Income Statement
Public Bank Bhd
Dec 2022
Dec 2022
Interest Income 16.79 B
Interest Expense 5.76 B
Loan Loss Provision 365.56 M
Non-Interest Income 3.33 B
Balance Sheet
Public Bank Bhd
Dec 2022
Investments 81.84 B
Net Loans 387.86 B
Total Deposits 394.72 B
Tier 1 Capital 46.78 B
Book Value Per Share 2.59
Comments:
Net Loans: Commercial & Industrial Loans 98.4B; Consumer & Installment Loans 258.1B; Broker & Financial Institution Loans 15.6B, and others.
Total Deposits: Demand Deposits 68.7B; Savings/Time Deposits 326B.
Loans are well diversified to various borrowers. The majority of deposits are in Saving/Time Deposits.
Cash Flow
Public Bank Bhd
Dec 2022
Net Financing Cash Flow +25.93 B
Free Cash Flow +2.00 B
Cash Flow Per Share +0.18
Free Cash Flow Per Share +0.14
Free Cash Flow Yield 4.39%
Comments:
Its net interest income = 10.66 B.
Its non-interest income or fee income is about 31% of its net interest income.
It loans out 4.73x more than the amount it invested.
Its total deposits are more than its net loans.
Given its Tier 1 Capital, it only has to borrow a small amount.
Earnings & Estimates
Public Bank Bhd
Qtr. EPS Est. +0.10 Q1 2023
Qtr. Year Ago +0.07 Q1 2022
Ann. EPS Est. +0.35 FY 2023
Ann. Year Ago +0.32 FY 2022
Comments:
At RM 3.97 per share, it is trading at a future 2023 P/E of 11.3x.
Per Share Data
Public Bank Bhd
All values updated annually at fiscal year end
Earnings Per Share +0.32
Sales 1.04
Tangible Book Value 2.45
Operating Profit -
Working Capital -8.45
Long Term Liabilities -
Capital Expenditure 0.01
Capital Expenditure TTM 0.01
Ratios & Margins
Public Bank Bhd
All values updated annually at fiscal year end
Valuation
P/E Ratio (TTM) 12.59
P/E Ratio (including extraordinary items) 12.53
Price to Sales Ratio 4.17
Price to Book Ratio 1.67
Price to Cash Flow Ratio 10.96
Enterprise Value to EBITDA 11.08
Enterprise Value to Sales 5.06
Total Debt to Enterprise Value 0.41
Total Debt to EBITDA -
EPS (recurring) 0.32
EPS (basic) 0.32
EPS (diluted) 0.32
Comments:
At Price to Book Ratio of 1.67, and taking into consideration its efficiency, ROE and ROA, it is trading at a fair price.
Efficiency
Revenue/Employee -
Income Per Employee -
Receivables Turnover -
Total Asset Turnover 0.04
Liquidity
Current Ratio 0.14
Quick Ratio -
Cash Ratio -
Profitability
Gross Margin -
Operating Margin +43.82
Pretax Margin +43.88
Net Margin +30.41
Return on Assets 1.28
Return on Equity 12.45
Return on Total Capital 10.62
Return on Invested Capital 8.88
Comments:
The high operating margin and the high pretax margin show that this bank is run efficiently.
The ROA and ROE are indicative of a well run and profitably run bank.
Capital Structure
Total Debt to Total Equity 76.90
Total Debt to Total Capital 43.47
Total Debt to Total Assets 7.82
Interest Coverage -
Long-Term Debt to Equity 59.39
Long-Term Debt to Total Capital 33.57
Long-Term Debt to Assets 0.03
Comments:
Its total asset/total equity is about 9.0 x. It is not over-leveraged.
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