Share Price: RM4.43 | Target Price: RM4.90 | Rating: BUY
FY2025E: NPAT: RM7,408m | EPS: RM0.382 | DPS: RM0.230
FY2025E: NPAT: RM7,408m | EPS: RM0.382 | DPS: RM0.230
PBBank 1Q25 Results Update (UOBKH)
Public Bank’s 1Q25 earnings are in line, supported by steady non-interest income, solid
loan growth and lower provisions. We maintain our BUY call with a lower target price of
RM4.90 (1.60x 2025F P/B, 12.5% ROE). Valuations have de-rated to near pandemic lows
(-1.5SD below mean), and with the sector’s strongest provision buffers, the stock is well
positioned to weather macro headwinds.
Report Date 22/5/25
Research House: UOB Investment Bank (UOBKH)
Analyst: Keith Wee Teck Keong
Key Forecasts:
FY2025: Net Profit: RM7,408m | EPS: RM0.382 | DPS: RM0.230
FY2026: Net Profit: RM7,845m | EPS: RM0.404 | DPS: RM0.244
Target Price reduced from RM4.43 to RM4.90. EPS Forecast for FY2025 were slightly reduced while FY2026 EPS and DPS tweaked upwards.
Research House: UOB Investment Bank (UOBKH)
Analyst: Keith Wee Teck Keong
Key Forecasts:
FY2025: Net Profit: RM7,408m | EPS: RM0.382 | DPS: RM0.230
FY2026: Net Profit: RM7,845m | EPS: RM0.404 | DPS: RM0.244
Target Price reduced from RM4.43 to RM4.90. EPS Forecast for FY2025 were slightly reduced while FY2026 EPS and DPS tweaked upwards.