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Alliance: Hong Leong Bank 1Q results within expectation, but beat consensus

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Alliance: Hong Leong Bank 1Q results within expectation, but beat consensus Empty Alliance: Hong Leong Bank 1Q results within expectation, but beat consensus

Post by Cals Tue 26 Nov 2013, 18:16

Alliance: Hong Leong Bank 1Q results within expectation, but beat consensus
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 26 November 2013 17:12
KUALA LUMPUR (Nov 26): Alliance Research said Hong Leong Bank (HLBK)’s 1Q FY14 net earnings of RM544.5 million came within its expectation but slightly ahead of consensus forecasts.

In a note today, the research house said the net earnings released earlier today rose 14% year-on-year (y-o-y) to RM544.5 million, accounting for 25.7% and 27.0% of its estimates and consensus earnings respectively.

Alliance research analyst Cheah King Yoong said he is maintaining his ‘buy’ for the stock at RM15.60 with unchanged target price (TP) of RM15.60.

“We also make no change to our earnings forecast,” he said.

Cheah said: “The higher profit was mainly driven by a positive loan loss provision of RM18 million in 1Q FY14.”

“It was boosted by 13.2% y-o-y drop in collective allowance to RM49.3 million and strong bad debt recoveries of RM74.4 million.”

He said the higher profit was also due to a reversal of impairment loss on its securities holdings and a 46.6% y-o-y increase in income contribution from its associates.
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