Bursa Malaysia Stock Watch
Public Bank (Hold) - In Line, Despite Full Adoption Of FRS139
kltrader
Publish date: Thu, 19 Apr 2012, 09:54 AM
kltrader
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Public Bank (Hold)
In Line, Despite Full Adoption Of FRS139
- 1QFY12 results in line with HLIB and consensus.
- Full adoption of FRS139 resulted in write-back of excess CA whichboosted book by RM859m and Tier-1 capital.
- Loans growth of 12.6% yoy in line with its target of 12-13% but slightlyahead of our 11% assumption.
- Earnings growth driven by its retail business while Public Mutual NAVcontinued to expand.
- Asset quality improved while LLC remained above the 100% mark, despitenegative impact from FRS139 adjustment.
- Capital ratios stable.
- FY12-14 forecasts fine-tuned by circa +1%.
- Target price raised to RM14.09 following forecasts revision and higherbook value due.
Source: Hong Leong Investment Bank Research - 19 April 2012
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