AmInvest Research said HLBB’s first quarter ended Sept 30,2020 (1QFY21) net profit of RM729mil, represented a growth of 5.9% YoY with a strong total income growth of 11.0% YoY partially offset by conservative provisions of RM238mil.
KUALA LUMPUR: AmInvestment Research is maintaining its Buy call on Hong Leong Bank (HLBB) with a revised fair value (FV) of RM19.30 a share from RM16.80 a share after rolling forward its valuation to the bank's financial year 2022 (FY22).
In its research note issued on Monday, it said this was based on a higher FY22 return on eaquity (ROE) of 10.0%, leading to a price-to-book value (P/BV) of 1.2 times.
Already a subscriber? Log in.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
