Neutral impact in the near term. While the move to acquire MBF Cards augments AMMB's credit card business, the financial impact of this acquisition is largely neutral in the near term, by our estimates, with earnings enhanced by <5%. We maintain our HOLD call on AMMB with an unchanged TP of MYR6.30 (2012 P/BV of 1.6x, 14.1% ROE).
Click here for full reportSource: Maybank Research - 11 July 2012