HOLD maintained. AMMB’s FY3/12 results were within our expectations and
consensus. Taking into account management’s guidance for FY3/13-15, our
forecasts are little changed. While we view positively the
transformation at AMMB, valuations are fair and our TP of MYR6.30 is
maintained (2012 P/BV of 1.6x, 14.1% ROE).
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Source: Maybank Research - 18 May 2012
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