Share Price: RM21.24 | Target Price: RM24.30 | Rating: Buy
BOCD’s contributions to group earnings are expected to reduce over time, as a) HL Bank’s stake has diluted to 17.8% from 19.8% before and b) ex BOCD earnings gather pace (+10.3% YoY in 1HFY25). Moreover, the group’s dividend payout ratio is expected to improve over time. BUY with an unchanged TP of MYR24.30 (COE: 10.3%, g: 3.5%, ROE: 11.7%). Forecasts are maintained.
HLBANK Results Update for Q4 Ending 30/6/24
Research House: Maybank Investment Bank (MIB)
Analyst: Desmond Ch’ng
FY2025 Forecast: Net Profit: RM4,548m | EPS: RM2.22 | DPS: RM0.78