Tuesday, October 19, 2010

RHB Research retains fair value for Public Bank at RM14.70

KUALA LUMPUR: RHB Research Institute has retained its fair value of RM14.70 (based on target FY11 PER of 16 times) and Outperform call on PUBLIC BANK BHD [].

'We continue to like the stock for its above-industry growth and asset quality. This, in our view, would be further supported by factors such as the stock's high weightage in the FBM KLCI and a premium valuation gap that has narrowed vis-''-vis peers,' it said on Tuesday, Oct 19.

RHB Research said Public Bank, in its view, is the best proxy to the domestic economy in terms of loan growth.


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