[%HUaJ%]
Research by TA
Buy - TP RM23.90

"Stronger FY25 Envisaged"

We updated the beta and lowered our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise HLBB’s TP from RM22.66 to RM23.90. Our valuation is based on an implied PBV of c. 1.33x based on the Gordon Growth Model and a 3% ESG premium. Buy maintained on HLBB.

Analyst:
Li Hsia Wong 
[%lYmM%]

$KLSE-HLBANK
Research by TA
Buy - TP RM23.90

"Stronger FY25 Envisaged"

We updated the beta and lowered our market risk premium from 6% to 5.5% for the banking sector on the back of the improving economic environment in Malaysia, the banking system’s healthy asset quality and capital ratios, stable interest rate environment and more positive investor sentiments. With that, we raise HLBB’s TP from RM22.66 to RM23.90. Our valuation is based on an implied PBV of c. 1.33x based on the Gordon Growth Model and a 3% ESG premium. Buy maintained on HLBB.

Analyst:
Li Hsia Wong 
liwong@ta.com.my