United States

Analyst Research Report Snapshot


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




Affin Hwang Investment Bank Bhd


09 May 2013





Companies referenced:


Available for Immediate Download

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).

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.