Above expectations... AFG’s 4Q net profit of RM77.3m (-22.7% qoq, +>100% yoy) beat our but was within consensus estimates with FY10 net profit of RM301.4m (+31.6% yoy) accounting for 116% of our and 103% of consensus net profit forecasts respectively. While we had expected 4Q LLP to normalise (after recovery of a corporate loan in 3Q), nevertheless, the credit charge of 6bps for the quarter was significantly lower than expected. AFG did not declare any dividend for the quarter. FY10 total DPS was 6.4 sen tax exempt vs. FY09: 6.35 sen tax exempt.
Alliance Financial Group Berhad : Lower-Than-Expected LLP Helps Beat Estimates -1/6/2010
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