AMMB Holdings reported a more normalized 4QFY24 net profit of RM476.5m (+11.5% YoY, -12.3% QoQ) in the absence of one-off items that distorted the immediate preceding quarter’s reported numbers. Core net profit of RM1.80bn (+1.4% YoY) excluding the various one-of items (RM112m impairment of intangible assets, RM80m charge for restructuring expenses, RM328m credit impairment overlays and RM538m in tax credits) is slightly ahead of our and consensus expectations at 105% and 107% of full-year numbers respectively. We note some encouraging developments in its expected numbers going forward– improvements in net credit costs and likely margin expansions. We remain encouraged over AMMB’s long-term prospects, reflected by these steady improvements on the operational front. Our earnings estimates are left unchanged though we raise our dividend-based TP to RM4.80 as we roll over our base valuation year. We also raise our call to Trading Buy given the share price upside potential.
Source: PublicInvest Research - 28 May 2024
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