信贷成本上升Higher credit costs in regional markets including Indonesia可能结果：Possible result:可能推高减值和信贷成本，拖累区域利润，并消耗 CET1 资本缓冲。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher credit costs in regional markets including Indonesia.
- 大型数字项目执行、网络安全与欺诈风险Execution, cyber-security and fraud risk in large digital programmes可能结果：Possible result:可能造成项目减值、欺诈损失、服务中断、监管处罚及声誉受损，进一步提高运营成本。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Execution, cyber-security and fraud risk in large digital programmes.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:资产质量恶化与 NIM 下降同时发生，使 ROE 持续远低于策略目标。The thesis is invalidated if asset quality deterioration and NIM compression occur together and keep ROE materially below the strategic target.
PBBANK PUBLIC BANK BERHAD银行Banking
估值研究排名 #13
主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 113,921,600，仅作执行旁证。；研究排序，不是投资评级。以马来西亚零售、中小企业与房屋/汽车融资为核心的银行集团，并持有区域银行与保险暴露。A banking group centred on Malaysian retail, SME, housing and vehicle financing, with additional regional banking and insurance exposure.
PriceRM 5.20
Market capRM 100.9bn
P/E13.9x
P/B1.64x
ROE12.3%
Yield4.5%
最新可得报告期：Q12026 归母净利润 RM 1,752.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 6,119.0 | 6,649.0 | 7,147.0 | 7,224.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
13.89 x
同业中位数 10.65 x · 2026-07-16 · 可比较 · n=101.64 x
同业中位数 1.06 x · 2026-07-16 · 可比较 · n=1012.27 %
同业中位数 10.33 % · 2026-07-16 · 可比较 · n=104.46 %
同业中位数 5.18 % · 2026-07-16 · 可比较 · n=101,752.00 MYR_m
同业中位数 856.76 MYR_m · Q12026 · 可比较 · n=73,598.00 MYR_m
同业中位数 2,106.00 MYR_m · Q12026 · 可比较 · n=70.09 MYR_per_share
同业中位数 0.09 MYR_per_share · Q12026 · 可比较 · n=70.23 MYR_per_share
同业中位数 0.40 MYR_per_share · FY2025 · 可比较 · n=9估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 48.2；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B–ROE、P/E、股息、资产质量与资本；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 100.0；子行业KPI覆盖数 6。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -26.9%；可用增长型子行业KPI 5 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、gross_loans、net_interest_income、non_interest_income；缺口：—
下行保护与安全边际 · 反对
盈利回撤与股息形成的下行参考值约 36.8；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 历史上资产质量、成本效率和信用管理稳健Historically disciplined asset quality, cost efficiency and credit management潜在正面结果：Potential positive result:较低 GIL、信贷成本和运营成本可提高利润稳定性、ROE 及资本生成。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Historically disciplined asset quality, cost efficiency and credit management.
- 广泛的零售存款和客户基础A broad retail deposit and customer franchise潜在正面结果：Potential positive result:稳定零售存款可降低资金成本、支持 NIM，并为贷款增长提供较可靠资金。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A broad retail deposit and customer franchise.
- 盈利和股息可见度较高Relatively high earnings and dividend visibility潜在正面结果：Potential positive result:较可预测盈利可支持稳定股息与估值溢价，并降低周期中的股价波动。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Relatively high earnings and dividend visibility.
弱点与潜在结果Weaknesses & potential results
- 国内零售与抵押贷款集中度高High concentration in domestic retail and mortgage lending潜在结果：Potential result:国内楼市、汽车销售或家庭现金流转弱时，贷款增长与资产质量可能同时承压，收入分散能力有限。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: High concentration in domestic retail and mortgage lending.
- 高质量溢价使估值对增长放缓敏感Its quality premium makes the valuation sensitive to slower growth潜在结果：Potential result:若盈利增长或 ROE 放缓，较高估值倍数可能收缩，导致股价表现弱于基本面降幅。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Its quality premium makes the valuation sensitive to slower growth.
催化剂与业绩影响Catalysts & earnings impact
- 贷款增长保持且 GIL 稳定Loan growth continues while GIL remains stable潜在影响：Potential impact:贷款余额增长且 GIL 不恶化，可增加净利息收入并控制减值，推动净利润；若增长依赖降价抢量，NIM 收益会被削弱。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Loan growth continues while GIL remains stable.
- 非利息收入和保险贡献增加Fee and insurance contributions increase潜在影响：Potential impact:费用和保险利润占比提高，可分散利差压力并改善收入结构，但需观察承保表现及渠道成本。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Fee and insurance contributions increase.
- 资本充足支持股息Capital adequacy continues to support dividends潜在影响：Potential impact:充足资本可支持稳定或较高派息并降低风险溢价；过度派息则会限制贷款增长和吸收损失能力。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Capital adequacy continues to support dividends.
风险与可能结果Risks & possible results
- 按揭、汽车与 SME 信用成本反弹A rebound in mortgage, vehicle and SME credit costs可能结果：Possible result:可能使 GIL、减值和信贷成本上升，削弱净利润、ROE 与资本生成。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: A rebound in mortgage, vehicle and SME credit costs.
- 存款定价竞争More aggressive deposit pricing competition可能结果：Possible result:可能推高资金成本并压缩 NIM；若无法同步调整贷款定价，利润压力会扩大。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: More aggressive deposit pricing competition.
- 增长过度依赖国内信贷周期Growth remains overly dependent on the domestic credit cycle可能结果：Possible result:可能同时放慢贷款增长并恶化资产质量，使盈利和估值溢价双重承压。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Growth remains overly dependent on the domestic credit cycle.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:GIL 或信贷成本持续明显高于自身历史区间，且成本优势消失。The thesis is invalidated if GIL or credit cost remains materially above the bank's historical range and its cost advantage erodes.
保险／Takaful4 家核心公司
TAKAFUL SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD保险／TakafulInsurance / Takaful
估值研究排名 #2
主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 1,346,496，仅作执行旁证。；研究排序，不是投资评级。马来西亚领先的家庭与一般 Takaful 运营商，依靠代理、银行合作、团体和数字渠道。A leading Malaysian family and general Takaful operator distributed through agents, banks, group schemes and digital channels.
PriceRM 3.20
Market capRM 2.8bn
P/E7.2x
P/B1.17x
ROE17.2%
Yield5.7%
最新可得报告期：Q12026 归母净利润 RM 101.0m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 282.9 | 346.9 | 378.1 | 384.7 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
7.16 x
同业中位数 7.84 x · 2026-07-15 · 可比较 · n=41.17 x
同业中位数 0.86 x · 2026-07-15 · 可比较 · n=417.21 %
同业中位数 15.35 % · 2026-07-15 · 可比较 · n=45.67 %
同业中位数 5.00 % · 2026-07-15 · 可比较 · n=4100.97 MYR_m
同业中位数 99.54 MYR_m · Q12026 · 可比较 · n=5860.22 MYR_m
同业中位数 376.81 MYR_m · Q12026 · 可比较 · n=50.12 MYR_per_share
同业中位数 0.12 MYR_per_share · Q12026 · 可比较 · n=50.18 MYR_per_share
同业中位数 0.14 MYR_per_share · FY2025 · 可比较 · n=4估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 支持
主估值研究分数 71.3；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B、ROE、P/E、股息及保险负债／赔付指标；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 100.0；子行业KPI覆盖数 4。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -22.7%；可用增长型子行业KPI 2 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、premiums_annuity_revenue；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 44.0；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、insurance_contract_liabilities、unpaid_claims、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 伊斯兰保险领导地位与高品牌认知Leadership in Islamic protection and strong brand recognition潜在正面结果：Potential positive result:品牌与市场地位可支持客户获取、续保和定价，并分享 Takaful 渗透增长。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Leadership in Islamic protection and strong brand recognition.
- 家庭和一般 Takaful 组合多元Diversified family and general Takaful portfolios潜在正面结果：Potential positive result:产品组合多元可分散单一赔付与渠道风险，提高利润稳定性。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Diversified family and general Takaful portfolios.
- 高 ROE、股息和盈利记录A record of high ROE, dividends and earnings潜在正面结果：Potential positive result:持续盈利和资本回报可支持派息、扩张及较高 P/B 估值。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A record of high ROE, dividends and earnings.
弱点与潜在结果Weaknesses & potential results
- 团体信用与银行渠道集中度Concentration in group-credit and bank distribution channels潜在结果：Potential result:主要银行或团体合作变化可能显著影响新业务量、续保及佣金成本，并削弱议价能力。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Concentration in group-credit and bank distribution channels.
- IFRS 17 和 Takaful 基金分配使同行对比复杂IFRS 17 and Takaful fund allocations complicate peer comparison潜在结果：Potential result:会降低同行估值和盈利指标的直接可比性，增加 PBZT、ROE 与利润预测的不确定性。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: IFRS 17 and Takaful fund allocations complicate peer comparison.
催化剂与业绩影响Catalysts & earnings impact
- 零售家庭 Takaful 渗透率上升Retail family-Takaful penetration rises潜在影响：Potential impact:家庭 Takaful 渗透提高可增加新业务、VNB／CSM 和未来利润来源，但渠道与佣金成本需受控。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Retail family-Takaful penetration rises.
- 产品重定价与数字分销Product repricing and digital distribution improve economics潜在影响：Potential impact:产品重定价可抵消医疗通胀，数字分销可降低获客成本，合计有利于利润率与 ROE。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Product repricing and digital distribution improve economics.
- 一般 Takaful 承保利润改善General-Takaful underwriting profit improves潜在影响：Potential impact:一般 Takaful 赔付率及费用率改善可提高承保利润与 PBZT，并增强派息能力。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: General-Takaful underwriting profit improves.
风险与可能结果Risks & possible results
- 医疗通胀和赔付偏差Medical inflation and adverse claims experience可能结果：Possible result:可能使赔付经验恶化并压缩 PBZT、ROE 和 CSM／VNB 增长。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Medical inflation and adverse claims experience.
- Takaful 运营商价格竞争Price competition among Takaful operators可能结果：Possible result:可能导致费率下降、获客成本上升和续保率承压，削弱新业务利润率。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Price competition among Takaful operators.
- 团体业务更新或渠道合作变化Changes in group-business renewals or distribution partnerships可能结果：Possible result:可能减少业务量与渠道收入，并增加客户集中和议价风险。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Changes in group-business renewals or distribution partnerships.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:业务量增长不再带来 PBZT 和 ROE 增长，或医疗赔付长期跑赢定价。The thesis is invalidated if volume growth no longer produces PBZT and ROE growth or medical claims persistently exceed pricing assumptions.
ALLIANZ ALLIANZ MALAYSIA BERHAD保险／TakafulInsurance / Takaful
估值研究排名 #6
主要支撑来自股息率及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 901,894，仅作执行旁证。；研究排序，不是投资评级。马来西亚上市综合保险集团，同时经营一般保险和寿险，收入来自保费、保险服务结果、新业务价值与投资收益。A listed Malaysian composite insurer operating life and general insurance, with earnings from premiums, insurance-service results, new-business value and investment returns.
PriceRM 21.06
Market capRM 3.9bn
P/E7.4x
P/B0.59x
ROE15.5%
Yield7.3%
最新可得报告期：Q12026 归母净利润 RM 227.3m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 442.1 | 528.0 | 717.2 | 660.1 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
7.39 x
同业中位数 — x · 2026-07-16 · 期间不一致 · n=10.59 x
同业中位数 — x · 2026-07-16 · 期间不一致 · n=215.50 %
同业中位数 — % · 2026-07-16 · 期间不一致 · n=27.29 %
同业中位数 — % · 2026-07-16 · 期间不一致 · n=1227.35 MYR_m
同业中位数 99.54 MYR_m · Q12026 · 可比较 · n=51,641.00 MYR_m
同业中位数 376.81 MYR_m · Q12026 · 可比较 · n=51.23 MYR_per_share
同业中位数 0.12 MYR_per_share · Q12026 · 可比较 · n=50.90 MYR_per_share
同业中位数 — MYR_per_share · FY2024 · 期间不一致 · n=1估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 64.6；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B、ROE、P/E、股息及保险负债／赔付指标；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 85.7；子行业KPI覆盖数 4。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -15.3%；可用增长型子行业KPI 2 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、premiums_annuity_revenue；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 53.7；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、insurance_contract_liabilities、unpaid_claims、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 寿险与一般保险双引擎、品牌和渠道强Life and general insurance provide two earnings engines with strong brand and distribution潜在正面结果：Potential positive result:寿险 CSM／VNB 与一般险承保利润可互相分散，增强长期盈利和现金流能见度。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Life and general insurance provide two earnings engines with strong brand and distribution.
- 一般险综合成本率保持较好The general-insurance combined ratio remains comparatively sound潜在正面结果：Potential positive result:较好综合成本率可提高承保利润、资本生成及应对灾害赔付的缓冲。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: The general-insurance combined ratio remains comparatively sound.
- ANP、VNB 和 CSM 提供未来利润能见度ANP, VNB and CSM provide visibility on future profit emergence潜在正面结果：Potential positive result:多渠道覆盖可扩大新业务、降低单一渠道依赖，并支持保费与 VNB 增长。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: ANP, VNB and CSM provide visibility on future profit emergence.
弱点与潜在结果Weaknesses & potential results
- 医疗通胀、汽车保险竞争和自然灾害使赔付波动Medical inflation, motor competition and natural catastrophes create claims volatility潜在结果：Potential result:医疗或灾害成本上升时，赔付率和综合成本率可能恶化；若重定价滞后，保险服务利润将下降。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Medical inflation, motor competition and natural catastrophes create claims volatility.
- IFRS 17 使历史收入和利润口径复杂IFRS 17 makes historical revenue and profit comparisons more complex潜在结果：Potential result:跨期数字可能受计量和假设变化影响，增加盈利趋势误读及估值比较误差。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: IFRS 17 makes historical revenue and profit comparisons more complex.
