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Top Calls
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Results Note � Public Bank (BUY,
maintain)
- Above industry standards PBB�s 2015 results beat our expectations, with key surprises from writeback in allowances as well as robust non-interest income generation. We reaffirm our BUY rating and PT of RM21.80 based on a 2.55x P/B target. We think premium valuations are justified by above-industry KPI measures � loan growth, ROE, CIR and asset quality. A final dividend of 32 sen has been proposed (4Q14: 31 sen).
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Other Calls
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For
important disclosures, please refer to the Disclosure section at the end of
the individual linked research reports. |
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