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RHB Research maintains Neutral on Public Bank, ups fair value to RM19.90

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RHB Research maintains Neutral on Public Bank, ups fair value to RM19.90 Empty RHB Research maintains Neutral on Public Bank, ups fair value to RM19.90

Post by Cals Tue 22 Apr 2014, 19:46

RHB Research maintains Neutral on Public Bank, ups fair value to RM19.90
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 22 April 2014 08:09

KUALA LUMPUR (April 22): RHB Research has maintained its Neutral rating on Public Bank Bhd at RM20.04 and raised its fair value by 6% to RM19.90 after Public Bank reported RM1 billion (+5% y-o-y; -1% q-o-q) net profit for 1Q14, and said the results met house and consensus expectations.
In a note Monday, the research house said while the bank’s 2014 targets were met, property lending had slowed, possibly on the various measures to cool the property market.
“Our earnings forecasts are unchanged but our fair value is raised 6% to RM19.90 following a switch in valuation methodology to GGM from P/E. Maintain Neutral,” it said.
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