催化剂与业绩影响Catalysts & earnings impact
- VNB/CSM 持续增长VNB and CSM continue to grow潜在影响：Potential impact:VNB 增长提升新业务价值，CSM 增长增加未来服务利润储备，可提高长期盈利能见度；需排除假设调整影响。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: VNB and CSM continue to grow.
- 赔付率稳定且费用率回落Claims ratios remain stable while expense ratios fall潜在影响：Potential impact:赔付率和费用率下降可改善保险服务结果与综合成本率，直接提高承保利润。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Claims ratios remain stable while expense ratios fall.
- 银保、员工福利和代理人渠道扩张Bancassurance, employee benefits and agency channels expand潜在影响：Potential impact:银保、员工福利及代理渠道扩张可增加新单、保费和交叉销售，但佣金及获客成本可能压低新业务利润率。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Bancassurance, employee benefits and agency channels expand.
风险与可能结果Risks & possible results
- 医疗成本超过产品重定价Medical costs rise faster than product repricing可能结果：Possible result:可能使寿险赔付经验恶化、CSM 释放或 VNB 受压，并降低保险服务利润。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Medical costs rise faster than product repricing.
- 洪水/灾害与再保成本Floods, catastrophes and higher reinsurance costs可能结果：Possible result:可能提高一般险综合成本率与再保费用，造成承保亏损和利润波动。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Floods, catastrophes and higher reinsurance costs.
- 利率和股市波动影响投资结果与偿付能力Interest-rate and equity-market volatility affects investment results and solvency可能结果：Possible result:可能造成投资收益、权益和偿付能力波动，进而限制派息或产品扩张。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Interest-rate and equity-market volatility affects investment results and solvency.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:CSM/VNB 增长停滞，同时一般险综合成本率和寿险赔付经验持续恶化。The thesis is invalidated if CSM and VNB growth stalls while general-insurance combined ratios and life claims experience deteriorate persistently.
MNRB MNRB HOLDINGS BERHAD保险／TakafulInsurance / Takaful
估值研究排名 #7
主要支撑来自证据质量及同业相对估值。
相对较弱项为股息率；20日平均成交额为 RM 1,066,575，仅作执行旁证。；研究排序，不是投资评级。国内再保险、Retakaful 和 Takaful 集团，业绩受承保周期、大灾害、再保价格和投资结果驱动。A domestic reinsurance, Retakaful and Takaful group whose earnings depend on the underwriting cycle, catastrophes, reinsurance pricing and investment performance.
PriceRM 2.78
Market capRM 2.2bn
P/E4.0x
P/B0.56x
ROE14.9%
Yield1.8%
最新可得报告期：Q42026 归母净利润 RM 113.7m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 114.4 | 118.3 | 433.5 | 394.2 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
3.99 x
同业中位数 7.84 x · 2026-07-15 · 可比较 · n=40.56 x
同业中位数 0.86 x · 2026-07-15 · 可比较 · n=414.89 %
同业中位数 15.35 % · 2026-07-15 · 可比较 · n=41.80 %
同业中位数 5.00 % · 2026-07-15 · 可比较 · n=4113.73 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=1599.53 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=10.15 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=10.05 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=1估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 63.1；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B、ROE、P/E、股息及保险负债／赔付指标；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 78.6；子行业KPI覆盖数 4。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -0.2%；可用增长型子行业KPI 2 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、premiums_annuity_revenue；缺口：—
下行保护与安全边际 · 反对
盈利回撤与股息形成的下行参考值约 20.8；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、insurance_contract_liabilities、unpaid_claims、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 马来西亚再保险基础设施属性与本地数据优势A strategic role in Malaysia's reinsurance infrastructure and local-data advantage潜在正面结果：Potential positive result:本地数据与基础设施地位可提高风险定价、客户黏性及续保机会。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A strategic role in Malaysia's reinsurance infrastructure and local-data advantage.
- 承保纪律和专业险种能力改善Improving underwriting discipline and specialty capability潜在正面结果：Potential positive result:承保纪律可改善赔付率和综合成本率，增强核心利润并减少对投资收益依赖。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Improving underwriting discipline and specialty capability.
- FY2026 盈利创纪录并增强资本基础Record FY2026 earnings strengthen the capital base潜在正面结果：Potential positive result:较强盈利和资本可提高承保容量、派息能力及区域扩张空间。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Record FY2026 earnings strengthen the capital base.
弱点与潜在结果Weaknesses & potential results
- 年度利润对大额索赔和投资市场敏感Annual profit is sensitive to large claims and investment markets潜在结果：Potential result:大额赔付或资本市场波动可能令单年利润明显偏离正常水平，影响 ROE、资本及派息稳定性。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Annual profit is sensitive to large claims and investment markets.
- 历史重组和 IFRS 17 使趋势解读需要桥接Historical restructuring and IFRS 17 require careful trend bridges潜在结果：Potential result:若缺乏可比口径桥接，可能误判承保改善幅度、盈利质量及可持续性，增加估值风险。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Historical restructuring and IFRS 17 require careful trend bridges.
催化剂与业绩影响Catalysts & earnings impact
- 区域/专业再保扩张Regional and specialty reinsurance expands潜在影响：Potential impact:区域和专业再保扩张可增加保费及风险分散，但新市场定价不足会放大大额赔付风险。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Regional and specialty reinsurance expands.
- 承保价格纪律与赔付率改善Pricing discipline and claims ratios improve潜在影响：Potential impact:续保价格纪律与较低赔付率可改善综合成本率和核心承保利润，减少对投资收益的依赖。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Pricing discipline and claims ratios improve.
- 资本充足后派息与增长投资Capital strength supports dividends and growth investment潜在影响：Potential impact:资本充足可支持派息、提高承保容量及区域扩张；同时进行高派息和扩张可能削弱偿付缓冲。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Capital strength supports dividends and growth investment.
风险与可能结果Risks & possible results
- 洪水、地震、大火或多起大额索赔Floods, earthquakes, major fires or clustered large losses可能结果：Possible result:可能造成赔付激增、综合成本率恶化及单期亏损，并消耗偿付资本。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Floods, earthquakes, major fires or clustered large losses.
- 复保保护成本上升或对手信用风险Higher retrocession costs or counterparty credit risk可能结果：Possible result:可能提高复保成本、降低净承保利润；对手违约还可能形成应收损失。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher retrocession costs or counterparty credit risk.
- 投资收益回落与利率波动Lower investment returns and interest-rate volatility可能结果：Possible result:可能减少非承保利润并引起资本和净资产波动，使派息与扩张能力下降。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Lower investment returns and interest-rate volatility.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:创纪录盈利主要被证明为不可重复的投资或储备因素，而核心承保指标转差。The thesis is invalidated if record earnings prove dependent on non-repeatable investment or reserve effects while core underwriting metrics deteriorate.
LPI LPI CAPITAL BHD保险／TakafulInsurance / Takaful
估值研究排名 #14
主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 1,242,750，仅作执行旁证。；研究排序，不是投资评级。以 Lonpac 一般保险为核心，覆盖汽车、火险、工程、海事及商业险，并有投资收益。A general insurer centred on Lonpac, covering motor, fire, engineering, marine and commercial risks, with additional investment income.
PriceRM 15.00
Market capRM 6.0bn
P/E16.2x
P/B2.50x
ROE15.8%
Yield5.2%
最新可得报告期：Q12026 归母净利润 RM 99.5m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 252.2 | 313.7 | 377.1 | 367.8 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
16.18 x
同业中位数 7.84 x · 2026-07-15 · 可比较 · n=42.50 x
同业中位数 0.86 x · 2026-07-15 · 可比较 · n=415.80 %
同业中位数 15.35 % · 2026-07-15 · 可比较 · n=45.20 %
同业中位数 5.00 % · 2026-07-15 · 可比较 · n=499.54 MYR_m
同业中位数 99.54 MYR_m · Q12026 · 可比较 · n=5376.81 MYR_m
同业中位数 376.81 MYR_m · Q12026 · 可比较 · n=50.25 MYR_per_share
同业中位数 0.12 MYR_per_share · Q12026 · 可比较 · n=50.80 MYR_per_share
同业中位数 0.14 MYR_per_share · FY2025 · 可比较 · n=4估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 47.4；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/B、ROE、P/E、股息及保险负债／赔付指标；普通企业FCF／EV指标不适用已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 92.9；子行业KPI覆盖数 3。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -20.7%；可用增长型子行业KPI 2 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、premiums_annuity_revenue；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 41.2；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、insurance_contract_liabilities、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 长期承保纪律、成本控制和资本充足Long-standing underwriting discipline, cost control and capital strength潜在正面结果：Potential positive result:定价和成本纪律可维持较低综合成本率、稳定承保利润及资本。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Long-standing underwriting discipline, cost control and capital strength.
- 与 Public Bank 生态系统的渠道关系Distribution links with the Public Bank ecosystem潜在正面结果：Potential positive result:银行生态渠道可提供稳定客户来源、降低获客成本并支持保费增长。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Distribution links with the Public Bank ecosystem.
- 高股息和较高 ROEA high dividend yield and comparatively high ROE潜在正面结果：Potential positive result:高 ROE 和股息可增强现金回报吸引力，并支持估值及资本纪律。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A high dividend yield and comparatively high ROE.
弱点与潜在结果Weaknesses & potential results
- 业务集中于一般保险，缺乏寿险长久期利润池General-insurance concentration limits access to long-duration life profit pools潜在结果：Potential result:缺少寿险 CSM 等长久期利润来源，会提高对一般险定价周期、灾害和单年赔付波动的依赖。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: General-insurance concentration limits access to long-duration life profit pools.
- 资产和渠道集中度需监测Asset and distribution concentration require monitoring潜在结果：Potential result:主要资产、渠道或合作方变化可能同时影响新业务、投资收益与流动性，降低分散效果。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Asset and distribution concentration require monitoring.
催化剂与业绩影响Catalysts & earnings impact
- 商业、工程和非车险增长Commercial, engineering and non-motor premiums expand潜在影响：Potential impact:商业、工程和非车险增长可扩大保费并改善组合分散，但大型单一风险和灾害暴露也会增加。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Commercial, engineering and non-motor premiums expand.
- 保费重定价跑赢索赔通胀Premium repricing outpaces claims inflation潜在影响：Potential impact:保费调整快于维修和索赔成本上涨，可降低赔付率、改善综合成本率及承保利润。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Premium repricing outpaces claims inflation.
- 高派息延续A high payout is sustained潜在影响：Potential impact:高派息可支撑现金回报与估值；若承保利润下滑仍维持高派息，资本缓冲将承压。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: A high payout is sustained.
风险与可能结果Risks & possible results
- 汽车与医疗维修/赔付通胀Motor repair and claims inflation可能结果：Possible result:可能推高赔付率和综合成本率，若保费调整滞后将直接压缩承保利润。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Motor repair and claims inflation.
- 大型火险、工程或灾害索赔Large fire, engineering or catastrophe claims可能结果：Possible result:可能产生单期大额赔付、利润骤降及资本波动，并影响派息稳定性。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Large fire, engineering or catastrophe claims.
- 再保价格、保护范围或信用风险Higher reinsurance prices, reduced protection or counterparty risk可能结果：Possible result:可能增加保障成本、缩小承保容量，或因再保人违约形成额外损失。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher reinsurance prices, reduced protection or counterparty risk.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:综合成本率持续超过历史区间，且股息需依赖资本缓冲而非当期盈利。The thesis is invalidated if the combined ratio remains above its historical range and dividends rely on capital buffers rather than current earnings.
资本市场／交易所／资产管理2 家核心公司
KENANGA KENANGA INVESTMENT BANK BERHAD资本市场／交易所／资产管理Capital Markets / Exchange / Asset Management
估值研究排名 #5
主要支撑来自股息率及证据质量。
相对较弱项为ROE；20日平均成交额为 RM 209,486，仅作执行旁证。；研究排序，不是投资评级。独立投资银行集团，包括经纪、投资银行、资产管理、衍生品、交易与数字券商暴露。An independent investment-banking group spanning brokerage, investment banking, asset management, derivatives, trading and digital brokerage.
PriceRM 0.71
Market capRM 0.5bn
P/E11.5x
P/B0.48x
ROE4.2%
Yield7.0%
最新可得报告期：Q12026 归母净利润 RM 4.2m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 54.5 | 72.6 | 95.8 | 50.0 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
11.48 x
同业中位数 15.15 x · 2026-07-16 · 可比较 · n=40.48 x
同业中位数 0.68 x · 2026-07-16 · 可比较 · n=44.15 %
同业中位数 4.44 % · 2026-07-16 · 可比较 · n=47.04 %
同业中位数 3.28 % · 2026-07-16 · 可比较 · n=34.19 MYR_m
同业中位数 — MYR_m · Q12026 · 期间不一致 · n=3152.94 MYR_m
同业中位数 — MYR_m · Q12026 · 期间不一致 · n=30.01 MYR_per_share
同业中位数 — MYR_per_share · Q12026 · 期间不一致 · n=30.05 MYR_per_share
同业中位数 0.12 MYR_per_share · FY2025 · 可比较 · n=4估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 支持
主估值研究分数 65.0；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/E、盈利／FCF、ADV／AUM及周期调整已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 66.7；子行业KPI覆盖数 3。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -47.3%；可用增长型子行业KPI 2 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、net_interest_income；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 52.2；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Low；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 独立投行和零售经纪品牌An established independent investment-bank and retail-brokerage brand潜在正面结果：Potential positive result:品牌和客户基础可支持经纪市场份额、投行项目来源及零售参与复苏收益。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: An established independent investment-bank and retail-brokerage brand.
- 资管、衍生品与投行可分散现货经纪周期Asset management, derivatives and investment banking diversify cash brokerage潜在正面结果：Potential positive result:多元业务可增加经常性管理费和非经纪收入，缓和现货成交下滑影响。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Asset management, derivatives and investment banking diversify cash brokerage.
