Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD
Research House: ECMLIBRA
ECM Libra Investment Research is maintaining its "hold" call on Hong Leong Bank Bhd (HLBB), with the target price revised upwards to RM9.43 per share from RM9.12 per share.
"Our target price is derived by pegging the historical average price by volume chart of 1.67 times," it said in its research note today.
The research house said HLBB's 2011 financial year first-quarter results was within expectation.
"As expected, no interim dividends were declared," it added.
ECM Libra said HLBB's net profits was 9.8 per cent higher, year-on-year, primarily due to net loans growth of 11.6 per cent over the last 12 months.
"However, on a quarter-on-quarter basis, net profits declined 14.6 per cent despite the company reporting a three per cent increase in net interest income," it said.
OSK Research, meanwhile, said it maintained a "buy" call on HLBB at a target price of RM9.86.
"The numbers were largely in line with consensus and our full year forecast as we expect lower provisions in the subsequent quarters to help shore up its full-year numbers," it added.
The research house added that results were underpinned by a pick-up in quarterly loans growth momentum, higher contribution from associates, Chengdu Bank and lower loan loss provisions.
-- Bernama
Company Name: HONG LEONG BANK BHD
Research House: ECMLIBRA
ECM Libra Investment Research is maintaining its "hold" call on Hong Leong Bank Bhd (HLBB), with the target price revised upwards to RM9.43 per share from RM9.12 per share.
"Our target price is derived by pegging the historical average price by volume chart of 1.67 times," it said in its research note today.
The research house said HLBB's 2011 financial year first-quarter results was within expectation.
"As expected, no interim dividends were declared," it added.
ECM Libra said HLBB's net profits was 9.8 per cent higher, year-on-year, primarily due to net loans growth of 11.6 per cent over the last 12 months.
"However, on a quarter-on-quarter basis, net profits declined 14.6 per cent despite the company reporting a three per cent increase in net interest income," it said.
OSK Research, meanwhile, said it maintained a "buy" call on HLBB at a target price of RM9.86.
"The numbers were largely in line with consensus and our full year forecast as we expect lower provisions in the subsequent quarters to help shore up its full-year numbers," it added.
The research house added that results were underpinned by a pick-up in quarterly loans growth momentum, higher contribution from associates, Chengdu Bank and lower loan loss provisions.
-- Bernama
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