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Research by Maybank 
Buy – Target Price RM21.70

“1QFY24 results within expectations”

HLFG’s share price was recently impacted by foreign selling, with its removal from the MSCI Index, and the discounting between its market cap against the market cap of its 64% stake in HL Bank (HLBK MK, BUY, TP MYR23.00, CP MYR19.00) has since widened to -26% currently, against a long-term average of 10%. BUY maintained with an unchanged SOTP derived TP of MYR21.70.

Analyst:
Desmond Ch'ng, BFP, FCA 
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$KLSE-HLFG
Research by Maybank 
Buy – Target Price RM21.70

“1QFY24 results within expectations”

HLFG’s share price was recently impacted by foreign selling, with its removal from the MSCI Index, and the discounting between its market cap against the market cap of its 64% stake in HL Bank (HLBK MK, BUY, TP MYR23.00, CP MYR19.00) has since widened to -26% currently, against a long-term average of 10%. BUY maintained with an unchanged SOTP derived TP of MYR21.70.

Analyst:
Desmond Ch'ng, BFP, FCA 
desmond.chng@maybank-ib.com

$HLFG / 1082 (HONG LEONG FINANCIAL GROUP BERHAD)