- 低市账率和高股息率提供估值保护Low P/B and a high dividend yield provide valuation support潜在正面结果：Potential positive result:低 P/B 与较高股息可提供估值和现金回报缓冲，盈利复苏时具备重估弹性。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Low P/B and a high dividend yield provide valuation support.
弱点与潜在结果Weaknesses & potential results
- 盈利对成交额、零售参与和资产价格高敏感Earnings are highly sensitive to ADV, retail participation and asset prices潜在结果：Potential result:市场低迷可能同时压低佣金、AUM、交易收益与投行项目，使收入来源相关性在压力期上升。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Earnings are highly sensitive to ADV, retail participation and asset prices.
- 收入规模小且固定成本杠杆高Smaller revenue scale creates high fixed-cost operating leverage潜在结果：Potential result:固定成本难以及时下降，收入回落可能转化为更大的利润降幅，并削弱资本与派息能力。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Smaller revenue scale creates high fixed-cost operating leverage.
催化剂与业绩影响Catalysts & earnings impact
- 证券 ADV 与零售参与回升Securities ADV and retail participation recover潜在影响：Potential impact:ADV 和零售参与回升可增加经纪佣金并摊薄固定成本；佣金率下降或市场份额流失会削弱经营杠杆。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Securities ADV and retail participation recover.
- 投行项目、债券交易和信用回拨Investment-banking mandates, bond trading and credit write-backs improve潜在影响：Potential impact:承销、顾问、债券交易和信用回拨可推高非经纪收入及利润，但项目和交易收益的重复性较低。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Investment-banking mandates, bond trading and credit write-backs improve.
- AUM 与净流入增长AUM and net inflows grow潜在影响：Potential impact:AUM 净流入可扩大管理费基础并提高经常性收入；若增长仅来自市场上涨或费率下降，利润提升较弱。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: AUM and net inflows grow.
风险与可能结果Risks & possible results
- 经纪费率压缩和低交易量Brokerage fee compression and weak trading volume可能结果：Possible result:可能减少经纪收入并削弱固定成本吸收，导致利润降幅大于 ADV 降幅。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Brokerage fee compression and weak trading volume.
- 自营交易/投资评价损失Proprietary-trading or investment fair-value losses可能结果：Possible result:可能造成公允价值或处置损失，使净利润、资本和股息出现较大波动。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Proprietary-trading or investment fair-value losses.
- 关联公司与一次性项目使利润质量波动Associates and one-off projects increase earnings-quality volatility可能结果：Possible result:可能使报告利润偏离经常性经营表现，增加盈利预测误差及估值折价。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Associates and one-off projects increase earnings-quality volatility.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:市场活动复苏时盈利仍无法恢复，说明费率或结构性竞争正在破坏经营杠杆。The thesis is invalidated if earnings fail to recover with market activity, indicating structural fee or competitive pressure on operating leverage.
BURSA BURSA MALAYSIA BERHAD资本市场／交易所／资产管理Capital Markets / Exchange / Asset Management
估值研究排名 #15
主要支撑来自ROE及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 7,259,247，仅作执行旁证。；研究排序，不是投资评级。马来西亚交易所和市场基础设施运营商，收入来自证券与衍生品交易、上市、数据、清算结算和伊斯兰商品平台。Malaysia's exchange and market-infrastructure operator, earning from securities and derivatives trading, listings, data, clearing and settlement, and the Islamic commodity platform.
PriceRM 8.62
Market capRM 7.0bn
P/E27.5x
P/B9.22x
ROE33.8%
Yield3.2%
最新可得报告期：Q12026 归母净利润 RM 72.8m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 226.6 | 252.4 | 310.1 | 250.2 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
27.50 x
同业中位数 15.15 x · 2026-07-16 · 可比较 · n=49.22 x
同业中位数 0.68 x · 2026-07-16 · 可比较 · n=433.78 %
同业中位数 4.44 % · 2026-07-16 · 可比较 · n=43.24 %
同业中位数 3.28 % · 2026-07-16 · 可比较 · n=372.83 MYR_m
同业中位数 — MYR_m · Q12026 · 期间不一致 · n=3212.41 MYR_m
同业中位数 — MYR_m · Q12026 · 期间不一致 · n=30.09 MYR_per_share
同业中位数 — MYR_per_share · Q12026 · 期间不一致 · n=30.28 MYR_per_share
同业中位数 0.12 MYR_per_share · FY2025 · 可比较 · n=4估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 中性
主估值研究分数 45.9；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/E、盈利／FCF、ADV／AUM及周期调整已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 100.0；子行业KPI覆盖数 1。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -24.7%；可用增长型子行业KPI 1 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share；缺口：—
下行保护与安全边际 · 反对
盈利回撤与股息形成的下行参考值约 29.4；风险识别与减值／赔付资料单列。
证据覆盖 75% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、identified_adverse_factors；缺口：credit_or_claims_metric
市场与风险状态 · 支持
流动性层级：High；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 基础设施型特许权、轻资产和高 ROEInfrastructure-like franchise, asset-light economics and high ROE潜在正面结果：Potential positive result:基础设施特许权和轻资产模式可产生较高经营利润率、现金流与 ROE。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Infrastructure-like franchise, asset-light economics and high ROE.
- 非交易收入和 BSAS/衍生品提供多元化Non-trading revenue, BSAS and derivatives diversify earnings潜在正面结果：Potential positive result:多元收入可降低对证券 ADV 的单一依赖，并提高盈利的经常性。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Non-trading revenue, BSAS and derivatives diversify earnings.
- 较高派息政策A relatively high dividend payout policy潜在正面结果：Potential positive result:较高派息可提高现金回报并吸引收益型资金，但仍需与再投资需求平衡。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A relatively high dividend payout policy.
弱点与潜在结果Weaknesses & potential results
- 证券成交额对市场情绪高敏感Securities turnover is highly sensitive to market sentiment潜在结果：Potential result:市场情绪低迷时，ADV 和交易相关收入可能快速下降，而基础设施固定成本使利润降幅放大。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Securities turnover is highly sensitive to market sentiment.
- 当交易活跃度高时估值易先行扩张Valuation can expand ahead of earnings when trading activity is strong潜在结果：Potential result:高估值阶段若成交或盈利低于预期，P/E 可能先行收缩，使股价调整大于盈利变化。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Valuation can expand ahead of earnings when trading activity is strong.
催化剂与业绩影响Catalysts & earnings impact
- IPO、外资与零售参与恢复IPO activity, foreign flows and retail participation recover潜在影响：Potential impact:IPO、外资和零售参与恢复可提高 ADV、上市费、交易及清算收入，并形成较强经营杠杆。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: IPO activity, foreign flows and retail participation recover.
- 数据、伊斯兰市场、衍生品与新产品收入Data, Islamic markets, derivatives and new products grow潜在影响：Potential impact:数据、伊斯兰市场、衍生品和新产品可增加经常性及非证券交易收入，降低现货成交周期敏感度。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Data, Islamic markets, derivatives and new products grow.
- 市场制度改革提升上市与交易深度Market reforms deepen listings and trading liquidity潜在影响：Potential impact:制度改革若增加上市数量、产品深度和流动性，可提升中长期交易生态；项目投入和采用速度决定短期利润。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Market reforms deepen listings and trading liquidity.
风险与可能结果Risks & possible results
- 平均日成交值与零售参与下降ADV and retail participation decline可能结果：Possible result:可能减少交易、清算及相关数据收入，并通过固定成本产生利润降幅放大。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: ADV and retail participation decline.
- 科技故障、网络攻击或清算事件Technology outages, cyber-attacks or clearing incidents可能结果：Possible result:可能导致市场中断、赔偿、监管处罚和声誉损害，并增加系统修复与安全投入。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Technology outages, cyber-attacks or clearing incidents.
- 费率/监管调整与项目投资推高成本Fee or regulatory changes and project investment raise costs可能结果：Possible result:可能压低单位交易或上市收入，同时项目成本上升会拖累利润率与 ROE。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Fee or regulatory changes and project investment raise costs.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:非交易收入增长无法抵消成交收入下降，且高估值与盈利增长长期脱节。The thesis is invalidated if non-trading revenue cannot offset lower trading income and valuation remains detached from earnings growth.
消费金融／租赁／支付2 家核心公司
AEONCR AEON CREDIT SERVICE (M) BERHAD消费金融／租赁／支付Consumer Finance / Leasing / Payments
估值研究排名 #1
主要支撑来自证据质量及同业相对估值。
相对较弱项为ROE；20日平均成交额为 RM 2,182,628，仅作执行旁证。；研究排序，不是投资评级。消费金融公司，业务涵盖汽车/摩托车融资、个人融资、信用卡、支付与 AEON 生态系统客户金融。A consumer-finance company providing vehicle and motorcycle financing, personal financing, credit cards, payments and financial services to the AEON ecosystem.
PriceRM 5.60
Market capRM 2.9bn
P/E7.1x
P/B0.90x
ROE13.2%
Yield5.1%
最新可得报告期：Q12027 归母净利润 RM 95.2m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 355.3 | 407.5 | 414.0 | 370.6 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
7.09 x
同业中位数 7.09 x · 2026-07-15 · 可比较 · n=30.90 x
同业中位数 0.92 x · 2026-07-15 · 可比较 · n=313.18 %
同业中位数 13.18 % · 2026-07-15 · 可比较 · n=35.09 %
同业中位数 4.59 % · 2026-07-15 · 可比较 · n=395.16 MYR_m
同业中位数 — MYR_m · Q12027 · 期间不一致 · n=1517.36 MYR_m
同业中位数 — MYR_m · Q12027 · 期间不一致 · n=10.19 MYR_per_share
同业中位数 — MYR_per_share · Q12027 · 期间不一致 · n=10.29 MYR_per_share
同业中位数 — MYR_per_share · FY2025 · 样本不足 · n=2估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 支持
主估值研究分数 79.5；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/E、P/B、ROE、资金成本、减值与融资增长已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 80.0；子行业KPI覆盖数 4。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -28.1%；可用增长型子行业KPI 3 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、net_interest_income、receivables_or_financing；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 40.5；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- AEON 零售生态、品牌和客户数据The AEON retail ecosystem, brand and customer data潜在正面结果：Potential positive result:生态客户和数据可降低获客成本、改善风控，并增加融资、支付及商户交叉销售。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: The AEON retail ecosystem, brand and customer data.
- 高收益消费融资与支付交叉销售Cross-selling between higher-yield consumer finance and payments潜在正面结果：Potential positive result:较高资产收益率配合费用收入可扩大利差后利润，但需保持减值与资金成本稳定。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Cross-selling between higher-yield consumer finance and payments.
- AEON Bank 可扩大数字金融和商户生态AEON Bank can expand digital finance and the merchant ecosystem潜在正面结果：Potential positive result:银行协同可带来低成本存款、数字客户和商户融资，改善长期资金及收入结构。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: AEON Bank can expand digital finance and the merchant ecosystem.
弱点与潜在结果Weaknesses & potential results
- 融资成本、信贷损失和家庭现金流高敏感High sensitivity to funding costs, credit losses and household cash flow潜在结果：Potential result:资金成本或减值率小幅上升也可能显著压缩利差后利润，并拖累 ROE 与股息能力。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: High sensitivity to funding costs, credit losses and household cash flow.
- 数字银行前期投入与盈利爬坡会压低集团回报Digital-bank investment and a slow earnings ramp can depress group returns潜在结果：Potential result:银行业务在规模成熟前可能持续增加人员、科技和营销成本，稀释集团短中期利润。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Digital-bank investment and a slow earnings ramp can depress group returns.
催化剂与业绩影响Catalysts & earnings impact
- 应收融资组合增长与资金成本改善Receivables grow while funding costs improve潜在影响：Potential impact:应收融资增长可增加利息收入，资金成本下降可扩大利差；若新增客户风险较高，减值会抵消收益。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Receivables grow while funding costs improve.
- AEON Bank 获客、存款和商户融资协同AEON Bank adds customers, deposits and merchant-finance synergies潜在影响：Potential impact:AEON Bank 的客户、存款和商户协同可降低获客及资金成本并增加交叉销售，但盈利爬坡期会增加费用。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: AEON Bank adds customers, deposits and merchant-finance synergies.
- 减值率回落及数字费用转化Impairment rates fall and digital spending converts into fee income潜在影响：Potential impact:减值率回落直接改善税前利润，数字投入转化为更高交易和费用收入后可提升 ROE。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Impairment rates fall and digital spending converts into fee income.
风险与可能结果Risks & possible results
- 生活成本和失业上升导致逾期Higher living costs or unemployment increase delinquency可能结果：Possible result:可能提高逾期、减值率和坏账损失，抵消组合增长并压低 ROE。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Higher living costs or unemployment increase delinquency.
- BNM 监管、AML/制裁筛查和消费者保护执法BNM regulation, AML / sanctions screening and consumer-protection enforcement可能结果：Possible result:可能导致罚款、整改成本、产品限制或声誉损害，并放慢客户增长。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: BNM regulation, AML / sanctions screening and consumer-protection enforcement.
- 数字银行烧钱时间长于预期The digital bank consumes capital for longer than expected可能结果：Possible result:可能延长集团利润稀释期、消耗资本，并使预期资金成本协同延后。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: The digital bank consumes capital for longer than expected.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:组合增长伴随持续更高的减值率，且 AEON Bank 不能改善获客或资金成本。The thesis is invalidated if portfolio growth produces persistently higher impairment and AEON Bank cannot improve acquisition or funding costs.
RCECAP RCE CAPITAL BERHAD消费金融／租赁／支付Consumer Finance / Leasing / Payments
估值研究排名 #3
主要支撑来自股息率及证据质量。
相对较弱项为同业相对估值；20日平均成交额为 RM 360,466，仅作执行旁证。；研究排序，不是投资评级。通过合作社和 ANGKASA 薪资扣款机制向政府部门员工提供伊斯兰个人融资，具有特定客群和回收渠道。A provider of Islamic personal financing to Malaysian public-sector employees through cooperatives and the ANGKASA salary-deduction mechanism.
