Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Alliance Research raised its call on the country's third-largest lender Public Bank Bhd to "neutral" from "sell", citing "defensive" operations and an attractive stock price following third-quarter results.
"We have recently upgraded our recommendation on Public Bank...in view of defensiveness of its operations and stock price, which are appealing during a period of uncertainty," Alliance said in a note on Friday.
Public Bank's 2012 third-quarter earnings rose 3.8 percent year-on-year to RM2.88 billion, helped by strong annualised domestic loan growth and reduced impaired loan ratio, the research house said.
The bank's dismal overall loan growth of 11.3 percent was weighed down by its China and Hong Kong operations, pointing towards an "ongoing difficult environment" in these markets, Alliance said.
Alliance pegged the lender's fair value at RM13.62 per share.
As of 10.15am, Public Bank's shares were up 0.14 percent at RM14.74 while the Malaysian benchmark stock index rose 0.19 percent. -- Reuters
Company Name: PUBLIC BANK BHD
| Research House: ALLIANCE | Price Call: HOLD | Target Price: 13.62 |
Alliance Research raised its call on the country's third-largest lender Public Bank Bhd to "neutral" from "sell", citing "defensive" operations and an attractive stock price following third-quarter results.
"We have recently upgraded our recommendation on Public Bank...in view of defensiveness of its operations and stock price, which are appealing during a period of uncertainty," Alliance said in a note on Friday.
Public Bank's 2012 third-quarter earnings rose 3.8 percent year-on-year to RM2.88 billion, helped by strong annualised domestic loan growth and reduced impaired loan ratio, the research house said.
The bank's dismal overall loan growth of 11.3 percent was weighed down by its China and Hong Kong operations, pointing towards an "ongoing difficult environment" in these markets, Alliance said.
Alliance pegged the lender's fair value at RM13.62 per share.
As of 10.15am, Public Bank's shares were up 0.14 percent at RM14.74 while the Malaysian benchmark stock index rose 0.19 percent. -- Reuters
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