| |
| AMM MK | Outperform |
| Stock price as of 07 Aug 09 | RM | 4.15 |
| 12-month target | RM | 4.89 |
| Upside/downside | % | +17.8 |
| Valuation | RM | 4.89-5.33 |
| - Gordon growth model | ||
| | ||
| GICS sector | diversified financials | |
| Market cap | RMm | 11,300 |
| 30-day avg turnover | RMm | 34.2 |
| Market cap | US$m | 3,231 |
| Number shares on issue | m | 2,723 |
Investment fundamentals
| Year end 31 Mar | | 2009A | 2010E | 2011E | 2012E |
| | |||||
| Net interest inc | m | 1,776.3 | 1,819.3 | 1,981.0 | 2,227.8 |
| Non interest inc | m | 1,494.7 | 1,772.8 | 1,966.2 | 2,118.2 |
| Underlying profit | m | 1,658.8 | 1,915.1 | 2,134.5 | 2,385.2 |
| PBT | m | 1,217.6 | 1,221.1 | 1,477.5 | 1,682.2 |
| PBT Growth | % | 1.9 | 0.3 | 21.0 | 13.9 |
| Reported profit | m | 860.8 | 887.3 | 1,088.0 | 1,232.0 |
| Adjusted profit | m | 860.8 | 887.3 | 1,088.0 | 1,232.0 |
| | |||||
| EPS rep | sen | 31.6 | 29.4 | 36.1 | 40.9 |
| EPS rep growth | % | 14.6 | -6.9 | 22.6 | 13.2 |
| EPS adj | sen | 31.6 | 29.4 | 36.1 | 40.9 |
| EPS adj growth | % | 14.2 | -6.9 | 22.6 | 13.2 |
| PE rep | x | 13.1 | 14.1 | 11.5 | 10.2 |
| PE adj | x | 13.1 | 14.1 | 11.5 | 10.2 |
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| Total DPS | sen | 8.0 | 10.0 | 12.0 | 14.0 |
| Total div yield | % | 1.9 | | | |
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