♦ 3QFY10 net profit up 6.6% qoq – in line ... Public Bank’s 3QFY10
results were within our and consensus expectations with 9MFY10 net profit
of RM2.2bn (+19.7% yoy) accounting for 75.5-76.5% of our and consensus
full-year estimates.
Public Bank Berhad : 9MFY10 Net Profit Rises 19.7% YoY - 19/10/2010
Showing posts with label Public Bank. Show all posts
Showing posts with label Public Bank. Show all posts
Tuesday, October 19, 2010
Corporate Highlights - 19/10/2010
♦ Integrated Logistics
Company Update : Named Partner In Hong Leong Asia’s New
Warehouse Project In China
♦ Public Bank
Results Note : 9MFY10 Net Profit Rises 19.7% YoY
♦ Market Technical Reading
Daily Trading Strategy : Must Reclaim The 10-day SMA Soon To
Stay Bullish!
Corporate Highlights - 19/10/2010
Company Update : Named Partner In Hong Leong Asia’s New
Warehouse Project In China
♦ Public Bank
Results Note : 9MFY10 Net Profit Rises 19.7% YoY
♦ Market Technical Reading
Daily Trading Strategy : Must Reclaim The 10-day SMA Soon To
Stay Bullish!
Corporate Highlights - 19/10/2010
Wednesday, July 21, 2010
Public Bank Berhad : On Track To Achieve Targets - 21/7/2010
2QFY10 net profit up 7.1% qoq – in line... Public Bank’s 2QFY10 results were within our and consensus expectations with 1H10 net profit of RM1.4bn (+18.3% yoy) making up 49-49.5% of our and consensus fullyear estimates. Public Bank declared an interim gross DPS of 25 sen (2QFY09: 30 sen, gross).
Public Bank Berhad : On Track To Achieve Targets - 21/7/2010
Public Bank Berhad : On Track To Achieve Targets - 21/7/2010
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
Visit Note
- MRCB is actively “assisting” parent Employees Provident Fund (EPF) in drawing up the masterplan for the 3,300-acre Rubber Research Institutue (RRI) land in Sungai Buloh.
- The race for the 150-acre Federal land along Jalan Cochrane has now been thrown wide open as it appears that the Government may auction the land.
- The key KL Sentral components currently under construction, i.e. CIMB Tower (Lot A), Nu Sentral, hotel & office towers (Lot G), GSB Sentral (Lot 348) and KL Sentral Park (Lot E) are progressing well.
- FY12/10-12 net profit forecasts are reduced by 5-16% largely to reflect slower profit recognition from certain external construction jobs as well as slower construction orderbook replenishment.
- Fair value is reduced by 7% from RM2.10 to RM1.96. Maintain Trading Buy.
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
- MRCB is actively “assisting” parent Employees Provident Fund (EPF) in drawing up the masterplan for the 3,300-acre Rubber Research Institutue (RRI) land in Sungai Buloh.
- The race for the 150-acre Federal land along Jalan Cochrane has now been thrown wide open as it appears that the Government may auction the land.
- The key KL Sentral components currently under construction, i.e. CIMB Tower (Lot A), Nu Sentral, hotel & office towers (Lot G), GSB Sentral (Lot 348) and KL Sentral Park (Lot E) are progressing well.
- FY12/10-12 net profit forecasts are reduced by 5-16% largely to reflect slower profit recognition from certain external construction jobs as well as slower construction orderbook replenishment.
- Fair value is reduced by 7% from RM2.10 to RM1.96. Maintain Trading Buy.
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
Tuesday, May 25, 2010
RHB Equity 360° (Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Top Story :
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Friday, April 16, 2010
Corporate Highlights - 16/04/2010
♦ Rubber Glove
Sector Update : Still Positive On Glove Manufacturers
♦ Public Bank
Results Note : Starting Off On Strong Footing
♦ Banking
Sector Update : Affin Entering Into The Fray For EON Cap?
♦ Market Technical Reading
Daily Trading Strategy : Expect More Cautious Sentiment Ahead...
Corporate Highlights ...16/04/2010
Sector Update : Still Positive On Glove Manufacturers
♦ Public Bank
Results Note : Starting Off On Strong Footing
♦ Banking
Sector Update : Affin Entering Into The Fray For EON Cap?
