KUALA LUMPUR: Affin Research has reaffirmed its Reduce rating on Public Bank with a target price of RM18, equivalent to a Gordon-Growth derived P/B multiple of 2.4 times on 2015E ROE of 19.7%, cost of equity of 10.4% and long-term growth rate of 4%.
In a note on Monday, Public Bank’s valuations remain lofty on a PBV basis at 3.2 times 2014E and 2.8 times 2015E.
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