[%zIoU%] 
Research by CGS
ADD – TP RM30.00

" BOC thriving in the city of growth”

■ HLB associate Bank of Chengdu (BOC) said it expects net interest margin to recover in FY24-25F, with the downward re-pricing of its deposits.
■ We project associate contribution to HLB from BOC to grow by 10% in FY25- 26F and 8% in FY27F, following a CAGR of 12.3% in FY14-24.
■ Reiterate Add on Hong Leong Bank (HLB), given its above-industry loan growth in FY25F and positive outlook for the earnings growth of BOC.

Analyst: 
Winson NG
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$KLSE-HLBANK 
Research by CGS
ADD – TP RM30.00

" BOC thriving in the city of growth”

■ HLB associate Bank of Chengdu (BOC) said it expects net interest margin to recover in FY24-25F, with the downward re-pricing of its deposits.
■ We project associate contribution to HLB from BOC to grow by 10% in FY25- 26F and 8% in FY27F, following a CAGR of 12.3% in FY14-24.
■ Reiterate Add on Hong Leong Bank (HLB), given its above-industry loan growth in FY25F and positive outlook for the earnings growth of BOC.

Analyst: 
Winson NG
winson.ng@cgsi.com