May 2008 Financial News

AMBL Releases Year End Results

May 13, 2008

ANSA Merchant Bank Limited
Results for the Year Ended December 31, 2007

Earnings Per Share
For the Year Ended December 31, 2007, ANSA Merchant Bank Limited (AMBL) reported Earnings Per Share of $2.07, which represented an increase of 17.0 per cent or 30 cents when compared to fiscal 2006.

Financial Highlights:
• Total Income, up 3.9 per cent or $20.5 million to $547.9 million
• Total Expenses, down 8.0 per cent or $29.5 million to $337.4 million
• Operating Profit, up 31.1 per cent or $50.0 million to $210.5 million
• Profit After Taxation, up 17.2 per cent or $25.6 million to $174.6 million

Recommendation
AMBL last closed at a price of $27.52. We are forecasting an EPS of $2.35 for FY08, which at the current price translates to a P/E multiple of 11.7 times. At this time, we recommend a HOLD on this share.


Nancy Chen
WISE Equity Research Team