RESEARCH
AMMB Holdings Berhad
(1015 | AMM Mk) Main | Financial Services
AMMB Holdings Berhad 1QFY26 Results Review and Outlook
Maintain NEUTRAL Unchanged Target Price RM5.30
1QFY26 Results Review Asset Quality Concerns
Our Verdict: Decent set of earnings, as guided. Management’s tone: Neutral. Expect asset quality and loan growth issues to be the primary projects or concern.
Asset quality and loan growth concerns plague AMMB’s outlook. Despite multiple levers to ensure its FY26 ROE target is being met, valuations are rather expensive.
Current P/BV of 0.88x is expensive, trading near +1SD of the 10-year P/BV mean of 0.74x.
Valuations: The company is currently trading at a forward FY26 P/BV of 0.88x with a 4.0% dividend yield.
Yays:
- Dividend yield is expected to grow stronger over time.
- Expect large recoveries and writebacks in the future.
- NOII is expected to perform well in subsequent quarters.
Nays:
- Asset quality concerns, particularly in AMMB’s RSME and unsecured loan portfolio.
- NIM to remain fairly stable or show slight improvement from FY25’s figure.
Okays:
- Mild loan growth to persist.
Results in a nutshell:
- 3MFY26’s Core NP of RM516m was Within/Within our/street forecasts: 26%/26% of full-year forecasts.
- No dividend announcement.
- 3MFY26’s Core net profit (NP) of RM516m up by 3%yoy. The growth was driven by increased NII and NOII, which offset higher OPEX and provisions.
- 1QFY26’s Core NP of RM516m remained flattish, growing 0%qoq. Stronger NII and lower OPEX offset weakness in NOII and higher provisions.
RETURN STATISTICS
Price @ 18 August 2025 (RM) | 5.45 |
---|---|
Expected share price return (%) | -2.8 |
Expected dividend yield (%) | +4.0 |
Expected total return (%) | +1.1 |
INVESTMENT STATISTICS
FY26 Mar | FY26E | FY27E | FY28F | |
---|---|---|---|---|
Core NP (RM m) | 2,061 | 2,051 | 2,091 | 2,122 |
CNP growth (%) | (2) | -0 | 2 | 1 |
Div yield (%) | 4.0 | 5.1 | 5.2 | 5.3 |
EPS (Sen) | 26.7 | 28.0 | 28.5 | 28.9 |
P/BV (x) | 0.8 | 0.8 | 0.8 | 0.8 |
ROE (%) | 6.9 | 7.0 | 7.1 | 7.2 |
RONA (%) | 9.3 | 9.3 | 9.0 | 9.2 |
% Street CNP (%) | 97 | 97 | 97 | 97 |
KEY STATISTICS
FBM KLCI | 1,584.96 |
Bursa Shares (m) | 3,295.4 |
Unquoted free float (%) | 74.6 |
Market Capitalisation (RM’m) | 18,165.2 |
52-wk high/low | RM4.58 – RM5.94 |
3-mth average daily volume (m) | 6.4 |
3-mth average daily value (RM’m) | 32.1 |
Top Shareholders (%) | |
ASB Malaysia Pty Bhd | 12.9 |
EPF Holding Bhd | 11.8 |
Amanah Saham Nasional Bhd | 8.4 |
Analyst
RESEARCH
Have a look at:
- High certainty that AMMB achieves its >RM1.0b target by 1HFY26. This certainty is provided by bond-related NOII upside and a recovery from a large O&G corporate exposure.
- NOII in subsequent quarters may not be a strong as current figures, but different business groups may step up. Fee income this time around was buoyed by higher securities-related gains from treasury, which offset weaker wealth management and investment banking deal flow. Management is expecting to see weaker performing segments to show strong recovery by 2QFY26, with a back-up of utilising further realised gains to secure its 1HFY26 earnings target.
- NIM has peaked this quarter and will decline. This quarter’s NIM performed better than expected, rising +5bps qoq to 2.01%, largely driven by COF improvements. The OPR cut will fall in 2QFY26 (management thinks by -5bps in the next quarter), before clawing its way back up by 2-3bps in 2HFY26 (from FD repricing and loan mix changes), which would allow FY26’s full-year NIM to fall roughly 2-3bps above FY25’s 1.94% figure.
