AMMB / Azman Hashim

AMMB / Azman Hashim

Postby winston » Thu May 19, 2011 12:27 pm

Not vested

Valuation/Recommendationï‚·

Maintain HOLD with target price of RM6.90, pegged at 1.7x P/B. Our entry price is RM6.20. AMMB has shown great improvement since ANZ came on board but this had been priced in in its strong share price performance in 2009-10.

Growth momentum is likely to slow down due to the intense competition in the market coming from the three large banks and the newly-emerged fourth-largest bank, Hong Leong Bank, which will embark on a more aggressive growth strategy to shorten its investment payback period.

For mid-sized banks, we prefer Hong Leong Bank (HLBK MK/Target: RM13.70).


Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB

Postby winston » Sun Feb 05, 2017 9:47 pm

TAN SRI AZMAN HASHIM
Flagship: Amcorp Group
Net worth: RM2.4bil

AZMAN, who turns 78 in July, has planned his retirement with his departure from a number of boards within his group over time.

There is a succession plan and two of his children have replaced him in two companies that he owns: Amcorp Properties Bhd and RCE Capital Bhd.

Synonymous with the Arab Malaysian Group, Azman is a chartered accountant-turned-banker. He found himself in a fortuitous position in 1982 when he bought a 40% stake in Taiping Textiles, which later became Arab-Malaysian Development Bhd.

In that same year, Azman bought Arab-Malaysian Development Bank, which later was transformed into Arab Malaysian Merchant Bank Bhd or AMMB.

Azman holds the entire stake in Amcorp group, which is into financial services, property and engineering, information technology, consumer goods and services.

The Amcorp group has a 69.3% stake in Amcorp Properties and Amcorp Properties-PA controls MCM Technologies (information technology business), Harpers Travel, Restoran Seri Melayu and 90% in Amcorp Auto.

In the financial services sector, Azman is the second-largest shareholder with an effective 12.7% stake in AMMB, which controls AmBank, AmInvestment Bank, AmIslamic Bank, AmSecurities and AMMB Nominees.

Azman, via Amcorp group, has a 59.7% stake in RCE Capital and a 6.1% stake in Am First Reits, while AMMB has 26.7% in the same company.

Last year, he disposed of his 25.89% stake in ECM Libra for RM27.45mil held via Amcorp group, Hikkaya Jaya Sdn Bhd, Arab-Malaysian (CSL) Sdn Bhd and Equity Vision Sdn Bhd.

It was said that he was building up his coffers to prepare to take up a portion of the 23.8% block held by Australia and New Zealand Banking Group Ltd’s (ANZ) stake in AMMB Holdings Bhd or the AmBank Group.

He has not denied his interest in the block held by ANZ.

As one of the wealthiest persons around, he saw a drop by one notch in the ranking of Malaysia’s richest to the 22nd spot from 21st in 2015. His net worth was RM2.522bil, down marginally 4.6% to RM2.405bil.

This was derived from the value of his stocks in the various companies as at end-2016.

His 69.2% in Amcorp Properties was valued at RM329.3mil or 78.5 sen a share, his 82.6% in Amcorp Properties-PA was worth RM75.1mil, 12.97% stake in AmBank was valued at RM1.68bil or RM4.31 per share, 6.09% stake in Amfirst Reits was at RM32.3mil or 77 sen a share, and finally, his 59.7% in RCE was worth RM282mil or RM1.36 a share.

Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Thu Sep 14, 2017 9:07 am

not vested

Trading Buy: AMBANK - 1015
(Last price: RM4.35, Potential upside +10.8%)

Company Profile
• Ranked as the 6th largest banking group in Malaysia in terms of market cap.

Trading Catalyst
• Cheap valuations (9.5x FY18 P/E and 0.8x P/B) after recent 21.7% slid from 52-wk high amid failed merger talks with RHBBANK.
• Attractive DY of 5.2% projected for FY18-20.
• Poised for further rebound towards RM4.47-4.65 amid signs of bottoming up.
• HLIB institutional TP at RM5.20 (19.5% upside).

