$HLFG / 1082 (HONG LEONG FINANCIAL GROUP BERHAD)
Research by MIDF
Buy – TP RM20.94

“3QFY24 Results: A Strong Quarter"

• 9MFY24’s Core NP of RM2,393m was Above / Above our/street forecasts: 85 % / 82 % of full-year forecasts
• Core themes: (a) Moderating BOCD contributions affect HLBK’s performance, (b) HLA sees strong recovery, (c) HLC sees strong improvement
• Forecasts revised: FY24F/25F/26F Core NP adjusted by +5%/+4%/+4%.
• Maintain BUY | Revised TP of RM20.94 | based on SOTP Valuation

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