PriceRM 1.08
Market capRM 1.6bn
P/E12.5x
P/B1.82x
ROE14.8%
Yield6.0%
最新可得报告期：Q42026 归母净利润 RM 34.6m。期间标签按公司财政年度保留，不把累计期误当单季。
FY2022–FY2025 归母净利润（RMm）
| FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| 133.2 | 138.8 | 138.8 | 105.5 |
关键指标与同子行业比较
只比较同一子行业、同一期间且至少三家有数据的公司；百分位越高代表按该指标方向相对更优，不代表综合投资结论。
12.53 x
同业中位数 — x · 2026-07-16 · 期间不一致 · n=21.82 x
同业中位数 — x · 2026-07-16 · 期间不一致 · n=214.80 %
同业中位数 — % · 2026-07-16 · 期间不一致 · n=26.02 %
同业中位数 — % · 2026-07-16 · 期间不一致 · n=234.65 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=261.50 MYR_m
同业中位数 — MYR_m · Q42026 · 期间不一致 · n=20.02 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=20.04 MYR_per_share
同业中位数 — MYR_per_share · Q42026 · 期间不一致 · n=2估值五视角参考
五个视角互不投票、不合成分数，也不改变上方主估值排名；资料缺口不会按零处理。
子行业原生估值 · 支持
主估值研究分数 69.5；仅解释现有排名，不重新计算或改变排名。
证据覆盖 100% · 适用边界：适用：P/E、P/B、ROE、资金成本、减值与融资增长已用：relative_multiple_score、roe_percentile、yield_percentile、evidence_quality_score；缺口：—
质量与估值溢价 · 支持
ROE与正盈利记录形成的质量参考值约 90.0；子行业KPI覆盖数 5。
证据覆盖 100% · 适用边界：观察资本回报、正盈利记录、盈利稳定性与子行业经营指标已用：roe_percentile、positive_profit_history、sector_kpi_coverage；缺口：—
增长与再投资 · 反对
可复核归母利润年化增长约 -28.6%；可用增长型子行业KPI 4 项。
证据覆盖 100% · 适用边界：观察归母利润、账面价值及可得子行业KPI的持续增长；不假设未披露R&D或TAM已用：net_profit_cagr、book_value_per_share、customer_deposits、net_interest_income、receivables_or_financing；缺口：—
下行保护与安全边际 · 中性
盈利回撤与股息形成的下行参考值约 46.1；风险识别与减值／赔付资料单列。
证据覆盖 100% · 适用边界：观察盈利回撤、股息、减值／赔付证据及已识别风险，不把缺失数据视为安全已用：profit_drawdown、dividend_yield_trailing、loan_loss_provision、identified_adverse_factors；缺口：—
市场与风险状态 · 中性
流动性层级：Medium；已识别不利因素：OPR and policy-rate path | Yield curve and MGS yields | Inflation and operating-cost pressure。技术与新闻情绪未纳入。
证据覆盖 50% · 适用边界：仅作流动性、风险触发与研究时点旁证；不参与主估值分数已用：liquidity_tier、top_adverse_factors；缺口：technical_signal、news_sentiment
优势与潜在正面结果Strengths & potential positive results
- 薪资源头扣款提高回收可见度Salary-at-source deductions improve collection visibility潜在正面结果：Potential positive result:薪资源头扣款可降低回收波动和逾期风险，提高现金流及资产质量可见度。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Salary-at-source deductions improve collection visibility.
- 客群和渠道进入壁垒Customer and channel access create entry barriers潜在正面结果：Potential positive result:专属客群与渠道壁垒可支持定价、客户获取和业务稳定性。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: Customer and channel access create entry barriers.
- 轻分支行模式、高 ROE 和高股息A light-branch model supports high ROE and dividends潜在正面结果：Potential positive result:轻资产渠道和较高 ROE 可增强资本生成、股息能力及成本效率。If sustained, this advantage can strengthen earnings resilience, capital efficiency and valuation support: A light-branch model supports high ROE and dividends.
弱点与潜在结果Weaknesses & potential results
- 政府雇员与 ANGKASA 机制集中度极高Very high concentration in government employees and the ANGKASA mechanism潜在结果：Potential result:政策或渠道规则变化可能同时影响获客、放款和回收，导致业务量与资产质量集中受压。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Very high concentration in government employees and the ANGKASA mechanism.
- 收费、DSR 和扣款规则变化可直接影响准入与减值Changes to fees, DSR or deduction rules can directly affect access and impairment潜在结果：Potential result:准入收紧会压低放款增长，扣款或 DSR 规则不利变化也可能提高 NPF 与减值。If persistent, this weakness can reduce earnings visibility, capital flexibility or valuation support: Changes to fees, DSR or deduction rules can directly affect access and impairment.
催化剂与业绩影响Catalysts & earnings impact
- 放款和再融资活动回升Disbursement and refinancing activity recover潜在影响：Potential impact:放款与再融资恢复可扩大净融资收入和资产规模，但需维持 DSR 与承保纪律。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Disbursement and refinancing activity recover.
- 融资成本稳定与减值正常化Funding costs stabilise and impairment normalises潜在影响：Potential impact:稳定融资成本和正常化减值可改善净利差及净利润；资金重定价或 NPF 上升会逆转效果。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: Funding costs stabilise and impairment normalises.
- 高派息延续A high dividend payout continues潜在影响：Potential impact:高派息可支撑现金回报和估值，但若放款增长恢复，保留资本与派息之间需要重新平衡。If delivered without offsetting costs or risk, this catalyst can improve revenue, earnings, ROE or valuation support: A high dividend payout continues.
风险与可能结果Risks & possible results
- DSR/津贴计算和薪资扣款规则变化Changes to DSR, allowance calculations or salary-deduction rules可能结果：Possible result:可能降低合资格客户与放款量、提高违约概率，并削弱薪资扣款模式优势。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Changes to DSR, allowance calculations or salary-deduction rules.
- NPF 与覆盖率恶化NPF and coverage ratios deteriorate可能结果：Possible result:可能推高减值与信贷成本，降低净利润、ROE、资本生成和股息能力。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: NPF and coverage ratios deteriorate.
- 合作社、资金提供方或政府客户集中风险Concentration in cooperatives, funding providers or government customers可能结果：Possible result:可能造成融资中断、获客下降或回款延迟，放大流动性与集中度风险。If realised, this risk can pressure revenue, margins, provisions or claims, capital, dividends and valuation: Concentration in cooperatives, funding providers or government customers.
12–24 个月情景
基本：宏观保持扩张，主要业务量温和增长，资产质量或赔付经验可控。
乐观：催化剂兑现，ROE、资本生成和派息能力好于当前趋势。
悲观：融资成本、信贷成本、赔付或运营成本超预期，盈利与估值同时承压。
论点证伪：Thesis invalidation:薪资扣款机制的风险优势被政策变化削弱，导致 NPF 和信贷成本长期上移。The thesis is invalidated if policy changes weaken the risk advantage of salary deductions and structurally raise NPF and credit cost.
公司 × 业绩影响因素Company × Earnings-impact Factors
全板块共 611 条明细映射；核心公司原有 289 条明细，现按“公司＋因素类别”汇总为 105 行。同一家公司同一类别不再分开显示；每行保留具体因素、影响方向、敏感度、概率、业绩传导、领先指标、触发条件及来源。The sector contains 611 detailed mappings. The 289 core-company records are grouped into 105 company-plus-category rows. Factors of the same category for one company are consolidated while retaining direction, sensitivity, probability, earnings transmission, leading indicators, triggers and sources.
| 公司 | 因素类别 | 因素数 | 因素与业绩传导汇总 | 领先指标与触发条件 | 来源 |
|---|---|---|---|---|---|
| MAYBANK | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| MAYBANK | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0209 |
| MAYBANK | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| MAYBANK | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| MAYBANK | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| MAYBANK | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| MAYBANK | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0209 |
| PBBANK | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| PBBANK | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0210 |
| PBBANK | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| PBBANK | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| PBBANK | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| PBBANK | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| PBBANK | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0210 |
| CIMB | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| CIMB | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0211 |
| CIMB | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| CIMB | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| CIMB | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| CIMB | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| CIMB | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0211 |
| HLBANK | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| HLBANK | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0212 |
| HLBANK | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| HLBANK | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| HLBANK | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| HLBANK | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| HLBANK | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0212 |
| RHBBANK | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| RHBBANK | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0213 |
| RHBBANK | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| RHBBANK | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| RHBBANK | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| RHBBANK | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| RHBBANK | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0213 |
| AMBANK | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| AMBANK | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0214 |
| AMBANK | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| AMBANK | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| AMBANK | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| AMBANK | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| AMBANK | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0214 |
| BIMB | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| BIMB | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Loan and financing growth［方向：Positive；敏感度：High；概率：Medium］— Balance-sheet volume and fee generation ｜ Deposit competition and CASA mix［方向：Dual；敏感度：High；概率：Medium］— Determines funding cost and NIM resilience ｜ Asset quality and credit cost［方向：Negative；敏感度：High；概率：Medium］— Impairment charges and capital consumption ｜ Capital and liquidity buffers［方向：Positive；敏感度：High；概率：Medium］— Constrains dividends, growth and risk capacity | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Loan and financing growth：领先指标 System and company loan growth；触发条件 Growth deviates >3ppt from plan ｜ Deposit competition and CASA mix：领先指标 CASA ratio; deposit beta; LDR；触发条件 CASA falls or deposit beta rises sharply ｜ Asset quality and credit cost：领先指标 GIL/NPF; Stage 2; overlays; LLC；触发条件 GIL and credit cost rise for two periods ｜ Capital and liquidity buffers：领先指标 CET1; total capital; LCR; NSFR；触发条件 Buffer approaches management/regulatory floor | SRC-0014, SRC-0215 |
| BIMB | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| BIMB | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| BIMB | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| BIMB | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| BIMB | 竞争 | 1 | Digital banks and fee/pricing competition［方向：Negative；敏感度：High；概率：Medium］— Affects deposits, payments, unsecured lending and acquisition cost | Digital banks and fee/pricing competition：领先指标 Digital-bank deposits; churn; pricing；触发条件 Sustained market-share loss or repricing | SRC-0215 |
| ALLIANZ | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| ALLIANZ | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Medical and motor claims inflation［方向：Negative；敏感度：High；概率：Medium］— Raises claims ratio and weakens insurance-service result ｜ Reinsurance pricing, protection and counterparty quality［方向：Dual；敏感度：High；概率：Medium］— Changes retained volatility and underwriting margin ｜ Underwriting cycle and pricing discipline［方向：Positive；敏感度：High；概率：Medium］— Determines combined ratio and new-business profitability ｜ Persistency, surrender and new-business value［方向：Positive；敏感度：High；概率：Medium］— Determines CSM/VNB emergence and acquisition-cost recovery | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Medical and motor claims inflation：领先指标 Claims frequency/severity; medical inflation；触发条件 Claims inflation exceeds repricing ｜ Reinsurance pricing, protection and counterparty quality：领先指标 Cession rate; renewal pricing; recoverables；触发条件 Renewal cost spike or counterparty downgrade ｜ Underwriting cycle and pricing discipline：领先指标 Rate change; combined ratio; expense ratio；触发条件 Rate increases fall below loss-cost inflation ｜ Persistency, surrender and new-business value：领先指标 Persistency; lapse; ANP/APE; VNB；触发条件 Persistency drops or VNB margin compresses | SRC-0014, SRC-0216 |
| ALLIANZ | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ RESET medical-insurance reforms［方向：Dual；敏感度：High；概率：Medium］— Changes product design, repricing, claims management and affordability | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ RESET medical-insurance reforms：领先指标 RESET milestones; co-pay/product changes；触发条件 Binding implementation details announced | SRC-0015, SRC-0014 |
| ALLIANZ | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| ALLIANZ | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| ALLIANZ | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| ALLIANZ | 会计 | 1 | IFRS 17 measurement and assumption change［方向：Dual；敏感度：High；概率：Medium］— Changes profit emergence, CSM and cross-period comparability | IFRS 17 measurement and assumption change：领先指标 CSM; assumption changes; experience variances；触发条件 Material assumption or model change | SRC-0014 |
| LPI | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| LPI | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Medical and motor claims inflation［方向：Negative；敏感度：High；概率：Medium］— Raises claims ratio and weakens insurance-service result ｜ Reinsurance pricing, protection and counterparty quality［方向：Dual；敏感度：High；概率：Medium］— Changes retained volatility and underwriting margin ｜ Underwriting cycle and pricing discipline［方向：Positive；敏感度：High；概率：Medium］— Determines combined ratio and new-business profitability ｜ Persistency, surrender and new-business value［方向：Positive；敏感度：High；概率：Medium］— Determines CSM/VNB emergence and acquisition-cost recovery | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Medical and motor claims inflation：领先指标 Claims frequency/severity; medical inflation；触发条件 Claims inflation exceeds repricing ｜ Reinsurance pricing, protection and counterparty quality：领先指标 Cession rate; renewal pricing; recoverables；触发条件 Renewal cost spike or counterparty downgrade ｜ Underwriting cycle and pricing discipline：领先指标 Rate change; combined ratio; expense ratio；触发条件 Rate increases fall below loss-cost inflation ｜ Persistency, surrender and new-business value：领先指标 Persistency; lapse; ANP/APE; VNB；触发条件 Persistency drops or VNB margin compresses | SRC-0014, SRC-0217 |
| LPI | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ RESET medical-insurance reforms［方向：Dual；敏感度：High；概率：Medium］— Changes product design, repricing, claims management and affordability | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ RESET medical-insurance reforms：领先指标 RESET milestones; co-pay/product changes；触发条件 Binding implementation details announced | SRC-0015, SRC-0014 |
| LPI | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| LPI | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| LPI | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| LPI | 会计 | 1 | IFRS 17 measurement and assumption change［方向：Dual；敏感度：High；概率：Medium］— Changes profit emergence, CSM and cross-period comparability | IFRS 17 measurement and assumption change：领先指标 CSM; assumption changes; experience variances；触发条件 Material assumption or model change | SRC-0014 |
