Share Price: RM4.55 | Target Price: RM5.30 | Rating: Buy
Public Bank’s FY24 earnings were in-line with expectations amid stable NIM and strong NOII. Goodwill write-down booked in 4Q24 was offset by a write-back in management overlays. Our FY25/26E earnings are raised marginally by 1.7%/1.0% on higher NOII estimates and our TP is raised marginally by 10sen to MYR5.30, on an unchanged FY25 PBV of 1.7x (COE: 9.1%, ROE: 12.7%; LT growth assumption of 4%).
PBBANK Results Update for Q4 Ending 31/12/24
Research House: Maybank Investment Bank (MIB)
Analyst: Desmond Ch’ng
FY2025 Forecast: Net Profit: RM7,531m | EPS: RM0.39 | DPS: RM0.23