Technical View
• Resistance: RM4.47 / RM4.65 / RM4.82
• Support: RM4.27 / RM4.15
• Cut loss: RM4.13

Key Financial Stats
• Trading at 0.8x P/B, 41% below peers
• Trading at 9.5x FY18 P/E, 21% below peers
• Strong DY of 5.2% projected for FY18-20

Source: Bloomberg, HLIB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Wed Mar 03, 2021 9:07 am

vested

AMBANK (RM3.16 – HLIB Research- HOLD RM2.95 TP) – Knee-jerk selloff towards RM2.63-2.80 levels provides good bargain hunting opportunity

Rattled by an unexpected and unprecedented RM2.83bn global settlement with MoF on 26 Feb with regards to AMMB’s previous alleged involvement in 1MDB transactions, we expect the stock to slide further towards RM2.80 (0.47x FY22 P/B vs 5Y mean 0.5x/sector’s average 0.9x) and RM2.63 (rounding top breakdown target; 0.44x FY22 P/B vs 5Y mean 0.5x/sector’s average 0.9x)

At RM2.63-2.80 levels, AMBANK provides an attractive risk/reward ratio for bargain hunting amid undemanding valuations and would have discounted the credibility concerns of the one-off settlement, supported by the resumption of earnings growth and dividend payment from -RM1.67bn in FY21 (nil dividend) to RM1.23bn in FY22 (DPS: 12sen) and RM1.35bn in FY23 (DPS: 13sen)

All in all, 1MDB is a legacy issue, and we believe AMMB is capable of weathering the storm and be successful again in rolling out long-term business strategies, rebuilding its image, and eventually shake off any negative perception

R1-R2-R3: 3.26-3.36-3.47
S1-S2-S3: 2.90-2.80-2.63

Source: HLIB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Wed Mar 03, 2021 9:24 am

vested

Valuation
Maintain HOLD with RM2.95 TP. Our target price (TP) is derived from the Gordon Growth Model, assuming return on equity (ROE) of 6.5%, 3% long-term growth and 9.9% cost of equity.

Source: DBS

https://www.dbs.com.sg/treasures/aics/s ... AMM_MK.xml
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Wed Mar 03, 2021 9:58 am

vested

1MDB settlement pushes FY21F to net loss

The RM2.83bn 1MDB settlement with MOF came as a negative surprise to us. AMMB stated that a provision of RM2.83bn will be provided in 4QFY21.

Factoring in the 1MDB settlement, we are now projecting a net loss of RM2bn for AMMB in FY21F vs. our net profit forecast of RM829.6m previously.

Downgrade AMMB from Add to Reduce as the 1MDB settlement would lead
to a net loss and absence of dividend in FY21F.

TP: RM 2.76

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5D955D9DAB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Wed Mar 03, 2021 10:15 am

vested

A MYR2.83b Global Settlement
Downgrade to HOLD


AMMB’s Global Settlement of MYR2.83b is an unexpected negative development that will weigh on the stock price in the short term.

Positively though, capital is adequate, fundamentals are intact and the impact to earnings is one-off.

This signals an end to the 1MDB debacle for the bank and improves the prospect for future mergers, in our view. We downgrade the stock to HOLD from Buy with a revised TP of MYR3.40 (-55sen), on a lower CY22 PBV of 0.6x (from 0.7x, CY22 ROE of 6.6%).

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... e79dc7.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Wed Mar 03, 2021 10:21 am

vested

AMMB Holdings (AMM MK)
3QFY21: Provisions Have Yet To Peak


AMMB’s 3QFY21 net profit was in line.

Despite 3QFY21’s commendable core underlying performance, we expect the share price to overshoot on the downside once trading resumes, given the shocking and unexpected cost of its global settlement relating to 1MDB.

Maintain HOLD and target price of RM2.90 (0.48x FY22F P/B, 7.3% ROE) which
implies -2SD to its historical 5-year mean P/B. Entry level: RM2.50.

Source: UOBKH

https://research.uobkayhian.com/content ... 28c53968cd
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Sun Nov 27, 2022 7:10 am

not vested

Sep 19, 2022

Decent ESG rating
BUY maintained


While AMMB has established internal ESG policies, further environmental disclosures and a firmer commitment towards net zero and carbon neutral deadlines would serve to enhance overall ratings.

We have introduced an expanded ESG tear sheet for the bank and assigned it an above average overall score of 63, based on its aggregated quantitative/qualitative/target-based metrics.

BUY maintained with an unchanged TP of MYR4.95, based on a CY23 PBV of 0.8x (CY23E ROE: 8.7%).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/280287.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AMMB / Azman Hashim

Postby winston » Sun Nov 27, 2022 7:13 am

not vested

August 17, 2022

The beginning of an uptrend in NIM

AMMB’s 1QFY3/23 net profit was within our expectations (25% of our full year forecast) but above market (27% of Bloomberg consensus).

We expect 2QFY23 net profit to be close to the level in 1QFY23 as the
growth in net interest income would be offset by higher loan loss provisioning.

Reiterate Add, given its attractive valuation (CY23 P/E 7.6x vs. the sector’s
10.5x) and expected recovery in loan growth in the coming quarters.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8DD092C13E
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Next

Return to A to D

Who is online

Users browsing this forum: No registered users and 10 guests

cron