[%IBzn%] 
Research by Maybank
Buy - TP RM5.95

"1QFY25 results above expectations"

AMMB’s 1QFY25 results were above expectations, largely on account of lower-than-expected credit cost – we raise FY25-27E earnings by 2-3%. Our FY25E ROE of 9.5% continues to trail management’s target of 10%. Our TP is rolled forward and raised to MYR5.95 (from MYR5.05) and our payout ratio is revised to 50% from 42%, translating to an FY25E yield of 5.7%.

Analyst:
Desmond Ch'ng, BFP, FCA
[%kScr%]

$KLSE-AMBANK 
Research by Maybank
Buy - TP RM5.95

"1QFY25 results above expectations"

AMMB’s 1QFY25 results were above expectations, largely on account of lower-than-expected credit cost – we raise FY25-27E earnings by 2-3%. Our FY25E ROE of 9.5% continues to trail management’s target of 10%. Our TP is rolled forward and raised to MYR5.95 (from MYR5.05) and our payout ratio is revised to 50% from 42%, translating to an FY25E yield of 5.7%.

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com