Company Info
My Analysis
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Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- The improved earnings was mainly due to higher net interest and net income from Islamic banking business by RM269.8 million (10.4%), higher net fee and commission income by RM73.7 million (15.2%) and lower loan impairment allowance by RM10.0 million (3.2%) despite the strong loan growth. The higher net fee and commission income was mainly due to higher income from the fund management business
- The growth in the Group’s net interest income and net income from Islamic banking business was driven by continued strong loans and core deposits growth coupled with sustained strong asset quality. Gross loans had grown by 13.2% year-on-year to RM167.2 billion as at 30 June 2011 as compared to RM147.6 billion as at 30 June 2010 mainly arising from property financing, financing of passenger vehicles and small- and medium-sized enterprises (“SMEs”). Total core deposits from customers had also grown by 12.0% or RM16.2 billion as compared to 30 June 2010 which partly contributed to the higher net interest income for the current period. The Group impaired loan ratio had improved to 1.0% from 1.3% a year ago
- The Group's domestic commercial bank, Public Bank, recorded a pre-tax profit of RM2,004.0 million for the current financial half year and was 20.1% higher than the pre-tax profit of RM1,669.1 million achieved in the previous corresponding half year. This was mainly due to higher net interest income, higher net fee and commission income and higher dividend income from subsidiaries
- Pre-tax profit contribution from the Group's overseas operations decreased by RM5.9 million or 3.8% from the previous corresponding half year to RM149.0 million, due to 8.5% impact of strengthening of Ringgit Malaysia against US Dollar and Hong Kong Dollar over the period
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2514*4 = 1.0056, estimate PE on current price 13.48 = 12.91(DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2363*4*1.05 = 0.9925, estimate highest/lowest PE = 12.98/12.49 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2416*4 = 0.9664, estimate highest/lowest PE = 13.41/12.69 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2235*4 = 0.894, estimate highest/lowest PE = 14.65/13.42 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2096*4 = 0.8384, estimate highest/lowest PE = 14.69/13.62 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate highest/lowest PE = 14.87/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)
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| Market Capital (Capital Size) | 33,327,252,172 (Very Large) |
| Par Value | RM 1.00 |
My Analysis
| Forecast P/E now | (13.48-0.5)/1.0056 = 12.91 (Moderate) |
| Target Price | 14.08+0.5 = 14.58 (PE 14.0, EPS 1.0056, DPS 0.5) |
| Decision | BUY |
| Comment | Revenue increased 6% and is continuous increasing since FY09Q2 (higher than preceding year corresponding quarter 18.3%) and also is highest all the time, eps increased 6.4% and also higher than preceding year corresponding quarter 19.9%, no cash generated from operating and still not yet generate cash from financing activities, mainly spent 23.1% of Group's cash to cover, except investment banking division revenue decreasing, most division also growth, in term of profit from other country, investment banking and hire purchase got decreasing trend but others still better |
| First Support Price | 13.2 |
| Second Support Price | 13.0 |
| Risk Rating | LOW |
Research House
| RHB Target Price | 15.4 (2011-01-17) |
| AMMB Target Price | 14.3 (2011-01-21) |
| ECM Target Price | 14.2 (2011-01-26) |
| HwangDBS Target Price | 13.1 (2011-01-26) |
| TA Target Price | 14.8 (2011-01-26) |
| Maybank Target Price | 14.1 (2011-03-29) |
| OSK Target Price | 14.4 (2011-04-18) |
| CIMB Target Price | 16 (2011-04-19) |
| Kenanga Target Price | 14.8 (2011-04-19) |
| MIDF Target Price | 14.3 (2011-04-19) |
| Affin Target Price | 15 (2011-07-14) |
| HLG Target Price | 14.22 (2011-07-26) |
Accounting Ratio
| Return on Equity | 24.07% |
| Dividend Yield | 3.93% |
| Profit Margin | 36.67% |
| Tax Rate | 23.32% |
| Asset Turnover | 0.051 |
| Net Asset Value Per Share | 3.95 |
| Net Tangible Asset per share | 3.4 |
| Price/Net Tangible Asset Per Share | 3.93 |
| Cash Per Share | 8.42 |
| Liquidity Current Ratio | 1.0873 |
| Liquidity Quick Ratio | 0.9233 |
| Liquidity Cash Ratio | 0.1386 |
| Gearing Debt to Equity Ratio | 15.9804 |
| Gearing Debt to Asset Ratio | 0.9385 |
| Working capital per thousand Ringgit sale | 154.7% |
| Days to sell the inventory | 5888 |
| Days to collect the receivables | 4997 |
| Days to pay the payables | 35200 |
My notes based on 2011 quarter 2 report (number in '000):-
- The improved earnings was mainly due to higher net interest and net income from Islamic banking business by RM269.8 million (10.4%), higher net fee and commission income by RM73.7 million (15.2%) and lower loan impairment allowance by RM10.0 million (3.2%) despite the strong loan growth. The higher net fee and commission income was mainly due to higher income from the fund management business
- The growth in the Group’s net interest income and net income from Islamic banking business was driven by continued strong loans and core deposits growth coupled with sustained strong asset quality. Gross loans had grown by 13.2% year-on-year to RM167.2 billion as at 30 June 2011 as compared to RM147.6 billion as at 30 June 2010 mainly arising from property financing, financing of passenger vehicles and small- and medium-sized enterprises (“SMEs”). Total core deposits from customers had also grown by 12.0% or RM16.2 billion as compared to 30 June 2010 which partly contributed to the higher net interest income for the current period. The Group impaired loan ratio had improved to 1.0% from 1.3% a year ago
- The Group's domestic commercial bank, Public Bank, recorded a pre-tax profit of RM2,004.0 million for the current financial half year and was 20.1% higher than the pre-tax profit of RM1,669.1 million achieved in the previous corresponding half year. This was mainly due to higher net interest income, higher net fee and commission income and higher dividend income from subsidiaries
- Pre-tax profit contribution from the Group's overseas operations decreased by RM5.9 million or 3.8% from the previous corresponding half year to RM149.0 million, due to 8.5% impact of strengthening of Ringgit Malaysia against US Dollar and Hong Kong Dollar over the period
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2514*4 = 1.0056, estimate PE on current price 13.48 = 12.91(DPS 0.5)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2363*4*1.05 = 0.9925, estimate highest/lowest PE = 12.98/12.49 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2416*4 = 0.9664, estimate highest/lowest PE = 13.41/12.69 (DPS 0.58)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2235*4 = 0.894, estimate highest/lowest PE = 14.65/13.42 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2096*4 = 0.8384, estimate highest/lowest PE = 14.69/13.62 (DPS 0.5)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.197*4 = 0.788, estimate highest/lowest PE = 14.87/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.1965*4 = 0.786, estimate highest/lowest PE = 14.64/13.22 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1852*4 = 0.7408, estimate highest/lowest PE = 15.65/13.59 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.177*4 = 0.708, estimate highest/lowest PE = 14.34/13.12 (DPS 0.55)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.1744*4 = 0.6976, estimate highest/lowest PE = 14.19/11.11 (DPS 0.5)
- Estimate next 4Q eps after 2008 Q4 result announced = 0.1949*4 = 0.7796, estimate highest/lowest PE = 11.22/8.34 (DPS 0.5)
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