| TAKAFUL | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| TAKAFUL | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Medical and motor claims inflation［方向：Negative；敏感度：High；概率：Medium］— Raises claims ratio and weakens insurance-service result ｜ Reinsurance pricing, protection and counterparty quality［方向：Dual；敏感度：High；概率：Medium］— Changes retained volatility and underwriting margin ｜ Underwriting cycle and pricing discipline［方向：Positive；敏感度：High；概率：Medium］— Determines combined ratio and new-business profitability ｜ Persistency, surrender and new-business value［方向：Positive；敏感度：High；概率：Medium］— Determines CSM/VNB emergence and acquisition-cost recovery | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Medical and motor claims inflation：领先指标 Claims frequency/severity; medical inflation；触发条件 Claims inflation exceeds repricing ｜ Reinsurance pricing, protection and counterparty quality：领先指标 Cession rate; renewal pricing; recoverables；触发条件 Renewal cost spike or counterparty downgrade ｜ Underwriting cycle and pricing discipline：领先指标 Rate change; combined ratio; expense ratio；触发条件 Rate increases fall below loss-cost inflation ｜ Persistency, surrender and new-business value：领先指标 Persistency; lapse; ANP/APE; VNB；触发条件 Persistency drops or VNB margin compresses | SRC-0014, SRC-0218 |
| TAKAFUL | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ RESET medical-insurance reforms［方向：Dual；敏感度：High；概率：Medium］— Changes product design, repricing, claims management and affordability | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ RESET medical-insurance reforms：领先指标 RESET milestones; co-pay/product changes；触发条件 Binding implementation details announced | SRC-0015, SRC-0014 |
| TAKAFUL | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| TAKAFUL | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| TAKAFUL | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| TAKAFUL | 会计 | 1 | IFRS 17 measurement and assumption change［方向：Dual；敏感度：High；概率：Medium］— Changes profit emergence, CSM and cross-period comparability | IFRS 17 measurement and assumption change：领先指标 CSM; assumption changes; experience variances；触发条件 Material assumption or model change | SRC-0014 |
| MNRB | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| MNRB | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Medical and motor claims inflation［方向：Negative；敏感度：High；概率：Medium］— Raises claims ratio and weakens insurance-service result ｜ Reinsurance pricing, protection and counterparty quality［方向：Dual；敏感度：High；概率：Medium］— Changes retained volatility and underwriting margin ｜ Underwriting cycle and pricing discipline［方向：Positive；敏感度：High；概率：Medium］— Determines combined ratio and new-business profitability ｜ Persistency, surrender and new-business value［方向：Positive；敏感度：High；概率：Medium］— Determines CSM/VNB emergence and acquisition-cost recovery | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Medical and motor claims inflation：领先指标 Claims frequency/severity; medical inflation；触发条件 Claims inflation exceeds repricing ｜ Reinsurance pricing, protection and counterparty quality：领先指标 Cession rate; renewal pricing; recoverables；触发条件 Renewal cost spike or counterparty downgrade ｜ Underwriting cycle and pricing discipline：领先指标 Rate change; combined ratio; expense ratio；触发条件 Rate increases fall below loss-cost inflation ｜ Persistency, surrender and new-business value：领先指标 Persistency; lapse; ANP/APE; VNB；触发条件 Persistency drops or VNB margin compresses | SRC-0014, SRC-0219 |
| MNRB | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ RESET medical-insurance reforms［方向：Dual；敏感度：High；概率：Medium］— Changes product design, repricing, claims management and affordability | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ RESET medical-insurance reforms：领先指标 RESET milestones; co-pay/product changes；触发条件 Binding implementation details announced | SRC-0015, SRC-0014 |
| MNRB | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| MNRB | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| MNRB | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| MNRB | 会计 | 1 | IFRS 17 measurement and assumption change［方向：Dual；敏感度：High；概率：Medium］— Changes profit emergence, CSM and cross-period comparability | IFRS 17 measurement and assumption change：领先指标 CSM; assumption changes; experience variances；触发条件 Material assumption or model change | SRC-0014 |
| BURSA | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| BURSA | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Securities ADV and retail participation［方向：Positive；敏感度：High；概率：Medium］— Drives trading, clearing, brokerage and market-data revenue ｜ IPO, ECM, DCM and M&A pipeline［方向：Positive；敏感度：High；概率：Medium］— Drives listing, advisory, underwriting and financing fees ｜ AUM, net flows and fee rate［方向：Positive；敏感度：High；概率：Medium］— Drives recurring management fees and operating leverage ｜ Proprietary trading and investment valuation［方向：Dual；敏感度：High；概率：Medium］— Creates gains/losses and earnings volatility | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Securities ADV and retail participation：领先指标 ADV; velocity; retail share；触发条件 20% move versus prior year ｜ IPO, ECM, DCM and M&A pipeline：领先指标 Deal pipeline; approvals; completions；触发条件 Pipeline cancellation or acceleration ｜ AUM, net flows and fee rate：领先指标 AUM; flows; fee margin；触发条件 Two quarters of net outflows ｜ Proprietary trading and investment valuation：领先指标 Trading VaR; investment marks；触发条件 Large fair-value loss or risk-limit breach | SRC-0014, SRC-0220 |
| BURSA | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| BURSA | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| BURSA | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| BURSA | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| BURSA | 竞争 | 1 | Brokerage fee compression and digital platforms［方向：Negative；敏感度：High；概率：Medium］— Reduces take rate and raises technology spend | Brokerage fee compression and digital platforms：领先指标 Blended fee rate; digital market share；触发条件 Fee compression exceeds volume growth | SRC-0220 |
| KENANGA | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| KENANGA | 行业 | 6 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Securities ADV and retail participation［方向：Positive；敏感度：High；概率：Medium］— Drives trading, clearing, brokerage and market-data revenue ｜ IPO, ECM, DCM and M&A pipeline［方向：Positive；敏感度：High；概率：Medium］— Drives listing, advisory, underwriting and financing fees ｜ AUM, net flows and fee rate［方向：Positive；敏感度：High；概率：Medium］— Drives recurring management fees and operating leverage ｜ Proprietary trading and investment valuation［方向：Dual；敏感度：High；概率：Medium］— Creates gains/losses and earnings volatility | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Securities ADV and retail participation：领先指标 ADV; velocity; retail share；触发条件 20% move versus prior year ｜ IPO, ECM, DCM and M&A pipeline：领先指标 Deal pipeline; approvals; completions；触发条件 Pipeline cancellation or acceleration ｜ AUM, net flows and fee rate：领先指标 AUM; flows; fee margin；触发条件 Two quarters of net outflows ｜ Proprietary trading and investment valuation：领先指标 Trading VaR; investment marks；触发条件 Large fair-value loss or risk-limit breach | SRC-0014, SRC-0221 |
| KENANGA | 监管 | 1 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty | SRC-0015 |
| KENANGA | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| KENANGA | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| KENANGA | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| KENANGA | 竞争 | 1 | Brokerage fee compression and digital platforms［方向：Negative；敏感度：High；概率：Medium］— Reduces take rate and raises technology spend | Brokerage fee compression and digital platforms：领先指标 Blended fee rate; digital market share；触发条件 Fee compression exceeds volume growth | SRC-0221 |
| AEONCR | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| AEONCR | 行业 | 5 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Funding cost and wholesale-liquidity access［方向：Negative；敏感度：High；概率：Medium］— Directly affects spread and growth capacity ｜ Receivables growth and customer acquisition［方向：Positive；敏感度：High；概率：Medium］— Drives revenue but can dilute underwriting quality ｜ Delinquency, NPF and impairment［方向：Negative；敏感度：High；概率：Medium］— Direct charge to earnings and capital | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Funding cost and wholesale-liquidity access：领先指标 Funding yield; maturity ladder; gearing；触发条件 Funding spread widens materially ｜ Receivables growth and customer acquisition：领先指标 Disbursement; receivables; approval rate；触发条件 Growth far above risk capacity or turns negative ｜ Delinquency, NPF and impairment：领先指标 30+/90+ arrears; NPF; coverage；触发条件 Two-quarter deterioration or overlay build | SRC-0014, SRC-0222 |
| AEONCR | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ DSR, payroll deduction and responsible-lending rules［方向：Dual；敏感度：High；概率：Medium］— Changes eligibility, repayment-at-source and product economics | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ DSR, payroll deduction and responsible-lending rules：领先指标 BNM/ANGKASA/employer rules；触发条件 Eligibility or deduction methodology changes | SRC-0015, SRC-0222 |
| AEONCR | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| AEONCR | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| AEONCR | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| AEONCR | 竞争 | 1 | Digital lending, payments and bank ecosystem competition［方向：Negative；敏感度：High；概率：Medium］— Affects acquisition cost, pricing and customer retention | Digital lending, payments and bank ecosystem competition：领先指标 Active customers; CAC; take rate；触发条件 CAC rises without customer-value growth | SRC-0222 |
| RCECAP | 宏观 | 7 | OPR and policy-rate path［方向：Dual；敏感度：High；概率：Medium］— NIM/funding yield, bond valuation and credit demand ｜ Yield curve and MGS yields［方向：Dual；敏感度：High；概率：Medium］— Treasury income, investment valuation and funding tenor economics ｜ Malaysia GDP and private consumption［方向：Positive；敏感度：High；概率：Medium］— Drives credit, premiums, transactions, listings and asset quality ｜ Inflation and operating-cost pressure［方向：Negative；敏感度：High；概率：Medium］— Raises wages, technology, repairs, medical and claims costs ｜ Employment and household cash flow［方向：Positive；敏感度：High；概率：Medium］— Supports repayment, consumer finance, insurance persistency and savings ｜ MYR exchange rate［方向：Dual；敏感度：High；概率：Medium］— Translation, foreign operations, imported claims and market flows ｜ External tariffs, geopolitics and energy prices［方向：Negative；敏感度：High；概率：Medium］— Affects borrowers, trade finance, markets, inflation and claims | OPR and policy-rate path：领先指标 BNM OPR decisions; deposit repricing；触发条件 OPR change or forward guidance shift ｜ Yield curve and MGS yields：领先指标 2Y/10Y MGS; curve slope；触发条件 50bp move or material curve inversion/steepening ｜ Malaysia GDP and private consumption：领先指标 Quarterly GDP; private consumption；触发条件 Growth outside BNM 4-5% range ｜ Inflation and operating-cost pressure：领先指标 CPI; wage growth; medical-cost indices；触发条件 Persistent inflation above official range ｜ Employment and household cash flow：领先指标 Unemployment; labour-force participation；触发条件 Unemployment rises materially from 3.0% ｜ MYR exchange rate：领先指标 USD/MYR; regional FX；触发条件 10% move or sustained volatility ｜ External tariffs, geopolitics and energy prices：领先指标 Tariff actions; oil; shipping; PMI；触发条件 New tariff regime, conflict escalation or oil shock | SRC-0009, SRC-0010, SRC-0011, SRC-0012, SRC-0013, SRC-0014 |
| RCECAP | 行业 | 5 | Real-estate and construction cycle［方向：Dual；敏感度：High；概率：Medium］— Mortgage/SME demand, collateral values, project insurance and capital markets ｜ Automotive sales and used-vehicle values［方向：Dual；敏感度：High；概率：Medium］— Auto finance volumes, LGD and motor-insurance premiums/claims ｜ Funding cost and wholesale-liquidity access［方向：Negative；敏感度：High；概率：Medium］— Directly affects spread and growth capacity ｜ Receivables growth and customer acquisition［方向：Positive；敏感度：High；概率：Medium］— Drives revenue but can dilute underwriting quality ｜ Delinquency, NPF and impairment［方向：Negative；敏感度：High；概率：Medium］— Direct charge to earnings and capital | Real-estate and construction cycle：领先指标 House prices; approvals; transactions；触发条件 Sharp transaction decline or developer stress ｜ Automotive sales and used-vehicle values：领先指标 TIV; used-car prices; arrears；触发条件 TIV or collateral values fall sharply ｜ Funding cost and wholesale-liquidity access：领先指标 Funding yield; maturity ladder; gearing；触发条件 Funding spread widens materially ｜ Receivables growth and customer acquisition：领先指标 Disbursement; receivables; approval rate；触发条件 Growth far above risk capacity or turns negative ｜ Delinquency, NPF and impairment：领先指标 30+/90+ arrears; NPF; coverage；触发条件 Two-quarter deterioration or overlay build | SRC-0014, SRC-0223 |
| RCECAP | 监管 | 2 | Regulatory, conduct and consumer-protection change［方向：Negative；敏感度：High；概率：Medium］— Can alter pricing, product design, capital, remediation and compliance cost ｜ DSR, payroll deduction and responsible-lending rules［方向：Dual；敏感度：High；概率：Medium］— Changes eligibility, repayment-at-source and product economics | Regulatory, conduct and consumer-protection change：领先指标 BNM/SC/Bursa consultations and enforcement；触发条件 New binding standard or administrative penalty ｜ DSR, payroll deduction and responsible-lending rules：领先指标 BNM/ANGKASA/employer rules；触发条件 Eligibility or deduction methodology changes | SRC-0015, SRC-0223 |
| RCECAP | 运营 | 2 | Cybersecurity, fraud and data privacy［方向：Negative；敏感度：High；概率：Medium］— Direct loss, remediation, service disruption and reputational damage ｜ Technology execution and core-system resilience［方向：Dual；敏感度：High；概率：Medium］— Digital investment can lower cost but failed migration can interrupt revenue | Cybersecurity, fraud and data privacy：领先指标 Fraud loss; incidents; downtime; complaints；触发条件 Material breach, scam surge or enforcement action ｜ Technology execution and core-system resilience：领先指标 Project milestones; downtime; cost overrun；触发条件 Major outage, delay or budget overrun | SRC-0014 |
| RCECAP | 公司特定 | 1 | Management, governance and capital allocation［方向：Dual；敏感度：High；概率：Medium］— Shapes risk appetite, M&A, dividends, buybacks and related-party decisions | Management, governance and capital allocation：领先指标 Board changes; capital actions; related-party disclosures；触发条件 Unexpected leadership exit or material transaction | SRC-0016 |
| RCECAP | 尾部风险 | 1 | Climate, flood and physical-risk events［方向：Negative；敏感度：High；概率：Low］— Claims, collateral, borrower cash flow and operational continuity | Climate, flood and physical-risk events：领先指标 Weather alerts; catastrophe claims; flood maps；触发条件 Severe nationwide or concentrated event | SRC-0014 |
| RCECAP | 竞争 | 1 | Digital lending, payments and bank ecosystem competition［方向：Negative；敏感度：High；概率：Medium］— Affects acquisition cost, pricing and customer retention | Digital lending, payments and bank ecosystem competition：领先指标 Active customers; CAC; take rate；触发条件 CAC rises without customer-value growth | SRC-0223 |
尾部风险登记Tail-risk Register
这些事件概率较低或无法可靠量化，但可能同时影响盈利、流动性、资本、股息、运营与声誉。以下按“事件如何发生—影响范围—可能结果—领先指标—应对措施”详细说明；点击风险卡可展开。“未知相关风险”保留在清单中，避免把已知清单误当成完整世界。These events have a low or hard-to-quantify probability but can affect earnings, liquidity, capital, dividends, operations and reputation at the same time. Each expandable card explains how the event could occur, its scope, possible consequences, leading indicators and responses. Unknown correlated risk remains explicit so the known list is not mistaken for the whole risk universe.
