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Research by RHB
Buy – TP RM26.60

" Chengdu-ing Just Fine; Keep BUY”
We were recently invited to visit Chengdu in China, and observed that economic conditions in the city appear healthy. While this is certainly positive for Hong Leong Bank’s associate Bank of Chengdu (BOCD), we are also encouraged by HLBK’s efforts at powering up its domestic operations to narrow the growth gap with its Chinese counterpart. With and without its associate, we think HLBK, a sector Top Pick, is fundamentally robust, and is akey laggard play.
Analyst: 
Nabil Thoo
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David Chong CFA
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$KLSE-HLBANK 
Research by RHB
Buy – TP RM26.60

" Chengdu-ing Just Fine; Keep BUY”
We were recently invited to visit Chengdu in China, and observed that economic conditions in the city appear healthy. While this is certainly positive for Hong Leong Bank’s associate Bank of Chengdu (BOCD), we are also encouraged by HLBK’s efforts at powering up its domestic operations to narrow the growth gap with its Chinese counterpart. With and without its associate, we think HLBK, a sector Top Pick, is fundamentally robust, and is akey laggard play.
Analyst: 
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong CFA
david.chongvc@rhbgroup.com