When Public Bank is at PE 11-12, how can you justify others with 16-18 times?

CIMB and Maybank both traded at 16-18 times of PE.  Whereas other banks are trading between 11-12 times.  Some times, i just wonder is it because of CIMB and Maybank aggressive acquisition lead to a position fund managers believed that it worth this much?  If base on last three years, every quarters performance, Public do better then them.  If you look at regional peer, Agricultural bank, ICCB, DBS or even Citi are at the region of 10-12 times.  Some times, i mean really some times, how could analyst justify 16-18 times and even recommend a trading PE of 2012 at 18-20 times?

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