Bursa Malaysia Stock Watch
Hong Leong Bank: Maintain Hold - Solid, But Little To Excite In 3Q
kltrader
Publish date: Thu, 17 May 2012, 09:27 AM
kltrader
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Hold maintained. HL Bank's 9MFY12 net profit of MYR1.25b (+49% YoY) was broadly within our expectations (74% of full-year) and consensus (77%). Provisions were lower than expected, but this was offset by non-interest income coming in at the low end. Fundamentals of the group remain solid but there was little to excite in the results, with trailing loan growth and NIM compression. Our forecasts are retained. Our TP is unchanged at RM11.60 (P/BV of 1.7x, CY2012 ROE: 15.5%).
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Source: Maybank Research - 17 May 2012
Click here for full report
Source: Maybank Research - 17 May 2012
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