$HLFG / 1082 (HONG LEONG FINANCIAL GROUP BERHAD)
Research by MIDF
Buy - TP RM23.13

"4QFY24 Results: Above our Expectations"

• FY24’s Core NP of RM3,199m was Above / Above our/street forecasts: 109 %/ 106 % of full-year forecasts
• Core themes: (a) Solid Associate contributions, (b) Improved HLA performance, (c) Improved HLC performance
• Forecasts revised: FY25F/26F Core NP adjusted by 8%/11%
• Maintain BUY | Revised TP of RM23.13 | based on SOTP Valuation

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