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CIMB downgrades AMMB on uncertainties arising from 1MDB investigation, cuts target to RM3.50

Mimi Sabreena 3:06:00 PM Informasi

KUALA LUMPUR (May 17): CIMB Investment Bank Bhd has downgraded AMMB Holdings Bhd to “Hold”, on concerns related to uncertainties arising from the new government’s investigation into troubled 1Malaysia Development Bhd (1MDB).

“We downgrade AMMB from ‘Add’ to ‘Hold’ due to the uncertainties arising from the new government’s investigation into 1MDB. The potential impact from this would be reputational and regulatory risks,” CIMB analyst Winson Ng said in a note to clients today.

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