- Seasonal effects bolster a concerning trend in asset quality deterioration. GIL ratio increased by a steep +18bps on a sequential quarter basis. This was driven largely by retail and business banking segments, while the corporate segment saw little change. Management isn’t overly concerned about the uptick of impairments in the residential mortgage and hire purchase loan segments – these are seasonal effects that showed normalisation in Jul-26 and Aug-26. More concerning is the asset quality deterioration in the unsecured and RSME segments, which the Group will be watching and likely setting aside larger overlays for.
- Large recoveries expected by next quarter – and also larger overlay/forward-looking provisions. Management guides for larger recoveries in its corporate segment, particularly out of a large O&G exposure, as early as Sep-26 or Oct-26. Given the likelihood of a windfall recovery, management will instead be setting aside larger provisions for its problematic unsecured and RSME loan segments. The Group guides that FY26’s actual NCC will come close to the 20bps level (factoring in recoveries).
- Mild loan growth to persist – more concerns on the retail loan portfolio. So far, loan growth has continued to underperform, with the Group experiencing negative loan growth due to large repayments in the corporate segment. Currently, the wholesale and business banking segment loan pipeline remains solid – the Group seems confident it can weed out the undesirable SME loans by FY26, and thus regrow its RSME segment.
More concerning is the retail loan portfolio. So far, retail loan growth has been weak, ending up flattish this year so far. Management is trying to jumpstart it again by 2HFY26. For mortgages, the goal is end-financing in higher-quality projects. The Group is regrowing its hire purchase loans portfolio after having undergone rehoming, and more positive signs should come around by 2HFY26. On the other hand, the Group remains concerned about its unsecured loans portfolio and has stopped onboarding new-to-bank customers a few quarters back.
Forecasts unchanged. We make no changes to our earnings forecasts.
Key downside risks: (1) Persistent asset quality issues, (2) Steeper-than-expected NIM compression, (3) Weak loan growth.
Maintain NEUTRAL call: Unchanged GGM-TP of RM 5.30. The TP is based on an unchanged FY26F P/BV of 0.81x.
(GGM assumptions: FY26F ROE of 9.3%, LTG of 4.0% & COE of 10.5%)
RESEARCH
FIG 1: Quarterly results
FINANCIAL SUMMARY | ||||||||
---|---|---|---|---|---|---|---|---|
FYE Mar (RM m) | 1Q FY26 | 4Q FY25 | 1Q FY25 | Yoy (%) | Qoq (%) | 3M FY26 | 3M FY25 | Yoy (%) |
Net interest income | 610 | 584 | 573 | 7 | 4 | 610 | 573 | 7 |
Islamic banking inc. | 294 | 360 | 204 | 18 | -18 | 294 | 204 | 18 |
Non-interest inc. | 293 | 298 | 271 | 8 | -2 | 293 | 271 | 8 |
Net income | 1,260 | 1,242 | 1,146 | 10 | 1 | 1,260 | 1,146 | 10 |
OPEX | (564) | (576) | (521) | 8 | -2 | (564) | (521) | 8 |
PPOP | 696 | 666 | 626 | 11 | 5 | 696 | 626 | 11 |
Loan provisions | (87) | (56) | (36) | 139 | 55 | (87) | (36) | 139 |
Other provisions | 15 | 7 | 24 | -40 | 102 | 15 | 24 | -40 |
JV & Associates | 31 | 39 | 32 | -5 | -21 | 31 | 32 | -5 |
PBT | 654 | 656 | 646 | 1 | -0 | 654 | 646 | 1 |
