Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Buy; upgrading target price. As expected, FRS139 benefits have been accrued to reserves and surprised on the upside, while earnings were above expectations on lower-than-expected provisions. Our 2012-14 net profit forecasts are raised by 7-8% p.a. while our target price is upped to MYR15.40 (+5%) on a higher price-to-book target of 3x (2.8x previously), premised on a revised 2012 ROE of 23.6% from 21.6%.
Click here for full report
Source: Maybank Research - 19 April 2012
Company Name: PUBLIC BANK BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 15.40 |
Buy; upgrading target price. As expected, FRS139 benefits have been accrued to reserves and surprised on the upside, while earnings were above expectations on lower-than-expected provisions. Our 2012-14 net profit forecasts are raised by 7-8% p.a. while our target price is upped to MYR15.40 (+5%) on a higher price-to-book target of 3x (2.8x previously), premised on a revised 2012 ROE of 23.6% from 21.6%.
Click here for full report
Source: Maybank Research - 19 April 2012
No comments:
Post a Comment