Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Company Name: PUBLIC BANK BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 13.00 |
Maintain HOLD, TP: RM13.00
1QFY12 results were within market expectations, with EPS growth of 6% on the back of a 3% growth in operating profit and a drop in provisions. Annualised loan and deposit growth of 10% and 13% respectively, were offset by lower net interest margins which succumbed to competitive pressure after stabilizing the previous three quarters. We are maintaining our EPS forecasts which translate into moderate EPS growth of 9% in FY12 and 11% in FY13. Hence, we are also retaining our target price of RM13.00 per share and HOLD recommendation. (refer to report for details)
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