Public Bank shares slump to lowest since December 2016

CGS-CIMB Equities Research on Feb 3 had an Add recommendation for the bank and target price of RM23.10.

KUALA LUMPUR: Shares of Public Bank Bhd fell to below RM18 at midday on Wednesday and the lowest since December 2016.

At midday, it was down 40 sen to RM17.90 with 2.24 million shares done.

At the current price, its market capitalisation is RM69.49bil. Its 52 week high was RM24.31.

Bloomberg data showed that Invesco Ltd sold 1.92 million shares on Tuesday, Allianz SE 997,994 shares on Monday. State Street disposed of 12,590 units on Monday and Blackrock 58,041 shares.

Macquarie and RHB Research have neutral calls on the bank and TP of RM19.90 and RM21.10, Credit Suisse underperform at RM19.20 and Bernstein market perform at RM19.20.

According to Bloomberg consensus, the 12 month target price was RM20.88.

At the current price of RM17.90, it is trading at 12.61 times price-to-earnings.

CGS-CIMB Equities Research on Feb 3 had an Add recommendation for the bank and target price of RM23.10.

"We rate Public Bank an Add as we believe that the impact from the rise in the industry’s gross impaired loans and the overnight policy rate (OPR) cut would be the smallest for the bank among its peers," it said.

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