Company Name: AMMB HOLDINGS BHD
|Research House: MIDF||Price Call: HOLD||Target Price: 7.30|
MIDF Research has raised its target price for financial services provider AMMB Holdings Bhd to RM7.30 from RM6.90, expecting stronger loan growth from the country's economic initiatives and capital market deals.
MIDF raised its loan growth assumption for AMMB to 10 per cent from eight per cent, though it emphasised that the company's loan growth has lagged behind the industry average.
"We understand that this was due to the company's strategy to be selective, in growing only profitable segments within the retail financing space," said MIDF in a report on Friday.
The brokerage maintained its 'neutral' call on the company.
Shares of the company were up 1.4 per cent to RM7.25 at 9.42am while the benchmark index rose 0.24 per cent.-- Reuters