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Lets calculate TARGET price for Co-Op bank come full year :

As for CO-Op .I calculated it's target price this way ksh 15.95 (closin price) / [Ksh 0.67 (Earnings per share) x 2 ] = Implied Forward PE is Ksh 11.90

NB : target price = Current stock price *{current p/e /forward p/e}

Hence Target price at year end will be 15.95 (latest closing price) * 19 /11.90

This gives a target price of Ksh 27.00

Conclusion : Its very very cheap at todays price of Ksh 15.00 . If you were to invest today u'd close to double your money when they release their full year results.Co-Op bank is definately a buy.

I think you have missed a few steps.

Assuming half year results will be replicated at the end of the year, then we are talking of FY eps of 0.67*3=1.34. if the share will trade at a pe of 12, then its price should be 1.34*12=16.1

So at current price cop is reasonably priced.

That is realistic, unless one is expecting stratospheric growth like Equity did during its listing days