Neutral on the deal. The P/BV of 2x for Kurnia Insurans Malaysia (KIMB) is lower than what we had estimated of 2.2-2.4x. Positively, AMMB will emerge as the largest general insurer in the country with an estimated 13% overall market share of gross written premiums (GWP). In the short term, however, we see little impact to AMMB's financials and we are wary at this stage of the large motor exposure. Our Hold call and RM6.30 TP (1.6x CY12 P/BV, ROAE: 13.5%) are maintained.

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Source: Maybank Research - 13 April 2012