Stake In LPI Capital Seen As Mildly Positive On Public Bank
Stake In LPI Capital Seen As Mildly Positive On Public Bank
Paring of stakesPublic Bank's proposed acquisition of a 44.15% stake in LPI Capital (LPI) for MYR1.72b is mildly positive to the group, says Maybank Investment Bank in its review of the deal that was concluded yesterday. MIB added that positively, capital ratios would still be comfortable, post the acquisition. The house keeps forecasts as BUY on Public Bank, with an unchanged TP of MYR5.40 (FY25E PBV of 1.7x; ROE: 12.7%). MYR1.72b for 44.15%
馬來亞銀行投資銀行在對昨天完成的交易進行審查時表示，大衆銀行提議以17.2令吉收購LPI Capital（LPI）44.15％的股份，這對該集團來說略有樂觀。MiB補充說，可以肯定的是，收購後的資本比率仍將令人滿意。衆議院維持對大衆銀行的買入預測，目標股價維持在5.40令吉不變（FY25E PBV爲1.7倍；投資回報率：12.7％）。17.2令吉收取 44.15%
The major announcement was Public Bank has proposed the acquisition of a 44.15% stake in LPI Capital for a total cash consideration of MYR1.72b or MYR9.80/share (25% discount to the current share price of MYR13.00). The 44.15% comprises 1.41% from the Estate of the Late Tan Sri Dato Sri Dr Teh Hong Piow, and 42.74% is held by Consolidated Teh Holdings Sdn Bhd. Public Bank will be making a Mandatory General Offer (MGO) for the remaining shares at MYR9.80/LPI share, but given the large discount, the house said it expects little acceptance, if any. Public Bank states its intention to maintain LPI's listing status.
主要公告是大衆銀行提議收購LPI Capital44.15％的股份，總現金對價爲17.2令吉或每股9.80令吉（比當前股價13.00令吉折扣25％）。44.15％包括來自已故丹斯里拿督Sri Teh Hong Piow博士遺產的1.41％，42.74％由聯合科技控股私人有限公司持有。大衆銀行將以每股LPI9.80令吉的價格對剩餘股票進行強制性全面要約（MGO），但鑑於大幅折扣，該行表示，預計幾乎不會被接受。大衆銀行表示打算維持LPI的上市地位。
Mildly positive to Public Bank
At MYR9.80/share, this is a 25% discount to LPI's current share price of MYR13.00. At this offer price, the stake is being purchased at a forward FY24E PER of 10.5x and a PBV of 1.7x, based on consensus estimates. Based on the acquisition value of MYR1.72b, we expect Public Bank's CET1 ratio at the commercial bank to decline to 12.4% from 13.0%, and to 14.3% from
14.5% at the group, which are still comfortable levels, in its opinion. The house estimate a marginal 1.4% enhancement to Public Bank's FY25E earnings and a slight enhancement in FY25E ROAE to 12.9% from 12.7%.
對大衆銀行略有樂觀
按每股9.80令吉計算，這比LPI目前的13.00馬幣的股價有25％的折扣。根據共識估計，按該要約價，該股份將以10.5倍的遠期市盈率和1.7倍的PBV的價格收購。FY24E根據17.2令吉的收購價值，我們預計大衆銀行在該商業銀行的CET1比率將從13.0％降至12.4％，從14.3％降至14.3％
該集團認爲，該集團仍處於舒適水平，爲14.5％。衆議院估計，公共銀行的 FY25E 收益將小幅增長1.4％，FY25E ROAE從12.7％略有提高至12.9％。
Paring of stakes
Consolidated Teh Holdings and the estate of the late Tan Sri Teh hold a combined 23.4% stake in Public Bank, which is to be pared down to 10% over the next 5 years, via a restricted offer for sale to eligible employees, directors, and investors. Separately, LPI holds 212.6m shares (1.1% stake) in Public Bank, which is today worth MYR972m or MYR2.44/LPI share. This
shareholding is expected to be disposed off over the next 6-12 months, and the house said it would not rule out the possibility of a special dividend.
削減賭注
聯合科技控股公司和已故Tan Sri Teh的遺產共持有大衆銀行23.4％的股份，該股份將在未來5年內通過向符合條件的員工、董事和投資者進行限制性出售，削減至10％。另外，LPI持有大衆銀行的21260萬股股票（1.1％的股份），該銀行目前的價值爲97200萬令吉或2.44令吉/LPI的份額。這個
預計將在未來6-12個月內出售股權，衆議院表示不排除派發特別股息的可能性。
譯文內容由第三人軟體翻譯。
