Driven by write-backs in LLP
? AMMB’s FY3/22 net profit was above our estimate, at 110% of our forecast,
due to lower-than-expected LLP.
? We project EPS growth of 6% for AMMB in FY3/23F, driven by: 1) an 18.6%
increase in non-interest income, and 2) a 9.9% drop in LLP.
? Reiterate Add given its attractive valuation (CY23 P/E of 7.2x is among the
lowest in the sector) and its above-industry loan growth.