CGS-CIMB Equities Research has projected a rebound in FY21F core net profit as it raised the target price from RM20.50 to RM25. KUALA LUMPUR: Public Bank’s share price extended its advance in early Thursday trade, climbing to a high of RM20.34, the highest since mid-August 2019. At 9.48am, it was up 44 sen to RM20.30. There were 1.58 million shares done at prices ranging from RM19.92 to RM20.34. The gains in Public Bank help lift the FBM KLCI to a fresh 18-month high of 1,656,49, up 9.96 points or 0.6%. Turnover was 1.78 billion shares valued at RM899.36mil. The broader market was firmer with 450 gainers, 351 losers and 430 counters unchanged. Its share price has rallied after it surprised shareholders and the market with its historic four-for-one bonus shares on Tuesday. CGS-CIMB Equities Research has projected a rebound in FY21F core net profit as it raised the target price from RM20.50 to RM25. The rebound, according to the research house, would be underpinned by a 41.2% decline in loan loss provisioning (vs. +603.8% in FY20F), and a 11.5% growth in net interest income vs. 6.9% slide in FY20F. The rebound, it said, follows the expected 17.9% drop in FY20F core net profit caused by the Covid-19 outbreak. “We retain our Add rating on Public Bank, predicated on the potential re-rating catalyst of a projected rebound in net profit growth to 12% in FY21F, based on our estimates, ” it said.
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