Alliance Bank: Tracking Expectations and Maintaining BUY
The risk-reward is balanced despite -9% YTD correction, with our scenario analysis also pointing to limited upside on a probability-weighted basis.
While Alliance enters this period from a position of strength, we are cognizant downside risks can be non-linear, as seen during Covid-19.
“Accordingly, we reflect this through a more conservative P/B valuation. Maintain HOLD with lower TP of RM4.70,” says Ambank Research.
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