Friday, April 21, 2017

There was little surprise in Public Bank�s 1Q17 results as net profit grew at a steady pace of 1.5% yoy and was within our and street�s estimates. PBB continued to maintain a sound asset quality (GIL ratio 0.5%, LLC at 104.0% in 1Q17) while NIM surprised on the upside, rising from 11bps yoy. Maintain BUY, with PT of RM23.25.

Top Calls

Results Note Public bank (BUY, maintain)

- Steady start for the year

There was little surprise in Public Bank
s 1Q17 results as net profit grew at a steady pace of 1.5% yoy and was within our and streets estimates. PBB continued to maintain a sound asset quality (GIL ratio 0.5%, LLC at 104.0% in 1Q17) while NIM surprised on the upside, rising from 11bps yoy. Maintain BUY, with PT of RM23.25.


Other Calls



Company Update CIMB (BUY, maintain)

- CIMB Thai: 2017 a recovery year

Results Note BAT (HOLD, maintain)

- Weak start to the year

Economic Update ASEAN Weekly Wrap

- Bank Indonesia kept its policy rate unchanged in April



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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