Affin cuts Hong Leong to 'reduce'
Publish date: Fri, 16 Nov 2012, 03:07 PM
Affin Investment Bank downgraded Hong Leong Bank Bhd to 'reduce' from 'add', after the shares of the company exceeded the brokerage's target price of RM14.
Hong Leong shares fell 0.83 per cent to RM14.42 on Friday, against the broader index's decline of 0.17 per cent. Affin said the stock was trading at "lofty" valuations.
The company posted a 19.5 per cent jump in first-quarter profit on Wednesday, driven by strong loan growth and income growth from its Islamic banking operations.
"Dividends will not be as enticing, as capital reinvestment appears to be a key strategic thrust in order to position the company for potential expansion opportunities or to buffer it against an economic downturn," said Affin in a report on Friday. - Reuters
Hong Leong shares fell 0.83 per cent to RM14.42 on Friday, against the broader index's decline of 0.17 per cent. Affin said the stock was trading at "lofty" valuations.
The company posted a 19.5 per cent jump in first-quarter profit on Wednesday, driven by strong loan growth and income growth from its Islamic banking operations.
"Dividends will not be as enticing, as capital reinvestment appears to be a key strategic thrust in order to position the company for potential expansion opportunities or to buffer it against an economic downturn," said Affin in a report on Friday. - Reuters
Labels: HLBANK
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Affin cut HL, HL cut MBB, MBB cut PBB, PBB cut CIMB, CIMB cut RHB, RHB cut MBSB, MBSB cut AMMB, AMMB cut BIMB, BIMB cut Affin. Why never see they cut or reduce own's rating? Funny
2012-11-16 15:38