TR-001 系统性网络攻击或支付／交易系统长时间中断Systemic cyber-attack or prolonged payments / trading outage低概率Low probability · 严重影响Severe impact
事件如何发生：How it could occur:银行、支付网络、证券交易所、清算系统或关键第三方供应商遭受攻击、勒索软件、数据破坏或重大技术故障，导致客户渠道、交易、结算或支付服务在较长时间内不可用。A bank, payment network, exchange, clearing system or critical third party suffers a cyber-attack, ransomware, data corruption or severe technology failure that leaves customer, trading, settlement or payment services unavailable for an extended period.
影响范围：Scope:全板块，尤其是银行、支付、交易所、券商及高度依赖数字渠道的公司The whole sector, especially banks, payments, exchanges, brokers and companies highly dependent on digital channels.
可能导致的结果：Potential consequences:可能造成交易及费用收入损失、客户赔偿、欺诈和数据泄露损失、系统修复费用、监管处罚及声誉受损；严重时还可能引发存款或客户资产流失、结算流动性压力和估值折价。Potential outcomes include lost transaction and fee income, customer compensation, fraud and data-loss costs, remediation expense, regulatory penalties and reputational damage; a severe event may also cause deposit or client-asset outflows, settlement-liquidity pressure and a valuation discount.
领先指标：Leading indicators:行业重大网络事故、关键供应商故障、异常停机时间、登录或交易失败率急升、客户投诉和欺诈警报增加。Major industry cyber incidents, critical-vendor outages, rising downtime, failed logins or trades, customer complaints and fraud alerts.
应对与缓释：Response & mitigation:建立异地冗余、网络分区、备份与灾难恢复；定期演练事故响应和供应商切换；配置网络保险，并与 BNM、SC、Bursa 及执法机构协调。Maintain geographic redundancy, network segmentation, tested backups and disaster recovery; rehearse incident and vendor failover plans, maintain suitable cyber insurance and coordinate with BNM, SC, Bursa and law enforcement.
TR-002 严重洪灾、自然灾害或多起大额损失集中发生Severe flood, catastrophe or clustered large-loss event低概率Low probability · 严重影响Severe impact
事件如何发生：How it could occur:大范围洪水、地震、火灾或多个大型保险事故在短期内集中发生，同时损坏投保资产、贷款抵押品、营业网点和客户生产设施。A widespread flood, earthquake, fire or cluster of insured losses damages insured assets, loan collateral, branches and customer facilities within a short period.
影响范围：Scope:保险／Takaful、银行及消费金融，并可通过供应链影响其他公司Insurance / Takaful, banks and consumer finance, with potential supply-chain effects across the sector.
可能导致的结果：Potential consequences:保险公司可能面对赔付、准备金和再保险成本急升；银行及消费金融可能出现客户还款困难、抵押品减值和信贷成本上升；全行业还可能发生服务中断、资本消耗和股息限制。Insurers may face sharply higher claims, reserves and reinsurance costs; lenders may face repayment stress, collateral impairment and higher credit cost. Capital consumption, service disruption and dividend constraints can follow.
领先指标：Leading indicators:气象与洪水预警、灾害暴露集中度、初步索赔通知、再保险报价变化、受灾地区逾期和付款宽限申请增加。Weather and flood alerts, catastrophe concentrations, first-loss notifications, reinsurance pricing and rising arrears or relief requests in affected locations.
应对与缓释：Response & mitigation:使用再保险和灾害保障、限制地域与单一风险集中、强化灾难恢复，并为受影响借款人提供有条件的付款援助和重组。Use reinsurance and catastrophe protection, control geographic and single-risk concentrations, strengthen recovery plans and provide disciplined, conditional assistance to affected borrowers.
TR-003 突发融资中断或存款流动性冲击Abrupt funding disruption or deposit-liquidity shock低概率Low probability · 严重影响Severe impact
事件如何发生：How it could occur:市场信心下降、评级事件、社交媒体谣言或外部金融危机造成存款快速流出，同时批发融资市场价格急升或暂时关闭。A confidence event, rating action, social-media rumour or external financial crisis causes rapid deposit outflows while wholesale funding becomes expensive or temporarily unavailable.
影响范围：Scope:银行及依赖批发融资的消费金融公司Banks and consumer-finance companies that depend materially on wholesale funding.
可能导致的结果：Potential consequences:可能推高融资利差并压缩 NIM，迫使公司出售资产并确认损失、收缩贷款增长或提高存款价格；严重时 LCR／NSFR 和资本缓冲下降，股息及扩张计划受限。Funding spreads may rise and compress NIM, forcing asset sales, realised losses, slower loan growth or more expensive deposit pricing. Severe stress can reduce LCR, NSFR and capital buffers and constrain dividends or expansion.
领先指标：Leading indicators:每日存款流出、批发融资利差急升、LCR／NSFR 下降、抵押品需求增加、同业拆借紧张及存款集中客户异动。Daily deposit outflows, wholesale spreads, LCR and NSFR, collateral calls, interbank stress and unusual activity among concentrated depositors.
应对与缓释：Response & mitigation:维持高质量流动资产和应急融资计划，分散存款及批发资金来源，预先安排抵押品，并准备使用央行流动性工具。Maintain high-quality liquid assets, contingency funding, diversified deposits and wholesale sources, pre-positioned collateral and readiness to use central-bank liquidity facilities.
TR-004 重大欺诈、AML／CFT、制裁违规或客户补偿事件Major fraud, AML / CFT, sanctions or customer-remediation event低概率Low probability · 高影响High impact
事件如何发生：How it could occur:内部或外部欺诈、反洗钱／反恐融资控制失效、制裁筛查遗漏、误售或系统性客户收费问题被监管机构、审计、举报人或媒体揭露。Internal or external fraud, failed AML / CFT controls, sanctions-screening gaps, mis-selling or systemic charging errors are uncovered by a regulator, auditor, whistle-blower or the media.
影响范围：Scope:全板块The whole financial-services sector.
可能导致的结果：Potential consequences:可能导致罚款、客户退款和诉讼准备金、业务或产品限制、管理层分心以及整改成本；若信任受损，还可能造成客户流失、融资成本上升和长期估值折价。The event may lead to fines, customer refunds, litigation provisions, product restrictions, management distraction and remediation costs. Loss of trust may also cause client outflows, higher funding costs and a sustained valuation discount.
领先指标：Leading indicators:举报增加、投诉激增、异常交易警报积压、监管调查或执法通知、审计保留意见及重复控制缺陷。More whistle-blower reports and complaints, monitoring backlogs, regulatory inquiries, audit qualifications and recurring control deficiencies.
应对与缓释：Response & mitigation:强化三道防线、客户尽调、制裁筛查和交易监控；独立调查根因、预提合理整改准备金，并公开透明地完成客户补偿。Strengthen the three lines of defence, due diligence, sanctions screening and transaction monitoring; investigate root causes independently, provide adequate remediation reserves and compensate customers transparently.
TR-005 疫情或重大公共卫生冲击Pandemic or major public-health shock低概率Low probability · 高影响High impact
事件如何发生：How it could occur:高传染性疾病导致出行和营业限制、员工大量缺勤、医疗资源紧张及国内外经济活动突然下滑。A highly infectious disease causes mobility and operating restrictions, widespread staff absence, pressure on health systems and an abrupt decline in domestic and regional activity.
影响范围：Scope:全板块The whole sector.
可能导致的结果：Potential consequences:银行与消费金融可能面对贷款增长放缓和减值上升；保险公司可能出现医疗、死亡或营业中断赔付；资本市场活动、投资资产价格及线下运营也可能受压，导致利润、资本和流动性同时下降。Banks and consumer lenders may face slower growth and higher impairment; insurers may face medical, mortality or business-interruption claims. Capital-markets activity, asset prices and physical operations may also weaken, pressuring earnings, capital and liquidity together.
领先指标：Leading indicators:公共卫生警报、住院率、员工缺勤、流动限制、付款援助申请、医疗索赔和市场波动快速上升。Public-health alerts, hospitalisation, staff absence, mobility restrictions, payment-assistance requests, medical claims and market volatility.
应对与缓释：Response & mitigation:启用远程和分散运营、关键岗位替补、资本与流动性缓冲、再保险保障，以及针对受影响客户的审慎付款援助。Activate distributed operations, critical-role succession, capital and liquidity buffers, appropriate reinsurance and disciplined payment assistance for affected customers.
TR-006 地缘冲突、制裁或能源／航运冲击Geopolitical conflict, sanctions or energy / shipping shock低概率Low probability · 高影响High impact
事件如何发生：How it could occur:区域战争、贸易制裁、海运通道受阻或能源价格急升，推高进口成本并扰乱马来西亚及 ASEAN 企业供应链、汇率和资本流动。Regional conflict, trade sanctions, shipping disruption or an energy-price spike raises import costs and disrupts Malaysian and ASEAN supply chains, currencies and capital flows.
影响范围：Scope:全板块，跨境银行、贸易融资、海事保险和投资业务更敏感The whole sector, with higher sensitivity in cross-border banking, trade finance, marine insurance and investment activities.
可能导致的结果：Potential consequences:可能导致通胀与利率压力、MYR 和市场价格波动、企业违约及保险赔付上升；制裁暴露还可能造成付款冻结、法律风险和客户关系终止。Inflation, interest-rate pressure, MYR and asset-price volatility, corporate defaults and insurance claims may rise. Sanctions exposure can also freeze payments, create legal risk and force customer exits.
领先指标：Leading indicators:油价、运费、信用利差、MYR、制裁名单、冲突升级、贸易量及高风险客户付款异常。Oil and freight prices, credit spreads, MYR, sanctions lists, conflict escalation, trade volumes and unusual payments by higher-risk customers.
应对与缓释：Response & mitigation:设定国家、行业和客户限额，进行汇率及市场风险对冲，执行制裁筛查、逆向压力测试和跨地区资产分散。Apply country, sector and customer limits; hedge currency and market risk; maintain sanctions screening, reverse stress tests and geographic diversification.
TR-007 会计、税务或监管资本规则被意外重新解释Unexpected accounting, tax or regulatory-capital reinterpretation低概率Low probability · 高影响High impact
事件如何发生：How it could occur:新准则、税务判例、监管函件或同业重述改变资产、负债、收入、准备金或资本的确认方式，且影响超出公司原先实施假设。A new standard, tax ruling, supervisory letter or peer restatement changes the recognition of assets, liabilities, revenue, reserves or capital beyond management's original assumptions.
影响范围：Scope:全板块，银行和保险／Takaful 的资本及准备金影响通常较大The whole sector, with potentially larger capital and reserve effects for banks and insurers / Takaful operators.
可能导致的结果：Potential consequences:可能导致财务重述、一次性税项或准备金、资本短缺、产品重新定价和股息限制；历史数据可比性下降也会提高盈利预测误差及估值折价。Possible outcomes include restatements, one-off tax or reserve charges, capital shortfalls, product repricing and dividend constraints. Lower historical comparability can also widen forecast error and valuation discounts.
领先指标：Leading indicators:准则征求意见稿、监管咨询或监督函、同业重述、审计师关注事项及资本计算口径变化。Exposure drafts, regulatory consultation, supervisory letters, peer restatements, auditor focus areas and changes in regulatory-capital methodology.
应对与缓释：Response & mitigation:保留资本余量，提前进行会计、精算、税务和法律评估，建立多情景影响模型与分阶段实施计划。Maintain capital headroom, obtain early accounting, actuarial, tax and legal assessments, and prepare multi-scenario impact models with staged implementation.
TR-008 AI或模型驱动的承保、信贷与反欺诈系统控制失效Control failure in AI or model-driven underwriting, credit or fraud systems低概率Low probability · 高影响High impact
事件如何发生：How it could occur:训练数据偏差、模型漂移、错误参数、供应商模型缺陷或缺乏人工监督，使信用审批、保险定价、索赔或欺诈侦测持续产生错误决定。Biased training data, model drift, incorrect parameters, a vendor defect or insufficient human oversight causes persistent errors in credit, pricing, claims or fraud decisions.
