Adosco: RY--some researsh notes extracted frm HDBS on AMMB--AMMB is currently trading at only 0.8x CY09 P/BV, which we believe does not reflect ANZ's efforts as strategic shareholder. And AMMB stands to benefit most from declining interest rates due to its larger fixed rate loan book compared to peers. Maintain Buy with target price at RM2.90, based on the Gordon Growth Model, implying 1.0x CY09 BV.
.. but better safe than sorry.will consider ammb again if she looks low enough for me to buy again because theres a good value in ammb.
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