[%jOIz%] 
Research by TA
Buy - TP RM5.60

"Strong Kickoff to FY25"

We update beta and lower our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise AMMB’s TP from RM4.74 to RM5.60. Our valuation is based on an implied PBV of c. 0.89x based on the Gordon Growth Model. With that, we upgrade AMMB from hold to BUY.

Analyst:
Li Hsia Wong 
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$KLSE-AMBANK 
Research by TA
Buy - TP RM5.60

"Strong Kickoff to FY25"

We update beta and lower our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise AMMB’s TP from RM4.74 to RM5.60. Our valuation is based on an implied PBV of c. 0.89x based on the Gordon Growth Model. With that, we upgrade AMMB from hold to BUY.

Analyst:
Li Hsia Wong 
liwong@ta.com.my