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Research by Maybank
Buy - TP RM24.30

"FY24 results within expectations"

HL Bank’s FY24 results were within our expectations and we raise our FY25/26E net profit forecasts marginally by 3%/1% respectively. Our FY25E ROE of 11.7% trails management’s forecast of 12%. We roll forward valuations to CY25 and upgrade our TP to MYR24.30 (+MYR1.30) on a lower PBV target of 1.2x (1.3x previously). BUY maintained.

Analyst:
Desmond Ch'ng, BFP, FCA
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$KLSE-HLBANK
Research by Maybank
Buy - TP RM24.30

"FY24 results within expectations"

HL Bank’s FY24 results were within our expectations and we raise our FY25/26E net profit forecasts marginally by 3%/1% respectively. Our FY25E ROE of 11.7% trails management’s forecast of 12%. We roll forward valuations to CY25 and upgrade our TP to MYR24.30 (+MYR1.30) on a lower PBV target of 1.2x (1.3x previously). BUY maintained.

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