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NewsCIMB Research advises investors to accumulate Public Bank
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CIMB Research advises investors to accumulate Public Bank
by hlk Wed 24 Apr 2013, 10:01
KUALA LUMPUR: CIMB Equities Research advises investors to accumulate Public Bank shares given its superior fundamentals as reflected by its unrivalled asset quality and operating efficiency.
It said on Wednesday its benign impaired loan ratios were expected to keep credit costs low in FY13-14.
“We are also positive on the pick-up in its 1Q13 loan growth,” it said.
CIMB
Research said Public Bank's Q1, FY13 net profit (+4.1% on-year) came in
below expectations, at 22% of its FY13 forecast and 23% of consensus.
“The
variance mainly came from our over-projected topline growth, which was
affected by margin contraction,” said the research house.
It said on Wednesday its benign impaired loan ratios were expected to keep credit costs low in FY13-14.
“We are also positive on the pick-up in its 1Q13 loan growth,” it said.
CIMB
Research said Public Bank's Q1, FY13 net profit (+4.1% on-year) came in
below expectations, at 22% of its FY13 forecast and 23% of consensus.
“The
variance mainly came from our over-projected topline growth, which was
affected by margin contraction,” said the research house.
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