Neutral impact in the near term. While the move to acquire MBF Cards
augments AMMB's credit card business, the financial impact of this
acquisition is largely neutral in the near term, by our estimates, with
earnings enhanced by <5%. We maintain our HOLD call on AMMB with an
unchanged TP of MYR6.30 (2012 P/BV of 1.6x, 14.1% ROE).
Click here for full report
Source: Maybank Research - 11 July 2012
No comments:
Post a Comment