Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Research House: MAYBANK



Public Bank is rated a "hold" at Maybank with a target price of RM12.50.

"We retain our 15 per cent loan growth forecast for 2010," said Maybank

"Our forecasts are for an 18 per cent growth in net profit for 2010. We also retain our 60 sen cash DPS forecast for 2010, which is based on 53 per cent net profit payout, in line with an earlier guidance of 50-55 per cent, " Maybank added.

Meanwhile, HwangDBS rated Public Bank a "hold" at RM13.10.

As expected, no dividends were declared, HwangDBS pointed out.

"We believe Basel III issues have been watered down with an unlikely need to raise equity capital, but we understand Public Bank will retain its 50-55 per cent dividend payout guidance," added HwangDBS.