AMMB 控股：初步看法：PPoP 趋势稳健，资本回报稳定

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

18 August 2026

AMMB Holdings

First Take: Resilient PPoP trends and steady capital

return

Our First Take: AMMB reported 1QFY27 net income of RM520mn, up 1% y/y,

flat q/q and 1% below JPMe. Revenues were steady, supported by NII (+6%q/q,

+3% vs JPMe), though NIM declined 4bps q/q to 1.93% on lower asset yields.

Non-II was broadly in line with stronger wealth management fees offsetting

weaker trading and insurance income. Loans/deposits rose 7%/6% y/y,

respectively, with LDR edging up by ~234bps q/q. Costs were well controlled, with

CIR improving to 43.7% (-252bps q/q), but further efficiency may be limited from

here. The bank booked 19bps of credit costs, largely reflecting RM52.5mn of

overlay provisions for geopolitical risks. Asset quality softened across segments,

with NPL ratio increasing by 3bps q/q to 1.62%. Coverage came off to 67% (10.6%y/y, -134bps q/q), which screens lower vs peers. This leaves limited buffers

should asset quality deteriorate further, posing upside risk to credit costs.

Overweight

AMMB.KL, AMM MK

Price (18 Aug 26):RM7.23

Price Target (Jun-27):RM7.20

APAC Banks

Harsh Wardhan Modi AC

(65) 6882-2450

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Daniel Andrew Tan, CFA

Capital levels remain healthy with CET1 at 14.82% (~14.4% excluding 1Q27

unaudited profits) and management intends to keep it above 14% over the next 5Y.

We forecast 41/48sen DPS for FY27/FY28, consistent with guidance to double

dividends from FY24 levels (~22.6sen). Overall, these are steady results with

disciplined costs and improving capital return visibility, yet the +11.7% YTD rally

vs. +3.5% for KLCI limits immediate upside, in our view.

(63-2) 8554-2413

J.P. Morgan Securities Philippines, Inc.

Yen Voo, CFA, CA

(60-3) 2718 0914

JPMorgan Securities (Malaysia) Sdn. Bhd. (18146X)

Key Positives

Costs were well-contained with CIR declining to 43.7%. NII was stronger than

expected,+3% vs JPMe.

Key Negatives/Question Marks

Asset quality softened, with NPL ratio picking up during the quarter. Coverage

came off to 67%.…