PBBANK / 1295 - 2009 Q3

My TP: 10.62 (PE 13.6, EPS 0.7408, DPS 0.55)
My decison: NOT BUY
Reason: Overvalue

My study based on 2009 Q3 report (number in '000):
- ROE compare to last Q increased 0.27% to 5.81% but lower than last year 0.42%
- Interest income compare to last Q grow 2.47% to 1807110 but compare to last year drop 15.62%; Profit compare to last Q increased 4.63% to 5482522 and also higher than last year 3.68%, mainly due to strong loans and deposits growth and stable asset quality
- Equity compare to last Q decreased 0.25% to 11006064, assets increased 2.45% to 209043482 and liabilities increased 2.61% to 198037418
- Minority interest compare to last Q decreased 0.21% to 708221
- Got FCF 6559853 and NCF 4928164
- Profit margin compare to last Q increased 0.73% to 35.36% and also higher than last year 6.58%
- DE compare to last Q increased 0.501 to 17.9935 but if compare to last year decreased 0.2957
- No dividend proposed
- My estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate PE on current price 10.43(DPS 0.55) = 14.08