Analyst Research Report Snapshot

Title:

Results Note – Hong Leong Bank (ADD, upgrade) - Withstanding industry challenges

Price:

$46.00

Provider:

Affin Investment Bank

Date:

09 May 2013

Pages:

5

Type:

AcrobatPDF

Companies referenced:

HLBB.KL

Available for Immediate Download
Summary:

9MFY06/13 profit in-line with consensus and AFFIN Annualized, Hong Leong Bank’s (HLB) 9MFY06/13 net profit of RM1,439.9m (+7.6% yoy) is inline with street estimates and our forecast of RM1,852.2m. The favourable growth was underpinned by a modest operating income growth, lower operating expenses and a 21% jump in PBT contribution from 20%-owned Bank of Chengdu (10% share of HLB’s PBT). These translated into an annualized ROE of 15.8% for 9MFY06/13 vs. 18.9% in 9MFY06/12. No dividends were proposed in 3QFY06/13. YTD, only a 1st interim DPS of 15 sen gross (net 11.25 sen) has been proposed in 2QFY06/13 (2QFY06/12: 11 sen gross).

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