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ACB - Strong core business, but willingness to provision falls - Earnings Flash

We currently have OUT-PERFORM rating for ACB, based on its strong core business. However, we do have concerns regarding its distressed assets and provisioning level for credit loss. ACB has issued its unaudited FS for H1 2016 with PBT and PAT increased by 13.3% and 16.2% y-o-y, respectively, achieving 48% of our forecast.