PBBANK – Fundamental Analysis (14 Feb 2016)

2016-02-14 Uncategorized FBMKLCI, Fundamental Analysis, KLSE, PBBANK, PUBLIC BANK BHD

Fundamental Analysis as of FY15 – http://www.slideshare.net/lcchong76/pbbank-fundamental-analysis-fy15

Peer Comparison in Bank Industry (KLSE) –http://www.slideshare.net/lcchong76/bank-industry-klse-peer-comparison

Excel – http://1drv.ms/1PF9lZA

Latest Financial – Q4 2015 Financial Report (3 Feb 2016) http://www.bursamalaysia.com/market/listed-companies/company-announcements/4992905

FY15 Q4 Results Highlight:

MIDF’s analysis is very comprehensive, so I won’t write my analysis for FY15 Q4 results.

Valuation:

I think fair value of PBBANK is around 20. The uncertainty risk of fair value is close to High.

Going Forward:

Despite unexpected good results of PBBANK in FY15, moving forward, I believe that PBBANK result will be stable or a bit slow down. This is because loan applications will continue to be slow marginally and NIM compression will be higher in the future.

I will continue to hold this share, and accumulate it when there is a dip in the price.

At the time of writing, I owned shares of PBBANK.