Tax | (138) | (142) | (146) | -5 | -3 | (138) | (146) | -5 |
Discontinued ops | – | – | – | n.m. | n.m. | – | – | n.m. |
NCI | 0 | (0) | 0 | n.m. | n.m. | 0 | 0 | n.m. |
Reported NP | 516 | 514 | 500 | 3 | 0 | 516 | 500 | 3 |
Core NP | 516 | 514 | 500 | 3 | 0 | 516 | 500 | 3 |
Total NII* | 925 | 895 | 861 | 7 | 3 | 925 | 861 | 7 |
Total NOII* | 366 | 387 | 318 | 15 | -5 | 366 | 318 | 15 |
Gross DPS (sen) | – | 19.9 | – | n.m. | n.m. | – | – | n.m. |
Gross loans | 15.8 | 15.3 | 15.1 | 4 | 3 | 15.8 | 15.1 | 3 |
Gross impaired loans | 138,181 | 136,882 | 132,672 | 4.2 | -0.5 | |||
Gross impaired loans | 2,367 | 2,132 | 2,253 | 5.1 | 11.0 | |||
Customer deposits | 137,987 | 141,547 | 135,479 | 1.9 | -2.5 | |||
CASA | 46,892 | 51,006 | 45,767 | 2.5 | -8.1 | |||
Source: Company, MBSBR | ||||||||
Ratios (%) | 1Q FY26 | 4Q FY25 | 1Q FY25 | Yoy (ppts) | Qoq (ppts) | 3M FY26 | 3M FY25 | Yoy (ppts) |
ROE (Ann.) | 10.0 | 10.0 | 10.0 | 0.0 | 0.0 | 10.0 | 10.0 | 0.0 |
NIM (Reported) | 2.01 | 1.96 | 1.89 | 0.12 | 0.05 | 2.01 | 1.89 | 0.12 |
NOII/Net income | 28.4 | 30.2 | 27.0 | 1.4 | -1.8 | 28.4 | 27.0 | 1.4 |
Cost/income | 44.8 | 46.4 | 45.4 | -0.7 | -1.6 | 44.8 | 45.4 | -0.7 |
NCC (ann.) (bps) | 26 | 16 | 11 | 15 | 9 | 26 | 11 | 15 |
GIL ratio | 1.71 | 1.54 | 1.70 | 0.01 | 0.18 | |||
Loan loss coverage | 78 | 82 | 89 | -12 | -5 | |||
CASA ratio | 34.0 | 36.0 | 33.8 | 0.2 | -2.1 | |||
L/D Ratio | 98.8 | 96.9 | 96.4 | 2.4 | 1.9 | |||
CET 1 | 14.9 | 14.8 | 13.2 | 1.7 | 0.1 |
Source: Company, MBSBR
RESEARCH
FIG 2: QoQ P/L walk (Quarterly results)
Source: Company, MBSBR
FIG 3: YoY P/L walk (Quarterly results)
Source: Company, MBSBR
FIG 4: YoY P/L walk (Cumulative results)
Source: Company, MBSBR
RESEARCH
INCOME STATEMENT (QUARTERLY & CUMULATIVE)
1QFY26 / 3MFY26 results
Earnings: Within/Within our/street forecasts
26%/26% of full-year estimates
Dividend: NO
ROE (%)
Core Net Profit (RM b)
Growth – qoq (Qtr) & yoy (Cum) (%)
Pre-Provisioning Operating Profit (RM b)
Growth – qoq (Qtr) & yoy (Cum) (%)
OPEX – (RM b)
Growth – yoy only! (Qtr & Cum) (%)
Topline – (RM b)
Growth – qoq (Qtr) & yoy (Cum) (%)
Cost/Income ratio (%)
% NOII as topline (%)
Net interest income (RM b)
Non-interest income (RM b)
RESEARCH
NIM (%)
Non-fee NOII (RM b)
Fee income growth – qoq (Qtr) & yoy (Cum) (%)
% Non-fee income as NOII (%)
BALANCE SHEET
Loan growth – qoq, yoy, FYTD (%)
CET 1 ratio (%)
Deposit growth – qoq, yoy, FYTD (%)
Loan/Deposit ratio (%)
CASA growth – qoq, yoy, FYTD (%)
CASA ratio (%)
GIL ratio (%)
Loan loss coverage (%)
Ann. net credit cost (bps)
RESEARCH
FIG 5: Retrospective performance (Income Statement)
Notes (Cum = Cumulative, Qtr = Quarterly)
Metric | Surprise? Qoq/Yoy |
RM mil | Metric | Surprise? Qoq/Yoy |
Qtr value | |
---|---|---|---|---|---|---|
Qtrly Core NP |
516 | Qtrly ROE |
10.0% | t-1 10.0% t-4 |
||
Qoq | 0% | 10.0% | ||||
Yoy | 3% | 10.0% | ||||
Cum Core NP |
516 | Cum ROE |
10.0% | t-1 10.0% t-4 |
||
Within our forecast | ||||||
Within consensus | ||||||
26% of FY CNP | ||||||
Yoy | 3% | |||||
As expected | +ve surprise | |||||
NII | -5% | NIM | Qtr value | 2.01 | ||
Qtr (Qoq) | 3% | Qtr (Qoq) | +5bps | |||
Qtr (Yoy) | 7% | Qtr (Yoy) | +12bps | |||
Cum (Yoy) | 7% | Cum (Yoy) | +12bps | |||
As expected | As expected | |||||
