KLCI Stock - PBBANK / 1295 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	31,299,926,743 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(12.66-0.53)/1.0777 = 11.26 (Moderate)
Target Price	15.09+0.53 = 15.62 (PE 14.0, EPS 1.0777, DPS 0.53)
Decision	BUY if stock price next uptrend start above 12.5
Comment	Revenue increased 3.2% and was continuous increasing since FY09Q2 (higher than preceding year corresponding quarter 13.7%) and also is highest all the time, eps increased 2.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 14.8%, no cash generated from operating after deducted assets increase expenses and cash generated from financing activities also not enough hence spent 58.6% of Group cash to cover, most significant revenue and profit contribution division still growth
First Support Price	12.5
Second Support Price	12.0
Risk Rating	LOW

Research House

CIMB Target Price	16 (2011-04-19)
MIDF Target Price	14.3 (2011-04-19)
Affin Target Price	15 (2011-07-14)
HwangDBS Target Price	14.2 (2011-07-26)
Kenanga Target Price	15.5 (2011-07-26)
TA Target Price	15 (2011-07-26)
RHB Target Price	12.54 (2011-09-29)
AMMB Target Price	13.4 (2011-10-11)
ECM Target Price	11.4 (2011-10-18)
HLG Target Price	12.88 (2011-10-18)
Maybank Target Price	12.3 (2011-10-18)
OSK Target Price	14 (2011-10-18)

Accounting Ratio

Return on Equity	23.95%
Dividend Yield	4.19%
Profit Margin	36.27%
Tax Rate	23.51%
Asset Turnover	0.0516
Net Asset Value Per Share	3.99
Net Tangible Asset per share	3.43
Price/Net Tangible Asset Per Share	3.64
Cash Per Share	5.52
Liquidity Current Ratio	1.1054
Liquidity Quick Ratio	0.8968
Liquidity Cash Ratio	0.0903
Gearing Debt to Equity Ratio	16.1631
Gearing Debt to Asset Ratio	0.939
Working capital per thousand Ringgit sale	182.1%
Days to sell the inventory	7507
Days to collect the receivables	4999
Days to pay the payables	35334

My notes based on 2011 quarter 3 report (number in '000):-
- The growth in the Group’s net interest income and net income from Islamic banking business was driven by continued strong loans and core customer deposits growth coupled with sustained strong asset quality

- Grown of gross loan mainly arising from property financing, financing of passenger vehicles and small-and medium-sized enterprises

- Estimate next 4Q eps after 2011 Q3 result announced = 0.2566*4*1.05 = 1.0777, estimate PE on current price 12.66 = 11.26(DPS 0.53)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.2514*4 = 1.0056, estimate highest/lowest PE = 12.93/11.12 (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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