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Company Update – Ambank (ADD, upgrade) - Paradigm shift




Affin Hwang Investment Bank Bhd


17 Oct 2012





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Upgrade from REDUCE to ADD. Price target raised to RM6.62 from RM6.38 We upgrade our rating for AMMB from REDUCE to ADD as we lift our price target from RM6.38 (based on a P/BV of 1.45x on CY13 ROE of 14.5% and a BVPS of RM4.36) to RM6.62, equivalent to a P/BV multiple of 1.5x on CY13 ROE of 15.2% and a slightly higher BVPS of RM4.40. The upgrade is a result of our upward earnings revision ranging from +4.2% for FY13, +6.1% FY14 and +5.3% FY15, as we take into account potentially stronger earnings impact from non-interest income contribution, of which we have revised up by +8.0-16.0% for FY13-15. Meanwhile, we also believe that stock price have more or less bottomed-out, as it is currently trading at FY03/14 P/BV multiple of 1.4x.

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