KLCI Stock - PBBANK / 1295 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	33,772,274,827 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(13.66-0.48)/0.9953 = 13.24 (High)
Target Price	12.94+0.48 = 13.42 (PE 13.0, EPS 0.9953, DPS 0.48)
Decision	Not interested unless MACD moving back to uptrend and got very strong buying volume than selling
Comment	Revenue increased 1.5% and was continuous increasing since FY09Q2 (higher than preceding year corresponding quarter 11.8%) and also is highest all the time, eps decreased 2.4% but higher than preceding year corresponding quarter 3.6%, no cash generated from operating after deducted assets increase expenses and cash generated from financing activities also not enough hence spent 48.6% of Group cash to cover, most segment growth except fund management
First Support Price	13.3
Second Support Price	12.8
Risk Rating	MODERATE

Research House

CIMB Target Price	16 (2011-04-19)
Affin Target Price	15 (2011-07-14)
Kenanga Target Price	15.5 (2011-07-26)
TA Target Price	15 (2011-07-26)
AMMB Target Price	15.4 (2012-01-17)
OSK Target Price	14 (2012-01-30)
ECM Target Price	13 (2012-01-31)
HLG Target Price	13.9 (2012-01-31)
HwangDBS Target Price	14.9 (2012-01-31)
Maybank Target Price	14.6 (2012-01-31)
MIDF Target Price	13.3 (2012-01-31)
RHB Target Price	15 (2012-02-13)

Accounting Ratio

Return on Equity	22.39%
Dividend Yield	3.51%
Profit Margin	35.02%
Tax Rate	23.83%
Asset Turnover	0.0511
Net Asset Value Per Share	4.24
Net Tangible Asset per share	3.68
Price/Net Tangible Asset Per Share	3.67
Cash Per Share	6.92
Liquidity Current Ratio	1.105
Liquidity Quick Ratio	0.9059
Liquidity Cash Ratio	0.1089
Gearing Debt to Equity Ratio	15.7335
Gearing Debt to Asset Ratio	0.9376
Working capital per thousand Ringgit sale	183.1%
Days to sell the inventory	7320
Days to collect the receivables	5002
Days to pay the payables	36112

Technical Analysis

SMA 20	13.615 (Uptrend 52 days)
SMA 50	13.169 (Uptrend)
SMA 100	12.705 (Uptrend)
SMA 200	12.695 (Uptrend)
MACD (26d/12d)	0.149413 ( 0.008891 )
Signal (9)	0.181951 ( 0.008135 )
MACD Histogram	0.032538 (Bearish trend 6 days)

My notes based on 2011 quarter 4 report (number in '000):-
- The improved earnings than FY10Q4 was mainly due to higher net interest and net income from Islamic banking business and higher net fee and commission income. The growth in net interest income and net income from Islamic banking business was driven by continued strong loans and customer deposits growth coupled with sustained strong asset quality

- Lower pbt than FY11Q3 mainly due to certain major loan recoveries in the preceding quarter which are non-recurring in the current quarter

- Estimate next 4Q eps after 2011 Q4 result announced = 15560706*0.224/3502125 = 0.9953, estimate PE on current price 13.66 = 13.24(DPS 0.48)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.2566*4*1.05 = 1.0777, estimate highest/lowest PE = 12.09/10.92 (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)

PBBANK latest news (English)

PBBANK latest news (Chinese)