Bursa Malaysia Stock Watch
AMMB Holdings: Maintain Hold - Challenges Remain
kltrader
Publish date: Wed, 15 Aug 2012, 10:25 AM
kltrader
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Challenges Remain
Source: Maybank Research - 15 August 2012
- HOLD maintained. AMMB's 1QFY3/13 net profit of MYR449m (+5%YoY) was broadly within our and consensus forecasts. While accounting for 27% of our full-year estimates, challenges remain in that guidance is for further NIM compression ahead and potentially higher credit costs.
- Operating profit growth todate has been subdued and we see few catalysts in the near term. Our forecasts are maintained, as is our HOLD call and TP of MYR6.30 (2012 P/BV of 1.6x, 14.1% ROE).
Source: Maybank Research - 15 August 2012
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