Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
Within expectations. While 9MFY12 net profit of RM1.17b (+14% YoY) was 79% of our full-year forecast and 77% of consensus, 4Q is typically a weaker quarter. Management is cautious ahead and has trimmed growth and ROE guidance. Our earnings are nevertheless raised by 3-10% for FY12-14 but with little to excite for now, our Hold call is maintained along with our TP of RM6.30 (2012 P/BV of 1.6x, 14.2% ROE).
Maybank Research 15 Feb 2012
Click here for full report
Company Name: AMMB HOLDINGS BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 6.30 |
Within expectations. While 9MFY12 net profit of RM1.17b (+14% YoY) was 79% of our full-year forecast and 77% of consensus, 4Q is typically a weaker quarter. Management is cautious ahead and has trimmed growth and ROE guidance. Our earnings are nevertheless raised by 3-10% for FY12-14 but with little to excite for now, our Hold call is maintained along with our TP of RM6.30 (2012 P/BV of 1.6x, 14.2% ROE).
Maybank Research 15 Feb 2012
Click here for full report
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