Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
Maybank Research kept its hold call on AMMB Holding Berhad after the government gave it's unit the green light to acquire a 100 per cent stake in Kurnia Insurance, a wholly-owned subsidiary of Malaysian insurer Kurnia Asia.
AMMB holds a 51 per cent stake in AmG Insurance Bhd, which is spearheading the deal. Insurance Australia Group owns the rest.
"Our initial assessment points to little impact on AMMB's earnings and fundamentals," said the broker in a research note today.
Maybank maintained its target price unchanged at RM6.30 (US$2.06) per share.
Maybank said that AMMB's general insurance division could jump from its current fifth position to among the top three in terms of total premiums following the acquisition.
As of 9.49am in Kuala Lumpur trading, AMMB's shares fell 0.16 per cent, compared to the Malaysian benchmark stock index KLCI which dropped 0.41 per cent. -- Reuters
Company Name: AMMB HOLDINGS BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 6.30 |
Maybank Research kept its hold call on AMMB Holding Berhad after the government gave it's unit the green light to acquire a 100 per cent stake in Kurnia Insurance, a wholly-owned subsidiary of Malaysian insurer Kurnia Asia.
AMMB holds a 51 per cent stake in AmG Insurance Bhd, which is spearheading the deal. Insurance Australia Group owns the rest.
"Our initial assessment points to little impact on AMMB's earnings and fundamentals," said the broker in a research note today.
Maybank maintained its target price unchanged at RM6.30 (US$2.06) per share.
Maybank said that AMMB's general insurance division could jump from its current fifth position to among the top three in terms of total premiums following the acquisition.
As of 9.49am in Kuala Lumpur trading, AMMB's shares fell 0.16 per cent, compared to the Malaysian benchmark stock index KLCI which dropped 0.41 per cent. -- Reuters
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