PTB [MARKET PERFORM -3.3%] - Fairly valued; small contribution from new condo project - Update
  • 2022-05-30T00:00:00
  • Company Research
We maintain our MARKET PERFORM rating as we believe PTB is fully valued with a 2023F core P/E of 9.2x (based on our forecast) vs a 3Y peer average of 11.5x. We believe the valuation discount vs peers is justified given PTB’s conglomerate structure.

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