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AMMB’s 2QFY22 earnings were within expectations, and we maintain elevated provisions into FY23E on grounds of prudence, while factoring in the impact of Cukai Makmur in FY22E as a one-off item. We thus broadly maintain our core earnings and our TP of MYR3.90 (CY22E PBV of 0.8x; CY22E ROE: 8.3%).

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