PBBank ($24.48) posted another good qtr...

Earnings to soften further sequentially. Moving into 1Q19, despite the recovery in CPO prices, we believe Wilmar’s earnings would soften further on a sequential basis as soybean crush margins continue to be affected by muted meal demand again due to the African swine fever. In addition, its Sugar segment is likely to register losses as we enter low crushing season.

Fine-tune PPB’s FY18-19E CNPs by 0.5-0.1% to RM948m-1.20b due to housekeeping reasons.

Downgrade to UNDERPERFORM with an unchanged TP of RM16.60 based on joint Sum-of-Parts between PPB and Wilmar. Base year is unchanged at FY19E. We value our Grains & Consumer Products segment at 21.7x representing a 30% discount to QL Resources’ 3-year Fwd. PER of 31.0x; Palm Plantation segment at 24.7x, reflecting its FY19E FFB growth prospect of 5% and its large- cap and FBMKLCI component statuses; Film segment at 20.0x, in line with Consumer Retail peers; Sugar at 18.0x, in line with MSM’s valuation, and other segments at book value. Our TP implies FY19E PER of 19.6x (historical mean), while the stock is currently trading at 22.4x (+2.0 SD). As the group is likely to see softer fundamentals in the near term and valuation is expensive, we recommend investors to take profit. Meanwhile, we continue to monitor the upcoming listing of Wilmar’s China business (targeted for FY19-20), which could potentially benefit PPB with the possibility of special dividends being paid out by Wilmar post-listing.

Risks to our call include: (i) better-than-expected crush margins, (ii) strong commodity price trends that lead to higher overall profit, (iii) better-than-expected biodiesel quota volumes, and (iv) better-than- expected movement in consumer demand.

目标价：23.40令吉最新进展

大众银行（PBBANK，1295，主板金融股）截至12月底的2018财年，全年净利按年增长2.2%，至55亿9061万1000令吉。

全年营业额年增5.67%，至220亿4178万5000令吉。 

该集团也宣布派发每股37仙的终期股息。全年共派息每股69仙，意味着上财年共派出27亿令吉做股息，派息率相等47.9%的净利。 

行家建议

全年净利表现稍逊预期，仅达我们预测的94%，但达到市场预测的98%。 

大众银行为今财年设下的增长目标较为缓和。由于宏观环境不稳定因素，贷款增长目标设在5%左右。

不过，管理层指贷款增长目标存在下行风险，因为贷款申请和批准按年已减少。 

纳入去年业绩、较疲软的贷款与存款增长预测、非利息收入增长料较低以及净利息赚幅估计受压6个基点等因素后，我们下修了今财年与下财年的净利预测。

2019与2020财年的净利，分别料达57.282亿以及61.152亿令吉，较早前的预测为62.71亿以及67.92亿令吉。

按2019财年预估的股价对账面值比2.05倍，我们将目标价由25.50令吉，下调至23.40令吉，重申“卖出”评级。 

大众银行分析：https://mao-kid.blogspot.com/2019/08/pbbank-1295.html

大众银行分析 Part 2 : https://mao-kid.blogspot.com/2019/08/pbbank-1295-part-2.html

STATEMENTS OFCASH FLOWSFor the year ended 31 December 2018

show Net purchase of financial investments of RM10,260,364,000,000

May i know what is it? any help in generating future income?

PBBANK ($19.28), PE 13.5, NTA $11 is still expensive ?

跟进Q3财报

https://mao-kid.blogspot.com/2019/11/pbbank-1295-2019-q3.html

[PUBLIC BANK LATEST ANALYSIS] https://malaysiainvestment88.blogspot.com/2019/11/public-bank-is-it-time-to-buy-now.html

哇！3年来的特价。不买对不起自己。。。。鼠年发啊 ！！！！！！