Share Price: RM21.20 | Target Price: RM26.60 | Rating: Buy
Hong Leong Bank’s 1HFY25 results were in line. Home operations once again put up a strong showing, further reducing the group’s reliance on associate Bank Of Chengdu (BOCD). Management also appears to be keen on accelerating dividend payouts – though incremental yields (+0.1-0.4ppts) are notsubstantial, this now adds a capital management dimension to our thesis on the counter, ie solid fundamentals and attractive valuations.
HLBANK Results Update for Q4 Ending 30/6/24
Research House: RHB Investment Bank (RHBIB)
Analyst: Nabil Thoo, David Chong
FY2025 Forecast: Net Profit: RM4,365m | EPS: RM2.13 | DPS: RM0.76