Advertisements

Public Bank’s 3Q21 results were within expectations. While our FY21 earnings are maintained, we have lowered FY22 net profit by 10% to account for the impact of Cukai Makmur. Correspondingly, our TP is lowered to MYR4.10 from MYR4.70, on a lower FY22 PBV target of 1.5x (1.7x previously) on the back of a lower FY22 ROE of 11.1% versus 12.3% previously).

Advertisements