NOII | 15% | % NII | Qtr value | 72% | ||
Qtr (Qoq) | -5% | Qtr (Qoq) | % NOII | 28% | ||
Qtr (Yoy) | 15% | % NII | 72% | |||
Cum (Yoy) | 15% | Cum | % NOII | 28% | ||
As expected | As expected | |||||
OPEX | 8% | Cost/ Inc. |
Qtr value | 44.8% | ||
Qtr (Qoq) | -2% | Qtr (Qoq) | -1.6% | |||
Qtr (Yoy) | 8% | Qtr (Yoy) | -0.7% | |||
Cum (Yoy) | 8% | Cum (Yoy) | -0.7% |
Source: Company, MBSBR
RESEARCH
FIG 6: Retrospective performance (Balance Sheet, Dividends, and anything extra)
Notes (Cum = Cumulative, Qtr = Quarterly)
Metric | Surprise? Qoq/Yoy |
Metric | Surprise? Qoq/Yoy |
||
---|---|---|---|---|---|
-ve surprise | -ve surprise | ||||
Loans | |||||
Qoq | -0.5% | ||||
Yoy | -4.2% | ||||
YTD (FY) | -0.5% | ||||
As expected | As expected | ||||
Depo. growth |
Qoq | -2.5% | CASA grwth |
Qoq | -8.1% |
Yoy | 1.9% | Yoy | 2.5% | ||
YTD (FY) | -2.5% | YTD (FY) | -8.1% | ||
As expected | As expected | ||||
CASA ratio |
Value now | 34.0% | L/D ratio | Value now | 98.8% |
Qoq | -2.1% | Qoq | +1.9% | ||
Yoy | +0.2% | Yoy | +2.4% | ||
-ve surprise | -ve surprise | ||||
GIL ratio | Value now | 1.71% | LLC ratio | Value now | 78% |
Qoq | +18bps | Qoq | -5% | ||
Yoy | +1bps | Yoy | -12% | ||
As expected | As expected | ||||
Qtrly Net CC |
Value now | 26bps | Cum Net CC |
Value now | 26bps |
t-1 | 16bps | t-4 | 11bps | ||
t-4 | 11bps | ||||
Healthy level | No divvy | ||||
CET 1 | Value now | 14.9% | Div payout |
Payout | |
Qoq | 0.1% |
Others:
Source: Company, MBSBR
RESEARCH
FIG 7: Targets, Achievements, and Outlook
Targets | FY26 | 3M FY26 | Notes (Red: New guidance, |
---|---|---|---|
ROE | 10 (Unofficial) |
10.0 | Management is intent on achieving >RM1.0b in 1HFY25. |
CIR | 44.8 | ||
NIM | 2-3bps above 1.94 Flat |
2.01 | Management believes FY26 NIM will have peaked at 2.01%. It expects OPR impact to reduce NIM by -5bps in 2QFY26. Management expects NIM to lift by 2-3bps in 2HFY26, as FDs reprice. |
NOII | 15% (yoy) | ||
Loans | Mid-single-digit | -0.5 (YTD) | |
Deposits | -2.5 (YTD) | ||
% CASA | 34.0 | ||
Loan/Depo | 98.8 | ||
GIL ratio | 1.71 | ||
NCC (bps) | 16 – 30 | 26 | Management expects figures to come closer to the 20bps level, skewed towards the upper bound of guidance. Expect to see recoveries of a large O&G exposure as early as next quarter. |
LLC | 78 | ||
CET 1 | 14.9 | ||
Div payout | 50 | 50 |
Source: Company, MBSBR
RESEARCH
FINANCIAL SUMMARY
INCOME STATEMENT | FINANCIAL RATIOS | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
FYE Mar (RM m) | FY24 | FY25 | FY26F | FY27F | FY28F | FYE Mar (%) | FY24 | FY25 | FY26F | FY27F | FY28F |
Net interest income | 2,137 | 2,354 | 2,456 | 2,477 | 2,538 | Interest (%) | |||||
Islamic banking inc. | 1,012 | 1,121 | 1,378 | 1,420 | 1,451 | NIM | 1.76 | 1.90 | 1.91 | 1.93 | 1.93 |
Other operating inc. | 1,103 | 1,112 | 1,166 | 1,233 | 1,258 | Return on IKEAs | 3.24 | 3.28 | 3.25 | 3.23 | 3.18 |
Net income | 4,555 | 4,821 | 4,950 | 5,129 | 5,242 | Cost of funds | 2.39 | 2.29 | 2.22 | 2.12 | 2.03 |
OPEX | (2051) | (2,198) | (2,240) | (2,257) | (2,308) | Net interest spread | 0.85 | 0.99 | 1.03 | 1.10 | 1.15 |
PPOP | 2,504 | 2,623 | 2,747 | 2,872 | 2,935 | ||||||
Loan provisions | (696) | (224) | (327) | (344) | (361) | Profitability (%) | |||||
