Written by theedgemalaysia.com
Wednesday, 03 August 2011 08:46
KUALA LUMPUR: OSK Research is maintaining its Buy call on Malaysia Building Society (MBSB) at RM1.56, with a fair value of RM2.35.
It said on Wednesday MBSB’s annualised earnings came in largely in line with its full-year forecast but 12.2% above consensus forecast.
Net profit surged by 58% on-year, mainly attributed by stronger Islamic banking income and other income.
A 5.0 sen interim gross dividend was declared this quarter.
“Maintain BUY with FV of RM2.35 based on 2.6x FY11 PBV (22.8% ROE, 11% COE and 4% growth rate),” it said.
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