Awaiting details. AMMB's proposed acquisition of Kurnia Insurans
Malaysia Bhd (KIMB) has received approval from the Minister of Finance
(MOF) and we await details. Meanwhile, our initial assessment based on
preliminary assumptions points to little impact (+1%) on AMMB's earnings
and fundamentals. Positively, its general insurance division could
leapfrog from about 5th position to among the Top 3 in terms of total
premiums, after this acquisition. We maintain our Hold call with an
unchanged TP of RM6.30 (1.6x CY12 P/BV, ROAE: 13.5%)
Maybank Research - 5 April 2012
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