Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD
Hold maintained. Hong Leong Bank's (HL Bank) move to sell MIMB Investment Bank (MIMB) to Hong Leong Capital (HLC) has been anticipated, while the decision to price the disposal at book value is fair, in our view. There is little impact to the group's financials - our Hold call and RM11.60 TP (P/BV of 1.7x, CY2012 ROE: 15.5%) are maintained.
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Source: Maybank Research - 12 April 2012
Company Name: HONG LEONG BANK BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 11.60 |
Hold maintained. Hong Leong Bank's (HL Bank) move to sell MIMB Investment Bank (MIMB) to Hong Leong Capital (HLC) has been anticipated, while the decision to price the disposal at book value is fair, in our view. There is little impact to the group's financials - our Hold call and RM11.60 TP (P/BV of 1.7x, CY2012 ROE: 15.5%) are maintained.
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Source: Maybank Research - 12 April 2012
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