影响范围：Scope:全板块，消费金融、银行、保险及数字平台更敏感The whole sector, especially consumer finance, banks, insurers and digital platforms.
可能导致的结果：Potential consequences:可能造成信用和赔付漏损、错误拒绝客户、隐私泄露、歧视投诉及监管处罚；错误累积还可能在后续期间形成较大减值、准备金和模型整改费用。The failure may cause credit or claims leakage, wrongful customer rejection, privacy breaches, discrimination complaints and penalties. Accumulated errors can later require larger impairment, reserves and model-remediation expense.
领先指标：Leading indicators:模型漂移、人工覆核率、误报／漏报率、审批或赔付异常、客户投诉、不同群体结果差异及供应商版本变化。Model drift, override rates, false positives and negatives, unusual approvals or claims, customer complaints, outcome disparities and vendor-version changes.
应对与缓释：Response & mitigation:建立模型清单、独立验证、偏差和压力测试、人工审批门槛、持续监测及可快速回滚的旧模型或规则流程。Maintain a model inventory, independent validation, bias and stress tests, human-review thresholds, continuous monitoring and a tested rollback to prior models or rules.
TR-009 领导层、治理或关联方危机Leadership, governance or related-party crisis低概率Low probability · 高影响High impact
事件如何发生：How it could occur:董事或高管突然离职、继任失序、重大关联交易、利益冲突、审计争议或资本配置决定引发投资者与监管机构质疑。Sudden senior departures, poor succession, material related-party transactions, conflicts, audit disputes or capital-allocation decisions undermine investor and regulatory confidence.
影响范围：Scope:全板块The whole sector.
可能导致的结果：Potential consequences:可能导致策略执行中断、人才和客户流失、资本错配、融资及合规成本上升；若治理信任无法恢复，即使盈利稳定也可能长期承受估值折价。Strategy execution, talent retention, customer relationships and capital allocation may deteriorate while funding and compliance costs rise. A governance discount can persist even if near-term earnings remain stable.
领先指标：Leading indicators:董事会频繁变动、异常或复杂交易、审计延误、关联方余额增加、内部举报及股东反对票上升。Frequent board changes, unusual or complex transactions, audit delays, rising related-party balances, whistle-blower reports and shareholder dissent.
应对与缓释：Response & mitigation:提高独立董事和委员会监督，强化关联交易披露与股东批准，准备管理层继任计划并进行独立审计或特别审查。Strengthen independent board and committee oversight, related-party disclosure and approval, succession planning and independent audit or special review.
TR-010 现有风险清单之外的未知相关性冲击Unknown correlated risk outside the current factor set概率未知Probability unknown · 严重影响Severe impact
事件如何发生：How it could occur:多个原本被视为独立的风险因同一未知因素同时发生，例如市场、网络、流动性、灾害与信用风险在压力期突然高度相关，而现有模型未能捕捉。Risks previously treated as independent become highly correlated through an unknown common driver, causing market, cyber, liquidity, catastrophe and credit stress to occur together beyond current models.
影响范围：Scope:全板块The whole sector.
可能导致的结果：Potential consequences:可能同时打击盈利、流动性、资本、运营和声誉，使传统分散化、历史相关系数和单一风险限额失效；损失规模与恢复时间可能明显超过基准压力测试。Earnings, liquidity, capital, operations and reputation may be hit simultaneously, invalidating historical diversification and single-risk limits. Losses and recovery time may materially exceed baseline stress tests.
领先指标：Leading indicators:跨市场同步压力、异常相关性、多个 KPI 同时偏离、模型解释力下降、历史上未见的客户或资金行为。Synchronous cross-market stress, unusual correlations, several KPIs deviating together, lower model explanatory power and previously unseen customer or funding behaviour.
应对与缓释：Response & mitigation:实施逆向压力测试、跨风险触发升级、集中度上限和额外资本／流动性缓冲，并保留人工决策和快速缩减风险敞口能力。Use reverse stress tests, cross-risk escalation triggers, concentration limits and additional capital and liquidity buffers while retaining human decision-making and rapid risk-reduction capability.
数据质量、可比性与限制Data Quality, Comparability & Limitations
- 157 QA items / 复核事项：72 missing or not applicable；85 period changes above 50% require explanation.
- OUTLIER_CHECK is a review trigger, not proof of error；并购、处置、重组、会计变化和基数效应均可能是真实原因。
- Insurance / Takaful FY2022–FY2023 is affected by IFRS 17; unbridged revenue is not used for high-confidence growth conclusions.
- 小市值和低流动性公司的市场价 / quoted prices may not represent the executable price for a large order.
来源台账Source Ledger
共 228 项来源。原始披露、标准化数据、外部估计和分析判断不混用。The ledger contains 228 sources. Primary disclosure, standardised data, external estimates and analytical judgement remain separately identified.
| source_id | source_name | source_type | provider_or_owner | as_of_date | reliability | url |
|---|---|---|---|---|---|---|
| SRC-0001 | Financial Services sector company list | Credible secondary source | iSaham | 2026-07-14 | Medium | https://www.isaham.my/sector/financial-services |
| SRC-0002 | Equity Securities Listed on Bursa Malaysia as of 30 June 2025 | Primary exchange document | Bursa Malaysia | 2025-06-30 | High | https://www.bursamalaysia.com/sites/5d809dcf39fba22790cad230/assets/6864bbaacd34aa691b33d8b4/isinequity_as_of__30_June_2025.pdf |
| SRC-0003 | Pappajack Annual Report 2024 | Primary issuer filing | Pappajack Bhd | 2024-12-31 | High | https://pappajack.com.my/wp-content/uploads/2025/04/Annual-Report-2024.pdf |
| SRC-0004 | EMCC proposed transfer from ACE Market to Main Market | Exchange announcement mirror / secondary | KLSE Screener / Bursa announcement | 2026-07-10 | Medium | https://www.klsescreener.com/v2/stocks/view/0286/evergreen-max-cash-capital-berhad |
| SRC-0005 | Mercury Securities Group market profile | Credible secondary source | The Star Market Watch | 2026-07-15 | Medium | https://www.thestar.com.my/business/marketwatch/stocks/?qcounter=MERSEC |
| SRC-0006 | OSKVI dealings announcement citing ACE Market Listing Requirements | Exchange announcement mirror / secondary | KLSE Screener / Bursa announcement | 2026-06-30 | Medium | https://www.klsescreener.com/v2/announcements/view/11622395 |
| SRC-0007 | Fintec Global corporate information | Primary issuer website | Fintec Global Berhad | 2026-07-16 | High | https://fintec.global/corporate-information/ |
| SRC-0008 | Bursa Malaysia company profile (1818) | Primary exchange profile | Bursa Malaysia | 2026-07-16 | High | https://www.bursamalaysia.com/bm/trade/trading_resources/listing_directory/company-profile?multipage=true&stock_code=1818 |
| SRC-0009 | OPR data download | Primary central-bank market data | Bank Negara Malaysia FMIP | 2026-05-07 | High | https://financialmarkets.bnm.gov.my/data-download-opr |
| SRC-0010 | Financial Markets Committee market snapshot | Primary central-bank market data | Bank Negara Malaysia FMIP | 2026-07-15 | High | https://financialmarkets.bnm.gov.my/financial-market-committee |
| SRC-0011 | Gross Domestic Product First Quarter 2026 | Primary official statistics | Department of Statistics Malaysia | 2026-03-31 | High | https://www.dosm.gov.my/portal-main/release-content/gross-domestic-product-q12026 |
| SRC-0012 | Consumer Price Index May 2026 | Primary official statistics | Department of Statistics Malaysia | 2026-05-31 | High | https://www.dosm.gov.my/portal-main/release-content/consumer-price-index-may2026 |
| SRC-0013 | Labour Force Statistics May 2026 | Primary official statistics | Department of Statistics Malaysia | 2026-05-31 | High | https://www.dosm.gov.my/portal-main/release-content/labour-force-statistics-may2026 |
| SRC-0014 | BNM Annual Report 2025 press conference transcript | Primary central-bank commentary | Bank Negara Malaysia | 2026-03-30 | High | https://staging001.bnm.gov.my/-/ar2025-transcript |
| SRC-0015 | SC market segmentation review strengthens public market framework | Primary regulator release | Securities Commission Malaysia | 2026-05-28 | High | https://www.sc.com.my/resources/media/media-release/scs-market-segmentation-review-strengthens-public-market-framework |
| SRC-0016 | Bursa Malaysia Index Series Ground Rules | Primary exchange methodology | Bursa Malaysia | 2025-10-01 | High | https://www.bursamalaysia.com/sites/5bb54be15f36ca0af339077a/assets/5cd16a4f5b711a52c3201c37/BM-Index-Series-Ground-Rules.pdf |
| SRC-0017 | MAYBANK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/financials/ |
| SRC-0018 | MAYBANK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/financials/?p=quarterly |
| SRC-0019 | MAYBANK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/financials/balance-sheet/ |
| SRC-0020 | MAYBANK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/financials/balance-sheet/?p=quarterly |
| SRC-0021 | MAYBANK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/financials/ratios/ |
| SRC-0022 | PBBANK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/financials/ |
| SRC-0023 | PBBANK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/financials/?p=quarterly |
| SRC-0024 | PBBANK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/financials/balance-sheet/ |
| SRC-0025 | PBBANK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/financials/balance-sheet/?p=quarterly |
| SRC-0026 | PBBANK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/financials/ratios/ |
| SRC-0027 | CIMB standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/financials/ |
| SRC-0028 | CIMB standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/financials/?p=quarterly |
| SRC-0029 | CIMB standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/financials/balance-sheet/ |
| SRC-0030 | CIMB standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/financials/balance-sheet/?p=quarterly |
| SRC-0031 | CIMB standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/financials/ratios/ |
| SRC-0032 | HLBANK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/financials/ |
| SRC-0033 | HLBANK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/financials/?p=quarterly |
| SRC-0034 | HLBANK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/financials/balance-sheet/ |
| SRC-0035 | HLBANK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/financials/balance-sheet/?p=quarterly |
| SRC-0036 | HLBANK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/financials/ratios/ |
| SRC-0037 | RHBBANK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/financials/ |
| SRC-0038 | RHBBANK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/financials/?p=quarterly |
| SRC-0039 | RHBBANK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/financials/balance-sheet/ |
| SRC-0040 | RHBBANK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/financials/balance-sheet/?p=quarterly |
| SRC-0041 | RHBBANK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/financials/ratios/ |
| SRC-0042 | AMBANK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/financials/ |
| SRC-0043 | AMBANK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/financials/?p=quarterly |
| SRC-0044 | AMBANK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/financials/balance-sheet/ |
| SRC-0045 | AMBANK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/financials/balance-sheet/?p=quarterly |
| SRC-0046 | AMBANK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/financials/ratios/ |
| SRC-0047 | HLFG standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/financials/ |
| SRC-0048 | HLFG standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/financials/?p=quarterly |
| SRC-0049 | HLFG standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/financials/balance-sheet/ |
| SRC-0050 | HLFG standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/financials/balance-sheet/?p=quarterly |
| SRC-0051 | HLFG standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/financials/ratios/ |
| SRC-0052 | ABMB standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/financials/ |
| SRC-0053 | ABMB standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/financials/?p=quarterly |
| SRC-0054 | ABMB standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/financials/balance-sheet/ |
| SRC-0055 | ABMB standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/financials/balance-sheet/?p=quarterly |
| SRC-0056 | ABMB standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/financials/ratios/ |
| SRC-0057 | AFFIN standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/financials/ |
| SRC-0058 | AFFIN standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/financials/?p=quarterly |
| SRC-0059 | AFFIN standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/financials/balance-sheet/ |
| SRC-0060 | AFFIN standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/financials/balance-sheet/?p=quarterly |
| SRC-0061 | AFFIN standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/financials/ratios/ |
| SRC-0062 | MBSB standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/financials/ |
| SRC-0063 | MBSB standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/financials/?p=quarterly |
| SRC-0064 | MBSB standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/financials/balance-sheet/ |
| SRC-0065 | MBSB standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/financials/balance-sheet/?p=quarterly |
| SRC-0066 | MBSB standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/financials/ratios/ |
| SRC-0067 | BIMB standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/financials/ |
| SRC-0068 | BIMB standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/financials/?p=quarterly |
| SRC-0069 | BIMB standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/financials/balance-sheet/ |
| SRC-0070 | BIMB standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/financials/balance-sheet/?p=quarterly |
| SRC-0071 | BIMB standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/financials/ratios/ |
| SRC-0072 | ALLIANZ standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/financials/ |
| SRC-0073 | ALLIANZ standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/financials/?p=quarterly |
| SRC-0074 | ALLIANZ standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/financials/balance-sheet/ |
| SRC-0075 | ALLIANZ standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/financials/balance-sheet/?p=quarterly |
| SRC-0076 | ALLIANZ standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/financials/ratios/ |
| SRC-0077 | LPI standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/financials/ |
| SRC-0078 | LPI standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/financials/?p=quarterly |
| SRC-0079 | LPI standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/financials/balance-sheet/ |
| SRC-0080 | LPI standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/financials/balance-sheet/?p=quarterly |
| SRC-0081 | LPI standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/financials/ratios/ |
| SRC-0082 | TAKAFUL standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/financials/ |
| SRC-0083 | TAKAFUL standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/financials/?p=quarterly |
| SRC-0084 | TAKAFUL standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/financials/balance-sheet/ |
| SRC-0085 | TAKAFUL standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/financials/balance-sheet/?p=quarterly |
| SRC-0086 | TAKAFUL standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/financials/ratios/ |
| SRC-0087 | MNRB standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/financials/ |
| SRC-0088 | MNRB standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/financials/?p=quarterly |
| SRC-0089 | MNRB standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/financials/balance-sheet/ |
| SRC-0090 | MNRB standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/financials/balance-sheet/?p=quarterly |
| SRC-0091 | MNRB standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/financials/ratios/ |
| SRC-0092 | MANULFE standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/financials/ |
| SRC-0093 | MANULFE standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/financials/?p=quarterly |
| SRC-0094 | MANULFE standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/financials/balance-sheet/ |
| SRC-0095 | MANULFE standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/financials/balance-sheet/?p=quarterly |
| SRC-0096 | MANULFE standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/financials/ratios/ |
| SRC-0097 | TUNEPRO standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/financials/ |
| SRC-0098 | TUNEPRO standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/financials/?p=quarterly |
| SRC-0099 | TUNEPRO standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/financials/balance-sheet/ |
