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Research by Kenanga
Outperform - TP RM26.20

"Solid End; Looking to Repeat"

HLBANK’s FY24 net profits (+10%) met expectations and alluded to possibly better dividend payouts in the future. It met all its report card targets and has set out to repeat them in FY25, where we find loans growth goals to be above-industry average and GIL to remain exemplary. Bank of Chengdu (BOCD) continues be a boon to the group’s bottomline growth. We introduce our FY26F numbers, maintain our OUTPERFORM call and GGM-derived PBV TP of RM26.20.

Analyst:
Clement Chua 
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$KLSE-HLBANK
Research by Kenanga
Outperform - TP RM26.20

"Solid End; Looking to Repeat"

HLBANK’s FY24 net profits (+10%) met expectations and alluded to possibly better dividend payouts in the future. It met all its report card targets and has set out to repeat them in FY25, where we find loans growth goals to be above-industry average and GIL to remain exemplary. Bank of Chengdu (BOCD) continues be a boon to the group’s bottomline growth. We introduce our FY26F numbers, maintain our OUTPERFORM call and GGM-derived PBV TP of RM26.20.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my