♦ Market Technical Reading
Daily Trading Strategy : Expect More Cautious Sentiment Ahead...
Corporate Highlights ...16/04/2010
Public Bank Berhad : Starting Off On Strong Footing - 16/04/2010
1QFY10 net profit rises 16.3% yoy. Public Bank’s 1QFY10 results were within our and consensus expectations with 1Q10 net profit of RM685.3m (+1% qoq; +16.3% yoy) making up 23.7-23.9% of our and consensus fullyear estimates. As expected, no dividend was declared.
Public Bank Berhad : Starting Off On Strong Footing - 16/04/2010
Public Bank Berhad : Starting Off On Strong Footing - 16/04/2010
RHB Equity 360° (Rubber Gloves, Banks, Public Bank; Technical: Berjaya Corp) - 16/04/2010
Top Story : Rubber Gloves – Still positive on glove manufacturers Overweight
Sector Update
Top Glove : Fair value at RM15.50 Outperform
Kossan : Fair value at RM10.74 Outperform
Adventa : Fair value at RM4.34 Outperform
Hartalega : Fair value at RM7.93 Market Perform (up from UP)
♦ Despite yesterday’s pullback, YTD share prices of the glove manufacturers are still up 9.2-46.8% compared to 4.9% for the FBM KLCI and 5.8% for the FBM100. We believe the pullback was largely over concerns such as escalating raw material prices (e.g. latex) and the weakening US$ (against RM).
♦ While such concerns are valid, we believe glove manufacturers would be able to pass on the higher raw material prices and weaker US$ against RM to their customers, leaving growth prospects relatively intact.
♦ We expect demand to remain strong given that gloves are the most basic and affordable form of protection against viruses in the healthcare industry and coupled with rising awareness in healthcare standards for highly-populated countries (e.g. China and India), should help boost demand for medical gloves.
♦ No change to our earnings forecasts for now.
♦ We continue to like Top Glove (FV = RM15.50) for its position as world’s largest glove producer and Kossan (FV = RM10.74), which is currently trading at CY10 PER of 9.5x. This, in our view, is undemanding given that Kossan’s FY09-12 net profit CAGR is 13.1%.
♦ We have retained our Overweight stance on the sector as demand prospects for medical gloves remain favourable. We maintain our Outperform call on Top Glove, Kossan and Adventa. We upgraded our call on Hartalega to Market Perform from underperform previously as the recent correction in share price means that valuations are now not overly stretched.
RHB Equity 360° ( Rubber gloves, Banks, Public Bank; Technical: Berjaya Corp)-16/04/2010
Sector Update
Top Glove : Fair value at RM15.50 Outperform
Kossan : Fair value at RM10.74 Outperform
Adventa : Fair value at RM4.34 Outperform
Hartalega : Fair value at RM7.93 Market Perform (up from UP)
♦ Despite yesterday’s pullback, YTD share prices of the glove manufacturers are still up 9.2-46.8% compared to 4.9% for the FBM KLCI and 5.8% for the FBM100. We believe the pullback was largely over concerns such as escalating raw material prices (e.g. latex) and the weakening US$ (against RM).
♦ While such concerns are valid, we believe glove manufacturers would be able to pass on the higher raw material prices and weaker US$ against RM to their customers, leaving growth prospects relatively intact.
♦ We expect demand to remain strong given that gloves are the most basic and affordable form of protection against viruses in the healthcare industry and coupled with rising awareness in healthcare standards for highly-populated countries (e.g. China and India), should help boost demand for medical gloves.
♦ No change to our earnings forecasts for now.
♦ We continue to like Top Glove (FV = RM15.50) for its position as world’s largest glove producer and Kossan (FV = RM10.74), which is currently trading at CY10 PER of 9.5x. This, in our view, is undemanding given that Kossan’s FY09-12 net profit CAGR is 13.1%.
♦ We have retained our Overweight stance on the sector as demand prospects for medical gloves remain favourable. We maintain our Outperform call on Top Glove, Kossan and Adventa. We upgraded our call on Hartalega to Market Perform from underperform previously as the recent correction in share price means that valuations are now not overly stretched.
RHB Equity 360° ( Rubber gloves, Banks, Public Bank; Technical: Berjaya Corp)-16/04/2010