It said on Thursday Public Bank’s FY13 net profit was in line, accounting for 97% of its forecast and consensus numbers. However, the full-year dividend per share (DPS) of 52 sen fell short of its projected 56 sen.
“We maintain our DDM-based target price (cost of equity of 10.3%; long-term growth of 4%). Despite its strong fundamentals, we continue to tag a Hold recommendation to Public given its high CY14 price-to-earnigs (P/E) of 14.2 times and price to book value (P/BV) of 3.0 times,” it said.
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