$PBBANK (1295.MY)$ Directly testing 4.2; 4.0 is unlikely. Given that it’s a defensive high-quality stock, 4.2 is only temporary. Net Tangible Assets (NTA) are approximately RM3.06. Using a reasonable price-to-book ratio (P/B) of 1.4x to 1.6x as an anchor, the lowest point would be around RM4.2, implying Public’s fair value should be in the range of RM4.6–4.8.
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