AMMB Holdings Hold; RM7.33
Price target: RM7.50; AMM MK
Moderate growth

3QFY14/9MFY14 results in line; stronger revenues were offset by higher provision and taxes. Overall asset quality intact except for a
spike in hire purchase portfolio. Maintain HOLD and RM7.50 TP.

Regional Plantation Companies
Pertamina’s second biodiesel tender far below target

Pertamina obtained only 1.14m kl from its second biodiesel tender. In total, only 45% of its 5.3m kl requirement has been secured. Pertamina will call for more open tenders to fulfil the remaining requirements. Biodiesel suppliers are still reluctant, due to unfavourable pricing formula. No change to our CPO price forecasts; we expect biodiesel demand to still meet our expectations.

Source: HwangDBS Research - 18 Feb 2014