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Hong Leong Bank still a 'buy': HwangDBS
by hlk Fri 19 Aug 2011, 17:46
HwangDBS Vickers Research Sdn Bhd has maintained its 'buy' call on Hong Leong Bank (HLB) with a target price of RM15 due to regionalisation efforts and synergies from merger and acquisition.
The research house said despite the rising share price since April, HLB still carried a solid franchise that justified higher valuations.
"With a stronger balance sheet and greater financial muscle, it can also expand internally to meet its regional aspirations," HwangDBS said in its research note here today.
HwangDBS expected HLB's coming fourth quarter financial year 2011 to report between RM380 million and RM400 million in net profit (including contribution from EON Capital).
"We expect the merged entity to see higher net interest margin from higher yielding loans, and larger presence and market shares in hire purchase and small and medium enterprise businesses," it said.
As at 3.55pm, HLB shares were traded unchanged at RM12.84. -- Bernama
The research house said despite the rising share price since April, HLB still carried a solid franchise that justified higher valuations.
"With a stronger balance sheet and greater financial muscle, it can also expand internally to meet its regional aspirations," HwangDBS said in its research note here today.
HwangDBS expected HLB's coming fourth quarter financial year 2011 to report between RM380 million and RM400 million in net profit (including contribution from EON Capital).
"We expect the merged entity to see higher net interest margin from higher yielding loans, and larger presence and market shares in hire purchase and small and medium enterprise businesses," it said.
As at 3.55pm, HLB shares were traded unchanged at RM12.84. -- Bernama
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