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NewsCIMB Research keeps Public Bank an Outperform (1295)
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CIMB Research keeps Public Bank an Outperform (1295)
by hlk Tue 24 Jul 2012, 13:58
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform recommendation on Public Bank due to its defensive qualities and the plunge in credit costs.
It
said on Tuesday that as expected, lower collective assessment continued
to drive Public Bank's earnings in the second quarter ended June 30,
2012.
”At 47% of our full-year forecast and 50% of consensus, we
view H1, 2012 net profit as being broadly in line with expectations as
topline growth will push up H2 earnings,” said the research house.
CIMB
Research said that factoring in management's guidance, it reduced its
loan growth projection by 1.0 percentage point, leading to a marginal
drop in its forecasts and DDM-based target price (11.2% cost of equity,
5% long-term DPS growth).
Its target price was lowered slightly to RM15.50 from RM15.60.
It
said on Tuesday that as expected, lower collective assessment continued
to drive Public Bank's earnings in the second quarter ended June 30,
2012.
”At 47% of our full-year forecast and 50% of consensus, we
view H1, 2012 net profit as being broadly in line with expectations as
topline growth will push up H2 earnings,” said the research house.
CIMB
Research said that factoring in management's guidance, it reduced its
loan growth projection by 1.0 percentage point, leading to a marginal
drop in its forecasts and DDM-based target price (11.2% cost of equity,
5% long-term DPS growth).
Its target price was lowered slightly to RM15.50 from RM15.60.
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