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Results Note – AMMB Holdings (ADD, maintain) - Positioned to withstand competition




Affin Hwang Investment Bank Bhd


16 May 2013





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12MFY03/13 net profit below AFFIN’s estimate. AMMB’s 12MFY03/13 net profit of RM1,635.2m (+10.2% yoy) was within consensus estimate but came in 6.1% below Affin’s FY03/13 net profit estimate of RM1,802.8m. This is due to our lower estimate for operating expenses (given the acquisition costs). Overall, the better operating performance in FY03/13 was attributable to a contraction in allowance for impairment, as reflected by a decline in credit cost from 51bps in FY03/12 to 21bps in FY03/13. Going forward, AMMB maintained a FY03/13 guidance of a 10-15bps contraction in NIMs while loans growth are expected to be around 8.0-10.0% yoy, underpinned by expansion in household debt and a gradual expansion in business loans. For the quarter, management proposed a 15 sen single-tier dividend in 4QFY03/13, thus bringing full year dividend to 22 sen from 20.1 sen last year.

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