Research houses have listed PNB transformation as one of the key themes to watch out for this year. Two developments have been seen year to date - the de-merger of UMW Oil & Gas from its parent company, and Sime Darby's spin-off exercise of its plantation and property businesses.

We explore what could PNB's next move to unlock and create value in its strategic investments be, and to what extent its moves could excite the market on Bursa Malaysia.