AMMB - Kurnia deal will give AmG lead in general and motor insurance

Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD

Research House: HWANGDBS

Price Call: HOLD

Target Price: 5.80

AMMB Holdings; Hold; RM6.35
Price Target: RM5.80; AMM MK

Transaction valued at RM1.6bn (2.0x BV). Will enlarge general and motor insurance market share, customer base, and agency force. Will boost recurring fee income over medium term.

Source: HwangDBS Research - 13 April 2012