Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Highlights
Regional Gaming
A tale of three cities
GENS: Stronger 2H12 will full opening of RWS. GENM: Strong free cashflow from Malaysia's resilient mass market will underpin US expansion plans. GENHK: GGR growth at RWM will remain strong as operations ramp up and future competition is likely to be delayed. GENS and GENT remain our top picks; GENHK's valuation is attractive.
Result Snapshot
Public Bank; Buy; RM13.44Price target: RM14.90; PBKF MK
Sustained healthy momentum
FY11 result was within expectations; slight deviation in non-interest income. Earnings driven by consistent loan growth, stable asset quality and best cost-to-income ratio. Declared 28sen DPS, taking full year dividend to 48sen or 48% payout; future payout at c.50%. Maintain Buy with RM14.90 TP.
Company Name: PUBLIC BANK BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 14.90 |
Highlights
Regional Gaming
A tale of three cities
GENS: Stronger 2H12 will full opening of RWS. GENM: Strong free cashflow from Malaysia's resilient mass market will underpin US expansion plans. GENHK: GGR growth at RWM will remain strong as operations ramp up and future competition is likely to be delayed. GENS and GENT remain our top picks; GENHK's valuation is attractive.
Result Snapshot
Public Bank; Buy; RM13.44Price target: RM14.90; PBKF MK
Sustained healthy momentum
FY11 result was within expectations; slight deviation in non-interest income. Earnings driven by consistent loan growth, stable asset quality and best cost-to-income ratio. Declared 28sen DPS, taking full year dividend to 48sen or 48% payout; future payout at c.50%. Maintain Buy with RM14.90 TP.
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