Exiting the stockbroking business

■ AIBB has entered into an agreement with Phillip Futures for the proposed disposal of its stockbroking business; this came as a surprise to us.
■ We are neutral on the deal given the minimal one-off disposal gain, and insignificant earnings contributions from its stockbroking business.
■ Retain Hold on Alliance as we see higher credit risks from Covid-19 for the bank relative to its peers; share price supported by dividend yield of 4.7%.