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Highlight Public Bank is AllianceDBS' top banking pick
by Cals Fri 05 Feb 2016, 08:25
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[size=28]Public Bank is AllianceDBS' top banking pick
By Law Yin-Lyn / theedgemarkets.com | February 4, 2016 : 11:44 AM MYTKUALA LUMPUR (Feb 4): AllianceDBS Research Sdn Bhd maintained its "buy" call on Public Bank Bhd with a target price of RM21.95 after Public Bank's latest financials beat estimates.
At 11:12am, Public Bank shares rose two sen or 0.1% to RM18.40 for a market value of RM71.04 billion.
The stock saw 797,000 shares done.
Yesterday, Public Bank said net profit rose to RM1.49 billion in the fourth quarter ended Dec 31, 2015 (4QFY15) from RM1.25 billion a year earlier. Revenue was higher at RM4.93 billion versus RM4.53 billion.
Full-year net profit climbed to RM5.06 billion from RM4.52 billion a year earlier while revenue was higher at RM19.18 billion compared to RM16.86 billion. Public Bank plans to pay a dividend of 32 sen a share for 4QFY15, bringing full-year dividends to 56 sen.
Today, AllianceDBS analyst Lynette Cheng wrote in a note that Public Bank's results were "above expectations" and the group remained AllianceDBS' top pick among Malaysian banks.
Despite a challenging operating environment in 2016, Cheng said AllianceDBS expected Public Bank to deliver better-than-industry metrics especially on loans and asset quality indicators.
"Public Bank believes that its asset quality position will remain robust, in line with continued employment and income growth notwithstanding the rising cost of living and a moderated economic environment," Cheng said.
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