AMMB Holdings (AMM MK) UW: 1Q FY14 earnings inflated by write-backs Strong 1H13results, even better outlook for 2H13 Mixed Bag of Results as Bank Reduces Risk MTM Losses on Portfolio vs. Better Bank Results Momentum Continues on NIMs & Fee Growth China market still the main breadwinner Cathay Pacific Key takeaways from management briefing 1H13 – no surprises Strong performance baked in the price Strong 1H13 results, core earnings up by 32.2% YoY