PETALING JAYA: The prospects of
AmBank had reportedly been in M&A talks with several financial institutions, including RHB Banking Group and Grab Holdings Ltd, over the past few years, but no deal had materialised thus far from these negotiations. Kenanga Research maintained its “outperform” call on AmBank, with an unchanged target price of RM5.05.“That said, we do believe the group could do well fundamentally as a key beneficiary of the economic recovery from its notable small and medium enterprise loan profile with asset quality concerns on household sector aside,” Kenanga Research said.
The brokerage projected AmBank to register an earnings per share growth of 7% for the financial year ending March 31, 2024 and 10% for FY25. It expected the group’s return on equity ratios to hover around 10%, were stronger than pre-Covid years.
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