At 9.15am, MBSB was up seven sen to RM1.75 with 3.71 million shares traded.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
'We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
'Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,' RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
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