Share Price: RM4.55 | Target Price: RM4.80 | Rating: Neutral
Public Bank’s 4Q24 reported results were in line with RHBIB estimates, goodwill impairment for Hong Kong was booked in as expected and cushioned by higher management overlay reversals.
Management guidance point to a stable growth scenario with dividend payout ratio expected to increase to 60% mark. RHBIB does not have any major concerns, although the share selldown by its major shareholder and LPI Capital could be a near-term overhang.
PBBANK Results Update for Q4 Ending 31/12/24
Research House: RHB Investment Bank (RHBIB)
Analyst: David Chong, Nabil Thoo
FY2025 Forecast: Net Profit: RM7,544 m | EPS: RM0.39 | DPS: RM0.23