Ambank / Azman Hashim

[winston]

not vested

1015 AMBANK (BUY)
Earnings in line, outlook steady

AMMB’s 1HFY26 earnings rose 5% YoY on 6.9% revenue growth, largely supported by improvement in NOII (+28.2% YoY) and NII (+2.9%).

NIM contracted 4ppt QoQ to 1.97% in 2Q but should stabilise in 2HFY26 with cost measures.

NCC surged 34.8bp QoQ to 60bp on RM99m overlay and higher SME provisions.

Results were in line, with forecasts unchanged.

We continue to view AMMB’s risk‑reward profile as skewed to the upside.

Valuations remain undemanding, with potential for higher dividend payouts.

In addition, the build‑up in FVOCI reserves provides management flexibility to pocket higher investment gains, serving as a profit buffer during softer periods.

Maintain BUY with a GGM‑derived TP of RM6.20, based on 0.95x FY26 P/B.

Source: HLIB

[winston]

not vested

2QFY26 results above expectations

BUY maintained; TP raised to MYR6.45 AMMB’s 2QFY26 results were above expectations, predominantly due to higher investment gains and provision writebacks.

Our FY26-28E earnings forecasts are raised by approximately 3% per year, while our TP is raised to MYR6.45 from MYR6.05, from rolling forward valuations to CY26 from CY25 before (CY26E PBV of 0.95x, COE: 10%, g: 4%, ROE:9.7%).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/500760.pdf

[winston]

not vested

AMMB - Dividend Expansion Plan In Motion
Date: 2025-11-27
Firm: RHB
Price Target: 6.20
Price Call: HOLD

Stay NEUTRAL, new MYR6.20 TP (from MYR5.80), 5% upside.

AMMB's 1HFY26 (Mar) results slightly beat our expectations but came in line with consensus'.

Notably, the group's larger-than-expected interim dividend reinforces management's commitment towards accelerating capital returns to shareholders.

However, as the counter has outperformed the sector YTD, we think this is largely in the price.

https://klse.i3investor.com/web/priceta ... arch/76909

[winston]

not vested

AMMB Holdings Berhad - Pockets Of Stress In SME But Manageable
Date: 2025-11-27
Firm: PUBLIC BANK
Price Target: 5.70
Price Call: HOLD

Our DDM-derived TP is revised to RM5.70 after we raise our earnings forecasts and dividend assumptions.

Maintain Neutral. AMMB declared a higher interim DPS of 12.5sen (2QFY25: 10.3sen), translating to a payout ratio of 39%.

https://klse.i3investor.com/web/priceta ... arch/76881

[winston]

not vested

1015 AMBANK (BUY)
Record year in sight

AMMB’s 9MFY26 net profit of RM1.6bn (+6.3% YoY) beat expectations, accounting for c.80% of our full-year forecasts.

Despite moderated loan growth (+4.1% YoY), asset quality remains well shielded with a resilient GIL of 1.76%.

Management remains confident of achieving another record year, underpinned by disciplined margin management, refined credit cost guidance of 21–25bps and solid capital buffers.

Following the stronger performance, we raised FY26–28f earnings by 5.3%/3.3%/3.2% respectively. All in, we reiterate BUY rating with a higher TP of RM7.70.

Source: HLIB

[winston]

vested

AMMB poised for strong dividend growth

AMMB Holdings Bhd’s overlay reserves of RM484mil should help cushion potential profit-and-loss volatility, while its strong capital base leaves room for further shareholder returns.

“Its robust capital position places AMMB well on track to deliver on its commitment to double absolute dividend per share (DPS) by financial year 2029 (FY29), with optionality for potential excess capital returns”.

Source: The Star

https://www.thestar.com.my/business/bus ... end-growth