Solid results. 2011 results were yet another testament to
Public Bank's solid management capabilities and its unwavering position
as Malaysia's premier retail bank. 4Q11 net profit rose 4% YoY to
RM877m, contributing to a full-year earnings growth of +14% YoY to
RM3.48b. Public Bank continues to be a safe haven amid current
volatility, with impeccable fundamentals. Our Buy call is unchanged, as
is our TP of RM14.60 (2012 P/BV of 2.8x, ROE: 22.3%).
Maybank Research 31 Jan 2012
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