$HLFG / 1082 (HONG LEONG FINANCIAL GROUP BERHAD)
Research by MIDF
Buy (Maintain) – Target Price RM23.71

“4QFY23 Results: Dragged by Weaker NOII”

Maintain BUY call: Revised SOTP-TP of RM23.71 (from RM22.79). Despite using a lower FY24F P/BV basis of 1.26x for HLBK valuation (following downward revisions to HLBK’s earnings forecast), higher Shareholders’ fund values in various components push the SOTP TP upward.

Analyst:
Samuel Woo
samuel.woo@midf.com.my