“Public Bank is our top pick in the sector as we believe that it is the most defensive local bank against the credit risks arising from Covid-19, ” it said.
KUALA LUMPUR: Fresh from Public Bank’s historic four-for-one bonus shares, CGS-CIMB Equities Research has projected a rebound in FY21F core net profit as it raised the target price from RM20.50 to RM25.
It said on Thursday the rebound would be underpinned by a 41.2% decline in loan loss provisioning (vs. +603.8% in FY20F), and a 11.5% growth in net interest income vs. 6.9% slide in FY20F.
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