[%yHFp%] 
Research by MIDF
Buy (Maintain) – Target Price RM20.65

“1QFY24 Results: Strong Quarter Driven by HLBK and HLC”

Maintain BUY call: Revised SOTP-TP of RM20.65 (from RM23.71). The reduction was due to lower P/BV basis of 1.11x for HLBK valuation (following negative sentiment in China), as well as reducing our MSIG P/BV valuation and increasing our holding company discount to 25% (from 20% previously).

Analyst:
Samuel Woo 
[%oJWA%]

$KLSE-HLFG 
Research by MIDF
Buy (Maintain) – Target Price RM20.65

“1QFY24 Results: Strong Quarter Driven by HLBK and HLC”

Maintain BUY call: Revised SOTP-TP of RM20.65 (from RM23.71). The reduction was due to lower P/BV basis of 1.11x for HLBK valuation (following negative sentiment in China), as well as reducing our MSIG P/BV valuation and increasing our holding company discount to 25% (from 20% previously).

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

$HLFG / 1082 (HONG LEONG FINANCIAL GROUP BERHAD)