Awaiting details. AMMB's proposed acquisition of Kurnia Insurans Malaysia Bhd (KIMB) has received approval from the Minister of Finance (MOF) and we await details. Meanwhile, our initial assessment based on preliminary assumptions points to little impact (+1%) on AMMB's earnings and fundamentals. Positively, its general insurance division could leapfrog from about 5th position to among the Top 3 in terms of total premiums, after this acquisition. We maintain our Hold call with an unchanged TP of RM6.30 (1.6x CY12 P/BV, ROAE: 13.5%)

Maybank Research - 5 April 2012

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