Bursa Malaysia Stock Watch

AMMB Holdings: Maintain Hold - Acquires MBF Cards

kltrader
Publish date: Wed, 11 Jul 2012, 09:32 AM
kltrader
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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).

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Source: Maybank Research - 11 July 2012
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