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Results Note – AMMB Holdings (REDUCE, downgrade) - Catalysts priced-in, downgrade to REDUCE




Affin Hwang Investment Bank Bhd


18 Aug 2013





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1QFY03/14 net profit in-line with AFFIN’s and consensus estimates AMMB’s 1QFY03/14 net profit of RM467.9m (+5.6% yoy) was within consensus estimate and our forecast, on an annualized basis. Operating income for AMMB grew at 10% yoy as significantly improved profits from the insurance business and mediocre growth in net interest income negated the decline in non-interest income. Despite heightened volatility in the debt market, the group’s treasury assets remained well-hedged and we continue to anticipate a potential reversal in unrealized losses. The integration of Kurnia and MBF Cards have been on track and the group is expected to benefit from an additional RM10m cost synergy from the Kurnia acquisition. No dividends are proposed in 1QFY03/14. We maintain our FY03/14’s DPS of 24 sen based on a 37% payout ratio.

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