KUALA LUMPUR (Jan 31): RHB Research Institute said Public Bank’s 4Q11 results were in line with its and consensus estimates but the interim net dividend per share of 28 sen declared was below its expectations of 31.5 sen.
“Full-year net payout was 48.3%, below our 52.5% assumption, which we suspect was partly to conserve capital as Bank Negara Malaysia has yet to announce its stand on the counter-cyclical buffer,” said the research house on Tuesday.
RHB Research said for 2012, Public Bank management guided for loan growth of 12%-13%; deposit growth in line with loan growth; net interest margin squeeze of 10 to 15 basis points; and dividend payout of close to 50%.
“Management does not expect the new guidelines/measures introduced thus far to significantly impact loan growth.
“We tweaked our projections but the impact is not significant. Fair value raised to RM14.10 from RM14 after we updated our 2012 book value. Maintain Outperform,” said the research house.
“Full-year net payout was 48.3%, below our 52.5% assumption, which we suspect was partly to conserve capital as Bank Negara Malaysia has yet to announce its stand on the counter-cyclical buffer,” said the research house on Tuesday.
RHB Research said for 2012, Public Bank management guided for loan growth of 12%-13%; deposit growth in line with loan growth; net interest margin squeeze of 10 to 15 basis points; and dividend payout of close to 50%.
“Management does not expect the new guidelines/measures introduced thus far to significantly impact loan growth.
“We tweaked our projections but the impact is not significant. Fair value raised to RM14.10 from RM14 after we updated our 2012 book value. Maintain Outperform,” said the research house.
