Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Research House: MIDF
KUALA LUMPUR: MIDF Research has reaffirmed its buy recommendation on PUBLIC BANK BHD [] at RM12.04 with an unchanged target price of RM12.80, and said the banking group's 1Q10 net profit of RM685.3 million accounted for 23.2% of its forecast net profit for FY10 and 23.6% of consensus full FY10 estimates. The reported net profit was higher by 1.04% quarter-on-quarter and 16.29% year-on-year, it said. The improved results were driven by higher net interest income, improvement in contribution by non-interest income as well as lower loan impairment allowance, it said. 1Q10 annualised ROE was 25% (versus 26.1% for FY09), it said. "The group is on track to achieve its target loan growth of 15% for FY10. "We maintain our buy call on the stock with an unchanged target price at RM12.80, pegged at 15 times PER on FY10 EPS," it said.
Company Name: PUBLIC BANK BHD
Research House: MIDF
KUALA LUMPUR: MIDF Research has reaffirmed its buy recommendation on PUBLIC BANK BHD [] at RM12.04 with an unchanged target price of RM12.80, and said the banking group's 1Q10 net profit of RM685.3 million accounted for 23.2% of its forecast net profit for FY10 and 23.6% of consensus full FY10 estimates. The reported net profit was higher by 1.04% quarter-on-quarter and 16.29% year-on-year, it said. The improved results were driven by higher net interest income, improvement in contribution by non-interest income as well as lower loan impairment allowance, it said. 1Q10 annualised ROE was 25% (versus 26.1% for FY09), it said. "The group is on track to achieve its target loan growth of 15% for FY10. "We maintain our buy call on the stock with an unchanged target price at RM12.80, pegged at 15 times PER on FY10 EPS," it said.
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