[%kqUb%]
Research by CGS
Add - TP RM5.95

"Delivered on NIM expansion guidance"

■ Although AMMB’s 1QFY3/25 net profit accounted for 26.5% of our full-year forecast, we deem it in line in anticipation of weaker quarters ahead.
■ AMMB delivered on its guidance for NIM expansion, which rose by a commendable 10bp qoq and 13bp yoy in 1QFY25.
■ Reiterate Add, given AMMB’s attractive valuation of 8.3x CY25F P/E (vs. the sector’s 10.6x) and potential write-back in management overlay.

Analyst:
Winson NG, CFA
[%ZkZb%]

$KLSE-AMBANK
Research by CGS
Add - TP RM5.95

"Delivered on NIM expansion guidance"

■ Although AMMB’s 1QFY3/25 net profit accounted for 26.5% of our full-year forecast, we deem it in line in anticipation of weaker quarters ahead.
■ AMMB delivered on its guidance for NIM expansion, which rose by a commendable 10bp qoq and 13bp yoy in 1QFY25.
■ Reiterate Add, given AMMB’s attractive valuation of 8.3x CY25F P/E (vs. the sector’s 10.6x) and potential write-back in management overlay.

Analyst:
Winson NG, CFA
winson.ng@cgsi.com