PETALING JAYA: Despite enjoying an earnings recovery, valuations of local banks are currently hovering close to Covid-19 pandemic levels, which Maybank Investment Bank (Maybank IB) Research believes is unjustified.
“Banking stocks in our coverage currently trade at an average price-earnings ratio (PER) valuation of just 9.3 times, which is close to the pandemic trough PER of 8.3 times in October 2020.
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