[%ixRY%] 
Research by TA
BUY – TP RM23.90

" HLB’s Golden Goose”

The meeting aimed to gain firsthand insights into Chengdu's economy and address prevailing concerns regarding a potential slowdown, both in the city and the broader Chinese macroeconomic landscape. Since BOCD contributes approximately 31% to HLB's overall earnings, any significant economic deceleration in Chengdu could materially affect the group's financial performance. Our analysis indicates that a one percentage point reduction in BOCD's contribution would negatively impact HLB's earnings by an estimated1.6%.

 Analyst: 
Li Hsia Wong 
[%gUeM%]

$KLSE-HLBANK 
Research by TA
BUY – TP RM23.90

" HLB’s Golden Goose”

The meeting aimed to gain firsthand insights into Chengdu's economy and address prevailing concerns regarding a potential slowdown, both in the city and the broader Chinese macroeconomic landscape. Since BOCD contributes approximately 31% to HLB's overall earnings, any significant economic deceleration in Chengdu could materially affect the group's financial performance. Our analysis indicates that a one percentage point reduction in BOCD's contribution would negatively impact HLB's earnings by an estimated1.6%.

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