Other allowances | (15) | 80 | 5 | 5 | 5 | ROE | 9.1 | 10.0 | 9.3 | 9.3 | 10.0 |
JV & Associates | 40 | 108 | 110 | 115 | 117 | ROA | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 |
PBT | 1,694 | 2,587 | 2,533 | 2,650 | 2,702 | NOII/Net income | 27.5 | 26.0 | 26.4 | 26.9 | 26.8 |
Tax & Jakat | 148 | (586) | (573) | (599) | (611) | Effective tax rate | -8.8 | 22.6 | 22.6 | 22.6 | 22.6 |
NCI | (120) | (0) | – | – | – | Cost/Income | 45.0 | 45.6 | 44.8 | 44.0 | 44.0 |
Discontinued ops | 51 | – | – | – | – | ||||||
Reported NP | 1,868 | 2,001 | 1,961 | 2,051 | 2,091 | Liquidity (%) | |||||
Core NP | 1,707 | 2,001 | 1,961 | 2,051 | 2,091 | Loan/Deposit | 97.8 | 96.9 | 96.7 | 96.7 | 96.7 |
CASA ratio | 37.1 | 36.0 | 32.0 | 32.0 | 32.0 | ||||||
Total NII | 3,304 | 3,570 | 3,643 | 3,750 | 3,835 | ||||||
Total NOII | 1,291 | 1,359 | 1,307 | 1,379 | 1,407 | Asset Quality (%) | |||||
GIL ratio | 1.67 | 1.54 | 1.60 | 1.60 | 1.60 | ||||||
BALANCE SHEET | LLC ratio | 91 | 82 | 90 | 90 | 90 | |||||
FYE Mar (RM m) | FY24 | FY25 | FY26F | FY27F | FY28F | LLC (w. reserves) | 102 | 99 | 98 | 98 | 97 |
Cash & SI funds | 4,929 | 6,700 | 6,793 | 6,759 | 6,750 | Net CC (bps) | 53 | 16 | 23 | 23 | 23 |
Investments securities | 47,713 | 45,348 | 47,793 | 38,901 | 35,873 | ||||||
Net loans | 132,102 | 137,130 | 143,728 | 150,914 | 158,460 | Capital (%) | |||||
Other IKEAs | – | – | – | – | – | CET 1 | 13.0 | 14.8 | 14.9 | 14.4 | 14.2 |
Net assets | 10,452 | 9,847 | 11,229 | 16,360 | 21,268 | Tier 1 capital | 13.0 | 14.8 | 14.9 | 14.4 | 14.2 |
Total assets | 196,764 | 199,044 | 203,509 | 212,694 | 222,660 | Total capital | 16.3 | 17.5 | 17.6 | 17.1 | 16.9 |
Customer deposits | 142,381 | 141,547 | 148,624 | 156,056 | 163,858 | Growth (%) | |||||
Other IBLs | 22,089 | 25,481 | 25,926 | 26,433 | 27,009 | Total NII | -5.5 | 8.1 | 2.0 | 2.9 | 2.3 |
Non-IBLs | 12,851 | 11,394 | 7,336 | 7,515 | 7,701 | Total NOII | 19.2 | 5.3 | -3.8 | 5.5 | 2.0 |
Total liabilities | 177,322 | 178,422 | 181,886 | 190,003 | 198,568 | OPEX | 0.6 | 5.8 | 2.7 | 3.6 | 2.2 |
PPOP | -0.1 | 4.7 | 6.2 | 4.4 | 2.2 | ||||||
Share capital | 6,376 | 6,376 | 6,376 | 6,376 | 6,376 | Core NP | -0.1 | 17.2 | -2.0 | 4.6 | 2.0 |
Reserves | 13,065 | 14,245 | 15,247 | 16,314 | 17,416 | 92 | |||||
Shareholders’ funds | 19,441 | 20,621 | 21,623 | 22,691 | 23,792 | Gross loans | 3.0 | 3.5 | 5.0 | 5.0 | 5.0 |
NCI | 1 | 1 | – | – | – | Customer deposits | 9.3 | -0.6 | 5.0 | 5.0 | 5.0 |
Total equity | 19,442 | 20,622 | 21,623 | 22,691 | 23,792 | CASA | 8.1 | -3.3 | -6.8 | 5.0 | 5.0 |
Total L&E | 196,764 | 199,044 | 203,509 | 212,694 | 222,660 | ||||||
Valuation metrics | |||||||||||
Total IKEAs | 186,312 | 189,197 | 192,280 | 196,334 | 201,092 | Core EPS (sen) | 51.7 | 60.6 | 59.4 | 62.1 | 63.3 |
Total IBLs | 164,471 | 167,028 | 174,550 | 182,489 | 190,867 | Gross DPS (sen) | 22.6 | 30.2 | 26.7 | 28.0 | 28.5 |
Gross loans | 134,130 | 138,883 | 145,828 | 153,119 | 160,775 | Div payout (%) | 44 | 50 | 50 | 45 | 45 |
CASA | 52,707 | 51,006 | 47,560 | 49,938 | 52,435 | P/E (x) | 6.9 | 8.5 | 6.5 | 8.0 | 7.2 |
Core P/E (x) | 10.5 | 9.0 | 9.2 | 8.8 | 8.6 | ||||||
P/BV (x) | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | ||||||
P/BV (x) | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 |
Source: Company, MBSBR
