Bursa Malaysia Stock Watch

Hong Leong Financial Group: Upgrade to Buy - The Cheaper Alternative

kltrader
Publish date: Tue, 17 Jul 2012, 09:53 AM
kltrader
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Upgrade to BUY. Having recently upgraded our TP on HL Bank to MYR14.60 from MYR11.60 (+26%) pegged to a CY12 P/BV of 2.1x, our RNAV for HLFG is correspondingly raised to MYR14.20 (+16% upside) from MYR10.80. HLFG offers a cheaper alternative to HL Bank, alongside exposure to the rapidly expanding insurance businesses of the group. The only major drawback is the illiquid nature of the stock.

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Source: Maybank Research - 17 July 2012
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