AMMB / Azman Hashim

[winston]

not vested

2QFY23 results above expectations

Forecasts maintained

While 1HFY23 results were above expectations on low credit costs, management maintains its credit cost guidance, which would imply higher credit costs in 2HFY23.

Our forecasts are maintained and we continue to maintain a BUY on the stock, with an unchanged TP of MYR4.95, based on a CY23E PBV of 0.8x (CY23E ROE: 8.7%).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/292971.pdf

[winston]

not vested

AmBank may be ripe for M&A, says Kenanga

By Isabelle Francis

Kenanga’s projected AmBank’s earnings per share (EPS) growth of 7% and 10% for FY2024F and FY2025 respectively is reflective of such readings, while ROEs are expected to linger close to 10%, higher than pre-pandemic levels.

Kenanga noted that the group’s RM2.83 billion one-off global settlement payment to the Ministry of Finance in 2021 affected Ambank’s forward PB valuations, which dropped to its lowest point at 0.55x in July 2021.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/672137

[winston]

not vested

Analysts favour AmBank for its undemanding valuation, stabilising NIM and possibility of special dividend

By Hailey Chung

We continue to like AmBank for its inexpensive valuation and transparent guidance, while the likely disposal of AmMetLife is a potential catalyst given the possibility of special dividends.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/679588

[winston]

not vested

ANZ puts up 9% AMMB stake for sale via accelerated bookbuilding

By Chester Tay

Australia and New Zealand Banking Group Ltd (ANZ) is putting up 297.72 million shares in AMMB Holdings Bhd for sale, at an indicative price of RM3.80 to RM3.85 per share.

Represents an 8.3% to 9.5% discount to AMMB’s closing price of RM4.20 on Tuesday,

The sale would reduce ANZ’s shareholding in AMMB to 12.7% from 21.7%. Currently, foreign shareholding in Malaysian commercial banks are capped at 30%.

Azman Hashim is the second largest shareholder with an 11.8% stake, followed by the Employees Provident Fund’s 9.6%.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/703526