Still early days. That AMMB could potentially acquire Kurnia Insurans
Malaysia Bhd (KIMB) is a very preliminary consideration. Much depends on
how negotiations develop and depending on pricing. Our scenario below
points to little impact (+1%) on AMMB's earnings. We maintain our Hold
call on AMMB with an unchanged TP of RM6.30 (1.6x CY12 P/BV, ROAE:
13.5%)
Maybank research (20 December 2011)
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