Contents
An atypical recession 3
Why NPLs have remained low 4
Raising forecasts on low NPL formation 6
Top-line growth gathering momentum 7
Earnings revision cycle — still early days 9
AMMB, Maybank, AFG still offer value 10
Regionally, Malaysia banks trade at a premium 11
Banking sector trends 13
Latest company views
Malayan Banking 15
CIMB Group Holdings 20
Public Bank 26
AMMB Holdings 32
Alliance Financial Group Bhd 37