Bursa Malaysia Stock Watch

Hong Leong Bank: Maintain Buy - Distractions Aside, Momentum To Sustain

kltrader
Publish date: Wed, 29 Aug 2012, 09:29 AM
kltrader
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  • BUY maintained. FY6/12 results were within our and consensus expectations. 4QFY6/12 saw a weaker end to the year with net profit down 15% QoQ, but group earnings are up a strong 45% YoY with full contribution from EON.
  • FY6/12 has been a year of consolidation and base building, and we expect such efforts to filter through to growth momentum ahead. Our forecasts are tweaked on housekeeping adjustments; our TP is raised to MYR15.30 from MYR14.60 on rolling forward our target P/BV of 2.1x (unchanged) to FY6/13 (ROAE: 15.3%).
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Source: Maybank Research - 29 August 2012
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