0114 GMT - AMMB Holdings' canceling the sale of its life insurance unit to Great Eastern comes as no surprise, given the prolonged delay, Maybank IB analyst Desmond Ch'ng says in a note. He notes that there has been no progress on the deal since it was first proposed in October 2023. The impact on AMMB's capital is minimal, with its Common Equity Tier 1 ratio at a solid 15.3%, he reckons. While a sale may still be considered, there is no urgency, he adds. Ch'ng expects AMMB to see 11.7% earnings growth in FY 2025, supported by better net interest margins and lower credit costs. Maybank maintains a buy rating on AMMB and keeps the target price at MYR6.30. Shares are 0.2% higher at MYR5.65. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 20:14 ET (01:14 GMT)
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