[%zEre%] 
Research by Maybank
BUY – TP RM 24.30

" Investment in China pays off ”

Hong Leong Bank’s (HLBK) investment in Bank of Chengdu (BOCD) has been a profitable one, so much so that the former may eventually look to scale back on its present 19.8% stake. Positively, this is supplemented by a push to drive higher earnings from its domestic operations. We maintain a BUY on HLBK with an unchanged TP of MYR24.30 (CY25E PBV target of 1.2x). 

Analyst: 
Desmond Ch'ng, BFP, FCA
[%uBTu%]

$KLSE-HLBANK 
Research by Maybank
BUY – TP RM 24.30

" Investment in China pays off ”

Hong Leong Bank’s (HLBK) investment in Bank of Chengdu (BOCD) has been a profitable one, so much so that the former may eventually look to scale back on its present 19.8% stake. Positively, this is supplemented by a push to drive higher earnings from its domestic operations. We maintain a BUY on HLBK with an unchanged TP of MYR24.30 (CY25E PBV target of 1.2x). 

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