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RHB ups Public Bank's fair value
by hlk Thu 19 Apr 2012, 10:52
RHB Research raised Public Bank Bhd's fair value to RM16.70 a share from RM16.07 following better results announced by the country's No.3 lender in the first quarter ended March 31, 2012.
"Public Bank's first quarter net profit of RM941 million accounted for 25 percent of our and consensus full-year estimates, the higher end of expectations given that the first quarter tends to be a weaker quarter," the broker said in a research note on Thursday.
Maintaining "outperform" on the counter, RHB raised its fiscal year ending Dec 31, 2012 (FY2012)-FY2014 net profit projections for Public Bank by 2.9-3.9 percent.
It also upgraded FY2012-FY2014 net dividend per share projections for the bank by similar quantum, based on an unchanged net payout assumption of 50 percent annually. -- Reuters
"Public Bank's first quarter net profit of RM941 million accounted for 25 percent of our and consensus full-year estimates, the higher end of expectations given that the first quarter tends to be a weaker quarter," the broker said in a research note on Thursday.
Maintaining "outperform" on the counter, RHB raised its fiscal year ending Dec 31, 2012 (FY2012)-FY2014 net profit projections for Public Bank by 2.9-3.9 percent.
It also upgraded FY2012-FY2014 net dividend per share projections for the bank by similar quantum, based on an unchanged net payout assumption of 50 percent annually. -- Reuters
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