[%BsJr%]
Research by RHB
Buy - TP RM26.60

"Results a Slight Beat, Prospects Are Bright"

Maintain BUY, new MYR26.60 TP from MYR23.60, 25% upside with c.4% FY25F (Jun) yield. Hong Leong Bank’s FY24 results came in just ahead of our estimates, thanks to its net loan impairment writeback and better-than-expected associate contributions. The bank met or exceeded all of its FY24 targets, and unveiled FY25F targets remain largely optimistic, alongside an improved appetite for dividend payouts. These, combined with its already solid fundamentals, compels us to remain upbeat on the counter.

Analysts:
Nabil Thoo
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David Chong, CFA
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$KLSE-HLBANK
Research by RHB
Buy - TP RM26.60

"Results a Slight Beat, Prospects Are Bright"

Maintain BUY, new MYR26.60 TP from MYR23.60, 25% upside with c.4% FY25F (Jun) yield. Hong Leong Bank’s FY24 results came in just ahead of our estimates, thanks to its net loan impairment writeback and better-than-expected associate contributions. The bank met or exceeded all of its FY24 targets, and unveiled FY25F targets remain largely optimistic, alongside an improved appetite for dividend payouts. These, combined with its already solid fundamentals, compels us to remain upbeat on the counter.

Analysts:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com