AMMB Holdings [%AJOn%] 
Research by Maybank IB
BUY: Price Target: RM3.50

"Partial disposal of AmGeneral"

Had been anticipated
The partial disposal of AmGeneral is expected and positively, AMMB will hold a 30% stake in a larger general insurance group while the sale should enhance its capital ratios. Impact to earnings from a reduced stake is expected to be minimal. BUY maintained with an unchanged TP of MYR3.50 (CY22E PBV of 0.7x; ROE 7.6%).

Desmond Ch'ng, BFP, FCA 
T (603) 2297 8680
E [%cTgG%]

AMMB Holdings $KLSE-AMBANK 
Research by Maybank IB
BUY: Price Target: RM3.50

"Partial disposal of AmGeneral"

Had been anticipated
The partial disposal of AmGeneral is expected and positively, AMMB will hold a 30% stake in a larger general insurance group while the sale should enhance its capital ratios. Impact to earnings from a reduced stake is expected to be minimal. BUY maintained with an unchanged TP of MYR3.50 (CY22E PBV of 0.7x; ROE 7.6%).

Desmond Ch'ng, BFP, FCA 
T (603) 2297 8680
E desmond.chng@maybank-ib.com