| SRC-0100 | TUNEPRO standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/financials/balance-sheet/?p=quarterly |
| SRC-0101 | TUNEPRO standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/financials/ratios/ |
| SRC-0102 | P&O standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/financials/ |
| SRC-0103 | P&O standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/financials/?p=quarterly |
| SRC-0104 | P&O standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/financials/balance-sheet/ |
| SRC-0105 | P&O standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/financials/balance-sheet/?p=quarterly |
| SRC-0106 | P&O standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/financials/ratios/ |
| SRC-0107 | BURSA standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/financials/ |
| SRC-0108 | BURSA standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/financials/?p=quarterly |
| SRC-0109 | BURSA standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/financials/balance-sheet/ |
| SRC-0110 | BURSA standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/financials/balance-sheet/?p=quarterly |
| SRC-0111 | BURSA standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/financials/ratios/ |
| SRC-0112 | HLCAP standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/financials/ |
| SRC-0113 | HLCAP standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/financials/?p=quarterly |
| SRC-0114 | HLCAP standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/financials/balance-sheet/ |
| SRC-0115 | HLCAP standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/financials/balance-sheet/?p=quarterly |
| SRC-0116 | HLCAP standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/financials/ratios/ |
| SRC-0117 | INSAS standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/financials/ |
| SRC-0118 | INSAS standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/financials/?p=quarterly |
| SRC-0119 | INSAS standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/financials/balance-sheet/ |
| SRC-0120 | INSAS standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/financials/balance-sheet/?p=quarterly |
| SRC-0121 | INSAS standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/financials/ratios/ |
| SRC-0122 | KENANGA standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/financials/ |
| SRC-0123 | KENANGA standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/financials/?p=quarterly |
| SRC-0124 | KENANGA standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/financials/balance-sheet/ |
| SRC-0125 | KENANGA standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/financials/balance-sheet/?p=quarterly |
| SRC-0126 | KENANGA standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/financials/ratios/ |
| SRC-0127 | M&A standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/financials/ |
| SRC-0128 | M&A standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/financials/?p=quarterly |
| SRC-0129 | M&A standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/financials/balance-sheet/ |
| SRC-0130 | M&A standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/financials/balance-sheet/?p=quarterly |
| SRC-0131 | M&A standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/financials/ratios/ |
| SRC-0132 | APEX standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/financials/ |
| SRC-0133 | APEX standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/financials/?p=quarterly |
| SRC-0134 | APEX standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/financials/balance-sheet/ |
| SRC-0135 | APEX standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/financials/balance-sheet/?p=quarterly |
| SRC-0136 | APEX standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/financials/ratios/ |
| SRC-0137 | ECM standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/financials/ |
| SRC-0138 | ECM standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/financials/?p=quarterly |
| SRC-0139 | ECM standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/financials/balance-sheet/ |
| SRC-0140 | ECM standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/financials/balance-sheet/?p=quarterly |
| SRC-0141 | ECM standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/financials/ratios/ |
| SRC-0142 | AEONCR standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/financials/ |
| SRC-0143 | AEONCR standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/financials/?p=quarterly |
| SRC-0144 | AEONCR standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/financials/balance-sheet/ |
| SRC-0145 | AEONCR standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/financials/balance-sheet/?p=quarterly |
| SRC-0146 | AEONCR standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/financials/ratios/ |
| SRC-0147 | RCECAP standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/financials/ |
| SRC-0148 | RCECAP standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/financials/?p=quarterly |
| SRC-0149 | RCECAP standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/financials/balance-sheet/ |
| SRC-0150 | RCECAP standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/financials/balance-sheet/?p=quarterly |
| SRC-0151 | RCECAP standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/financials/ratios/ |
| SRC-0152 | PPJACK standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/financials/ |
| SRC-0153 | PPJACK standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/financials/?p=quarterly |
| SRC-0154 | PPJACK standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/financials/balance-sheet/ |
| SRC-0155 | PPJACK standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/financials/balance-sheet/?p=quarterly |
| SRC-0156 | PPJACK standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/financials/ratios/ |
| SRC-0157 | WELLCHIP standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/financials/ |
| SRC-0158 | WELLCHIP standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/financials/?p=quarterly |
| SRC-0159 | WELLCHIP standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/financials/balance-sheet/ |
| SRC-0160 | WELLCHIP standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/financials/balance-sheet/?p=quarterly |
| SRC-0161 | WELLCHIP standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/financials/ratios/ |
| SRC-0162 | ELKDESA standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/financials/ |
| SRC-0163 | ELKDESA standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/financials/?p=quarterly |
| SRC-0164 | ELKDESA standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/financials/balance-sheet/ |
| SRC-0165 | ELKDESA standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/financials/balance-sheet/?p=quarterly |
| SRC-0166 | ELKDESA standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/financials/ratios/ |
| SRC-0167 | MAA standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/financials/ |
| SRC-0168 | MAA standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/financials/?p=quarterly |
| SRC-0169 | MAA standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/financials/balance-sheet/ |
| SRC-0170 | MAA standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/financials/balance-sheet/?p=quarterly |
| SRC-0171 | MAA standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/financials/ratios/ |
| SRC-0172 | JOHAN standardized income annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/financials/ |
| SRC-0173 | JOHAN standardized income quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/financials/?p=quarterly |
| SRC-0174 | JOHAN standardized balance annual | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/financials/balance-sheet/ |
| SRC-0175 | JOHAN standardized balance quarterly | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/financials/balance-sheet/?p=quarterly |
| SRC-0176 | JOHAN standardized ratios | Standardized financial data provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/financials/ratios/ |
| SRC-0177 | MAYBANK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAYBANK/statistics/ |
| SRC-0178 | PBBANK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PBBANK/statistics/ |
| SRC-0179 | CIMB current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/statistics/ |
| SRC-0180 | HLBANK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLBANK/statistics/ |
| SRC-0181 | RHBBANK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RHBBANK/statistics/ |
| SRC-0182 | AMBANK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AMBANK/statistics/ |
| SRC-0183 | HLFG current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLFG/statistics/ |
| SRC-0184 | ABMB current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ABMB/statistics/ |
| SRC-0185 | AFFIN current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AFFIN/statistics/ |
| SRC-0186 | MBSB current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MBSB/statistics/ |
| SRC-0187 | BIMB current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BIMB/statistics/ |
| SRC-0188 | ALLIANZ current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ALLIANZ/statistics/ |
| SRC-0189 | LPI current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/LPI/statistics/ |
| SRC-0190 | TAKAFUL current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/statistics/ |
| SRC-0191 | MNRB current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MNRB/statistics/ |
| SRC-0192 | MANULFE current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MANULFE/statistics/ |
| SRC-0193 | TUNEPRO current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/TUNEPRO/statistics/ |
| SRC-0194 | P&O current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/P&O/statistics/ |
| SRC-0195 | BURSA current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/BURSA/statistics/ |
| SRC-0196 | HLCAP current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/HLCAP/statistics/ |
| SRC-0197 | INSAS current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/INSAS/statistics/ |
| SRC-0198 | KENANGA current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/KENANGA/statistics/ |
| SRC-0199 | M&A current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/M&A/statistics/ |
| SRC-0200 | APEX current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/APEX/statistics/ |
| SRC-0201 | ECM current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ECM/statistics/ |
| SRC-0202 | AEONCR current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/AEONCR/statistics/ |
| SRC-0203 | RCECAP current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/RCECAP/statistics/ |
| SRC-0204 | PPJACK current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/PPJACK/statistics/ |
| SRC-0205 | WELLCHIP current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/WELLCHIP/statistics/ |
| SRC-0206 | ELKDESA current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/ELKDESA/statistics/ |
| SRC-0207 | MAA current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/MAA/statistics/ |
| SRC-0208 | JOHAN current market statistics | Market statistics provider | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/JOHAN/statistics/ |
| SRC-0209 | MAYBANK: Maybank FY2025 financial statements | Core-company primary disclosure | Malayan Banking Berhad | 2025-12-31 | High | https://maybank.listedcompany.com/news.html/id/2605866 |
| SRC-0210 | PBBANK: Public Bank 1Q2026 media release | Core-company primary disclosure | Public Bank Berhad | 2026-03-31 | High | https://www.publicbankgroup.com/news-update/media-release/ |
| SRC-0211 | CIMB: CIMB 1Q2026 results release | Core-company primary disclosure | CIMB Group Holdings Berhad | 2026-03-31 | High | https://www.cimb.com/en/newsroom/2026/cimb-records-resilient-1q26-underpinned-by-disciplined-execution-of-forward30-strategy.html |
| SRC-0212 | HLBANK: Hong Leong Bank 9MFY2026 results | Core-company primary disclosure | Hong Leong Bank Berhad | 2026-03-31 | High | https://www.hlb.com.my/en/personal-banking/news-updates/hlb-announces-9mfy26-results.html |
| SRC-0213 | RHBBANK: RHB five-year group financial highlights | Core-company primary disclosure | RHB Bank Berhad | 2025-12-31 | High | https://www.rhbgroup.com/investor-relations/overview/key-financial-information/index.html |
| SRC-0214 | AMBANK: AmBank FY2026 results release | Core-company primary disclosure | AMMB Holdings Berhad | 2026-03-31 | High | https://www.ambankgroup.com/newsroom/announcements/ambank-group-delivers-record-patmi-of-rm2.1-billion-for-fy26.-total-dividend-declared-increased-by-16--to-35.0-sen-per-share |
| SRC-0215 | BIMB: Bank Islam five-year financial highlights | Core-company primary disclosure | Bank Islam Malaysia Berhad | 2025-12-31 | High | https://bimb.irplc.com/investor-relations/new/financial-highlights-year.html |
| SRC-0216 | ALLIANZ: Allianz Malaysia 1Q2026 earnings release | Core-company primary disclosure | Allianz Malaysia Berhad | 2026-03-31 | High | https://www.allianz.com.my/personal/media-hub/2026/earnings-release-q1.html |
| SRC-0217 | LPI: LPI Capital integrated annual report 2025 | Core-company primary disclosure | LPI Capital Berhad | 2025-12-31 | High | https://www.lpicapital.com/downloads/annualreport2025.pdf |
| SRC-0218 | TAKAFUL: Takaful Malaysia 1Q2026 results release | Core-company primary disclosure | Syarikat Takaful Malaysia Keluarga Berhad | 2026-03-31 | High | https://www.takaful-malaysia.com.my/en/news/takaful-malaysia-delivers-record-breaking-first-quarter-with-rm158-2-million-profit-before-zakat-and-tax-amid-resilient-business-growth/ |
| SRC-0219 | MNRB: MNRB FY2026 results release | Core-company primary disclosure | MNRB Holdings Berhad | 2026-03-31 | High | https://www.mnrb.com.my/media/news-release/252 |
| SRC-0220 | BURSA: Bursa Malaysia 1Q2026 results and investor relations | Core-company primary disclosure | Bursa Malaysia Berhad | 2026-03-31 | High | https://bursa.listedcompany.com/ |
| SRC-0221 | KENANGA: Kenanga official financial highlights | Core-company primary disclosure | Kenanga Investment Bank Berhad | 2026-03-31 | High | https://kenanga.investors-centre.com/investor-relations/financialHighlightsYear.html |
| SRC-0222 | AEONCR: AEON Credit quarterly results archive | Core-company primary disclosure | AEON Credit Service (M) Berhad | 2026-05-31 | High | https://aeoncredit.com.my/investor-relations/quarterly-results/ |
| SRC-0223 | RCECAP: RCE Capital quarterly reports archive | Core-company primary disclosure | RCE Capital Berhad | 2026-03-31 | High | https://ir2.chartnexus.com/rce/quarterly_report.php |
| SRC-0224 | AEONCR: StockAnalysis overview and consensus | Market data and external estimate | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-10 | Medium | https://stockanalysis.com/quote/klse/AEONCR/ |
| SRC-0225 | BURSA: StockAnalysis overview and consensus | Market data and external estimate | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-15 | Medium | https://stockanalysis.com/quote/klse/BURSA/ |
| SRC-0226 | CIMB: StockAnalysis overview and consensus | Market data and external estimate | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-16 | Medium | https://stockanalysis.com/quote/klse/CIMB/ |
| SRC-0227 | KENANGA: StockAnalysis overview and consensus | Market data and external estimate | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-15 | Medium | https://stockanalysis.com/quote/klse/KENANGA/ |
| SRC-0228 | TAKAFUL: StockAnalysis overview and consensus | Market data and external estimate | StockAnalysis.com / S&P Global Market Intelligence | 2026-07-09 | Medium | https://stockanalysis.com/quote/klse/TAKAFUL/ |
方法与声明Method & Disclaimer
本报告为一般性公开股权研究材料，投资期视角为 12–24 个月。情景、优劣势和研究优先级属于分析判断，不构成个人化投资、税务或法律建议。市场价格与政策可在截止日后变化。This report is general public-equity research with a 12–24 month horizon. Scenarios, strengths, weaknesses and research priorities are analytical judgements, not personalised investment, tax or legal advice. Prices and policy may change after the cut-off date.