In a preservation mode
Within expectations. On expectations of more moderate earnings
growth in 2H, AMMB’s 1HFY12 net profit of RM811m (+15.7% YoY)
was within estimates at 55% and 53% of our full-year forecast and
consensus respectively. Our forecasts and Hold call are maintained as
is our target price of RM6.30 (1.6x CY12 P/BV, ROAE: 13.5%).
Maybank research (17 November 2011)
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