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Maybank ATR Kim Eng Company update Philippine National Bank (PNB): M&A play to support share price (BUY)




Maybank ATR Kim Eng


22 Nov 2013





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• With PNB remaining a prime acquisition target, we are keeping our BUY rating based on our TP of PHP111/sh, equivalent to 1.6x 2014F PBV and 22.2x PER relative to 7.5% ROE. • 9M13 results of PHP5.9b represent 78% of our full-year estimate, suggesting 4Q13 net income could increase 4% to PHP1.7b. We believe this is doable on better net interest income and lower operating costs. As such, we are not making any changes to our 2013F and 2014F earnings • PNB plans to raise up to PHP15b via stock rights next year to hike its capital base as it seeks to grow lending amid a strong domestic economy.

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