RESEARCH
MBSB RESEARCH (formerly known as MIDF RESEARCH) is part of MBSB Investment Bank Berhad (formerly known as MIDF Amanah Investment Bank Berhad) 197501002077 (24878-X).
(Bank Pelaburan) (A Participating Organisation of Bursa Malaysia Securities Berhad)
DISCLOSURES AND DISCLAIMER
This report has been prepared by MBSB Investment Bank Berhad (formerly known as MIDF Amanah Investment Bank Berhad) 197501002077 (24878-X).
It is for distribution only under such circumstances as may be permitted by applicable law. Readers should be fully aware that this report is for information purposes only. The opinions contained in this report are based on information obtained or derived from sources that we believe are reliable. MBSB INVESTMENT BANK BERHAD (formerly known as MIDF Amanah Investment Bank Berhad) makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of the information contained therein and it should not be relied upon as such. This report is not, and should not be construed as, an offer to buy or sell any securities or other instruments. The information contained herein is based on numerous assumptions. Different assumptions could result in materially different results. All opinions and estimates are subject to change without notice. The research analysts will initiate, update and cease coverage solely at the discretion of MBSB INVESTMENT BANK BERHAD (formerly known as MIDF Amanah Investment Bank Berhad). The directors, employees and representatives of MBSB INVESTMENT BANK BERHAD (formerly known as MIDF Amanah Investment Bank Berhad) may have an interest in any of the securities mentioned and may benefit from the information herein. Members of the MBSB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein This document may not be reproduced, distributed or published in any form or for any purpose.
MBSB Investment Bank (formerly known MIDF Investment Bank): GUIDE TO RECOMMENDATIONS
STOCK RECOMMENDATIONS
BUY | Total return is expected to be >10% over the next 12 months. |
TRADING BUY | The stock price is expected to rise by >10% within 3 months after a Trading Buy rating has been assigned due to positive news flow. |
NEUTRAL | Total return is expected to be Between -10% and +10% over the next 12 months. |
SELL | Total return is expected to be < -10% over the next 12 months. |
TRADING SELL | The stock price is expected to fall by >10% within 3 months after a Trading Sell rating has been assigned due to negative news flow. |
SECTOR RECOMMENDATIONS
POSITIVE | The sector is expected to outperform the overall market over the next 12 months. |
NEUTRAL | The sector is expected to perform in line with the overall market over the next 12 months. |
NEGATIVE | The sector is expected to underperform the overall market over the next 12 months. |
ESG RECOMMENDATIONS* source Bursa Malaysia and FTSE Russell
★★★★★ | Top 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell |
★★★★☆ | Top 26-50% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell |
★★★☆☆ | Top 51%-75% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell |
★★☆☆☆ | Bottom 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell |
* ESG Ratings of PLCs in FBM EMAS that have been assessed by FTSE Russell in accordance with FTSE Russell ESG Ratings Methodology