[%rSiJ%] 
Research by RHB
Buy - TP RM5.90

"NIM Management Bearing Fruit; Stay BUY"

Maintain BUY, new MYR5.90 TP from MYR5.50, 18% upside with c.5% FY25F (Mar) yield. AMMB’s Winning Together phase got off to a flying start, with 1QFY25 results beating expectations. A 10bps QoQ NIM expansion was the highlight, in our view – this overshadowed the more exceptional lower-than-expected credit costs. This, combined with a robust loan and investment banking pipeline, should be more sustainable for earnings growth ahead. AMMB remains a sector Top Pick for its undemanding valuation and capital management potential.

Analysts:
Nabil Thoo
[%FiRY%]
David Chong, CFA
[%PaTa%]

$KLSE-AMBANK 
Research by RHB
Buy - TP RM5.90

"NIM Management Bearing Fruit; Stay BUY"

Maintain BUY, new MYR5.90 TP from MYR5.50, 18% upside with c.5% FY25F (Mar) yield. AMMB’s Winning Together phase got off to a flying start, with 1QFY25 results beating expectations. A 10bps QoQ NIM expansion was the highlight, in our view – this overshadowed the more exceptional lower-than-expected credit costs. This, combined with a robust loan and investment banking pipeline, should be more sustainable for earnings growth ahead. AMMB remains a sector Top Pick for its undemanding valuation and capital management potential.

Analysts:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com